Piper Jaffray Reiterates Overweight Rating on DexCom

According to Piper Jaffray, DexCom

Overweight rating is reiterated. Piper Jaffray said that DexCom released preliminary 4Q product revenue of $20.8M yesterday, in-line with PJC product revenue of $21.1M. “We rate DXCM shares at Overweight with a $14 PT based on a 6x multiple applied to our 2013 revenue estimate of $158.3M, discounted back a quarter at 20%. We are assuming trough net cash of ~$76M and 71M shares.” DexCom closed yesterday at $8.86.