Oppenheimer Reiterates Perform on DexCom
Oppenheimer maintains its Perform rating on DexCom (NASDAQ: DXCM) as the company did not provide much news at an investor conference other than 4Q11 sales and 2012 guidance.
Oppenheimer says, "We saw no additional color on the end-market or pipeline progress from DXCM's presentation. As a reminder, with Gen4's reclassification to a full PMA last quarter, the approval timeline was pushed out to ~late 2012 (from mid-'12). DXCM had expected a trial to start by '11-end. DXCM reported preliminary 4Q11 product revenues of $20.8M, in line with our $20.5M estimate. 2012 product revenue guidance of $85-92M is light vs our original $96M estimate. We assume the company isn't embedding Gen4 into its '12 guidance."
DXCM closed at 8.86 per share on Tuesday.
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