Oppenheimer Reiterates Perform on DexCom

Oppenheimer maintains its Perform rating on DexCom

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.