Dexcom G7 can warn of high or low glucose levels with a predictive urgent low alert to help avoid potentially dangerous hypoglycemic events. The company said the regulatory nod gives Canadians access to a technology that reduces hospitalizations and emergency room visits due to hypoglycemia by up to 42%. 

"Dexcom G7 builds on the innovation that our previous CGM systems have brought to the lives of Canadians," said André Côté, Vice President and General Manager of Dexcom Canada. 

Through remote monitoring and reporting capabilities, users can also share information with family, loved ones and care teams anywhere, anytime.

"With approval of Dexcom G7, the newest glucose sensor to come to Canada, patients will have a new, simple to start and easy to use tool in their diabetes management toolbox..," said Alice Cheng, Endocrinologist at Trillium Health Partners, Credit Valley Hospital and St. Michael's Hospital.

Price Action: DXCM shares are trading flat at $127.02 in the premarket session on the last check Wednesday.