The reason for Dexcom's (DXCM) smaller Q3 beat and lower Q4 guidance is not Medtronic's (MDT) 670G launch, but the lost sales from the Q2 receiver recall, which annualize at greater than $20M, JPMorgan analyst Michael Weinstein tells investors in a post-earnings research note titled "What's Really Going On and Why We're Not Concerned." He believes that when excluding the lost receiver revenues, Dexcom's underlying business remains strong. The analyst continues to see "multiple ways" to get to sustainable 35%-40% sales growth through 2020. Weinstein lowered his price target for Dexcom shares to $94 from $100 and keeps an Overweight rating on the name. The medical device company traded down 18% to $64.00 in last night's after-hours session.

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Canaccord analyst William Plovanic raised the firm's price target on DexCom to $145 from $144 and keeps a Buy rating on the shares. The firm said they reported a slight;ly better than expected Q1 as the company raised the low-end and mid-point of its revenue guidance and reiterated its adjusted GM/OM/EBITDA margins for 2024.

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Pre-earnings options volume in DexCom is 11.4x normal with calls leading puts 11:2. Implied volatility suggests the market is anticipating a move near 5.8%, or $8.05, after results are released. Median move over the past eight quarters is 5.4%.