DexCom last night reported Q4 results that were a bit better than the preannouncement but left 2019 sales guidance unchanged, Piper Jaffray analyst JP McKim tells investors in a research note. Further, the company also announced a restructuring of its U.S. customer support to the Philippines which requires laying off 350 employees, the analyst adds. He believes DexCom is positioning itself for the next $1B in sales to be "solid, profitable growth." The restructuring allows the company to scale quicker and at a lower cost over the longer term, McKim says. He reiterates an Overweight rating on DexCom with a $165 price target.