Tandem Diabetes enters new agreements with DexCom » 16:2511/2311/23/20
On November 20, Tandem…
On November 20, Tandem Diabetes Care (TNDM) entered into a Development Agreement and a Commercialization Agreement with DexCom (DXCM). Previously, the company and DexCom had entered into Development Agreements dated June 4, 2015 that facilitated integration of the company's earlier generation insulin pump products with DexCom's G5 and G6 continuous glucose monitoring devices. The New Agreements allow for the continuation of the company's and DexCom's development and collaboration activities that enable the integration of the company's insulin pump products with DexCom's CGM devices. The New Agreements build upon this collaborative relationship, serving to integrate the company's current and future generation insulin pump products with DexCom's G6 and G7 CGM devices. The New Agreements also establish requirements for future communication between the company's and DexCom's digital health products and formalize other development and commercialization processes that were previously handled through informal means. The Development Agreement became effective upon its execution and will continue in effect for as long as the Commercialization Agreement continues in effect, unless terminated earlier. The Commercialization Agreement became effective upon its execution and has an initial term of five years from the date of first commercial launch of any combined system implementation, unless terminated earlier, and thereafter automatically renews for successive two-year periods unless a party provides advance notice of non-renewal. Both Agreements contain customary representations, warranties, covenants, indemnification obligations, and other terms and conditions. The New Agreements do not modify or amend the terms of the company's existing License Agreement dated July 14, 2016 with TypeZero Technologies, a company acquired in 2018 by DexCom.
DexCom secured national reimbursement in France, says Piper Sandler » 11:3811/2011/20/20
DexCom (DXCM) this…
DexCom (DXCM) this morning announced that it has secured national reimbursement for G6 in France, Piper Sandler analyst Matt O'Brien tells investors in a research note. The news is an "important milestone" for the company's outside the U.S. business as this major European market "had been a tough nut to crack" for several years, says the analyst. He believes having national coverage in place should bolster growth through its French distributor and make DexCom more competitive with Abbott (ABT). O'Brien reiterates an Overweight rating on DexCom with a $465 price target.
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Co-Diagnostics price target lowered to $20 from $30 at Maxim » 08:2311/1711/17/20
CODX, ABT, PFE, MRNA
Maxim analyst Jason…
Maxim analyst Jason McCarthy lowered the firm's price target on Co-Diagnostics (CODX) to $20 from $30 but keeps a Buy rating on the shares. The analyst notes that the company's Q3 revenue miss reported yesterday may have been a "proverbial gut punch", with damage to the stock already being done by a competitive antigen rapid test from Abbot (ABT) and positive vaccine news from Pfizer (PFE) and Moderna (MRNA). McCarthy adds however that the "big picture" remains positive for Co-Diagnostics in that COVID testing with PCR is "here to stay", further stating that the company has a revenue base to grow its agro, oncology, and infectious diseases tests .
Abbott launches IonicRF Generator » 09:0211/1011/10/20
Abbott announced the…
Abbott announced the launch of the IonicRF Generator - a new device recently cleared by the FDA to deliver a non-surgical, minimally invasive treatment for the management of pain in the nervous system. The IonicRF Generator is a radiofrequency ablation device that uses heat to target specific nerves and block pain signals from reaching the brain. The new device is the first Abbott-developed radiofrequency ablation device and is currently approved in the United States and Europe. Radiofrequency ablation uses an electric current to heat up a small area of nerve tissue to stop it from sending pain signals.
DexCom price target lowered to $475 from $500 at Canaccord » 09:2710/2810/28/20
Canaccord analyst Kyle…
Canaccord analyst Kyle Rose lowered the firm's price target on DexCom to $475 from $500 and keeps a Buy rating on the shares. The analyst said he sees a lot of positivity in the results but with the shares up so much year-to-date, he expects them to continue to consolidate over the next few days until after the election. Given its pipeline, growing TAM, and operating metrics, he sees no reason not to remain bullish in the near-term.
DexCom price target lowered to $438 from $450 at Raymond James » 09:0010/2810/28/20
Raymond James analyst…
Raymond James analyst Jayson Bedford lowered the firm's price target on DexCom to $438 from $450 and keeps an Outperform rating on the shares. Bedford says Q3 profitability was better than expected and addresses the pricing pressure-related margins concerns, and calls the commentary around G7 COGS "encouraging."
CMS proposal on CGMs 'modest positive' for Medtronic, says Piper Sandler » 05:4210/2810/28/20
Centers for Medicare and…
Centers for Medicare and Medicaid Services announced last night a set of continuous glucose monitoring proposals for the durable medical equipment channel, Piper Sandler analyst Matt O'Brien tells investors in a research note. The proposal would allow adjunctive CGMs to receive Medicare coverage, which was not the policy prior, says the analyst. O'Brien believes the disclosure would benefit Medtronic, which he does not have CGM coverage in the Medicare population as its Guardian Sensor 3 is an adjunctive sensor. This proposal would allow Medtronic to enter the Medicare population with its current sensor, the analyst points out. O'Brien views the CMS disclosure as a "modest positive" for Medtronic, adding the company "remains behind technologically." Further, he doubts that DexCom (DXCM) will be adversely affected by this announcement.
Piper Sandler says buy DexCom despite disappointing G7 update » 05:1110/2810/28/20
DexCom's Q3 revenue…
DexCom's Q3 revenue was above Street estimates and total volume growth was about 40% year-over-year with pricing under more pressure than expected, Piper Sandler analyst Matt O'Brien tells investors in a research note. Further, the company's fiscal 2020 guidance "ticked up nicely on all fronts, which was a positive development," adds the analyst. O'Brien says the biggest update was G7. The good news is that a version will hit several key markets during the second half of 2021, but will only be a 10 day sensor rather than 15, O'Brien notes. He says that while the update is likely to be disappointing, he recommends purchase of DexCom shares with an Overweight rating and $465 price target.
Dexcom raises FY20 revenue view to roughly $1.9B from $1.85B, consensus $1.87B » 16:0610/2710/27/20
Raises FY20 adjusted…
Raises FY20 adjusted EBITDA margin view to meeting or exceeding 26% from 24%.
Dexcom reports Q3 adjusted EPS 94c, consensus 64c » 16:0510/2710/27/20
Reports Q3 revenue…
Reports Q3 revenue $500.9M, consensus $476.75M. "The third quarter was another strong period of growth for Dexcom as awareness of our technology continues to grow in this time of heightened focus on glycemic health," said Kevin Sayer, Dexcom's chairman, president and CEO. "We are once again pleased to raise our full-year 2020 guidance as our teams press forward to close the year strong and execute on our strategic initiatives."