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DexCom's (DXCM) G7 CGM Coverage Expanded for Quebec Residents
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DexCom Inc. (DXCM - Free Report) recently announced that its G7 Continuous Glucose Monitoring (CGM) System will be added to the Régie de l'assurance maladie du Québec (RAMQ) Public Prescription Drug Insurance Plan. Québec residents living with type 1 diabetes who meet the eligibility criteria are now likely to receive coverage for Dexcom G7.
Québec becomes the latest province to offer public coverage for Dexcom G7, helping those living with type 1 diabetes access an innovative and effective management solution.
More on the News
The latest CGM equipment is likely to be available to thousands of qualified Quebec people with type 1 diabetes through RAMQ, easing the financial strain of purchasing necessary diabetic supplies out of pocket and increasing accessibility to modern management options. Most of the best private insurers in Quebec currently provide Dexcom G7 coverage for those taking insulin for type 1 or type 2 diabetes.
Through the announcement, RAMQ showcases its commitment to improving the lives of those living with type 1 diabetes across the province.
More on Dexcom G7 CGM System
Since the international conference of Advanced Technologies and Treatments of Diabetes 2023, Dexcom has expanded access to its ground-breaking real-time CGM technology by introducing its best-in-class G7 sensor into 16 new markets. Patients with diabetes of any kind, including gestational, who are two years or older can use Dexcom G7. This wearable glucose meter can be worn day or night on the back of the upper arm for up to 10 days.
The Dexcom G7 CGM System is designed to be user-friendly, robust and efficient. CGM uses a wearable sensor to continuously monitor blood sugar levels. Without the inconvenience of fingersticks or scanning, Dexcom CGM Systems transmits your blood glucose readings in real time to a handheld receiver or smart device.
Patients can control their glucose and accomplish outcomes like a lower A1C and more time in range by making better decisions about what to eat, how much to exercise and how to take their medications when they have simpler access to real-time CGM data.
The Dexcom G7 CGM sensor needs only 30 minutes to warm up, and there is a 12-hour grace period to replace finished sensors for a seamless transition between sessions. The alert settings on the system have also been improved.
Industry Prospects
Per a report by MarketsandMarkets, the global digital diabetes management market was estimated to be $18.9 billion in 2023 and is expected to reach $35.8 billion by 2028 at a growth rate of 13.6%.
The market is being driven by escalating diabetes care solutions and technological developments that have made it possible to introduce highly adaptable solutions. Other significant drivers include the increasing popularity of the use of connected devices and apps as well as the growing adoption of cloud-based solutions.
Given the market potential, the improvement and innovation of new features for its CGM system are likely to provide a significant boost to Dexcom’s business.
Notable Developments
Dexcom recently announced the FDA clearance of its Stelo glucose biosensor, which is available over-the-counter to consumers without a prescription. Stelo's approval of non-prescription use would further facilitate this population's access to cutting-edge CGM technology.
In December 2023, Dexcom announced the Dexcom G7 CGM System connectivity with the t: slim X2 insulin pump by Tandem Diabetes Care in the United States, marking the first AID integration with the Dexcom G7 CGM.
Dexcom also unveiled its new state-of-the-art manufacturing facility located in Athenry Co. Galway. With the ability to produce millions of Dexcom rtCGM sensors annually, the new plant is likely to contribute to the betterment of diabetes patients throughout Europe, the Middle East, and Africa.
Price Performance
For the year-to-date period, DXCM’s shares have lost 41.7% against the industry’s rise of 6.8%. The S&P 500 increased 16.2% in the same time frame.
Universal Health Service has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%.
Universal Health Service has gained 41.1% compared with the industry's 34.8% rise so far this year.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%.
Quest Diagnostics shares have gained 3.7% so far this year compared with the industry’s 10.2% rise.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 24.1% so far this year compared with the industry’s 11.9% growth.
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DexCom's (DXCM) G7 CGM Coverage Expanded for Quebec Residents
DexCom Inc. (DXCM - Free Report) recently announced that its G7 Continuous Glucose Monitoring (CGM) System will be added to the Régie de l'assurance maladie du Québec (RAMQ) Public Prescription Drug Insurance Plan. Québec residents living with type 1 diabetes who meet the eligibility criteria are now likely to receive coverage for Dexcom G7.
Québec becomes the latest province to offer public coverage for Dexcom G7, helping those living with type 1 diabetes access an innovative and effective management solution.
More on the News
The latest CGM equipment is likely to be available to thousands of qualified Quebec people with type 1 diabetes through RAMQ, easing the financial strain of purchasing necessary diabetic supplies out of pocket and increasing accessibility to modern management options. Most of the best private insurers in Quebec currently provide Dexcom G7 coverage for those taking insulin for type 1 or type 2 diabetes.
Through the announcement, RAMQ showcases its commitment to improving the lives of those living with type 1 diabetes across the province.
More on Dexcom G7 CGM System
Since the international conference of Advanced Technologies and Treatments of Diabetes 2023, Dexcom has expanded access to its ground-breaking real-time CGM technology by introducing its best-in-class G7 sensor into 16 new markets. Patients with diabetes of any kind, including gestational, who are two years or older can use Dexcom G7. This wearable glucose meter can be worn day or night on the back of the upper arm for up to 10 days.
The Dexcom G7 CGM System is designed to be user-friendly, robust and efficient. CGM uses a wearable sensor to continuously monitor blood sugar levels. Without the inconvenience of fingersticks or scanning, Dexcom CGM Systems transmits your blood glucose readings in real time to a handheld receiver or smart device.
Patients can control their glucose and accomplish outcomes like a lower A1C and more time in range by making better decisions about what to eat, how much to exercise and how to take their medications when they have simpler access to real-time CGM data.
The Dexcom G7 CGM sensor needs only 30 minutes to warm up, and there is a 12-hour grace period to replace finished sensors for a seamless transition between sessions. The alert settings on the system have also been improved.
Industry Prospects
Per a report by MarketsandMarkets, the global digital diabetes management market was estimated to be $18.9 billion in 2023 and is expected to reach $35.8 billion by 2028 at a growth rate of 13.6%.
The market is being driven by escalating diabetes care solutions and technological developments that have made it possible to introduce highly adaptable solutions. Other significant drivers include the increasing popularity of the use of connected devices and apps as well as the growing adoption of cloud-based solutions.
Given the market potential, the improvement and innovation of new features for its CGM system are likely to provide a significant boost to Dexcom’s business.
Notable Developments
Dexcom recently announced the FDA clearance of its Stelo glucose biosensor, which is available over-the-counter to consumers without a prescription. Stelo's approval of non-prescription use would further facilitate this population's access to cutting-edge CGM technology.
In December 2023, Dexcom announced the Dexcom G7 CGM System connectivity with the t: slim X2 insulin pump by Tandem Diabetes Care in the United States, marking the first AID integration with the Dexcom G7 CGM.
Dexcom also unveiled its new state-of-the-art manufacturing facility located in Athenry Co. Galway. With the ability to produce millions of Dexcom rtCGM sensors annually, the new plant is likely to contribute to the betterment of diabetes patients throughout Europe, the Middle East, and Africa.
Price Performance
For the year-to-date period, DXCM’s shares have lost 41.7% against the industry’s rise of 6.8%. The S&P 500 increased 16.2% in the same time frame.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
DXCM carries a Zacks Rank #4 (Sell) at present.
Some better-ranked stocks in the broader medical space are Universal Health Service (UHS - Free Report) , Quest Diagnostics (DGX - Free Report) and ABM Industries (ABM - Free Report) . While Universal Health Service sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Service has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%.
Universal Health Service has gained 41.1% compared with the industry's 34.8% rise so far this year.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%.
Quest Diagnostics shares have gained 3.7% so far this year compared with the industry’s 10.2% rise.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 24.1% so far this year compared with the industry’s 11.9% growth.