I believe it could be due to Dexcom (the CGM (continuous monitoring glucose) device maker for diabetes 1 & 2) reporting a reduction in quarterly revenue and a substantial drop in revenue outlook for the whole year. Their SP dropped 40% the day after reporting. Some investors may think it was due to GLP-1 drugs into their business/customers. I read the earnings transcript, the revenue reduction is due to internal Dexcom issues i.e. salesforce restructuring, rebates taken up at a rate faster than they expected and their shift to pharmacy distribution and loss of market share from insurance partners to others (Abbott?). The loss in customers was not due to GLP-1 drugs.
This Dexcom news may have spooked some investors thinking Resmed has been impacted by GLP-1. But, as far as I can tell, Dexcom revenue reduction is due to Dexcom issues.
This is just my thoughts.
Why the drop?, page-73
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$37.39 |
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