DexCom: A Tactical Long — Valuation Catch-Up With Real Upside
DexCom's shares are trading near $72 after a solid Q1 print, margin guidance and a fresh $1 billion buyback. The business is cash-generative, profitable and still growing: revenue was $1.2B in the most recent quarter (up ~15% YoY), adjusted gross-profit margin targets sit at 67-69% and cash on the balance sheet is roughly $2.4B. At ~29-30x reported…