It's a good time to be Dexcom ($DXCM). In the past year, the company has chalked up multiple approvals for its continuous glucose monitoring (CGM) device. And it's picked a young star with Type 1 diabetes to sing all about it.
Nick Jonas of Jonas Brothers fame has signed up to share his diabetes story and talk up CGM along the way. Diagnosed at age 13 while out on tour with his brothers, Jonas has since used the company's G4 device to manage his condition. About 1.25 million Americans have Type 1 diabetes, and the company is hoping that Jonas' story will strike a chord with consumers.
"We are thrilled to be collaborating with Nick Jonas on this educational campaign," Dexcom CEO Kevin Sayer said in a statement. "As someone who has truly benefited from CGM, Nick's support in raising further awareness … will augment our ongoing efforts to educate people about how they can best manage their diabetes. We believe Nick's story will help inspire those who struggle with this disease on a daily basis."
|The G4 Platinum CGM--Courtesy of Dexcom|
The campaign also gives Dexcom a boost in a market packed with rivals. Devicemakers such as Medtronic ($MDT) and Abbott ($ABT) are vying for spots in the continuous glucose monitoring field, but Dexcom is working hard to set itself apart. In October, the company scored FDA approval for its mobile communications device for diabetes monitoring, for one. Dexcom is also developing a G5 model of its CGM, which sends data directly to a smartphone; the company expects regulatory signoff later this year.
So far, Dexcom's work seems to be paying off. The company's sales jumped 55% to $72.8 million for the first quarter, up from $46.7 million during the same quarter last year. And Dexcom expects that growth to keep on coming: It's projecting a full-year revenue increase of 35% to 40%, which would bring 2015 results to $340 million to $360 million.
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