Shares of Dexcom tumbled more than 34% in after-hours trading Thursday after the diabetes management company reported disappointing revenue for the second quarter and offered weak guidance.

Here’s how the company did:

• Earnings per share: 43 cents adjusted vs. 39 cents expected by LSEG
• Revenue: $1 billion vs. $1.04 billion expected by LSEG

Dexcom’s revenue increased 15% from $871.3 million a year earlier, according to a release. The company reported a net income of 143.5 million, up from the $115.9 million it reported during the same period last year.

For its third quarter, Dexcom said it expects to report revenue between $975 million to $1 billion to account for “certain unique items impacting 2024 seasonality,” the release said. Dexcom updated its full fiscal year guidance to reflect expected revenue between $4 billion and $4.05, which is down from the $4.20 billion to $4.35 billion it reported last quarter.

“While Dexcom advanced several key strategic initiatives in the second quarter, our execution did not meet our high standards,” Dexcom CEO Kevin Sayer said in the release. “We have a unique opportunity to serve millions of more customers around the world with our differentiated product portfolio and we are taking action to improve our execution and best position ourselves for continued long-term growth.”

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