DexCom (DXCM) Stock Benefited from Multiple Tailwinds in Q4

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund ARTMX returned -1.13%, Advisor Class fund APDMX posted a return of -1.12%, and Institutional Class fund APHMX returned -1.07%, compared to a return of 6.90% for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Artisan Partners highlighted stocks like DexCom, Inc. (NASDAQ:DXCM) in the Q4 2022 investor letter. Headquartered in San Diego, California, DexCom, Inc. (NASDAQ:DXCM) is a medical device company. On January 19, 2023, DexCom, Inc. (NASDAQ:DXCM) stock closed at $106.20 per share. One-month return of DexCom, Inc. (NASDAQ:DXCM) was -4.70%, and its shares gained 0.64% of their value over the last 52 weeks. DexCom, Inc. (NASDAQ:DXCM) has a market capitalization of $41.021 billion.

Artisan Partners made the following comment about DexCom, Inc. (NASDAQ:DXCM) in its Q4 2022 investor letter:

“DexCom, Inc. (NASDAQ:DXCM) is the leader in continuous glucose-monitoring (CGM) systems. We believe it is well-positioned to continue penetrating the Type 1 diabetes market and drive adoption in the much larger Type 2 diabetes market, where data supporting the clinical and economic case for CGM sensors is building. The company experienced several pieces of good news this quarter. Third quarter sales and profits accelerated, Medicare announced it will reimburse CGM devices for non-insulin intensive Type 2 diabetes patients in 2023, and, importantly, the company received FDA approval for its next-gen G7 sensor. The launch of its G7 product—60% smaller than G6, fully disposable, interoperable with a variety of insulin delivery technologies—should enable the company to gain further share of non-insulin dependent Type 2 diabetes and gestational diabetes patients.”

DexCom, Inc. (NASDAQ:DXCM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 62 hedge fund portfolios held DexCom, Inc. (NASDAQ:DXCM) at the end of the third quarter which was 56 in the previous quarter.

We discussed DexCom, Inc. (NASDAQ:DXCM) in another article and shared the best medical technology stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.