DexCom, Inc. (NASDAQ:DXCM) Q3 2018 Earnings Conference Call Transcript
Nov 06, 2018 • 04:30 pm ET
Welcome to the DexCom Third Quarter 2018 Earnings Release Conference Call. My name is Adrian, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session. (Operator Instructions) Please note this conference is being recorded. I'll now turn the call over to Matt Dolan. Matt Dolan, you may begin.
Thank you, operator, and welcome to DexCom's third quarter 2018 earnings call. Our agenda begins with Kevin Sayer, DexCom's Chairman, President and CEO, who will provide a summary of the quarter, followed by a financial review and outlook from Quentin Blackford, our EVP and CFO, and then a strategic update from Steve Pacelli, our EVP of Strategy and Corporate Development.
Following our prepared remarks, we will open up the call for your questions. At that time, we ask the analysts to limit themselves to one question and one follow-up so we can provide an opportunity for everyone participating today. Before we dive in, I'm also pleased to announce that DexCom will be hosting an investor meeting next month on Tuesday, December 4th in Orange County, California, where we will discuss our business and long-term outlook in more detail. The event will be available by webcast. Attendance in person is by invitation only and space is limited. So please make sure to reach out to us directly with any questions. We look forward to seeing a number of you there and diving deeper into the opportunities we see ahead of us.
(Forward-Looking Cautionary Statements)
Additionally, during the call, we will discuss certain financial measures that have not been prepared in accordance with GAAP with respect to our non-GAAP and cash-based results and the rate of growth in our revenues. The presentation of this additional information should not be considered in isolation or as a substitute for results or superior to results prepared in accordance with GAAP. Please refer to the tables in our earnings release and the IR portion of our website for a reconciliation of these measures to their most directly comparable GAAP financial measures.
Now I will turn it over to Kevin.
Thank you for joining us. I'm excited to report that DexCom has maintained a strong momentum that we have seen all year with third quarter sales up 45% over the same period last year on a constant currency basis. Both the US and OUS businesses were solid, driven by a continued increase and awareness around the value and convenience of real-time CGM.
The G6 launch has been well received helping to drive strong new patient additions. To give you some perspective, our US commercial new patient pipeline has more than doubled as compared to this time last year, and our Medicare business continues to build nicely.
Our OUS business grew faster this quarter than in any period over the last five years. Remember, of course, that the franchise was much smaller five years ago. Our investments in the international infrastructure are clearly paying off as