Mizuho Lifts Dexcom Target to $90 After $1.26B Q4 Beat and G7 Launch
Mizuho analyst Anthony Petrone raised Dexcom’s price target to $90 from $78 after Q4 revenue of $1.26 billion topped consensus by $10 million and management outlined the launch of the G7 15 Day System. The company projected 2026 revenue of $5.16–5.25 billion, gross margins of 63–64%, and 11–13% growth.
1. Analyst Raises Price Target
Mizuho’s Anthony Petrone maintained an Outperform rating and increased Dexcom’s price target from $78 to $90, citing a favorable post-earnings setup and the company’s leadership in continuous glucose monitoring.
2. Q4 Financial Results
Dexcom recorded fourth-quarter revenue of $1.26 billion, $10 million above consensus estimates, driven by strong CGM adoption and early uptake of the newly launched G7 15 Day System.
3. 2026 Outlook
Management guided full-year 2026 revenue to $5.16–5.25 billion, forecasting 11–13% growth, non-GAAP gross margins of 63–64%, operating margins of 22–23% and adjusted EBITDA margins of 30–31%.
4. Margin Expansion Drivers
Gross margin is expected to expand by 200–300 basis points in 2026, supported by lower freight costs, manufacturing efficiencies and a favorable product mix tied to the G7 15-day platform.