DexCom’s G7 receives CMS approval, says Piper Sandler

Piper Sandler analyst Matt O’Brien reiterated an Overweight rating on shares of DexCom and said it is the firm’s top 2023 pick after DexCom announced that CMS has approved coverage for G7, and will be accessible to Medicare patients starting this Friday. The announcement is in-line to slightly ahead of the company’s own expectations, the analyst tells investors in a research note, and the firm would not be surprised to see incremental upside from here given the pace at which the company is obtaining coverage for G7. Piper Sandler sees the opportunity for DexCom to be a beat and raise store in 2023.