Dexcom's stock price drops over 30% after the company adjusts its fiscal year forecast.

• Dexcom shares plunged on disappointing revenue and weak guidance.
• As of Thursday's close, the stock had dropped 13% for the year.
• Dexcom makes continuous glucose monitors for patients with diabetes.

The diabetes management company's shares plummeted more than 35% in extended trading on Thursday due to disappointing revenue for the second quarter and 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 grew by 15% to $1,049.1 million from $871.3 million in the previous year, while the company's net income increased to $143.5 million from $115.9 million in the same period last year.

Dexcom anticipates reporting revenue of $975 million to $1 billion in the third quarter due to "unique items affecting 2024 seasonality." The company has revised its full fiscal year revenue forecast to $4 billion to $4.05 billion, a decrease from the previously forecasted $4.20 billion to $4.35 billion.

"Dexcom CEO Kevin Sayer stated in a release that although the company advanced several strategic initiatives in the second quarter, its execution did not meet its high standards. However, he emphasized that the company has a unique opportunity to serve millions of more customers worldwide with its differentiated product portfolio and is taking action to improve its execution and position itself for continued long-term growth."

Dexcom has announced that its new over-the-counter continuous glucose monitor (CGM), Stelo, has been cleared for use by the U.S. Food and Drug Administration. Stelo is designed for patients with Type 2 diabetes who do not use insulin, and will officially launch in August.