DexCom Inc. (DXCM), a medical device company, on Tuesday announced the theft and resale of two condemned lots of Dexcom G7 devices. The company also provided details of the scrap devices to aid vendors and affected customers.
The Dexcom G7 is used for real-time monitoring of blood glucose levels in diabetic patients. The wearable continuous glucose monitoring (CGM) device consists of a combined sensor-transmitter that alerts the user prior to hypoglycemic periods while predicting future trends.
The stolen lots were assigned to scrap and deemed unfit for patient use. Use of the scrap devices may lead to an increased risk of skin infections. An elevated internal testing failure rate in one of the lots may lead to no sensor readings at all.
The theft is believed to have been carried out by an unknown third party, but sales of the unfit product were traced back to Pharmsource LLC. The company cautioned vendors who have purchased devices from Pharmsource, and stated intentions to notify customers for the same.
DXCM is currently trading at $72.33, up 0.33%.
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