Dexcom shares sank more than 40% on Friday and headed for their worst day ever after the diabetes management company reported disappointing revenue for the second quarter and offered weak guidance.
The stock fell $45.38 to $62.47 as of early afternoon, wiping out about $18 billion in market cap.
Prior to Friday, the biggest drop came in September 2017, when the shares plunged 33% in a day.
Dexcom held its stock market debut in 2005.
With Friday's selloff, Dexcom shares are down almost 50% for the year, while the S&P 500 is up 15%.
Persons:
Dexcom, Kevin Sayer, we've, Sayer, JPMorgan's Robbie Marcus, Marcus, Jereme Sylvain, Sylvain, William Blair, Leerink, Stelo, Friday's
Organizations:
JPMorgan, U.S . Food, Drug Administration