Plans have been revealed for the construction of a new Dexcom manufacturing facility in Ireland. The facility will be developed by Dexcom, a US-based manufacturer of medical devices, at a cost of €300 million over the course of the following five years.
The California-headquartered company makes continuous glucose monitoring systems for people with diabetes. It confirmed that it would apply for authorization to plan for its first European facility at an IDA Ireland-owned land bank in Athenry. According to a statement from the inward investment agency, the plant will be able to create “millions” of Dexcom’s sensor devices annually.
When the site is fully operational, Dexcom anticipates producing up to 1,000 high-tech graduate and technician-level jobs in the area and 500 construction positions.
According to Barry Regan, executive vice-president of worldwide operations for Dexcom, “Ireland has an exceptional talent pool and an established medtech sector. This makes Athenry the perfect location to establish a new, cutting-edge manufacturing facility.”
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Dexcom’s new manufacturing facility in Ireland
It is a worldwide player’s second significant announcement in the past year in this particular field of medical devices. Last August, Abbott Laboratories said it would invest €440 million in Ireland, with plans for a sizable new production facility in Kilkenny and more jobs in Donegal. The company’s growth will create 1,000 new jobs for Irish citizens and establish the State as a global leader in manufacturing cutting-edge diabetic glucose monitoring devices.
The Dexcom G7 wearable device sends automatic glucose readings to a user’s smart device and has Ireland as one of its initial launch markets in October 2022. With the Dexcom G7’s increasing popularity in Europe, Mr. Regan stated: “We are pursuing an ambitious growth strategy that calls for increased manufacturing capacity to support our rapidly growing European user base.”
Following the product launch in the US market, the firm recently reported a revenue increase of 18% in the first quarter of 2023 compared to the same period last year, with total sales of more than $741.5 million. Dexcom anticipates revenues to increase to at least $3.4 billion in 2023, up 17% from 2022, and an adjusted profit margin of 26%.