April 25 (Reuters) - Dexcom beat Wall Street expectations for first-quarter profit on Thursday, helped by strong demand for a new version of its continuous glucose monitors, but its shares slid 7% after the bell as annual sales forecast was largely below estimates.

The company and rival Abbott currently dominate the market for continuous glucose monitors — the devices that track blood glucose levels every few minutes without the need for finger stick tests.

Dexcom's total revenue rose 24% to $921 million for the three months ended March 31, beating analysts' average estimate of $909.24 million, according to LSEG data.

The company raised the lower end of its 2024 revenue forecast by $50 million, and now expects it to be between $4.20 billion and $4.35 billion. But the midpoint of the new range was below analysts' estimate of $4.32 billion.

The California-based company's latest continuous glucose monitor system, G7, was cleared in the United States in 2022. Its another product, Stelo, was cleared by the U.S. FDA in March for use without a prescription from a healthcare provider.

Dexcom posted adjusted profit of 32 cents per share, compared with analysts' estimate of 27 cents per share.

(Reporting by Sruthi Narasimha Chari in Bengaluru; Editing by Shilpi Majumdar)