DexCom shares DXCM are trading lower on Wednesday following a report that Apple Inc AAPL is making progress on no-prick glucose tracking for its Watch.

According to a Bloomberg report, Apple is making progress on a project known as E5, which has been ongoing since the Steve Jobs era.

The report indicates that the objective of this confidential endeavor is to develop a noninvasive method of measuring the amount of glucose in a person's body without requiring a blood sample from pricking the skin.

Individuals familiar with the initiative have said recent advancements in the project suggest it may be possible to eventually introduce this form of glucose monitoring to the market. 

Although there is still much work to be done, the success of this project could have a significant impact on the multibillion-dollar glucose monitoring industry, per Bloomberg. 

About 1 in 10 Americans have diabetes and they commonly use a device that requires pricking the skin for a blood sample. Dexcom and Abbott Laboratories ABT offer patches that are placed on the skin, but these must be replaced approximately every two weeks.

Dexcom is the global leader in real-time continuous glucose monitoring for people with diabetes.

See Also: Apple Watch Alerts User Of Internal Bleeding, Saves Life

DXCM Price Action: DexCom has a 52-week high of $539.06 and a 52-week low of $67.11.

DexCom shares are down 2.65% at $111.06 at the time of publication, according to Benzinga Pro.

Photo: fancycrave1 from Pixabay.