DexCom, Inc. Reports Third Quarter 2013 Financial Results
07 November 2013 - 8:08AM
Business Wire
DexCom, Inc. (Nasdaq: DXCM) today reported its unaudited
financial results as of and for the quarter ended
September 30, 2013.
Product revenue grew to $42.5 million for the third quarter of
2013, an increase of approximately 101% from the $21.1 million in
product revenue reported for the third quarter of 2012. Total third
quarter 2013 revenue, which included development grant and other
revenue, grew to $42.9 million, an increase of 86% from the same
quarter in 2012. Product gross profit totaled $27.7 million for the
three months ended September 30, 2013, compared to a product
gross profit of $7.7 million for the three months ended
September 30, 2012. The Company reported a net loss of $6.0
million, or $0.08 per share for the three months ended
September 30, 2013, compared to a net loss of $17.3 million,
or $0.25 per share for the three months ended September 30,
2012. The net loss of $6.0 million included $9.5 million in
non-cash expenses, comprised primarily of share-based compensation,
depreciation, and amortization.
Product cost of sales increased $1.4 million to $14.8 million
for the third quarter of 2013 compared to $13.4 million for the
same quarter in 2012, primarily due to increased volume of product
sales. Total cost of sales totaled $15.3 million for the third
quarter of 2013 compared to $14.7 million for the third quarter of
2012. Research and development expense increased by approximately
$1.5 million to $11.8 million for the third quarter of 2013
compared to $10.3 million for the third quarter of 2012. Changes in
research and development expense included additional payroll costs
and share-based compensation. Selling, general and administrative
expense increased by approximately $6.2 million to $21.6 million
for the third quarter of 2013 compared to $15.4 million for the
third quarter of 2012, with the change primarily due to additional
payroll costs, share-based compensation and commissions. As of
September 30, 2013, the Company had $47.6 million in cash and
marketable securities.
Conference Call
Management will hold a conference call today starting at 4:30
p.m. (Eastern Time). The conference call will be concurrently
webcast. The link to the webcast will be available on the DexCom,
Inc. website at www.dexcom.com by navigating to "About," then
"Investor Relations," and then "Events and Webcasts," and will be
archived for future reference. To listen to the conference call,
please dial (888) 771-4371 (US/Canada) or (847) 585-4405
(International) and use the participant code "35919747"
approximately five minutes prior to the start time.
About DexCom, Inc.
DexCom, Inc., headquartered in San Diego, California, is
developing and marketing continuous glucose monitoring systems for
ambulatory use by people with diabetes and by healthcare providers
in the hospital.
Cautionary Statement Regarding Forward Looking
Statements
DexCom is a medical device company with a limited operating
history. Successful commercialization of the company’s products is
subject to numerous risks and uncertainties, including a lack of
acceptance in the marketplace by physicians and people with
diabetes, the inability to manufacture products in commercial
quantities at an acceptable cost, possible delays in the company’s
development programs, the inability of people with diabetes to
receive reimbursement from third-party payors and inadequate
financial and other resources. Certain of these risks and
uncertainties, in addition to other risks, are more fully described
in the company's quarterly report on Form 10-Q for the period ended
September 30, 2013, as filed with the Securities and Exchange
Commission on November 6, 2013.
DexCom, Inc. Consolidated Balance
Sheets (In millions—except par value data)
September 30, 2013
(Unaudited)
December 31, 2012
Assets Current assets: Cash and cash equivalents $ 33.4 $
8.1 Short-term marketable securities, available-for-sale 14.2 40.6
Accounts receivable, net 21.6 19.5 Inventory 10.0 7.4 Prepaid and
other current assets 2.5 2.0 Total current assets
81.7 77.6 Property and equipment, net 19.7 18.9 Restricted cash 1.0
1.0 Intangible assets, net 3.7 4.2 Goodwill 3.2 3.2 Other assets
0.8 1.1 Total assets $ 110.1 $ 106.0
Liabilities and stockholders’ equity Current liabilities:
Accounts payable and accrued liabilities $ 12.6 $ 8.7 Accrued
payroll and related expenses 12.4 9.2 Current portion of long-term
debt 1.8 0.2 Current portion of deferred revenue 0.6 1.4
Total current liabilities 27.4 19.5 Other liabilities 2.8
2.1 Long-term debt, net of current portion 5.2 6.8 Long-term
portion of deferred revenue — 0.6 Total liabilities
35.4 29.0 Commitments and contingencies Stockholders’ equity:
Preferred stock, $0.001 par value, 5.0 shares authorized; no shares
issued and outstanding at September 30, 2013 and December 31, 2012,
respectively — — Common stock, $0.001 par value, 100.0 authorized;
72.0 and 71.7 issued and outstanding, respectively, at September
30, 2013; and 69.7 and 69.5 shares issued and outstanding,
respectively, at December 31, 2012 0.1 0.1 Additional paid-in
capital 547.5 522.6 Accumulated other comprehensive loss (0.1 )
(0.1 ) Accumulated deficit (472.8 ) (445.6 ) Total stockholders’
equity 74.7 77.0 Total liabilities and stockholders’
equity $ 110.1 $ 106.0
DexCom, Inc. Consolidated Statements of Operations
(In millions—except per share data) (Unaudited)
Three Months Ended September 30, Nine
Months Ended September 30, 2013
2012 2013 2012 Product revenue $ 42.5 $
21.1 $ 105.8 $ 61.2 Development grant and other revenue 0.4
2.0 2.5 5.4 Total revenue 42.9 23.1 108.3 66.6
Product cost of sales 14.8 13.4 40.9 33.9 Development and other
cost of sales 0.5 1.3 1.4 3.7 Total
cost of sales 15.3 14.7 42.3 37.6 Gross
profit 27.6 8.4 66.0 29.0 Operating expenses Research and
development 11.8 10.3 32.2 29.7 Selling, general and administrative
21.6 15.4 60.4 46.7 Total operating
expenses 33.4 25.7 92.6 76.4 Operating
loss (5.8 ) (17.3 ) (26.6 ) (47.4 ) Interest and other income — — —
0.1 Interest expense (0.2 ) — (0.6 ) — Loss before
income taxes (6.0 ) (17.3 ) (27.2 ) (47.3 ) Income tax expense
(benefit) — — — (1.3 ) Net loss $ (6.0 ) $
(17.3 ) $ (27.2 ) $ (46.0 ) Basic and diluted net loss per share $
(0.08 ) $ (0.25 ) $ (0.38 ) $ (0.67 ) Shares used to compute basic
and diluted net loss per share 71.4 69.1 70.7
68.5
DexCom, Inc.Steven R. PacelliExecutive Vice President, Strategy
and Corporate Development(858) 200-0200www.dexcom.com
DexCom (NASDAQ:DXCM)
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