By Business Wire, February 21, 2013, 04:01:00 PM EDT
SAN DIEGO--(BUSINESS WIRE)--
DexCom, Inc. (Nasdaq:DXCM) today reported its audited financial results
as of and for the quarter and fiscal year ended December 31, 2012.
For the full-year ended December 31, 2012, product revenue grew to $93.0
million, an increase of 41% from the $65.9 million in product revenue
reported for 2011, and total revenue grew to $99.9 million, an increase
of 31% from 2011. Product revenue totaled $31.7 million for the fourth
quarter of 2012, an increase of 52% from the $20.9 million in product
revenue reported for the comparable period in 2011. Total fourth quarter
2012 revenue, which included development grant and other revenue, was
$33.3 million, an increase of 49% from the comparable period in 2011.
Product gross profit totaled $17.2 million and $44.7 million for the
three and twelve months ended December 31, 2012, compared to gross
profit of $10.2 million and $29.3 million for the three and twelve
months ended December 31, 2011. The Company reported a net loss of $8.5
million, or $0.12 per share, and $54.5 million, or $0.79 per share, for
the three and twelve months ended December 31, 2012, compared to $12.2
million, or $0.18 per share, and $44.7 million, or $0.68 per share, for
the three and twelve months ended December 31, 2011. The net loss for
2012 included $26.6 million in non-cash expenses, comprised primarily of
share-based compensation, depreciation, and amortization, offset by a
one-time non-cash tax benefit of $1.3 million related to the acquisition
of SweetSpot. Also included in net loss were additional cost of goods
sold totaling $3.0 million for additional charges related to excess and
obsolete inventory and accelerated depreciation on manufacturing
equipment due to the approval and commercial launch plans of our G4
PLATINUM system.
Total cost of sales for the twelve months ended December 31, 2012
totaled $53.3 million compared to $40.4 million for 2011. The increase
was primarily due to additional product sales. Research and development
expense totaled $39.5 million in 2012 compared to $30.8 million in 2011.
Changes in research and development expense included additional salaries
and payroll related costs, share-based compensation, and consulting
costs. Selling, general and administrative expense totaled $62.8 million
in 2012 compared to $49.9 million in 2011, with the change primarily due
to additional selling, information technology, and marketing costs,
including increased share-based compensation. As of December 31, 2012,
the Company had $48.7 million in cash and marketable securities, and
$1.0 million in restricted cash.
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
under the investor webcast section 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 "34129862" 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 and sale of the company's products is
subject to numerous risks and uncertainties, including product
performance, a lack of acceptance in the marketplace by physicians and
people with diabetes, the company's inability to manufacture products in
commercial quantities at an acceptable cost and quality level, possible
delays in the company's development programs, the inability of customers
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
annual report on Form 10-K for the period ended December 31, 2012, as
filed with the Securities and Exchange Commission on February 21, 2013.
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DexCom, Inc.
Consolidated Balance Sheets
(In millions—except par value data)
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As of December 31, |
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2012 |
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2011 |
| Assets |
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Current assets:
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Cash and cash equivalents
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$
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8.1
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$
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2.6
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Short-term marketable securities, available-for-sale
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40.6
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79.4
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Accounts receivable, net
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19.5
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12.5
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Inventory
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7.4
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8.2
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Prepaid and other current assets
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2.0
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1.8
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Total current assets
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77.6
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104.5
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Property and equipment, net
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18.9
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15.0
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Restricted cash
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1.0
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0.9
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Intangible assets, net
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4.2
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0.0
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Goodwill
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3.2
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0.0
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Other assets
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1.1
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0.1
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Total assets
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$
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106.0
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$
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120.5
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| Liabilities and stockholders' equity |
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Current liabilities:
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Accounts payable and accrued liabilities
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$
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8.7
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$
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6.3
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Accrued payroll and related expenses
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9.2
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6.8
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Current portion of long-term debt
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0.2
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0.0
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Current portion of deferred revenue
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1.4
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1.6
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Total current liabilities
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19.5
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14.7
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Other liabilities
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2.1
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1.0
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Long-term portion of deferred revenue
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0.6
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0.3
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Long-term debt, net of current portion
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6.8
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0.0
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Total liabilities
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29.0
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16.0
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Commitments and contingencies
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Stockholders' equity:
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Preferred stock, $0.001 par value per share, 5.0 shares authorized;
no shares issued and outstanding at December 31, 2012 and December
31, 2011, respectively.
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0.0
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0.0
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Common stock, $0.001 par value per share, 100.0 authorized; 69.7 and
69.5 shares issued and outstanding, respectively, at December 31,
2012, and 67.8 and 67.5 shares issued and outstanding, respectively,
at December 31, 2011
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0.1
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0.1
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Additional paid-in capital
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522.6
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495.6
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Accumulated other comprehensive loss
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(0.1
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)
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(0.1
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Accumulated deficit
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(445.6
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)
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(391.1
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)
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Total stockholders' equity
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77.0
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104.5
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Total liabilities and stockholders' equity
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$
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106.0
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$
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120.5
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DexCom Inc.
Consolidated Statements of Operations
(In millions—except per share data)
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Three Months Ended
December 31, |
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Twelve Months Ended
December 31, |
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2012 |
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2011 |
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2012 |
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2011 |
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(Unaudited)
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Product revenue
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$
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31.7
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$
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20.9
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$
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93.0
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$
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65.9
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Development grant and other revenue
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1.6
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1.5
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6.9
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10.4
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Total revenue
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33.3
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22.4
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99.9
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76.3
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Product cost of sales
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14.5
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10.7
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48.3
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36.6
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Development and other cost of sales
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1.3
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1.0
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5.0
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3.8
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Total cost of sales
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15.8
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11.7
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53.3
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40.4
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Gross profit
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17.5
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10.7
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46.6
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35.9
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Operating expenses
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Research and development
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8.7
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9.2
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39.5
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30.8
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Selling, general and administrative
|
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17.2
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13.7
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62.8
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49.9
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Total operating expenses
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25.9
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22.9
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102.3
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80.7
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Operating loss
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(8.4
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)
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(12.2
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)
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(55.7
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(44.8
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Interest and other income
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0.1
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0.0
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0.1
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0.1
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Interest expense
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(0.2
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)
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0.0
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(0.2
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0.0
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Loss before income taxes
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(8.5
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)
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(12.2
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)
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(55.8
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)
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(44.7
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Income tax expense (benefit)
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0.0
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0.0
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(1.3
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)
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0.0
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Net loss
|
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($8.5
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)
|
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($12.2
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)
|
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($54.5
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)
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($44.7
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)
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Basic and diluted net loss per share
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($0.12
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)
|
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($0.18
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)
|
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($0.79
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)
|
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($0.68
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)
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Shares used to compute basic and diluted net loss per share
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69.3
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67.5
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68.7
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65.6
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Source: DexCom, Inc.