) reported a narrower loss of $1.1 million or 2 cents per share
in the second quarter of the year compared with $14.7 million or
21 cents in the same quarter of 2012 as well as the Zacks
Consensus Estimate of a loss of 16 cents per share.
Including $9.0 million in non-cash expenses, comprising primarily
of share-based compensation, depreciation, and amortization,
reported loss was $10.1 million or 14 cents in the quarter.
DexCom's total revenue soared 53.0% to $35.8 million, exceeding
the Zacks Consensus Estimate of $31.0 million. Product revenues
surged 65.1% to $35.5 million while development grant and other
revenues fell drastically to $0.3 million from $1.9 million in
the prior year quarter. Product gross profit was $21.8
million in the quarter, which more than doubled compared to $10.6
million in the second quarter of 2012.
Total cost of sales rose nearly 14.0% to $13.9 million compared
to $12.2 million in the second quarter of 2012. Product cost of
sales increased 25.7% to $13.7 million from $10.9 million in the
comparable quarter of 2012, primarily due to increased volumes of
Research and development expenses rose 11.0% to $11.1 million in
the quarter compared to $10.0 million for the second quarter of
2012. The higher research and development expenses were stemmed
from additional payroll costs and share-based compensation.
Selling, general and administrative expense increased 30.2% to
$20.7 million in the second quarter from $15.9 million in the
previous year quarter. The increase was attributable to
additional payroll costs, share-based compensation and
DXCM had cash and cash equivalents of $28.2 million as of Jun 30,
2013, significantly up from $8.1 million as of Dec 31, 2012.
Total debt was flat at $7.0 million as of Jun 30, 2013 compared
with the same as of Dec 31, 2012.
Calif.-based DexCom, Inc. is a medical device company focused on
the design, development and commercialization of continuous
glucose monitoring systems. The company relies significantly on
its base of recurring revenue which reflects increasing usage
rate with existing patients. Thus, higher patient base will
bolster top-line for DexCom.
DXCM currently retains a Zacks Rank #4 (Sell). Currently, other
medical stocks that are performing well include
), both with a Zacks Rank #1 (Strong Buy), and
IDEXX Laboratories, Inc.
) with a Zacks Rank #2 (Buy).
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