2013 Q2 Form 10-Q Financial Statement

#000109355713000083 Filed on August 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2 2012 Q1
Revenue $35.80M $23.50M $20.10M
YoY Change 52.34% 9.81% 41.55%
Cost Of Revenue $13.90M $12.20M $10.70M
YoY Change 13.93% 27.8% 17.58%
Gross Profit $21.90M $11.20M $9.400M
YoY Change 95.54% -5.88% 84.31%
Gross Profit Margin 61.17% 47.66% 46.77%
Selling, General & Admin $20.70M $15.90M $15.40M
YoY Change 30.19% 29.86% 43.93%
% of Gross Profit 94.52% 141.96% 163.83%
Research & Development $11.10M $10.00M $9.400M
YoY Change 11.0% 42.53% 49.21%
% of Gross Profit 50.68% 89.29% 100.0%
Depreciation & Amortization $1.600M $1.500M $1.200M
YoY Change 6.67% 66.67% 50.0%
% of Gross Profit 7.31% 13.39% 12.77%
Operating Expenses $31.80M $25.90M $24.80M
YoY Change 22.78% 34.2% 45.88%
Operating Profit -$9.900M -$14.70M -$15.40M
YoY Change -32.65% 98.94% 29.41%
Interest Expense $200.0K $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$10.10M -$14.70M -$15.40M
YoY Change -31.29% 99.54% 29.41%
Income Tax $0.00 $0.00 -$1.300M
% Of Pretax Income
Net Earnings -$10.10M -$14.70M -$14.10M
YoY Change -31.29% 98.65% 19.49%
Net Earnings / Revenue -28.21% -62.55% -70.15%
Basic Earnings Per Share
Diluted Earnings Per Share -$142.5K -$214.3K -$208.0K
COMMON SHARES
Basic Shares Outstanding 70.90M shares
Diluted Shares Outstanding 70.90M shares

Balance Sheet

Concept 2013 Q2 2012 Q2 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.40M $61.20M $70.20M
YoY Change -24.19% -41.71% 88.2%
Cash & Equivalents $28.20M $6.000M $5.100M
Short-Term Investments $18.20M $55.20M $65.10M
Other Short-Term Assets $2.800M $2.500M $2.100M
YoY Change 12.0% -37.5% -40.0%
Inventory $7.300M $7.378M $8.000M
Prepaid Expenses
Receivables $17.70M $12.90M $12.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $74.20M $83.99M $92.80M
YoY Change -11.66% -32.26% 70.59%
LONG-TERM ASSETS
Property, Plant & Equipment $19.10M $17.77M $16.20M
YoY Change 7.5% 48.07% 38.46%
Goodwill $3.200M $3.162M
YoY Change 1.2%
Intangibles $3.900M $4.462M
YoY Change -12.6%
Long-Term Investments
YoY Change
Other Assets $900.0K $98.00K $1.200M
YoY Change 818.37% -75.5% 200.0%
Total Long-Term Assets $28.10M $26.53M $25.20M
YoY Change 5.92% 113.94% 106.56%
TOTAL ASSETS
Total Short-Term Assets $74.20M $83.99M $92.80M
Total Long-Term Assets $28.10M $26.53M $25.20M
Total Assets $102.3M $110.5M $118.0M
YoY Change -7.44% -18.97% 77.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.800M $2.000M $2.000M
YoY Change 40.0% -4.76% 0.0%
Accrued Expenses $16.40M $13.40M $12.30M
YoY Change 22.39% 44.09% 78.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.200M
YoY Change
Total Short-Term Liabilities $21.10M $16.96M $16.10M
YoY Change 24.4% 22.91% 38.79%
LONG-TERM LIABILITIES
Long-Term Debt $5.800M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.100M $1.551M $2.300M
YoY Change 99.87% 55.1% 43.75%
Total Long-Term Liabilities $3.100M $1.551M $2.300M
YoY Change 99.87% 55.1% 43.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.10M $16.96M $16.10M
Total Long-Term Liabilities $3.100M $1.551M $2.300M
Total Liabilities $30.00M $19.21M $18.40M
YoY Change 56.14% 29.82% 39.39%
SHAREHOLDERS EQUITY
Retained Earnings -$466.8M -$419.9M
YoY Change 11.17%
Common Stock $539.1M $511.2M
YoY Change 5.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.30M $91.30M $99.60M
YoY Change
Total Liabilities & Shareholders Equity $102.3M $110.5M $118.0M
YoY Change -7.44% -18.97% 77.18%

Cashflow Statement

Concept 2013 Q2 2012 Q2 2012 Q1
OPERATING ACTIVITIES
Net Income -$10.10M -$14.70M -$14.10M
YoY Change -31.29% 98.65% 19.49%
Depreciation, Depletion And Amortization $1.600M $1.500M $1.200M
YoY Change 6.67% 66.67% 50.0%
Cash From Operating Activities $900.0K -$6.300M -$10.20M
YoY Change -114.29% 152.0% 9.68%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M -$2.900M $2.300M
YoY Change -31.03% 141.67% -227.78%
Acquisitions
YoY Change
Other Investing Activities $8.100M $9.600M $14.00M
YoY Change -15.62% -125.26% 62.79%
Cash From Investing Activities $6.100M $6.800M $11.70M
YoY Change -10.29% -117.39% 72.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.100M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.300M 500.0K $1.100M
YoY Change 360.0% -99.3% -26.67%
NET CHANGE
Cash From Operating Activities 900.0K -6.300M -$10.20M
Cash From Investing Activities 6.100M 6.800M $11.70M
Cash From Financing Activities 2.300M 500.0K $1.100M
Net Change In Cash 9.300M 1.000M $2.600M
YoY Change 830.0% -96.68% -360.0%
FREE CASH FLOW
Cash From Operating Activities $900.0K -$6.300M -$10.20M
Capital Expenditures -$2.000M -$2.900M $2.300M
Free Cash Flow $2.900M -$3.400M -$12.50M
YoY Change -185.29% 161.54% 66.67%

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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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0 USD
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2013Q2 us-gaap Prepaid Expense And Other Assets Current
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us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications </font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the prior period consolidated financial statements and notes to conform to the current year presentation.</font></div></div>
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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us-gaap Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Payments
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PropertyPlantAndEquipmentNet
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us-gaap Research And Development Expense
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ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
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ResearchAndDevelopmentExpense
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Revenues
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us-gaap Revenues
Revenues
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Revenues
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DevelopmentAndOtherCostOfSales
200000 USD
CY2012Q2 dxcm Development And Other Cost Of Sales
DevelopmentAndOtherCostOfSales
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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SalesRevenueGoodsNet
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SalesRevenueGoodsNet
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dxcm Development And Other Cost Of Sales
DevelopmentAndOtherCostOfSales
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dxcm Development And Other Cost Of Sales
DevelopmentAndOtherCostOfSales
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DevelopmentGrantAndOtherRevenue
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200000 USD
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SecuredLongTermDebt
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us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Share Based Compensation
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StandardProductWarrantyAccrual
300000 USD
CY2013Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
300000 USD
CY2012Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
300000 USD
CY2012Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
400000 USD
CY2013Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
200000 USD
CY2011Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
300000 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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77000000 USD
CY2013Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2012 us-gaap Tax Credit Carryforward Expiration Date
TaxCreditCarryforwardExpirationDate
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CY2013Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
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us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Significant estimates include excess or obsolete inventories, valuation of inventory, warranty accruals, employee bonus, clinical study expenses, allowances for returned product, allowance for bad debt, deferral period for recognizing revenue on future performance obligations, accounting for the SweetSpot acquisition including contingent consideration, and share-based compensation expense. Excess and obsolete inventories are estimated by identifying the amount of on hand and on order materials compared to expected future sales, taking into account clinical trial and development usage along with new product introductions. Employee bonus estimates are based, in part, on the 2013 bonus plan&#8217;s authorized target bonus amounts to be awarded from the bonus pool based on the weighted average achievement of certain objectives. Clinical trial expenses are accrued based on estimates of progress under related contracts and include initial set up costs as well as ongoing monitoring over multiple sites in the U.S. and abroad. An allowance for refunds for returned products is determined by analyzing the timing and amounts of past refund activity and considering the impact of newly introduced products.</font></div></div>
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
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us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1300000 USD
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
68200000 shares
CY2012Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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68600000 shares
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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70900000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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70300000 shares
CY2013Q2 dxcm Accounts Receivable Net Of Allowance And Sales Returns Current
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19500000 USD
CY2013Q2 dxcm Accrued Tax Audit And Legal Fees
AccruedTaxAuditAndLegalFees
1000000 USD
CY2012Q4 dxcm Accrued Tax Audit And Legal Fees
AccruedTaxAuditAndLegalFees
700000 USD
CY2013Q2 dxcm Acquisition Related Contingent Consideration Short Term
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1000000 USD
CY2012Q4 dxcm Acquisition Related Contingent Consideration Short Term
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CY2012 dxcm Business Acquisition Contingent Consideration Settlement
BusinessAcquisitionContingentConsiderationSettlement
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CY2012 dxcm Business Acquisition Contingent Consideration Settlement Shares Issued
BusinessAcquisitionContingentConsiderationSettlementSharesIssued
89296 shares
CY2013Q2 dxcm Business Acquisition Equity Interests Issued Or Issuable Additional Number Of Shares Issuable
BusinessAcquisitionEquityInterestsIssuedOrIssuableAdditionalNumberOfSharesIssuable
267880 shares
CY2012Q1 dxcm Business Combination Contingent Consideration Liability Shares
BusinessCombinationContingentConsiderationLiabilityShares
357176 shares
CY2012Q4 dxcm Clinical Trials
ClinicalTrials
100000 USD
CY2013Q2 dxcm Clinical Trials
ClinicalTrials
200000 USD
CY2013Q2 dxcm Contingent Consideration Fair Value Disclosure
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2700000 USD
CY2012Q4 dxcm Contingent Consideration Fair Value Disclosure
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CY2013Q2 dxcm Development Grant And Other Revenue
DevelopmentGrantAndOtherRevenue
300000 USD
dxcm Development Grant And Other Revenue
DevelopmentGrantAndOtherRevenue
2100000 USD
dxcm Fair Value Of Contingent Consideration
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1000000 USD
dxcm Fair Value Of Contingent Consideration
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700000 USD
dxcm Increase Decrease In Restricted Cash Investing And Financing Activities
IncreaseDecreaseInRestrictedCashInvestingAndFinancingActivities
-100000 USD
dxcm Increase Decrease In Restricted Cash Investing And Financing Activities
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0 USD
CY2012Q4 dxcm Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts
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0.80
dxcm Maximum Percentage Of Ownership Change To Retain Tax Credit Carryforwards
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0.50
dxcm Option To Renew Lease
OptionToRenewLease
P5Y
dxcm Potential Rental Rate Adjustment Maximum
PotentialRentalRateAdjustmentMaximum
0.040
dxcm Potential Rental Rate Adjustment Minimum
PotentialRentalRateAdjustmentMinimum
0.025
CY2012Q4 dxcm Prime Rate Plus
PrimeRatePlus
0.005
CY2013Q2 dxcm Recorded Unconditional Purchase Obligation Due Within One Year Maximum Term
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P1Y
dxcm Sales Return Coverage Period
SalesReturnCoveragePeriod
P30D
CY2012Q2 dxcm Standard Product Warranty Accrual Charges To Costs And Expenses
StandardProductWarrantyAccrualChargesToCostsAndExpenses
600000 USD
CY2013Q2 dxcm Standard Product Warranty Accrual Charges To Costs And Expenses
StandardProductWarrantyAccrualChargesToCostsAndExpenses
900000 USD
dxcm Standard Product Warranty Accrual Charges To Costs And Expenses
StandardProductWarrantyAccrualChargesToCostsAndExpenses
1400000 USD
dxcm Standard Product Warranty Accrual Charges To Costs And Expenses
StandardProductWarrantyAccrualChargesToCostsAndExpenses
1000000 USD
CY2012Q4 dxcm Term Loan Advances Aggregate Amount
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CY2012Q4 dxcm Term Loan Debt
TermLoanDebt
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dxcm Term Of Lease
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P3Y
CY2013Q2 dxcm Working Capital
WorkingCapital
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dei Amendment Flag
AmendmentFlag
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dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001093557
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
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dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
DEXCOM INC
dei Trading Symbol
TradingSymbol
DXCM

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