2014 Q1 Form 10-Q Financial Statement

#000109355714000137 Filed on May 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $47.10M $29.60M
YoY Change 59.12% 47.26%
Cost Of Revenue $17.30M $13.10M
YoY Change 32.06% 22.43%
Gross Profit $29.80M $16.50M
YoY Change 80.61% 75.53%
Gross Profit Margin 63.27% 55.74%
Selling, General & Admin $27.60M $18.10M
YoY Change 52.49% 17.53%
% of Gross Profit 92.62% 109.7%
Research & Development $14.50M $9.300M
YoY Change 55.91% -1.06%
% of Gross Profit 48.66% 56.36%
Depreciation & Amortization $1.900M $1.800M
YoY Change 5.56% 50.0%
% of Gross Profit 6.38% 10.91%
Operating Expenses $42.10M $27.40M
YoY Change 53.65% 10.48%
Operating Profit -$12.30M -$10.90M
YoY Change 12.84% -29.22%
Interest Expense $200.0K $200.0K
YoY Change 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$12.50M -$11.10M
YoY Change 12.61% -27.92%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$12.50M -$11.10M
YoY Change 12.61% -21.28%
Net Earnings / Revenue -26.54% -37.5%
Basic Earnings Per Share
Diluted Earnings Per Share -$170.5K -$159.0K
COMMON SHARES
Basic Shares Outstanding 73.30M shares 69.58M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.40M $45.30M
YoY Change 26.71% -35.47%
Cash & Equivalents $45.70M $18.90M
Short-Term Investments $11.70M $26.40M
Other Short-Term Assets $3.500M $2.200M
YoY Change 59.09% 4.76%
Inventory $8.900M $7.500M
Prepaid Expenses
Receivables $23.80M $16.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $93.60M $71.30M
YoY Change 31.28% -23.17%
LONG-TERM ASSETS
Property, Plant & Equipment $22.90M $18.30M
YoY Change 25.14% 12.96%
Goodwill $3.200M $3.200M
YoY Change 0.0%
Intangibles $3.400M $4.000M
YoY Change -15.0%
Long-Term Investments
YoY Change
Other Assets $800.0K $1.000M
YoY Change -20.0% -16.67%
Total Long-Term Assets $31.30M $27.50M
YoY Change 13.82% 9.13%
TOTAL ASSETS
Total Short-Term Assets $93.60M $71.30M
Total Long-Term Assets $31.30M $27.50M
Total Assets $124.9M $98.80M
YoY Change 26.42% -16.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.800M $2.200M
YoY Change 118.18% 10.0%
Accrued Expenses $22.10M $12.50M
YoY Change 76.8% 1.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.200M $700.0K
YoY Change 214.29%
Total Short-Term Liabilities $29.70M $16.20M
YoY Change 83.33% 0.62%
LONG-TERM LIABILITIES
Long-Term Debt $4.100M $6.300M
YoY Change -34.92%
Other Long-Term Liabilities $1.100M $2.700M
YoY Change -59.26% 17.39%
Total Long-Term Liabilities $1.100M $2.700M
YoY Change -59.26% 17.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.70M $16.20M
Total Long-Term Liabilities $1.100M $2.700M
Total Liabilities $34.90M $25.20M
YoY Change 38.49% 36.96%
SHAREHOLDERS EQUITY
Retained Earnings -$487.9M -$456.7M
YoY Change 6.83%
Common Stock $577.9M $530.3M
YoY Change 8.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $90.00M $73.60M
YoY Change
Total Liabilities & Shareholders Equity $124.9M $98.80M
YoY Change 26.42% -16.27%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$12.50M -$11.10M
YoY Change 12.61% -21.28%
Depreciation, Depletion And Amortization $1.900M $1.800M
YoY Change 5.56% 50.0%
Cash From Operating Activities -$2.400M -$4.500M
YoY Change -46.67% -55.88%
INVESTING ACTIVITIES
Capital Expenditures $3.900M $1.400M
YoY Change 178.57% -39.13%
Acquisitions
YoY Change
Other Investing Activities -$400.0K $14.00M
YoY Change -102.86% 0.0%
Cash From Investing Activities -$4.300M $12.60M
YoY Change -134.13% 7.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.700M $2.700M
YoY Change 259.26% 145.45%
Debt Paid & Issued, Net $500.0K $0.00
YoY Change
Cash From Financing Activities $9.200M $2.700M
YoY Change 240.74% 145.45%
NET CHANGE
Cash From Operating Activities -$2.400M -$4.500M
Cash From Investing Activities -$4.300M $12.60M
Cash From Financing Activities $9.200M $2.700M
Net Change In Cash $2.500M $10.80M
YoY Change -76.85% 315.38%
FREE CASH FLOW
Cash From Operating Activities -$2.400M -$4.500M
Capital Expenditures $3.900M $1.400M
Free Cash Flow -$6.300M -$5.900M
YoY Change 6.78% -52.8%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Organization and Business</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">DexCom, Inc. is a medical device company focused on the design, development and commercialization of continuous glucose monitoring (&#8220;CGM&#8221;) systems for ambulatory use by people with diabetes and by healthcare providers in the hospital for the treatment of people with and without diabetes. Unless the context requires otherwise, the terms &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; the &#8220;company,&#8221; or &#8220;DexCom&#8221; refer to DexCom, Inc. and its subsidiaries.</font></div></div>
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CY2013Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
600000 USD
CY2014Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1100000 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22900000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20700000 USD
CY2014Q1 us-gaap Recorded Unconditional Purchase Obligation Due Within One Year
RecordedUnconditionalPurchaseObligationDueWithinOneYear
21500000 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
500000 USD
CY2013Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9300000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14500000 USD
CY2014Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1000000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1000000 USD
CY2014Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1000000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1000000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-487900000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-475400000 USD
CY2014Q1 us-gaap Revenues
Revenues
47100000 USD
CY2013Q1 us-gaap Revenues
Revenues
29600000 USD
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
46700000 USD
CY2013Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
27800000 USD
CY2013Q4 us-gaap Secured Debt Current
SecuredDebtCurrent
2200000 USD
CY2014Q1 us-gaap Secured Debt Current
SecuredDebtCurrent
2200000 USD
CY2013Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
4600000 USD
CY2014Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
4100000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
27600000 USD
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18100000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
8700000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5000000 USD
CY2013Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
900000 USD
CY2012Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
300000 USD
CY2013Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
200000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
800000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
84100000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
90000000 USD
CY2014Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
500000 USD
CY2014Q1 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 trial expenses, allowance for bad debt, accounting for the SweetSpot acquisition including contingent consideration, and share-based compensation expense. </font></div></div>
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
73300000 shares
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
69800000 shares
CY2013Q4 dxcm Accounts Receivable Net Of Allowance And Sales Returns Current
AccountsReceivableNetOfAllowanceAndSalesReturnsCurrent
26100000 USD
CY2014Q1 dxcm Accounts Receivable Net Of Allowance And Sales Returns Current
AccountsReceivableNetOfAllowanceAndSalesReturnsCurrent
23800000 USD
CY2014Q1 dxcm Accrued Tax Audit And Legal Fees
AccruedTaxAuditAndLegalFees
1100000 USD
CY2013Q4 dxcm Accrued Tax Audit And Legal Fees
AccruedTaxAuditAndLegalFees
1200000 USD
CY2014Q1 dxcm Acquisition Related Contingent Consideration Short Term
AcquisitionRelatedContingentConsiderationShortTerm
5400000 USD
CY2013Q4 dxcm Acquisition Related Contingent Consideration Short Term
AcquisitionRelatedContingentConsiderationShortTerm
3600000 USD
CY2012 dxcm Business Acquisition Contingent Consideration Settlement
BusinessAcquisitionContingentConsiderationSettlement
1100000 USD
CY2012 dxcm Business Acquisition Contingent Consideration Settlement Shares Issued
BusinessAcquisitionContingentConsiderationSettlementSharesIssued
89296 shares
CY2014Q1 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
CY2013Q4 dxcm Clinical Trials
ClinicalTrials
300000 USD
CY2014Q1 dxcm Clinical Trials
ClinicalTrials
200000 USD
CY2013Q4 dxcm Contingent Consideration Fair Value Disclosure
ContingentConsiderationFairValueDisclosure
4200000 USD
CY2014Q1 dxcm Contingent Consideration Fair Value Disclosure
ContingentConsiderationFairValueDisclosure
5400000 USD
CY2012Q4 dxcm Debt Instrument Basis Spread On Treasury Variable Rate
DebtInstrumentBasisSpreadOnTreasuryVariableRate
0.0694
CY2014Q1 dxcm Development And Other Cost Of Sales
DevelopmentAndOtherCostOfSales
400000 USD
CY2013Q1 dxcm Development And Other Cost Of Sales
DevelopmentAndOtherCostOfSales
700000 USD
CY2013Q1 dxcm Development Grant And Other Revenue
DevelopmentGrantAndOtherRevenue
1800000 USD
CY2014Q1 dxcm Development Grant And Other Revenue
DevelopmentGrantAndOtherRevenue
400000 USD
CY2014Q1 dxcm Fair Value Of Contingent Consideration
FairValueOfContingentConsideration
1200000 USD
CY2013Q1 dxcm Fair Value Of Contingent Consideration
FairValueOfContingentConsideration
300000 USD
CY2012Q4 dxcm Line Of Credit Facility Borrowing Base Percentage Of Eligible Accounts
LineOfCreditFacilityBorrowingBasePercentageOfEligibleAccounts
0.80
CY2014Q1 dxcm Option To Renew Lease
OptionToRenewLease
P5Y
CY2014Q1 dxcm Potential Rental Rate Adjustment Maximum
PotentialRentalRateAdjustmentMaximum
0.040
CY2014Q1 dxcm Potential Rental Rate Adjustment Minimum
PotentialRentalRateAdjustmentMinimum
0.025
CY2012Q4 dxcm Prime Rate Plus
PrimeRatePlus
0.005
CY2014Q1 dxcm Recorded Unconditional Purchase Obligation Due Within One Year Maximum Term
RecordedUnconditionalPurchaseObligationDueWithinOneYearMaximumTerm
P1Y
CY2014Q1 dxcm Researchand Development Arrangement Grants Received During Period
ResearchandDevelopmentArrangementGrantsReceivedDuringPeriod
500000 USD
CY2013 dxcm Researchand Development Arrangement Grants Received During Period
ResearchandDevelopmentArrangementGrantsReceivedDuringPeriod
500000 USD
CY2013Q3 dxcm Researchand Development Arrangement Valueof Grant
ResearchandDevelopmentArrangementValueofGrant
4000000 USD
CY2014Q1 dxcm Sales Return Coverage Period
SalesReturnCoveragePeriod
P30D
CY2013Q1 dxcm Standard Product Warranty Accrual Charges To Costs And Expenses
StandardProductWarrantyAccrualChargesToCostsAndExpenses
500000 USD
CY2014Q1 dxcm Standard Product Warranty Accrual Charges To Costs And Expenses
StandardProductWarrantyAccrualChargesToCostsAndExpenses
1000000 USD
CY2012Q4 dxcm Term Loan Advances Aggregate Amount
TermLoanAdvancesAggregateAmount
7000000 USD
CY2012Q4 dxcm Term Loan Debt
TermLoanDebt
20000000 USD
CY2014Q1 dxcm Term Of Lease
TermOfLease
P3Y
CY2014Q1 dxcm Working Capital
WorkingCapital
63900000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001093557
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
74917857 shares
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
DEXCOM INC
CY2014Q1 dei Trading Symbol
TradingSymbol
DXCM

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