2014 Q4 Form 10-Q Financial Statement

#000109355714000329 Filed on November 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $84.30M $69.00M $42.90M
YoY Change 63.06% 60.84% 85.71%
Cost Of Revenue $24.90M $21.80M $15.30M
YoY Change 41.48% 42.48% 4.08%
Gross Profit $59.40M $47.20M $27.60M
YoY Change 74.19% 71.01% 228.57%
Gross Profit Margin 70.46% 68.41% 64.34%
Selling, General & Admin $36.20M $33.70M $21.60M
YoY Change 52.1% 56.02% 40.26%
% of Gross Profit 60.94% 71.4% 78.26%
Research & Development $21.60M $18.50M $11.80M
YoY Change 71.43% 56.78% 14.56%
% of Gross Profit 36.36% 39.19% 42.75%
Depreciation & Amortization $2.400M $2.200M $1.700M
YoY Change 26.32% 29.41% -19.05%
% of Gross Profit 4.04% 4.66% 6.16%
Operating Expenses $57.80M $52.20M $33.40M
YoY Change 58.79% 56.29% 29.96%
Operating Profit $1.600M -$5.000M -$5.800M
YoY Change -169.57% -13.79% -66.47%
Interest Expense -$200.0K $200.0K $200.0K
YoY Change -33.33% 0.0%
% of Operating Profit -12.5%
Other Income/Expense, Net
YoY Change
Pretax Income $1.400M -$5.200M -$6.000M
YoY Change -153.85% -13.33% -65.32%
Income Tax $100.0K $0.00 $0.00
% Of Pretax Income 7.14%
Net Earnings $1.300M -$5.200M -$6.000M
YoY Change -150.0% -13.33% -65.32%
Net Earnings / Revenue 1.54% -7.54% -13.99%
Basic Earnings Per Share
Diluted Earnings Per Share $16.95K -$68.60K -$84.03K
COMMON SHARES
Basic Shares Outstanding 76.56M shares 75.80M shares 71.40M shares
Diluted Shares Outstanding 76.10M shares 71.40M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.60M $74.90M $47.60M
YoY Change 53.11% 57.35% -10.76%
Cash & Equivalents $71.80M $63.20M $33.40M
Short-Term Investments $11.80M $11.70M $14.20M
Other Short-Term Assets $3.900M $2.800M $2.500M
YoY Change 14.71% 12.0% -7.41%
Inventory $16.00M $14.30M $10.00M
Prepaid Expenses
Receivables $42.40M $31.40M $21.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $145.9M $123.4M $81.70M
YoY Change 56.71% 51.04% 8.11%
LONG-TERM ASSETS
Property, Plant & Equipment $31.20M $28.00M $19.70M
YoY Change 50.72% 42.13% 5.84%
Goodwill $3.200M $3.200M $3.200M
YoY Change 0.0% 0.0% 1.2%
Intangibles $2.700M $3.100M $3.700M
YoY Change -25.0% -16.22% -14.21%
Long-Term Investments
YoY Change
Other Assets $600.0K $700.0K $800.0K
YoY Change -33.33% -12.5% 716.33%
Total Long-Term Assets $38.70M $36.00M $28.40M
YoY Change 31.63% 26.76% 4.32%
TOTAL ASSETS
Total Short-Term Assets $145.9M $123.4M $81.70M
Total Long-Term Assets $38.70M $36.00M $28.40M
Total Assets $184.6M $159.4M $110.1M
YoY Change 50.69% 44.78% 7.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.900M $7.900M $3.800M
YoY Change 135.71% 107.89% 0.0%
Accrued Expenses $27.70M $29.80M $21.20M
YoY Change 10.8% 40.57% 37.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.300M $2.300M $1.800M
YoY Change 4.55% 27.78%
Total Short-Term Liabilities $40.60M $40.60M $27.40M
YoY Change 26.48% 48.18% 34.29%
LONG-TERM LIABILITIES
Long-Term Debt $2.300M $2.900M $5.200M
YoY Change -50.0% -44.23%
Other Long-Term Liabilities $1.500M $900.0K $2.800M
YoY Change -11.76% -67.86% 78.34%
Total Long-Term Liabilities $1.500M $900.0K $2.800M
YoY Change -11.76% -67.86% 78.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.60M $40.60M $27.40M
Total Long-Term Liabilities $1.500M $900.0K $2.800M
Total Liabilities $44.40M $44.40M $35.40M
YoY Change 15.63% 25.42% 57.03%
SHAREHOLDERS EQUITY
Retained Earnings -$497.8M -$499.1M -$472.8M
YoY Change 4.71% 5.56% 8.16%
Common Stock $638.0M $614.1M $547.5M
YoY Change 14.03% 12.16% 5.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $140.2M $115.0M $74.70M
YoY Change
Total Liabilities & Shareholders Equity $184.6M $159.4M $110.1M
YoY Change 50.69% 44.78% 7.11%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $1.300M -$5.200M -$6.000M
YoY Change -150.0% -13.33% -65.32%
Depreciation, Depletion And Amortization $2.400M $2.200M $1.700M
YoY Change 26.32% 29.41% -19.05%
Cash From Operating Activities $8.400M $11.40M $1.600M
YoY Change 90.91% 612.5% -126.67%
INVESTING ACTIVITIES
Capital Expenditures -$4.600M -$3.700M -$2.200M
YoY Change 100.0% 68.18% -24.14%
Acquisitions
YoY Change
Other Investing Activities -$100.0K -$100.0K $3.900M
YoY Change -103.57% -102.56% -38.1%
Cash From Investing Activities -$4.700M -$3.800M $1.700M
YoY Change -1040.0% -323.53% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.900M 6.100M 1.900M
YoY Change 0.0% 221.05% 46.15%
NET CHANGE
Cash From Operating Activities 8.400M 11.40M 1.600M
Cash From Investing Activities -4.700M -3.800M 1.700M
Cash From Financing Activities 4.900M 6.100M 1.900M
Net Change In Cash 8.600M 13.70M 5.200M
YoY Change -12.24% 163.46% -500.0%
FREE CASH FLOW
Cash From Operating Activities $8.400M $11.40M $1.600M
Capital Expenditures -$4.600M -$3.700M -$2.200M
Free Cash Flow $13.00M $15.10M $3.800M
YoY Change 94.03% 297.37% -222.58%

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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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us-gaap Selling General And Administrative Expense
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StandardProductWarrantyAccrual
300000 USD
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StandardProductWarrantyAccrual
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300000 USD
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900000 USD
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Use Of Estimates
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<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>
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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70700000 shares
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WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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31400000 USD
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1500000 USD
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1200000 USD
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3500000 USD
CY2013Q4 dxcm Acquisition Related Contingent Consideration Short Term
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3600000 USD
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1100000 USD
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BusinessAcquisitionContingentConsiderationSettlementSharesIssued
89296 shares
CY2014Q3 dxcm Business Acquisition Equity Interests Issued Or Issuable Additional Number Of Shares Issuable
BusinessAcquisitionEquityInterestsIssuedOrIssuableAdditionalNumberOfSharesIssuable
89300 shares
CY2012Q1 dxcm Business Combination Contingent Consideration Liability Shares
BusinessCombinationContingentConsiderationLiabilityShares
357176 shares
CY2013Q4 dxcm Clinical Trials
ClinicalTrials
300000 USD
CY2014Q3 dxcm Clinical Trials
ClinicalTrials
500000 USD
CY2013Q4 dxcm Contingent Consideration Fair Value Disclosure
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4200000 USD
CY2014Q3 dxcm Contingent Consideration Fair Value Disclosure
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3500000 USD
CY2014Q3 dxcm Crosslicensingcontinuationfeeuponchangeofcontrol
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25000000 USD
CY2012Q4 dxcm Debt Instrument Basis Spread On Treasury Variable Rate
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0.0694
CY2014Q3 dxcm Development And Other Cost Of Sales
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0 USD
dxcm Development And Other Cost Of Sales
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600000 USD
CY2013Q3 dxcm Development And Other Cost Of Sales
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500000 USD
dxcm Development And Other Cost Of Sales
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1400000 USD
dxcm Development Grant And Other Revenue
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2100000 USD
dxcm Development Grant And Other Revenue
DevelopmentGrantAndOtherRevenue
2500000 USD
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1100000 USD
CY2013Q3 dxcm Development Grant And Other Revenue
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400000 USD
dxcm Fair Value Of Contingent Consideration
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2000000 USD
dxcm Fair Value Of Contingent Consideration
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dxcm Markto Marketon Contingent Consideration Obligation Settleablein Shares
MarktoMarketonContingentConsiderationObligationSettleableinShares
-700000 USD
CY2013Q3 dxcm Markto Marketon Contingent Consideration Obligation Settleablein Shares
MarktoMarketonContingentConsiderationObligationSettleableinShares
0 USD
CY2014Q3 dxcm Markto Marketon Contingent Consideration Obligation Settleablein Shares
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-900000 USD
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PrimeRatePlus
0.005
dxcm Recorded Unconditional Purchase Obligation Due Within One Year Maximum Term
RecordedUnconditionalPurchaseObligationDueWithinOneYearMaximumTerm
P1Y
CY2013 dxcm Researchand Development Arrangement Grants Received During Period
ResearchandDevelopmentArrangementGrantsReceivedDuringPeriod
500000 USD
dxcm Researchand Development Arrangement Grants Received During Period
ResearchandDevelopmentArrangementGrantsReceivedDuringPeriod
1500000 USD
CY2013Q3 dxcm Researchand Development Arrangement Valueof Grant
ResearchandDevelopmentArrangementValueofGrant
4000000 USD
dxcm Sales Return Coverage Period
SalesReturnCoveragePeriod
P30D
dxcm Standard Product Warranty Accrual Charges To Costs And Expenses
StandardProductWarrantyAccrualChargesToCostsAndExpenses
3800000 USD
dxcm Standard Product Warranty Accrual Charges To Costs And Expenses
StandardProductWarrantyAccrualChargesToCostsAndExpenses
3500000 USD
CY2013Q3 dxcm Standard Product Warranty Accrual Charges To Costs And Expenses
StandardProductWarrantyAccrualChargesToCostsAndExpenses
2100000 USD
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7000000 USD
CY2012Q4 dxcm Term Loan Debt
TermLoanDebt
20000000 USD
dxcm Term Of Lease
TermOfLease
P3Y
CY2014Q3 dxcm Working Capital
WorkingCapital
82800000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001093557
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
76561868 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
DEXCOM INC
dei Trading Symbol
TradingSymbol
DXCM

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