2015 Q2 Form 10-Q Financial Statement

#000109355715000242 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $93.20M $58.80M
YoY Change 58.5% 64.25%
Cost Of Revenue $27.20M $18.90M
YoY Change 43.92% 35.97%
Gross Profit $66.00M $39.90M
YoY Change 65.41% 82.19%
Gross Profit Margin 70.82% 67.86%
Selling, General & Admin $45.20M $30.90M
YoY Change 46.28% 49.28%
% of Gross Profit 68.48% 77.44%
Research & Development $24.40M $14.80M
YoY Change 64.86% 33.33%
% of Gross Profit 36.97% 37.09%
Depreciation & Amortization $2.600M $1.900M
YoY Change 36.84% 18.75%
% of Gross Profit 3.94% 4.76%
Operating Expenses $69.60M $45.70M
YoY Change 52.3% 43.71%
Operating Profit -$3.600M -$5.800M
YoY Change -37.93% -41.41%
Interest Expense $100.0K $200.0K
YoY Change -50.0% 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.700M -$6.000M
YoY Change -38.33% -40.59%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.700M -$6.000M
YoY Change -38.33% -40.59%
Net Earnings / Revenue -3.97% -10.2%
Basic Earnings Per Share
Diluted Earnings Per Share -$46.48K -$80.00K
COMMON SHARES
Basic Shares Outstanding 79.60M shares 75.00M shares
Diluted Shares Outstanding 79.60M shares 75.30M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.50M $61.30M
YoY Change 59.05% 32.11%
Cash & Equivalents $67.70M $49.50M
Short-Term Investments $29.80M $11.80M
Other Short-Term Assets $5.000M $4.000M
YoY Change 25.0% 42.86%
Inventory $22.40M $11.60M
Prepaid Expenses
Receivables $45.50M $28.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $170.4M $105.5M
YoY Change 61.52% 42.18%
LONG-TERM ASSETS
Property, Plant & Equipment $40.60M $26.00M
YoY Change 56.15% 36.13%
Goodwill $3.700M $3.200M
YoY Change 15.63% 0.0%
Intangibles $2.500M $3.300M
YoY Change -24.24% -15.38%
Long-Term Investments
YoY Change
Other Assets $500.0K $700.0K
YoY Change -28.57% -22.22%
Total Long-Term Assets $48.00M $34.20M
YoY Change 40.35% 21.71%
TOTAL ASSETS
Total Short-Term Assets $170.4M $105.5M
Total Long-Term Assets $48.00M $34.20M
Total Assets $218.4M $139.7M
YoY Change 56.34% 36.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.70M $7.000M
YoY Change 67.14% 150.0%
Accrued Expenses $29.30M $26.00M
YoY Change 12.69% 58.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.400M $2.300M
YoY Change 4.35% 91.67%
Total Short-Term Liabilities $44.20M $35.60M
YoY Change 24.16% 68.72%
LONG-TERM LIABILITIES
Long-Term Debt $1.100M $3.500M
YoY Change -68.57% -39.66%
Other Long-Term Liabilities $2.400M $1.000M
YoY Change 140.0% -67.74%
Total Long-Term Liabilities $2.400M $1.000M
YoY Change 140.0% -67.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.20M $35.60M
Total Long-Term Liabilities $2.400M $1.000M
Total Liabilities $47.70M $40.10M
YoY Change 18.95% 33.67%
SHAREHOLDERS EQUITY
Retained Earnings -$514.4M -$493.9M
YoY Change 4.15% 5.81%
Common Stock $685.3M $593.6M
YoY Change 15.45% 10.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $170.7M $99.60M
YoY Change
Total Liabilities & Shareholders Equity $218.4M $139.7M
YoY Change 56.34% 36.56%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$3.700M -$6.000M
YoY Change -38.33% -40.59%
Depreciation, Depletion And Amortization $2.600M $1.900M
YoY Change 36.84% 18.75%
Cash From Operating Activities $16.40M $6.200M
YoY Change 164.52% 588.89%
INVESTING ACTIVITIES
Capital Expenditures -$6.300M -$4.000M
YoY Change 57.5% 100.0%
Acquisitions
YoY Change
Other Investing Activities -$900.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$7.200M -$4.000M
YoY Change 80.0% -165.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.300M 1.600M
YoY Change 168.75% -30.43%
NET CHANGE
Cash From Operating Activities 16.40M 6.200M
Cash From Investing Activities -7.200M -4.000M
Cash From Financing Activities 4.300M 1.600M
Net Change In Cash 13.50M 3.800M
YoY Change 255.26% -59.14%
FREE CASH FLOW
Cash From Operating Activities $16.40M $6.200M
Capital Expenditures -$6.300M -$4.000M
Free Cash Flow $22.70M $10.20M
YoY Change 122.55% 251.72%

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CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
69600000 USD
us-gaap Operating Expenses
OperatingExpenses
128800000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5800000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-18100000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3600000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-16300000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
32500000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1900000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
5200000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
5000000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4100000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4500000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
11800000 USD
CY2014Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
800000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1500000 USD
CY2015Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1400000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2700000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8500000 USD
CY2015Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10200000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
600000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
500000 USD
CY2014Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2015Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2014Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-200000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1500000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2400000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
6400000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
27500000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
500000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7900000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14300000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2015Q2 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3900000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5000000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
11900000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10400000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
6000000 USD
CY2014Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1100000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2200000 USD
CY2015Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1700000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3100000 USD
CY2015Q2 us-gaap Recorded Unconditional Purchase Obligation Due Within One Year
RecordedUnconditionalPurchaseObligationDueWithinOneYear
30200000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
31200000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
40600000 USD
CY2014Q2 us-gaap Revenues
Revenues
58800000 USD
us-gaap Revenues
Revenues
105900000 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14800000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
29300000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
24400000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
44200000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1000000 USD
CY2015Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
700000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1000000 USD
CY2015Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
700000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-497800000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-514400000 USD
CY2015Q2 us-gaap Revenues
Revenues
93200000 USD
us-gaap Revenues
Revenues
166000000 USD
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
58200000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
104900000 USD
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
92900000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
165700000 USD
CY2014Q4 us-gaap Secured Debt Current
SecuredDebtCurrent
2300000 USD
CY2015Q2 us-gaap Secured Debt Current
SecuredDebtCurrent
2400000 USD
CY2014Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
2300000 USD
CY2015Q2 us-gaap Secured Long Term Debt
SecuredLongTermDebt
1100000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
30900000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
58500000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
45200000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
84600000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
13200000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
21900000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
20700000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
36600000 USD
CY2013Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
900000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
800000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
900000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1300000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1100000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1200000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1200000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2200000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1800000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
140200000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
170700000 USD
CY2015Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
100000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78700000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79600000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
74200000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78700000 shares
us-gaap Nature Of Operations
NatureOfOperations
<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;">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</font><font style="font-family:inherit;font-size:10pt;"> continuous glucose monitoring (&#8220;CGM&#8221;)</font><font style="font-family:inherit;font-size:10pt;"> 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>
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 </font><font style="font-family:inherit;font-size:10pt;">U.S. GAAP</font><font style="font-family:inherit;font-size:10pt;"> 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, and share-based compensation expense. </font></div></div>

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