DexCom, Inc. (Nasdaq: DXCM) today reported its audited financial results
as of and for the quarter and fiscal year ended December 31, 2013.
For the full-year ended December 31, 2013, product revenue grew to
$157.1 million, an increase of 69% from the $93.0 million in product
revenue reported for 2012, and total revenue grew to $160.0 million, an
increase of 60% from 2012. Product revenue totaled $51.3 million for the
fourth quarter of 2013, an increase of approximately 62% from the $31.7
million in product revenue reported for the comparable period in 2012.
Total fourth quarter 2013 revenue, which included development grant and
other revenue, grew to $51.7 million, an increase of 55% from the
comparable period in 2012. Product gross profit totaled $34.1 million
and $99.0 million for the three and twelve months ended December 31,
2013, compared to a product gross profit of $17.2 million and $44.7
million for the three and twelve months ended December 31, 2012. The
Company reported a net loss of $2.6 million, or $0.04 per share, and
$29.8 million, or $0.42 per share, for the three and twelve months ended
December 31, 2013, compared to a net loss of $8.5 million, or $0.12 per
share, and $54.5 million, or $0.79 per share, for the three and twelve
months ended December 31, 2012. The net loss for 2013 included $35.0
million in non-cash expenses, comprised primarily of share-based
compensation, depreciation, and amortization.
Total cost of sales for the twelve months ended December 31, 2013
totaled $59.9 million compared to $53.3 million for 2012. The increase
was primarily due to additional product sales. Research and development
expense totaled $44.8 million in 2013 compared to $38.3 million in 2012.
Changes in research and development expense included additional payroll
costs and share-based compensation. Selling, general and administrative
expense totaled $84.2 million in 2013 compared to $64.0 million in 2012,
with change primarily due to additional selling and information
technology costs, which includes share-based compensation. As of
December 31, 2013, the Company had $54.6 million in cash, cash
equivalents and marketable securities.
Management will hold a conference call today starting at 4:30 p.m.
(Eastern Time). The conference call will be concurrently webcast. The
link to the webcast will be available on the DexCom, Inc. website at www.dexcom.com
by navigating to "About," then "Investor Relations," and then "Events
and Webcasts," and will be archived for future reference. To listen to
the conference call, please dial (888) 771-4371 (US/Canada) or (847)
585-4405 (International) and use the participant code "36623521"
approximately five minutes prior to the start time.
About DexCom, Inc.
DexCom, Inc., headquartered in San Diego, California, is developing and
marketing continuous glucose monitoring systems for ambulatory use by
people with diabetes and by healthcare providers in the hospital.
Cautionary Statement Regarding Forward-Looking Statements
DexCom is a medical device company with a limited operating history.
Successful commercialization of the company's products is subject to
numerous risks and uncertainties, including a lack of acceptance in the
marketplace by physicians and people with diabetes, the inability to
manufacture products in commercial quantities at an acceptable cost,
possible delays in the company's development programs, the inability of
people with diabetes to receive reimbursement from third-party payors
and inadequate financial and other resources. Certain of these risks and
uncertainties, in addition to other risks, are more fully described in
the company's annual report on Form 10-K for the period ended
December 31, 2013, as filed with the Securities and Exchange Commission
on February 20, 2014.
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