DexCom, Inc. Reports First Quarter 2016 Financial Results
April 27 2016 - 4:01PM
Business Wire
DexCom, Inc. (Nasdaq: DXCM) today reported its unaudited
financial results as of and for the quarter ended March 31,
2016.
First Quarter 2016 results:
Revenue grew to $116.2 million for the first quarter of 2016, an
increase of 60% from the $72.8 million in revenue for the same
quarter in 2015. Gross profit totaled $75.1 million for the first
quarter of 2016, compared to a gross profit of $46.5 million for
the same quarter in 2015. Net loss was $19.2 million, or $0.23 per
share for the first quarter of 2016, compared to $12.9 million, or
$0.17 per share for the same quarter in 2015. The net loss of $19.2
million for the first quarter of 2016 included $28.6 million in
non-cash expenses, comprised primarily of share-based compensation,
depreciation and amortization, compared to the net loss of $12.9
million for the same quarter of 2015, which included $18.7 million
in non-cash expenses.
Cost of sales increased $14.8 million to $41.1 million for the
first quarter of 2016 compared to $26.3 million for the same
quarter in 2015, primarily due to an increased sales volume, and
partially due to increased warranty costs. Research and development
expense increased by $12.4 million to $32.2 million for the first
quarter of 2016 compared to $19.8 million for the first quarter of
2015. Changes in research and development expense included
additional payroll costs and $3.1 million in additional non-cash
share-based compensation. Selling, general and administrative
expense increased by $22.7 million to $62.1 million for the first
quarter of 2016 compared to $39.4 million for the first quarter of
2015, with the change primarily due to additional payroll and
marketing costs, and $5.0 million in additional non-cash
share-based compensation. As of March 31, 2016, DexCom had
$106.5 million in cash, cash equivalents and short-term marketable
securities.
Conference Call
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 Us," then
"Investor Relations," and then "Events and Presentations," 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 confirmation number "41665863"
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
This press release contains forward-looking statements that are
not purely historical regarding DexCom’s or its management’s
intentions, beliefs, expectations and strategies for the future.
All forward-looking statements and reasons why results might differ
included in this press release are made as of the date of this
release, based on information currently available to DexCom, deal
with future events, are subject to various risks and uncertainties,
and actual results could differ materially from those anticipated
in those forward looking statements. The risks and uncertainties
that may cause actual results to differ materially from DexCom’s
current expectations are more fully described in DexCom’s
quarterly report on Form 10-Q for the period ended
March 31, 2016, as filed with the Securities and Exchange
Commission on April 27, 2016. Except as required by law,
DexCom assumes no obligation to update any such forward-looking
statement after the date of this report or to conform these
forward-looking statements to actual results.
DexCom, Inc.
Consolidated Balance Sheets
(In millions—except par value
data)
March 31, 2016 December 31, 2015
(Unaudited) Assets Current assets: Cash and cash
equivalents $ 77.9 $ 86.1 Short-term marketable securities,
available-for-sale 28.6 29.1 Accounts receivable, net 67.3 74.1
Inventory 46.1 35.2 Prepaid and other current assets 7.5 6.8
Total current assets 227.4 231.3 Property and equipment, net
65.9 54.7 Intangible assets, net 2.0 2.2 Goodwill 3.7 3.7 Other
assets 0.4 0.1 Total assets $ 299.4 $ 292.0
Liabilities and stockholders’ equity Current liabilities:
Accounts payable and accrued liabilities $ 45.1 $ 38.9 Accrued
payroll and related expenses 16.7 24.9 Current portion of long-term
debt 1.7 2.3 Current portion of deferred revenue 0.6 0.8
Total current liabilities 64.1 66.9 Other liabilities 4.1
3.9 Total liabilities 68.2 70.8 Commitments and contingencies
Stockholders’ equity: Preferred stock, $0.001 par value, 5.0 shares
authorized; no shares issued and outstanding at March 31, 2016 and
December 31, 2015, respectively — — Common stock, $0.001 par value,
100.0 authorized; 83.7 and 83.4 issued and outstanding,
respectively, at March 31, 2016; and 82.0 and 81.7 shares issued
and outstanding, respectively, at December 31, 2015 0.1 0.1
Additional paid-in capital 806.0 776.8 Accumulated other
comprehensive loss (0.3 ) (0.3 ) Accumulated deficit (574.6 )
(555.4 ) Total stockholders’ equity 231.2 221.2 Total
liabilities and stockholders’ equity $ 299.4 $ 292.0
DexCom, Inc.
Consolidated Statements of
Operations
(In millions—except per share
data)
(Unaudited)
Three Months Ended March 31, 2016
2015 Revenues $ 116.2 $ 72.8 Cost of sales 41.1
26.3 Gross profit 75.1 46.5 Operating expenses
Research and development 32.2 19.8 Selling, general and
administrative 62.1 39.4 Total operating expenses
94.3 59.2 Operating loss (19.2 ) (12.7 ) Interest
income 0.1 — Interest expense (0.1 ) (0.2 ) Net loss $ (19.2 ) $
(12.9 ) Basic and diluted net loss per share $ (0.23 ) $ (0.17 )
Shares used to compute basic and diluted net loss per share 82.1
77.8
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version on businesswire.com: http://www.businesswire.com/news/home/20160427006552/en/
DexCom, Inc.Steven R. PacelliExecutive Vice President, Strategy
and Corporate Development(858) 200-0200www.dexcom.com
DexCom (NASDAQ:DXCM)
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