DexCom, Inc. Reports First Quarter 2015 Financial Results
April 29 2015 - 4:01PM
Business Wire
DexCom, Inc. (Nasdaq: DXCM) today reported its unaudited
financial results as of and for the quarter ended March 31,
2015.
Total revenue grew to $72.8 million for the first quarter of
2015, an increase of 55% from the same quarter in 2014. Total gross
profit totaled $46.5 million for the three months ended
March 31, 2015, compared to a total gross profit of $29.8
million for the three months ended March 31, 2014. In
conjunction with the FDA approval and launch of the G4 PLATINUM
with Share during the first quarter of 2015, the Company deferred
revenue of $0.8 million primarily attributed to an upgrade program,
and incurred $2.7 million in additional cost of goods sold
primarily relating to excess and obsolete inventory. The Company
reported a net loss of $12.9 million for the three months ended
March 31, 2015, compared to a net loss of $12.5 million for
the three months ended March 31, 2014, or $0.17 per share for
both periods. The net loss of $12.9 million for the three months
ended March 31, 2015 included $18.7 million in non-cash
expenses, comprised primarily of share-based compensation,
depreciation and amortization, compared to the net loss of $12.5
million for the three months ended March 31, 2014, which
included $12.0 million in non-cash expenses.
Total cost of sales increased $9.0 million to $26.3 million for
the first quarter of 2015 compared to $17.3 million for the same
quarter in 2014, primarily due to increased volume of product
sales, and costs related to the approval and commercial launch of
the G4 PLATINUM with Share. Research and development expense
increased by approximately $5.3 million to $19.8 million for the
first quarter of 2015 compared to $14.5 million for the first
quarter of 2014. Changes in research and development expense
included additional payroll costs, consulting costs and $2.5
million in additional non-cash share-based compensation. Selling,
general and administrative expense increased by $11.8 million to
$39.4 million for the first quarter of 2015 compared to $27.6
million for the first quarter of 2014, with the change primarily
due to additional payroll costs and $4.0 million in additional
non-cash share-based compensation. As of March 31, 2015, the
Company had $83.8 million in cash and 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 "Our Company," 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 confirmation number "39398202"
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. These risks and uncertainties, in
addition to other risks, are more fully described in the company’s
quarterly report on Form 10-Q for the period ended March 31,
2015, as filed with the Securities and Exchange Commission on
April 29, 2015.
DexCom, Inc.
Consolidated Balance Sheets
(In millions—except par value
data)
March 31, 2015
December 31, 2014 (Unaudited) Assets
Current assets: Cash and cash equivalents $ 54.2 $ 71.8 Short-term
marketable securities, available-for-sale 29.6 11.8 Accounts
receivable, net 40.2 42.4 Inventory 18.4 16.0 Prepaid and other
current assets 3.8 3.9 Total current assets 146.2
145.9 Restricted cash 1.0 1.0 Property and equipment, net 35.7 31.2
Intangible assets, net 2.6 2.7 Goodwill 3.2 3.2 Other assets 0.6
0.6 Total assets $ 189.3 $ 184.6
Liabilities and stockholders’ equity Current liabilities:
Accounts payable and accrued liabilities $ 21.2 $ 20.4 Accrued
payroll and related expenses 12.1 17.2 Current portion of long-term
debt 2.4 2.3 Current portion of deferred revenue 1.3 0.7
Total current liabilities 37.0 40.6 Other liabilities 2.0
1.5 Long-term debt, net of current portion 1.7 2.3
Total liabilities 40.7 44.4 Commitments and contingencies
Stockholders’ equity: Preferred stock, $0.001 par value, 5.0 shares
authorized; no shares issued and outstanding at March 31, 2015 and
December 31, 2014, respectively — — Common stock, $0.001 par value,
100.0 authorized; 79.5 and 79.2 issued and outstanding,
respectively, at March 31, 2015; and 77.6 and 77.3 shares issued
and outstanding, respectively, at December 31, 2014 0.1 0.1
Additional paid-in capital 659.5 638.0 Accumulated other
comprehensive loss (0.3 ) (0.1 ) Accumulated deficit (510.7 )
(497.8 ) Total stockholders’ equity 148.6 140.2 Total
liabilities and stockholders’ equity $ 189.3 $ 184.6
DexCom, Inc.
Consolidated Statements of
Operations
(In millions—except per share
data)
(Unaudited)
Three Months Ended March 31, 2015
2014 Product revenue $ 72.8 $ 46.7 Development grant
and other revenue — 0.4 Total revenue 72.8 47.1
Product cost of sales 26.3 16.9 Development and other cost of sales
— 0.4 Total cost of sales 26.3 17.3
Gross profit 46.5 29.8 Operating expenses Research and development
19.8 14.5 Selling, general and administrative 39.4 27.6
Total operating expenses 59.2 42.1 Operating
loss (12.7 ) (12.3 ) Interest expense (0.2 ) (0.2 ) Net loss $
(12.9 ) $ (12.5 ) Basic and diluted net loss per share $ (0.17 ) $
(0.17 ) Shares used to compute basic and diluted net loss per share
77.8 73.3
DexCom, Inc.Steven R. PacelliExecutive Vice President, Strategy
and Corporate Development(858) 200-0200www.dexcom.com
DexCom (NASDAQ:DXCM)
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