DexCom, Inc. (Nasdaq: DXCM) today reported its unaudited financial results as of and for the quarter ended September 30, 2011.
Product revenue grew to $16.7 million for the third quarter of 2011, an increase of approximately 55% from the $10.8 million in product revenue reported for the third quarter of 2010. Total third quarter 2011 revenue, which included development grant and other revenue, grew to $18.3 million, an increase of 56% from the same quarter in 2010. Product gross profit totaled $7.4 million for the three months ended September 30, 2011, compared to $3.8 million for the three months ended September 30, 2010. The Company reported a net loss of $13.3 million, or $0.20 per share for the three months ended September 30, 2011, compared to a net loss of $13.4 million, or $0.23 per share for the three months ended September 30, 2010. The net loss included $5.0 million in non-cash expenses, comprised primarily of share-based compensation, depreciation, and amortization.
Product cost of sales increased $2.2 million to $9.2 million for the third quarter of 2011 compared to $7.0 million for the same quarter in 2010, primarily due to increased volume of product sales. Total cost of sales totaled $10.1 million for the third quarter of 2011 compared to $8.2 million for third quarter of 2010, primarily due to increased product sales. Research and development expense increased by approximately $2.1 million to $8.2 million for the third quarter of 2011 compared to $6.2 million for the third quarter of 2010. Changes in research and development expense included additional salaries and payroll related costs, share-based compensation, and consulting costs. Selling, general and administrative expense increased by approximately $2.9 million to $13.2 million for the third quarter of 2011 compared to $10.4 million for the third quarter of 2010, with the change primarily due to additional selling, marketing, and information technology costs. As of September 30, 2011, the Company had $98.3 million in cash, marketable securities, and restricted cash.
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