DexCom, Inc. (Nasdaq:DXCM) today reported its audited financial results as of and for the quarter and fiscal year ended December 31, 2011.
For the full-year ended December 31, 2011, product revenue grew to $65.9 million, an increase of 64% from the $40.2 million in product revenue reported for 2010, and total revenue grew to $76.3 million, an increase of 57% from 2010. Product revenue totaled $20.9 million for the fourth quarter of 2011, an increase of 54% from the $13.6 million in product revenue reported for the comparable period in 2010. Total fourth quarter 2011 revenue, which included development grant and other revenue, was $22.4 million, an increase of 43% from the comparable period in 2010. Product gross profit totaled $10.2 million and $29.3 million for the three and twelve months ended December 31, 2011, compared to gross profit of $5.9 million and $14.1 million for the three and twelve months ended December 31, 2010. The Company reported a net loss of $12.3 million, or $0.18 per share, and $44.7 million, or $0.68 per share, for the three and twelve months ended December 31, 2011, compared to $9.8 million, or $0.16 per share, and $55.2 million, or $0.97 per share, for the three and twelve months ended December 31, 2010. The net loss for 2011 included $18.2 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, 2011 totaled $40.4 million compared to $30.2 million for 2010. The increase was primarily due to additional product sales. Research and development expense totaled $30.7 million in 2011 compared to $23.2 million in 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 totaled $49.9 million in 2011 compared to $40.5 million in 2010, with the change primarily due to additional selling, information technology, and customer operations costs, including increased share-based compensation. As of December 31, 2011, the Company had $81.9 million in cash and marketable securities, and $0.9 million in restricted cash.