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DexCom Inc. Reports Second Quarter 2012 Financial Results

Stocks in this article: DXCM

DexCom, Inc. (Nasdaq: DXCM) today reported its unaudited financial results as of and for the quarter ended June 30, 2012.

Product revenue grew to $21.5 million for the second quarter of 2012, an increase of approximately 42% from the $15.2 million in product revenue reported for the second quarter of 2011. Total second quarter 2012 revenue, which included development grant and other revenue, grew to $23.5 million, an increase of 9% from the same quarter in 2011. Product gross profit totaled $10.6 million for the three months ended June 30, 2012, compared to a product gross profit of $6.8 million for the three months ended June 30, 2011. The Company reported a net loss of $14.7 million, or $0.21 per share for the three months ended June 30, 2012, compared to a net loss of $7.4 million, or $0.11 per share for the three months ended June 30, 2011. The net loss for the three months ended June 30, 2012 included $7.1 million in non-cash expenses, comprised primarily of share-based compensation, depreciation, and amortization, and $0.7 million in non-cash expenses associated with the settlement and fair value adjustments of contingent consideration related to the SweetSpot acquisition.

Product cost of sales increased $2.5 million to $10.9 million for the second quarter of 2012 compared to $8.4 million for the same quarter in 2011, primarily due to the increased volume of product sales. Total cost of sales totaled $12.2 million for the second quarter of 2012 compared to $9.5 million for second quarter of 2011, primarily due to increased product sales. Research and development expense increased by approximately $3.5 million to $10.5 million for the second quarter of 2012 compared to $7.0 million for the second quarter of 2011. Changes in research and development expense included additional salaries and payroll related costs, consulting costs and non-cash expenses related to the settlement and fair value adjustments of contingent consideration related to the SweetSpot acquisition. Selling, general and administrative expense increased by approximately $3.2 million to $15.4 million for the second quarter of 2012 compared to $12.2 million for the second quarter of 2011, with the change primarily due to additional selling and marketing costs. As of June 30, 2012, the Company had $62.2 million in cash, marketable securities, and restricted cash.

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