DexCom, Inc. (Nasdaq: DXCM) today reported its unaudited financial results as of and for the quarter ended September 30, 2012.
Product revenue grew to $21.1 million for the third quarter of 2012, an increase of approximately 27% from the $16.7 million in product revenue reported for the third quarter of 2011. The Company recorded $1.2 million of additional sales returns as a reduction of revenue related to the approval and commercial launch plans of our DexCom G4 PLATINUM ® system (the “G4 PLATINUM system”). Total third quarter 2012 revenue, which included development grant and other revenue, grew to $23.1 million, an increase of 26% from the same quarter in 2011. Product gross profit totaled $7.7 million for the three months ended September 30, 2012, compared to a product gross profit of $7.4 million for the three months ended September 30, 2011. The Company reported a net loss of $17.3 million, or $0.25 per share for the three months ended September 30, 2012, compared to a net loss of $13.3 million, or $0.20 per share for the three months ended September 30, 2011. The net loss for the three months ended September 30, 2012 included $6.9 million in non-cash expenses, comprised primarily of share-based compensation, depreciation, and amortization. Also included in net loss were revenue reductions and additional cost of goods sold totaling $4.2 million due to the approval and commercial launch plans of our G4 PLATINUM system.
Product cost of sales increased $4.2 million to $13.4 million for the third quarter of 2012 compared to $9.2 million for the same quarter in 2011, primarily due to the increased volume of product sales and $3.0 million of additional charges related to excess and obsolete inventory and accelerated depreciation on manufacturing equipment due to the approval and commercial launch plans of our G4 PLATINUM system. Total cost of sales increased to $14.7 million for the third quarter of 2012 compared to $10.1 million for third quarter of 2011, primarily due to increased product sales and charges noted above. Research and development expense increased by approximately $2.4 million to $10.6 million for the third quarter of 2012 compared to $8.2 million for the third quarter of 2011. Changes in research and development expense included additional salaries and payroll related costs, share-based compensation and clinical trial costs. Selling, general and administrative expense increased by approximately $1.9 million to $15.1 million for the third quarter of 2012 compared to $13.2 million for the third quarter of 2011, with the change primarily due to additional selling, marketing and information technology costs. As of September 30, 2012, the Company had $54.4 million in cash, marketable securities, and restricted cash.
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