DexCom Inc. Reports Third Quarter 2012 Financial Results

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 under the investor webcast section and will be archived for future reference. To listen to the conference call, please dial [phone] (US/Canada) or [phone] (International) and use the participant code "31897101" 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 patients 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 patients, the inability to manufacture products in commercial quantities at an acceptable cost, possible delays in the company’s development programs, the inability of patients to receive reimbursement from third-party payors and inadequate financial and other resources. Certain of 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 September 30, 2012, as filed with the Securities and Exchange Commission on November 1, 2012.

DexCom, Inc. Consolidated Balance Sheets (In thousands—except par value data)
			September 30, 2012 (Unaudited)					December 31, 2011
Assets
Current assets:
Cash and cash equivalents			$	4,744				$	2,553
Short-term marketable securities, available-for-sale				48,641					79,358
Accounts receivable, net				12,357					12,547
Inventory				7,141					8,171
Prepaid and other current assets				2,688					1,781
Total current assets				75,571					104,410
Property and equipment, net				18,613					15,019
Restricted cash				1,039					939
Intangible assets, net				4,313					0
Goodwill				3,162					0
Other assets				98					107
Total assets			$	102,796				$	120,475
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued liabilities			$	10,520				$	6,346
Accrued payroll and related expenses				8,662					6,804
Current portion of deferred revenue				1,222					1,591
Total current liabilities				20,404					14,741
Other liabilities				1,570					963
Long-term portion of deferred revenue				569					281
Total liabilities				22,543					15,985
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively				0					0
Common stock, $0.001 par value, 100,000 authorized; 69,534 and 69,250 issued and outstanding, respectively, at September 30, 2012; and 67,833 and 67,549 shares issued and outstanding, respectively, at December 31, 2011				70					68
Additional paid-in capital				517,418					495,626
Accumulated other comprehensive loss				(93	)				(80	)
Accumulated deficit				(437,142	)				(391,124	)
Total stockholders’ equity				80,253					104,490
Total liabilities and stockholders’ equity			$	102,796				$	120,475

DexCom Inc. Consolidated Statements of Operations (In thousands—except per share data) (Unaudited)
			Three Months Ended September 30,										Nine Months Ended September 30,
			2012					2011					2012					2011
Product revenue			$	21,081				$	16,656				$	61,223				$	44,974
Development grant and other revenue				2,008					1,598					5,411					8,871
Total revenue				23,089					18,254					66,634					53,845
Product cost of sales				13,391					9,230					33,867					25,933
Development and other cost of sales				1,296					860					3,735					2,761
Total cost of sales				14,687					10,090					37,602					28,694
Gross profit				8,402					8,164					29,032					25,151
Operating expenses
Research and development				10,582					8,231					30,795					21,515
Selling, general and administrative				15,142					13,241					45,605					36,203
Total operating expenses				25,724					21,472					76,400					57,718
Operating loss				(17,322	)				(13,308	)				(47,368	)				(32,567	)
Interest and other income				17					31					65					82
Interest expense				(1	)				(1	)				(2	)				(10	)
Loss before income taxes				(17,306	)				(13,278	)				(47,305	)				(32,495	)
Income tax expense (benefit)				(43	)				0					(1,287	)				0
Net loss			$	(17,263	)			$	(13,278	)			$	(46,018	)			$	(32,495	)
Basic and diluted net loss per share			$	(0.25	)			$	(0.20	)			$	(0.67	)			$	(0.50	)
Shares used to compute basic and diluted net loss per share				69,052					67,397					68,494					64,910

« First ‹ Previous 1 2 3 Next › Last »