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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 (800) 447-0521 (US/Canada) or (847) 413-3238 (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  

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