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DexCom, Inc. (Nasdaq:DXCM) today reported its audited financial results as of and for the quarter and fiscal year ended December 31, 2012.
For the full-year ended December 31, 2012, product revenue grew to $93.0 million, an increase of 41% from the $65.9 million in product revenue reported for 2011, and total revenue grew to $99.9 million, an increase of 31% from 2011. Product revenue totaled $31.7 million for the fourth quarter of 2012, an increase of 52% from the $20.9 million in product revenue reported for the comparable period in 2011. Total fourth quarter 2012 revenue, which included development grant and other revenue, was $33.3 million, an increase of 49% from the comparable period in 2011. Product gross profit totaled $17.2 million and $44.7 million for the three and twelve months ended December 31, 2012, compared to gross profit of $10.2 million and $29.3 million for the three and twelve months ended December 31, 2011. The Company reported a net loss of $8.5 million, or $0.12 per share, and $54.5 million, or $0.79 per share, for the three and twelve months ended December 31, 2012, compared to $12.2 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. The net loss for 2012 included $26.6 million in non-cash expenses, comprised primarily of share-based compensation, depreciation, and amortization, offset by a one-time non-cash tax benefit of $1.3 million related to the acquisition of SweetSpot. Also included in net loss were additional cost of goods sold totaling $3.0 million for 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 for the twelve months ended December 31, 2012 totaled $53.3 million compared to $40.4 million for 2011. The increase was primarily due to additional product sales. Research and development expense totaled $39.5 million in 2012 compared to $30.8 million in 2011. 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 $62.8 million in 2012 compared to $49.9 million in 2011, with the change primarily due to additional selling, information technology, and marketing costs, including increased share-based compensation. As of December 31, 2012, the Company had $48.7 million in cash and marketable securities, and $1.0 million in restricted cash.