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DexCom, Inc. Reports Second Quarter 2013 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, 2013.

Product revenue grew to $35.5 million for the second quarter of 2013, an increase of approximately 65% from the $21.5 million in product revenue reported for the second quarter of 2012. Total second quarter 2013 revenue, which included development grant and other revenue, grew to $35.8 million, an increase of 53% from the same quarter in 2012. Product gross profit totaled $21.8 million for the three months ended June 30, 2013, compared to a product gross profit of $10.6 million for the three months ended June 30, 2012. The Company reported a net loss of $10.1 million, or $0.14 per share for the three months ended June 30, 2013, compared to a net loss of $14.7 million, or $0.21 per share for the three months ended June 30, 2012. The net loss of $10.1 million included $9.0 million in non-cash expenses, comprised primarily of share-based compensation, depreciation, and amortization.

Product cost of sales increased $2.8 million to $13.7 million for the second quarter of 2013 compared to $10.9 million for the same quarter in 2012, primarily due to increased volume of product sales. Total cost of sales totaled $13.9 million for the second quarter of 2013 compared to $12.2 million for the second quarter of 2012. Research and development expense totaled $11.1 million for the second quarter of 2013 compared to $10.0 million for the second quarter of 2012. Changes in research and development expense included additional payroll costs and share-based compensation. Selling, general and administrative expense increased by approximately $4.8 million to $20.7 million for the second quarter of 2013 compared to $15.9 million for the second quarter of 2012, with the change primarily due to additional payroll costs, share-based compensation and commissions. As of June 30, 2013, the Company had $46.4 million in cash and marketable securities.

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