000-51222 | 33-0857544 | |
(Commission File Number) | (IRS Employer Identification No.) | |
6340 Sequence Drive, San Diego, CA | 92121 | |
(Address of Principal Executive Offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
ITEM 7.01. | REGULATION FD DISCLOSURE. |
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
Number | Description | |
99.01 | Press release dated May 2, 2017 announcing the financial results for the three months ended March 31, 2017 and certain other information. |
DEXCOM, INC. | ||
By: | /s/ Steven R. Pacelli Steven R. Pacelli Executive Vice President, Strategy and Corporate Development |
Number | Description | |
99.01 | Press release dated May 2, 2017 announcing the financial results for the three months ended March 31, 2017 and certain other information. |
• | Revenue grew 22% to $142.3 million |
• | International revenue increased 37% over the first quarter 2016 |
• | Gross profit of $94.1 million or 66% of revenue |
• | GAAP net loss of $41.7 million, or $0.49 per share |
• | DIaMonD study results published in JAMA |
• | CMS coverage established for “therapeutic CGM” |
March 31, 2017 | December 31, 2016 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 153.5 | $ | 94.5 | |||
Short-term marketable securities, available-for-sale | 27.6 | 29.2 | |||||
Accounts receivable, net | 85.9 | 101.7 | |||||
Inventory | 46.5 | 45.4 | |||||
Prepaid and other current assets | 17.0 | 9.2 | |||||
Total current assets | 330.5 | 280.0 | |||||
Property and equipment, net | 123.4 | 109.4 | |||||
Goodwill | 11.4 | 11.3 | |||||
Other assets | 1.9 | 2.1 | |||||
Total assets | $ | 467.2 | $ | 402.8 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 65.4 | $ | 68.1 | |||
Accrued payroll and related expenses | 30.1 | 33.4 | |||||
Short-term borrowings | 75.0 | — | |||||
Current portion of deferred revenue | 1.2 | 0.9 | |||||
Total current liabilities | 171.7 | 102.4 | |||||
Other liabilities | 17.7 | 16.6 | |||||
Total liabilities | 189.4 | 119.0 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $0.001 par value, 5.0 shares authorized; no shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | — | — | |||||
Common stock, $0.001 par value, 100.0 authorized; 86.6 and 86.3 issued and outstanding, respectively, at March 31, 2017; and 84.9 and 84.6 shares issued and outstanding, respectively, at December 31, 2016 | 0.1 | 0.1 | |||||
Additional paid-in capital | 942.3 | 905.7 | |||||
Accumulated other comprehensive loss | (1.3 | ) | (1.0 | ) | |||
Accumulated deficit | (663.3 | ) | (621.0 | ) | |||
Total stockholders’ equity | 277.8 | 283.8 | |||||
Total liabilities and stockholders’ equity | $ | 467.2 | $ | 402.8 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Revenues | $ | 142.3 | $ | 116.2 | |||
Cost of sales | 48.2 | 41.1 | |||||
Gross profit | 94.1 | 75.1 | |||||
Operating expenses | |||||||
Research and development | 48.1 | 32.2 | |||||
Selling, general and administrative | 86.4 | 62.1 | |||||
Total operating expenses | 134.5 | 94.3 | |||||
Operating loss | (40.4 | ) | (19.2 | ) | |||
Other income | 0.4 | — | |||||
Interest income | 0.2 | 0.1 | |||||
Interest expense | (0.5 | ) | (0.1 | ) | |||
Loss before income taxes | (40.3 | ) | (19.2 | ) | |||
Income tax expense | 1.4 | — | |||||
Net loss | $ | (41.7 | ) | $ | (19.2 | ) | |
Basic and diluted net loss per share | $ | (0.49 | ) | $ | (0.23 | ) | |
Shares used to compute basic and diluted net loss per share | 85.2 | 82.1 |