UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 1, 2013
DexCom, Inc.
(Exact Name of the Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
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) |
(858) 200-0200
(Registrants Telephone Number, Including Area Code)
(Former Name or Former Address, If Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | 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. |
On May 1 2013, DexCom issued a press release announcing its financial results for the quarter ended March 31, 2013 and certain other information. This press release has been furnished as Exhibit 99.01 to this report and is incorporated herein by this reference.
The information in this Item 2.02, including Exhibit 99.01 hereto, is furnished pursuant to Item 2.02 of Form 8-K, and is not deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. The information contained herein and in the accompanying exhibit is not incorporated by reference in any filing of DexCom under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits.
Number |
Description | |
99.01 | Press release dated May 1, 2013. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
DEXCOM, INC. | ||
By: | /s/ Steven R. Pacelli Steven R. Pacelli Executive Vice President, Strategy and Corporate Development |
Date: May 1, 2013
Exhibit Index
Number |
Description | |
99.01 | Press release dated May 1, 2013. |
Exhibit 99.01
DexCom Inc. Reports First Quarter 2013 Financial Results
SAN DIEGO, CA - (BUSINESS WIRE-May 1, 2013) - DexCom, Inc. (Nasdaq: DXCM) today reported its unaudited financial results as of and for the quarter ended March 31, 2013.
Product revenue grew to $27.8 million for the first quarter of 2013, an increase of approximately 49% from the $18.6 million in product revenue reported for the first quarter of 2012. Total first quarter 2013 revenue, which included development grant and other revenue, grew to $29.6 million, an increase of 47% from the same quarter in 2012. Product gross profit totaled $15.4 million for the three months ended March 31, 2013, compared to a product gross profit of $9.0 million for the three months ended March 31, 2012. The Company reported a net loss of $11.1 million, or $0.16 per share for the three months ended March 31, 2013, compared to a net loss of $14.1 million, or $0.21 per share for the three months ended March 31, 2012. The net loss of $11.1 million included $7.2 million in non-cash expenses, comprised primarily of share-based compensation, depreciation, and amortization.
Product cost of sales increased $2.8 million to $12.4 million for the first quarter of 2013 compared to $9.6 million for the same quarter in 2012, primarily due to increased volume of product sales. Total cost of sales totaled $13.1 million for the first quarter of 2013 compared to $10.7 million for first quarter of 2012. Research and development expense remained relatively flat and totaled $9.3 million for the first quarter of 2013 compared to $9.4 million for the first quarter of 2012. Changes in research and development expense included lower clinical trial and consulting costs, partially offset by additional salaries and payroll related costs and share-based compensation. Selling, general and administrative expense increased by approximately $2.7 million to $18.1 million for the first quarter of 2013 compared to $15.4 million for the first quarter of 2012, with the change primarily due to additional selling, administrative, and information technology costs to support revenue growth. As of March 31, 2013, the Company had $46.3 million in cash, marketable securities, and restricted cash.
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 by navigating to About, then Investor Relations, and then Events and Webcasts, and will be archived for future reference. To listen to the conference call, please dial (888) 771-4371 (US/Canada) or (847) 585-4405 (International) and use the participant code 34754805 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 people 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 companys products is subject to numerous risks and uncertainties, including a lack of acceptance in the marketplace by physicians and people with diabetes, the inability to manufacture products in commercial quantities at an acceptable cost, possible delays in the companys development programs, the inability of people with diabetes 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 companys quarterly report on Form 10-Q for the period ended March 31, 2013, as filed with the Securities and Exchange Commission on May 1, 2013.
FOR MORE INFORMATION:
Steven R. Pacelli
Executive Vice President, Strategy and Corporate Development
(858) 200-0200
www.dexcom.com
DexCom, Inc.
Consolidated Balance Sheets
(In millionsexcept par value data)
March
31, 2013 (Unaudited) |
December 31, 2012 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 18.9 | $ | 8.1 | ||||
Short-term marketable securities, available-for-sale |
26.4 | 40.6 | ||||||
Accounts receivable, net |
16.3 | 19.5 | ||||||
Inventory |
7.5 | 7.4 | ||||||
Prepaid and other current assets |
2.2 | 2.0 | ||||||
|
|
|
|
|||||
Total current assets |
71.3 | 77.6 | ||||||
Property and equipment, net |
18.3 | 18.9 | ||||||
Restricted cash |
1.0 | 1.0 | ||||||
Intangible assets, net |
4.0 | 4.2 | ||||||
Goodwill |
3.2 | 3.2 | ||||||
Other assets |
1.0 | 1.1 | ||||||
|
|
|
|
|||||
Total assets |
$ | 98.8 | $ | 106.0 | ||||
|
|
|
|
|||||
Liabilities and stockholders equity |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued liabilities |
$ | 7.5 | $ | 8.7 | ||||
Accrued payroll and related expenses |
7.2 | 9.2 | ||||||
Current portion of long-term debt |
0.7 | 0.2 | ||||||
Current portion of deferred revenue |
0.8 | 1.4 | ||||||
|
|
|
|
|||||
Total current liabilities |
16.2 | 19.5 | ||||||
Other liabilities |
2.7 | 2.1 | ||||||
Long-term debt, net of current portion |
6.3 | 6.8 | ||||||
Long-term portion of deferred revenue |
| 0.6 | ||||||
|
|
|
|
|||||
Total liabilities |
25.2 | 29.0 | ||||||
Commitments and contingencies |
||||||||
Stockholders equity: |
||||||||
Preferred stock, $0.001 par value, 5.0 shares authorized; no shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively |
| | ||||||
Common stock, $0.001 par value, 100.0 authorized; 70.9 and 70.7 issued and outstanding, respectively, at March 31, 2013; and 69.7 and 69.5 shares issued and outstanding, respectively, at December 31, 2012 |
0.1 | 0.1 | ||||||
Additional paid-in capital |
530.3 | 522.6 | ||||||
Accumulated other comprehensive loss |
(0.1 | ) | (0.1 | ) | ||||
Accumulated deficit |
(456.7 | ) | (445.6 | ) | ||||
|
|
|
|
|||||
Total stockholders equity |
73.6 | 77.0 | ||||||
|
|
|
|
|||||
Total liabilities and stockholders equity |
$ | 98.8 | $ | 106.0 | ||||
|
|
|
|
DexCom Inc.
Consolidated Statements of Operations
(In millionsexcept per share data)
(Unaudited)
Three Months Ended March 31, |
||||||||
2013 | 2012 | |||||||
Product revenue |
$ | 27.8 | $ | 18.6 | ||||
Development grant and other revenue |
1.8 | 1.5 | ||||||
|
|
|
|
|||||
Total revenue |
29.6 | 20.1 | ||||||
Product cost of sales |
12.4 | 9.6 | ||||||
Development and other cost of sales |
0.7 | 1.1 | ||||||
|
|
|
|
|||||
Total cost of sales |
13.1 | 10.7 | ||||||
|
|
|
|
|||||
Gross profit |
16.5 | 9.4 | ||||||
Operating expenses |
||||||||
Research and development |
9.3 | 9.4 | ||||||
Selling, general and administrative |
18.1 | 15.4 | ||||||
|
|
|
|
|||||
Total operating expenses |
27.4 | 24.8 | ||||||
|
|
|
|
|||||
Operating loss |
(10.9 | ) | (15.4 | ) | ||||
Interest and other income |
| | ||||||
Interest expense |
(0.2 | ) | | |||||
|
|
|
|
|||||
Loss before income taxes |
(11.1 | ) | (15.4 | ) | ||||
Income tax expense (benefit) |
| (1.3 | ) | |||||
|
|
|
|
|||||
Net loss |
$ | (11.1 | ) | $ | (14.1 | ) | ||
|
|
|
|
|||||
Basic and diluted net loss per share |
$ | (0.16 | ) | $ | (0.21 | ) | ||
|
|
|
|
|||||
Shares used to compute basic and diluted net loss per share |
69.8 | 67.8 | ||||||
|
|
|
|