DexCom, Inc. Files 10-Q for Q1 2024

TL;DR

<b>DexCom, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and business operations.</b>

AI Summary

DEXCOM INC (DXCM) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. DexCom, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal executive offices are located at 6340 Sequence Drive, San Diego, CA 92121. The filing was made as of April 25, 2024. The report is for the fiscal year ending December 31.

Why It Matters

For investors and stakeholders tracking DEXCOM INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data for DexCom, Inc., crucial for assessing recent performance and future outlook. Understanding the details within this report allows stakeholders to evaluate the company's financial health, operational efficiency, and strategic positioning in the medical device market.

Risk Assessment

Risk Level: low — DEXCOM INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material adverse events.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand DexCom's Q1 2024 performance and any emerging trends.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-25 — Filing Date (FILED AS OF DATE)
• 3841 — Standard Industrial Classification (SIC Code for Surgical & Medical Instruments & Apparatus)
• 000-51222 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• DEXCOM INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-25 (date) — FILED AS OF DATE
• 6340 SEQUENCE DRIVE (address) — BUSINESS ADDRESS
• SAN DIEGO (location) — BUSINESS ADDRESS CITY
• CA (state) — BUSINESS ADDRESS STATE
• 92121 (zip_code) — BUSINESS ADDRESS ZIP
• 8582000200 (phone_number) — BUSINESS PHONE

FAQ

Industry Context

DexCom operates in the medical device industry, specifically focusing on continuous glucose monitoring (CGM) systems for diabetes management.

Regulatory Implications

The company is subject to regulatory oversight by bodies like the FDA for its medical devices.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Review any disclosures regarding product development, regulatory approvals, or market expansion.
3. Assess management's discussion and analysis for insights into business strategy and outlook.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, following the previous 10-K annual report and potentially other 8-K filings.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 Par Value Per Share DXCM Nasdaq Global

Filing Documents

• dxcm-20240331.htm (10-Q) — 1052KB
• dxcm3312024exhibit3101.htm (EX-31.01) — 9KB
• dxcm3312024exhibit3102.htm (EX-31.02) — 9KB
• dxcm3312024exhibit3201.htm (EX-32.01) — 4KB
• dxcm3312024exhibit3202.htm (EX-32.02) — 4KB
• dxcm-20240331_g1.jpg (GRAPHIC) — 108KB
• dxcm-20240331_g2.jpg (GRAPHIC) — 50KB
• dxcm-20240331_g3.jpg (GRAPHIC) — 125KB
• 0001093557-24-000079.txt (&nbsp;) — 7112KB
• dxcm-20240331.xsd (EX-101.SCH) — 45KB
• dxcm-20240331_cal.xml (EX-101.CAL) — 79KB
• dxcm-20240331_def.xml (EX-101.DEF) — 233KB
• dxcm-20240331_lab.xml (EX-101.LAB) — 552KB
• dxcm-20240331_pre.xml (EX-101.PRE) — 428KB
• dxcm-20240331_htm.xml (XML) — 947KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements Consolidated Balance Sheets (unaudited) as of March 31, 2024 and December 31, 2023 4 Consolidated Statements of Operations (unaudited) for the three m onths ended March 31, 2024 and 2023 5 Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2024 and 2023 6 Consolidated Statements of Stockholders' Equity (unaudited) for the three months ended March 31, 2024 and 2023 7 Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023 8

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 9 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 39 ITEM 4.

Controls and Procedures

Controls and Procedures 39

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 41 ITEM 1A.

Risk Factors

Risk Factors 42 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 ITEM 3. Defaults Upon Senior Securities 42 ITEM 4. Mine Safety Disclosures 42 ITEM 5. Other Information 43 ITEM 6. Exhibits 44

Signatures

Signatures 46 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Except for historical financial information contained herein, the matters discussed in this Quarterly Report on Form 10-Q may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Such statements include declarations regarding our operations, financial condition and prospects, and business strategies, and are based on management's current intent, beliefs, expectations, and assumptions. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks, uncertainties and other factors, some of which are beyond our control; actual results could differ materially from those indicated or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to: (i) that the information is of a preliminary nature and may be subject to further adjustment; (ii) those risks and uncertainties identified under "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission, or the SEC, on February 8, 2024, together with any updates identified under "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q; and (iii) the other risks detailed from time-to-time in our other reports and registration statements filed with the SEC. Except as required by law, we undertake no obligation to revise or update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. AVAILABLE INFORMATION Our we

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS DexCom, Inc. Consolidated Balance Sheets (Unaudited) (In millions, except share and par value data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 851.2 $ 566.3 Short-term marketable securities 2,045.8 2,157.8 Accounts receivable, net 978.6 973.9 Inventory 589.1 559.6 Prepaid and other current assets 156.0 168.3 Total current assets 4,620.7 4,425.9 Property and equipment, net 1,108.6 1,113.1 Operating lease right-of-use assets 68.0 71.4 Goodwill 23.2 25.2 Intangibles, net 123.3 134.5 Deferred tax assets 460.7 419.4 Other assets 77.7 75.0 Total assets $ 6,482.2 $ 6,264.5 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 1,446.6 $ 1,345.5 Accrued payroll and related expenses 110.5 171.0 Short-term operating lease liabilities 20.7 21.1 Deferred revenue 16.4 18.4 Total current liabilities 1,594.2 1,556.0 Long-term senior convertible notes 2,436.0 2,434.2 Long-term operating lease liabilities 75.8 80.1 Other long-term liabilities 129.4 125.6 Total liabilities 4,235.4 4,195.9 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.001 par value, 5.0 million shares authorized; no shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value, 800.0 million shares authorized; 408.5 million and 396.1 million shares issued and outstanding, respectively, at March 31, 2024; and 407.2 million and 385.4 million shares issued and outstanding, respectively, at December 31, 2023 0.4 0.4 Additional paid-in capital 2,510.6 3,514.6 Accumulated other comprehensive loss ( 37.3 ) ( 16.7 ) Retained earnings 1,167.8 1,021.4 Treasury stock, at cost; 12.4 million shares at March 31, 2024 and 21.8 million shares at December 31, 2023 ( 1,394.7 ) ( 2,451.1 ) Total stockholders' equity 2,246.8 2,068.6 Total liabilities and stockholders' equity $ 6,482.2 $ 6,264.5 See accomp

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. Organization and Significant Accounting Policies Organization and Business We are a medical device company primarily focused on the design, development and commercialization of continuous glucose monitoring, or CGM, systems for the management of diabetes by patients, caregivers, and clinicians around the world. Unless the context requires otherwise, the terms "we," "us," "our," the "company," or "Dexcom" refer to DexCom, Inc. and its subsidiaries. Basis of Presentation and Principles of Consolidation We have prepared the accompanying unaudited consolidated financial statements in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, or SEC, Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto for the fiscal year ended December 31, 2023 included in the Annual Report on Form 10-K that we filed with the SEC on February 8, 2024. These consolidated financial statements include the accounts of DexCom, Inc. and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. We have reclassified certain amounts previously reported in our financial statements to conform to the current presentation. We determine the functional currencies of our

View Full Filing

View this 10-Q filing on SEC EDGAR