DexCom Inc. Files 2024 Q2 10-Q Report

TL;DR

DexCom's Q2 2024 10-Q is in. Financials and business updates are here.

AI Summary

DexCom Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024, detailing financial performance and operational updates. Key financial figures and business segments are presented for the reporting period and comparative periods.

Why It Matters

This report provides investors with crucial financial data and insights into DexCom's performance in the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024)
• 2024-06-30 — End of Reporting Period (Specific date for financial data)
• 2023-12-31 — Prior Year End (For comparative financial analysis)

Key Players & Entities

• DEXCOM INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240725 (date) — Filing Date
• SAN DIEGO (location) — Business Address City
• 8582000200 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• dxcm-20240630.htm (10-Q) — 1303KB
• dxcm6302024exhibit3101.htm (EX-31.01) — 9KB
• dxcm6302024exhibit3102.htm (EX-31.02) — 9KB
• dxcm6302024exhibit3201.htm (EX-32.01) — 4KB
• dxcm6302024exhibit3202.htm (EX-32.02) — 4KB
• dxcm-20240630_g1.jpg (GRAPHIC) — 108KB
• dxcm-20240630_g2.jpg (GRAPHIC) — 53KB
• dxcm-20240630_g3.jpg (GRAPHIC) — 54KB
• dxcm-20240630_g4.jpg (GRAPHIC) — 95KB
• 0001093557-24-000144.txt ( ) — 7967KB
• dxcm-20240630.xsd (EX-101.SCH) — 46KB
• dxcm-20240630_cal.xml (EX-101.CAL) — 80KB
• dxcm-20240630_def.xml (EX-101.DEF) — 251KB
• dxcm-20240630_lab.xml (EX-101.LAB) — 589KB
• dxcm-20240630_pre.xml (EX-101.PRE) — 455KB
• dxcm-20240630_htm.xml (XML) — 1089KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements Consolidated Balance Sheets (unaudited) as of June 30, 2024 and December 31, 2023 4 Consolidated Statements of Operations (unaudited) for the three and six m onths ended June 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Stockholders' Equity (unaudited) for the three and six months ended June 30, 2024 and 2023 7 Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2024 and 2023 9

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 10 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 31 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 44 ITEM 4.

Controls and Procedures

Controls and Procedures 45

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 46 ITEM 1A.

Risk Factors

Risk Factors 47 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 ITEM 3. Defaults Upon Senior Securities 48 ITEM 4. Mine Safety Disclosures 48 ITEM 5. Other Information 48 ITEM 6. Exhibits 49

Signatures

Signatures 50 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 939.2 $ 566.3 Short-term marketable securities 2,181.5 2,157.8 Accounts receivable, net 945.2 973.9 Inventory 570.3 559.6 Prepaid and other current assets 212.2 168.3 Total current assets 4,848.4 4,425.9 Property and equipment, net 1,183.1 1,113.1 Operating lease right-of-use assets 71.2 71.4 Goodwill 23.3 25.2 Intangibles, net 114.5 134.5 Deferred tax assets 475.8 419.4 Other assets 82.9 75.0 Total assets $ 6,799.2 $ 6,264.5 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 1,569.8 $ 1,345.5 Accrued payroll and related expenses 116.1 171.0 Short-term operating lease liabilities 21.6 21.1 Deferred revenue 14.7 18.4 Total current liabilities 1,722.2 1,556.0 Long-term senior convertible notes 2,437.8 2,434.2 Long-term operating lease liabilities 76.8 80.1 Other long-term liabilities 128.1 125.6 Total liabilities 4,364.9 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 June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value, 800.0 million shares authorized; 408.5 million and 400.7 million shares issued and outstanding, respectively, at June 30, 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 1,992.3 3,514.6 Accumulated other comprehensive loss ( 38.0 ) ( 16.7 ) Retained earnings 1,311.3 1,021.4 Treasury stock, at cost; 7.8 million shares at June 30, 2024 and 21.8 million shares at December 31, 2023 ( 831.7 ) ( 2,451.1 ) Total stockholders' equity 2,434.3 2,068.6 Total liabilities and stockholders' equity $ 6,799.2 $ 6,264.5 See accompanying

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 and six months ended June 30, 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

View Full Filing

View this 10-Q filing on SEC EDGAR