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Stock Analysis on Net

DexCom Inc. (NASDAQ:DXCM)

This company has been moved to the archive! The financial data has not been updated since October 26, 2023.

Common-Size Balance Sheet: Assets

DexCom Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Cash and cash equivalents 11.91 21.64 19.06 18.63 59.34
Short-term marketable securities 33.64 34.51 44.05 45.39 12.97
Accounts receivable, net 13.23 10.57 9.99 11.95 11.83
Inventory 5.69 7.35 5.47 5.00 3.69
Prepaid expenses 0.91 0.82 0.00 0.00 0.00
Prepaid inventory 1.26 0.25 0.00 0.00 0.00
Income tax receivables 0.72 0.05 0.00 0.00 0.00
Other current assets 0.69 0.56 1.26 1.25 0.86
Prepaid and other current assets 3.57% 1.68% 1.26% 1.25% 0.86%
Current assets 68.05% 75.75% 79.82% 82.23% 88.70%
Property and equipment, net 19.58 16.49 12.01 13.42 9.56
Operating lease right-of-use assets 1.48 1.81 2.17 2.99 0.00
Goodwill 0.48 0.54 0.45 0.78 0.98
Intangibles, net 3.21 0.65 0.00 0.00 0.00
Deferred tax assets 6.33 4.54 5.04 0.00 0.00
Other assets 0.87 0.22 0.50 0.59 0.77
Non-current assets 31.95% 24.25% 20.18% 17.77% 11.30%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The asset composition reflects a significant strategic shift between 2018 and 2022, characterized by a transition from a highly liquid, cash-dominant balance sheet to one with a greater emphasis on long-term operational infrastructure. Current assets as a percentage of total assets declined steadily from 88.70% in 2018 to 68.05% in 2022, while non-current assets increased from 11.30% to 31.95% over the same period.

Liquidity and Cash Management
A substantial reallocation of liquid assets is observed. Cash and cash equivalents dropped sharply from 59.34% of total assets in 2018 to 11.91% in 2022. Conversely, short-term marketable securities increased from 12.97% to 33.64%, suggesting a shift toward instruments that may offer higher yields while maintaining liquidity. Despite the decrease in absolute cash percentage, the combination of cash and marketable securities remains a primary component of the asset base, though its total share declined from 72.31% in 2018 to 45.55% in 2022.
Working Capital Components
Accounts receivable remained relatively stable as a percentage of total assets, fluctuating between 9.99% and 13.23%. Inventory showed a moderate increase from 3.69% in 2018, peaking at 7.35% in 2021, before settling at 5.69% in 2022. Additionally, there was an emergence of prepaid expenses and prepaid inventory starting in 2021, which collectively reached 2.17% of total assets by 2022.
Fixed Asset and Infrastructure Growth
A consistent upward trend is observed in property and equipment, net, which grew from 9.56% in 2018 to 19.58% in 2022. This indicates a sustained increase in capital expenditures and investment in physical infrastructure. The growth in non-current assets is further supported by the appearance of deferred tax assets, which reached 6.33% by 2022, and a notable increase in net intangibles, which rose to 3.21% in the final year of the period analyzed.
Other Non-Current Assets
Operating lease right-of-use assets appeared in 2019 at 2.99% and gradually decreased to 1.48% by 2022. Goodwill remained a negligible portion of the total asset base, consistently staying below 1% throughout the five-year period.

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