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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: Liabilities and Stockholders’ Equity

DexCom Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Accounts payable trade 4.41 4.03 3.81 4.27 3.94
Accrued tax, audit, and legal fees 0.83 0.84 0.36 0.58 0.61
Accrued rebates 10.32 5.36 5.76 3.90 1.88
Accrued warranty 0.24 0.27 0.27 0.31 0.35
Contractual obligations 0.00 0.31 0.00 0.00 0.00
Short-term finance lease liabilities 0.08 0.07 0.21 0.03 0.00
Other accrued liabilities 0.85 0.92 0.82 1.62 0.89
Accounts payable and accrued liabilities 16.73% 11.78% 11.21% 10.71% 7.68%
Accrued wages, bonus and taxes 1.80 1.89 2.04 0.00 0.00
Other accrued employee benefits 0.70 0.69 0.62 3.70 3.78
Accrued payroll and related expenses 2.49% 2.57% 2.66% 3.70% 3.78%
Current portion of long-term senior convertible notes 14.33 0.00 0.00 0.00 0.00
Short-term operating lease liabilities 0.38 0.42 0.38 0.57 0.00
Deferred revenue 0.19 0.04 0.05 0.07 0.15
Current liabilities 34.11% 14.82% 14.31% 15.04% 11.61%
Long-term senior convertible notes 22.21 35.01 38.86 44.25 52.73
Long-term operating lease liabilities 1.75 2.03 2.37 3.02 0.00
Long-term finance lease liabilities 1.11 1.17 1.26 0.60 0.38
Deferred revenue, long-term 0.35 0.33 0.00 0.00 0.00
Contractual obligations 0.00 0.00 0.29 0.00 0.00
Deferred tax liabilities 0.09 0.12 0.00 0.00 0.00
Other tax liabilities 0.61 0.06 0.00 0.00 0.00
Deferred rent 0.00 0.00 0.00 0.00 0.49
Other liabilities 0.22 0.17 0.33 0.24 0.17
Other long-term liabilities 2.38% 1.85% 1.89% 0.84% 1.04%
Long-term liabilities 26.35% 38.89% 43.12% 48.11% 53.77%
Total liabilities 60.46% 53.71% 57.43% 63.15% 65.38%
Preferred stock, $0.001 par value; no shares issued and outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, $0.001 par value 0.01 0.00 0.00 0.00 0.01
Additional paid-in capital 41.88 51.49 49.54 69.97 81.45
Accumulated other comprehensive income (loss) -0.22 0.01 0.07 0.10 0.08
Retained earnings (accumulated deficit) 8.90 -0.97 -4.71 -29.05 -41.70
Treasury stock, at cost -11.04 -4.24 -2.33 -4.18 -5.22
Stockholders’ equity 39.54% 46.29% 42.57% 36.85% 34.62%
Total liabilities and stockholders’ equity 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 overall capital structure exhibits a gradual shift in the composition of liabilities and equity between 2018 and 2022. Total liabilities decreased from 65.38% in 2018 to a low of 53.71% in 2021, before rising again to 60.46% in 2022. Simultaneously, stockholders' equity grew from 34.62% in 2018 to 46.29% in 2021, before moderating to 39.54% in 2022.

Debt Maturity and Liability Profile
A significant migration of debt from long-term to short-term obligations is evident. Long-term liabilities declined steadily from 53.77% in 2018 to 26.35% in 2022, primarily driven by the reduction of long-term senior convertible notes, which fell from 52.73% to 22.21% over the period. Conversely, current liabilities remained relatively stable between 11.61% and 15.04% from 2018 to 2021, but surged to 34.11% in 2022. This spike is largely attributable to the current portion of long-term senior convertible notes reaching 14.33%, indicating upcoming debt maturities.
Equity and Retained Earnings Trends
The most notable transformation occurs within stockholders' equity, specifically regarding retained earnings. The company moved from a significant accumulated deficit of -41.70% in 2018 to a positive retained earnings position of 8.90% by 2022. This reversal indicates a transition toward sustained profitability. Additionally, additional paid-in capital decreased as a percentage of the total balance sheet from 81.45% in 2018 to 41.88% in 2022, suggesting that internal earnings are increasingly contributing to the equity base relative to external capital infusions. Treasury stock also expanded in magnitude, reaching -11.04% in 2022, which suggests an increase in share repurchase activity.
Operating Liabilities and Accruals
Accrued rebates have shown a marked upward trend, increasing from 1.88% in 2018 to 10.32% in 2022, representing a growing portion of the total liabilities and stockholders' equity. Accounts payable trade remained relatively stable, fluctuating between 3.94% and 4.41%. Other accrued liabilities, including payroll and related expenses, have remained a small and consistent portion of the overall structure, generally staying below 3%.

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