Stock Analysis on Net
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

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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).

Accounts payable and accrued liabilities
There is an overall increasing trend in accounts payable and accrued liabilities as a percentage of total liabilities and stockholders’ equity, rising from 7.68% in 2018 to 16.73% in 2022. Notably, accrued rebates have shown a significant increase, particularly between 2021 and 2022, where it almost doubled to 10.32%. Meanwhile, accrued warranty obligations have slightly decreased over the period, indicating a reduced warranty-related liability burden.
Current liabilities
Current liabilities as a percentage of total liabilities and stockholders’ equity have remained relatively stable from 2018 to 2021, fluctuating around the 11-15% range. However, in 2022, there is a marked increase to 34.11%, primarily due to the inclusion of the current portion of long-term senior convertible notes, which stood at 14.33% in 2022 but were not previously reported.
Long-term liabilities
Long-term liabilities have consistently declined as a share of total liabilities and stockholders’ equity, dropping from 53.77% in 2018 to 26.35% in 2022. A key driver of this reduction is the decreasing proportion of long-term senior convertible notes, which fell significantly from 52.73% in 2018 to 22.21% in 2022. Operating lease liabilities, both short and long term, also show a downward trend, reflecting potential changes in leasing arrangements or de-recognition of leases.
Total liabilities
Total liabilities decreased from 65.38% of total liabilities and stockholders’ equity in 2018 to 53.71% in 2021, before rising again to 60.46% in 2022. The rise in 2022 corresponds with the sharp increase in current liabilities, suggesting a shift in liability structure from long-term to current obligations.
Stockholders’ equity
Stockholders’ equity as a percentage of total liabilities and stockholders’ equity increased steadily from 34.62% in 2018 to a peak of 46.29% in 2021 but declined to 39.54% in 2022. This change in 2022 aligns with the increase in total liabilities as noted above. Retained earnings have improved markedly, moving from a significant deficit (-41.7% in 2018) to a positive balance (8.9% in 2022), indicating profitability or retained income accumulation over the period.
Additional paid-in capital and treasury stock
Additional paid-in capital has steadily decreased from 81.45% in 2018 to 41.88% in 2022, indicating potential share repurchases, equity repayments, or adjustments. Correspondingly, treasury stock at cost has increased in negative value, from -5.22% in 2018 to -11.04% in 2022, suggesting active share buyback programs or treasury stock accumulation.
Other liability components
Other accrued liabilities have shown fluctuations but remain relatively stable as a percentage of total liabilities and stockholders’ equity, ending slightly lower in 2022 compared to 2019. Deferred revenue components remain minimal throughout the years. Deferred tax liabilities and other tax liabilities appear only in 2021 and 2022, with other tax liabilities increasing to 0.61% in 2022, hinting at changes in tax-related obligations.
Summary of trends
Overall, the financial structure reflects a shift from long-term debt toward increasing current liabilities, particularly influenced by convertible note maturities. The growth in accrued rebates indicates rising rebate obligations or adjustments in accrual policies. Improved retained earnings contribute to enhanced equity positions, though reduced additional paid-in capital and increased treasury stock suggest equity capital adjustments. Lease liabilities have decreased, pointing to possible changes in lease financing or accounting standards impact.