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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
Quarterly Data

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

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Accounts payable and accrued liabilities 20.82 16.96 17.50 16.73 15.60 13.19 11.93 11.78 12.52 10.70 11.45 11.21 10.36 8.97 10.93 10.71 10.63 9.52 8.57 7.68 12.15 11.70 9.81
Accrued payroll and related expenses 2.29 1.59 1.72 2.49 2.30 1.82 1.67 2.57 2.41 2.18 1.85 2.66 2.40 1.91 2.41 3.70 3.24 3.58 2.60 3.78 4.94 4.58 3.81
Current portion of long-term senior convertible notes 1.88 11.34 14.02 14.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Short-term operating lease liabilities 0.32 0.32 0.40 0.38 0.43 0.41 0.41 0.42 0.40 0.42 0.41 0.38 0.41 0.43 0.59 0.57 0.68 0.68 0.62 0.00 0.00 0.00 0.00
Deferred revenue 0.14 0.13 0.17 0.19 0.06 0.05 0.05 0.04 0.05 0.04 0.04 0.05 0.04 0.05 0.07 0.07 0.20 0.17 0.14 0.15 0.31 0.67 0.32
Current liabilities 25.45% 30.34% 33.81% 34.11% 18.38% 15.47% 14.07% 14.82% 15.39% 13.34% 13.76% 14.31% 13.21% 11.36% 14.00% 15.04% 14.75% 13.95% 11.93% 11.61% 17.40% 16.95% 13.95%
Long-term senior convertible notes 36.88 35.64 21.73 22.21 40.19 37.71 38.87 35.01 35.67 37.98 38.47 38.86 42.94 47.10 43.81 44.25 47.91 50.08 51.79 52.73 30.40 33.25 36.94
Long-term operating lease liabilities 1.26 1.27 1.63 1.75 1.68 1.68 1.84 2.03 2.15 2.38 2.54 2.37 2.69 2.09 3.16 3.02 1.57 1.80 1.49 0.00 0.00 0.00 0.00
Other long-term liabilities 2.03 1.95 2.35 2.38 2.52 1.91 1.92 1.85 2.06 1.95 1.88 1.89 2.05 1.00 0.85 0.84 0.81 0.85 0.92 1.04 1.74 1.95 2.09
Long-term liabilities 40.17% 38.86% 25.71% 26.35% 44.38% 41.29% 42.64% 38.89% 39.89% 42.31% 42.88% 43.12% 47.68% 50.20% 47.82% 48.11% 50.28% 52.73% 54.20% 53.77% 32.15% 35.20% 39.03%
Total liabilities 65.62% 69.21% 59.52% 60.46% 62.76% 56.76% 56.71% 53.71% 55.27% 55.65% 56.64% 57.43% 60.89% 61.56% 61.82% 63.15% 65.03% 66.68% 66.13% 65.38% 49.55% 52.15% 52.98%
Preferred stock, $0.001 par value; no shares issued and outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.001 par value 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 54.85 33.27 41.80 41.88 42.29 38.89 39.48 51.49 48.62 48.71 49.25 49.54 56.19 59.06 69.71 69.97 75.56 78.44 80.58 81.45 106.04 114.05 125.17
Accumulated other comprehensive income (loss) -0.54 -0.43 -0.12 -0.22 -0.84 -0.44 -0.12 0.01 0.03 0.06 0.07 0.07 0.07 0.10 0.15 0.10 0.05 0.10 0.08 0.08 -0.03 -0.13 -0.55
Retained earnings (accumulated deficit) 11.60 9.45 9.58 8.90 7.92 5.50 4.67 -0.97 -0.59 -2.20 -3.69 -4.71 -14.54 -17.87 -27.61 -29.05 -36.07 -40.38 -41.73 -41.70 -55.57 -66.08 -77.61
Treasury stock, at cost -31.53 -11.50 -10.79 -11.04 -12.14 -0.71 -0.74 -4.24 -3.34 -2.22 -2.28 -2.33 -2.61 -2.84 -4.09 -4.18 -4.58 -4.84 -5.07 -5.22 0.00 0.00 0.00
Stockholders’ equity 34.38% 30.79% 40.48% 39.54% 37.24% 43.24% 43.29% 46.29% 44.73% 44.35% 43.36% 42.57% 39.11% 38.44% 38.18% 36.85% 34.97% 33.32% 33.87% 34.62% 50.45% 47.85% 47.02%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The capital structure exhibits a significant transition from a heavy reliance on external equity and long-term debt toward a balance supported by internal profit generation and operational liabilities. Total liabilities have fluctuated between 49% and 69% of the total capital structure, with a notable increase in the relative weight of current obligations appearing toward the end of the analyzed period.

Liability Composition and Debt Maturity
A primary driver of the liability profile is the long-term senior convertible notes. These notes represented a peak of 52.73% of total liabilities and equity in December 2018, followed by a gradual decline. A critical shift occurred in late 2022, where a portion of this debt migrated to current liabilities, peaking at 14.33% in December 2022, which elevated total current liabilities to 34.11% during that quarter. By September 2023, the current portion of these notes dropped significantly to 1.88%, while long-term notes stabilized around 36.88%.
Operational Liability Trends
Accounts payable and accrued liabilities show a consistent upward trajectory, rising from 9.81% in March 2018 to 20.82% by September 2023. This trend suggests an expansion in operational scale or a strategic shift in managing vendor payment terms. Conversely, accrued payroll and related expenses have trended downward, decreasing from a high of 4.94% in 2018 to 2.29% by the end of the period.
Equity Evolution and Profitability
The most significant structural change is observed in retained earnings. The company began the period with a substantial accumulated deficit of -77.61% in March 2018. This deficit narrowed steadily over several years, crossing into positive territory in March 2022 (4.67%) and reaching 11.60% by September 2023. This reversal indicates a transition from a capital-consuming phase to a period of sustained profitability.
Capital Management and Share Repurchases
Additional paid-in capital has seen a marked decline from 125.17% in early 2018 to 54.85% in late 2023. This contraction is mirrored by an increase in treasury stock, which shifted from negligible levels to a significant negative impact of -31.53% by September 2023. This pattern reveals an aggressive share buyback strategy intended to return value to shareholders and optimize the equity base.

Overall, the financial profile demonstrates a maturation process characterized by the elimination of accumulated deficits and a strategic reallocation of capital. The shift toward positive retained earnings and the increase in treasury stock indicate a strong internal cash-generation capability and a proactive approach to capital structure management.

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