DexCom Inc. (NASDAQ:DXCM)

The analysis of the financial data over the five-year period reveals significant growth and shifts in asset composition.

Liquidity and Short-term Investments

Cash and cash equivalents experienced notable fluctuations, declining sharply from 1,137,000 thousand US$ in 2018 to 446,200 thousand US$ in 2019, then rising again to a peak of 1,052,600 thousand US$ in 2021 before dropping to 642,300 thousand US$ in 2022. Conversely, short-term marketable securities demonstrated a strong increasing trend, growing nearly sevenfold from 248,600 thousand US$ in 2018 to 1,813,900 thousand US$ by 2022, signifying a strategic shift toward liquid investments beyond cash holdings.

Accounts Receivable and Inventory

Accounts receivable, net, steadily increased each year, from 226,700 thousand US$ in 2018 to 713,300 thousand US$ in 2022, indicating expanding sales or extended credit policies. Inventory also saw consistent growth until 2021, rising from 70,700 thousand US$ in 2018 to a peak of 357,300 thousand US$ in 2021, before decreasing to 306,700 thousand US$ in 2022, which may reflect inventory management optimizations or changes in demand.

Prepaid and Other Current Assets

Prepaid expenses and prepaid inventory began being reported in 2021, showing moderate values of 39,800 thousand US$ and 12,100 thousand US$ respectively, both increasing further in 2022. Income tax receivables appeared in 2021 with 2,300 thousand US$, rising substantially to 38,900 thousand US$ in 2022. Other current assets showed variability, initially increasing from 16,500 thousand US$ in 2018 to 53,900 thousand US$ in 2020, then declining to 27,400 thousand US$ in 2021 before modestly increasing again in 2022.

Total Current Assets

Total current assets experienced considerable growth, increasing from 1,699,500 thousand US$ in 2018 to 3,668,800 thousand US$ in 2022, more than doubling over the period. This reflects the cumulative effect of increases in cash equivalents, marketable securities, receivables, inventory, and other current asset categories.

Property and Equipment, and Other Non-current Assets

Property and equipment, net, showed strong growth, nearly sixfold, from 183,100 thousand US$ in 2018 to 1,055,600 thousand US$ in 2022, indicating substantial investment in fixed assets. Operating lease right-of-use assets were introduced in 2019 and remained relatively stable thereafter, fluctuating slightly but showing a slight downward movement in the last two years. Goodwill remained relatively stable with minor increments, increasing from 18,700 thousand US$ in 2018 to a peak of 26,500 thousand US$ in 2021 before slightly declining to 25,700 thousand US$ in 2022.

Intangibles and Deferred Tax Assets

Intangible assets, net, appeared in reporting starting 2021 with 31,500 thousand US$ and rose sharply to 173,300 thousand US$ in 2022, suggesting acquisitions or capitalized development. Deferred tax assets emerged in 2020 with 216,400 thousand US$ and increased steadily to 341,200 thousand US$ by 2022, which may indicate increasing tax benefits or accumulated timing differences.

Other Non-current Assets and Total Assets

Other non-current assets fluctuated without a clear trend, moving from 14,700 thousand US$ in 2018 to 47,100 thousand US$ in 2022 after some volatility. Total assets more than doubled during the period, growing from 1,916,000 thousand US$ in 2018 to 5,391,700 thousand US$ in 2022, reflecting overall business expansion and asset base growth.