Name: DexCom Inc. (NASDAQ:DXCM) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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DexCom Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Revenue	2,909,800)	2,448,500)	1,926,700)	1,476,000)	1,031,600)
Cost of sales	(1,026,700)	(768,000)	(646,600)	(544,500)	(367,700)
Gross profit	1,883,100)	1,680,500)	1,280,100)	931,500)	663,900)
Research and development	(484,200)	(517,100)	(359,900)	(273,500)	(199,700)
Collaborative research and development fee	—)	(87,100)	—)	—)	(217,700)
Amortization of intangible assets	(7,500)	(3,700)	(2,500)	—)	—)
Selling, general and administrative	(1,000,200)	(806,800)	(618,200)	(515,700)	(432,800)
Operating expenses	(1,491,900)	(1,414,700)	(980,600)	(789,200)	(850,200)
Operating income (loss)	391,200)	265,800)	299,500)	142,300)	(186,300)
Interest expense	(18,600)	(100,300)	(84,700)	(60,300)	(22,700)
Loss on extinguishment of debt	—)	(1,500)	(5,900)	—)	—)
Income (loss) from equity investments	200)	11,600)	—)	(4,200)	80,100)
Interest and other income (expense), net	18,000)	(1,700)	16,100)	26,400)	2,400)
Income (loss) before income taxes	390,800)	173,900)	225,000)	104,200)	(126,500)
Income tax (expense) benefit	(49,600)	(19,200)	268,600)	(3,100)	(600)
Net income (loss)	341,200)	154,700)	493,600)	101,100)	(127,100)

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).

Revenue demonstrated consistent and significant growth over the five-year period, increasing from 1,031.6 million USD in 2018 to 2,909.8 million USD in 2022. This upward trajectory was accompanied by a steady rise in gross profit, which grew from 663.9 million USD to 1,883.1 million USD, indicating a scalable core business model. Gross margins remained relatively robust, fluctuating between approximately 63% and 69%, reflecting stable pricing power and cost of sales management relative to revenue expansion.

Operating Expense Trends: Operating expenses increased in absolute terms, driven primarily by Selling, General and Administrative (SG&A) costs, which more than doubled from 432.8 million USD in 2018 to 1,000.2 million USD in 2022. Research and development (R&D) spending also scaled upward, peaking at 517.1 million USD in 2021 before seeing a slight reduction to 484.2 million USD in 2022. The growth in these expenses suggests aggressive investment in market expansion and product innovation.
Operating Profitability: A significant transition in operating performance is observed, moving from an operating loss of 186.3 million USD in 2018 to an operating income of 391.2 million USD by 2022. This shift indicates that the company achieved a critical scale where revenue growth began to outpace the growth of operating expenses, resulting in improved operating leverage.
Net Income and Non-Operating Factors: Net income exhibited volatility, largely influenced by non-operational items. While the company shifted to profitability in 2019, a notable spike occurred in 2020 with a net income of 493.6 million USD, which was heavily supported by a substantial income tax benefit of 268.6 million USD. By 2022, net income reached 341.2 million USD, reflecting a more normalized profitability profile.
Debt and Interest Obligations: Interest expenses showed an increasing trend from 2018 to 2021, peaking at 100.3 million USD. However, a sharp decline is observed in 2022, where interest expenses dropped to 18.6 million USD, suggesting either a significant reduction in debt levels or a restructuring of financing terms.

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