Income Statement
Quarterly Data
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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- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Current Ratio since 2005
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DexCom Inc., consolidated income statement (quarterly data)
US$ in thousands
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 financial data reveals several key trends across the analyzed periods. Revenue exhibits a general upward trajectory, increasing from US$184.4 million in the first quarter of 2018 to a peak of US$975 million by the third quarter of 2023. Notable growth periods include 2019 and 2021, despite some fluctuations in 2020 and early 2022.
- Cost of Sales and Gross Profit
- Cost of sales rose consistently over time, from US$65.5 million in early 2018 to US$351.7 million in late 2023, reflecting the revenue growth. Gross profit increased correspondingly, with fluctuations reflecting changes in margins. For example, gross profit grew from approximately US$118.9 million to US$623.3 million over the same timeframe, indicating sustained profitability despite higher costs.
- Research and Development Expenses
- Research and development (R&D) expenses show a rising trend, starting at US$44.8 million and reaching US$131.4 million by Q3 2023. A substantial increase is seen around 2020, potentially linked to strategic investments in product development and innovation. Collaborative R&D expenses, recorded only in 2018 and 2022, represent significant one-time charges, notably US$217.7 million in Q4 2018 and US$87.1 million in Q2 2022, impacting total operating expenses in these periods.
- Amortization of Intangible Assets
- Amortization expenses appear from 2020 onward, remaining relatively stable at approximately US$1.7 to US$2 million per quarter, indicating ongoing intangible asset amortization with minor fluctuations.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses increased overall from around US$104.8 million to approximately US$284.7 million by late 2023. Some spikes are noted in 2022 and 2023, potentially reflecting increased sales activity or administrative scaling to support growth.
- Operating Expenses and Income
- Operating expenses generally increased, impacted significantly by the large collaborative R&D fees in late 2018 and mid-2022. Operating income fluctuated, showing losses in some quarters early on (notably Q4 2018 with a loss of US$164.6 million) but turning positive and rising to a peak of US$205.5 million by Q3 2023. This indicates improved operational efficiency over time and stronger earnings capacity.
- Interest Expense and Debt-Related Items
- Interest expense remained relatively steady around US$4.6 million to US$25.3 million per quarter until it ceased being reported after mid-2021. Losses on extinguishment of debt, though occasional and relatively small, appeared in 2020 and 2021, suggesting debt restructuring activities during these periods.
- Income from Equity Investments and Other Income (Expense)
- Income from equity investments was irregular but showed occasional positive contributions, particularly in early years and sporadically thereafter. Other income (expense) demonstrated variability and a marked increase in 2023, with substantial positive income reported, reaching up to US$33.9 million in Q3 2023, bolstering overall profitability.
- Income Before Taxes, Income Taxes, and Net Income
- Income before income taxes was volatile, with significant losses in certain quarters, particularly Q4 2018 and Q1 2019, but generally improved over time, aligning with operating income trends. Income tax expense fluctuated widely, with large tax benefits recognized in Q4 2020 (US$273.9 million), influencing net income significantly. Net income mirrored the pre-tax income pattern, transitioning from losses in early periods to strong profitable quarters in recent years, including a peak net income of US$355.2 million in Q4 2020 and consistent profitability through 2023.
Overall, the data indicate that the entity has expanded its revenue base substantially while managing costs to improve gross profit margins. Investment in research and development has intensified alongside increased administrative costs, yet these have been outweighed by revenue growth, leading to progressively positive operating and net earnings. The appearance of large collaborative R&D fees and tax-related items introduce volatility but do not obscure the underlying upward profitability trend by the latest periods.