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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- 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
US$ in thousands
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).
The annual financial data reveals several significant trends in the company’s performance over the five-year period from 2018 to 2022.
- Revenue and Gross Profit
- There is a consistent and substantial increase in revenue, growing from approximately 1.03 billion USD in 2018 to nearly 2.91 billion USD in 2022. Correspondingly, gross profit rises steadily from about 664 million USD to over 1.88 billion USD. Despite the increase in cost of sales from 368 million USD to over 1.03 billion USD, the growth in revenue outpaces the increase in costs, resulting in enhanced gross profitability.
- Research and Development (R&D) and Collaborative Fees
- Spending on research and development exhibits an upward trend until 2021, peaking at around 517 million USD before decreasing slightly in 2022. Collaborative research and development fees appear inconsistently, with a substantial fee in 2018 and 2021 but missing data for other years. The decrease in R&D spending in the latest year may suggest a strategic shift or completion of major development projects.
- Operating Expenses and Operating Income
- Overall operating expenses show variability. After a decrease from 850 million USD in 2018 to 789 million USD in 2019, expenses increase sharply to above 1.49 billion USD by 2022. Despite rising operating expenses, operating income turns positive starting in 2019, improving from a loss of 186 million USD in 2018 to a profit of 391 million USD in 2022, indicating improved operational efficiency and profitability.
- Selling, General and Administrative (SG&A) Expenses
- SG&A expenses increase consistently year over year, from approximately 433 million USD in 2018 to 1 billion USD in 2022. This trend may reflect expanded sales efforts, marketing, or administrative growth supporting the increased scale of operations.
- Interest Expense and Debt-related Items
- Interest expense shows fluctuation, increasing significantly from 23 million USD in 2018 to over 100 million USD in 2021, then dropping sharply to 18.6 million USD in 2022. This pattern could indicate changes in debt levels or interest rates, with the reduction in 2022 possibly due to debt repayment or refinancing. Loss on extinguishment of debt appears only in 2020 and 2021, implying some debt restructuring activity during those years.
- Investment Income and Other Income/Expense
- Income from equity investments is generally low and inconsistent, with positive earnings in some years and losses or no data in others. Interest and other income/expense show minor fluctuations and remain relatively insignificant compared to other income statement components.
- Income Before Taxes and Net Income
- The company moves from a pre-tax loss of 126.5 million USD in 2018 to consistent pre-tax profits thereafter, culminating in nearly 391 million USD in 2022. Income tax expense varies, with a notable large tax benefit in 2020. Net income follows a similar trajectory to pre-tax income, moving from a loss of 127 million USD in 2018 to a profit of 341 million USD in 2022, highlighting a strong turnaround in overall profitability.