Selected Financial Data
since 2005
Income Statement
DexCom Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Dec 31, 2022 | 2,909,800) | 391,200) | 341,200) |
| Dec 31, 2021 | 2,448,500) | 265,800) | 154,700) |
| Dec 31, 2020 | 1,926,700) | 299,500) | 493,600) |
| Dec 31, 2019 | 1,476,000) | 142,300) | 101,100) |
| Dec 31, 2018 | 1,031,600) | (186,300) | (127,100) |
| Dec 31, 2017 | 718,500) | (42,500) | (50,200) |
| Dec 31, 2016 | 573,300) | (63,900) | (65,600) |
| Dec 31, 2015 | 402,000) | (57,100) | (57,600) |
| Dec 31, 2014 | 259,200) | (21,500) | (22,400) |
| Dec 31, 2013 | 160,000) | (28,900) | (29,800) |
| Dec 31, 2012 | 99,900) | (55,700) | (54,500) |
| Dec 31, 2011 | 76,266) | (44,843) | (44,746) |
| Dec 31, 2010 | 48,631) | (45,290) | (55,170) |
| Dec 31, 2009 | 29,693) | (45,833) | (53,524) |
| Dec 31, 2008 | 9,838) | (52,827) | (55,184) |
| Dec 31, 2007 | 4,627) | (46,676) | (45,878) |
| Dec 31, 2006 | 2,170) | (49,319) | (46,599) |
| Dec 31, 2005 | —) | (32,430) | (30,890) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2022 is characterized by aggressive revenue expansion and a fundamental transition from a long-term loss-making phase to sustained operational profitability. While the early and mid-periods were defined by consistent deficits, the most recent years demonstrate the successful scaling of the business model.
- Revenue Growth Trends
- A consistent and exponential increase in revenue is observed throughout the period. Starting from 2.17 million US dollars in 2006, revenue grew to 2.91 billion US dollars by 2022. Significant acceleration occurred after 2013, with the company surpassing the 1 billion dollar threshold in 2018 and nearly tripling that figure within the following four years.
- Operating Income Evolution
- Operational losses were a persistent feature of the financial profile from 2005 through 2018. Losses remained relatively stable between 2005 and 2017, typically ranging between 20 million and 65 million US dollars, before a sharp increase in operating loss to 186.3 million US dollars in 2018. A decisive pivot occurred in 2019, when the company achieved its first positive operating income of 142.3 million US dollars. This upward trend continued through 2022, reaching an operating income of 391.2 million US dollars.
- Net Income and Profitability
- Net income mirrored the operational trend, recording losses for 14 consecutive years. The deepest net loss was recorded in 2018 at 127.1 million US dollars. The transition to profitability began in 2019 with a net income of 101.1 million US dollars, followed by a peak of 493.6 million US dollars in 2020. Although net income experienced a decline to 154.7 million US dollars in 2021, it recovered to 341.2 million US dollars by 2022, indicating a established capacity for generating bottom-line profit.
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Balance Sheet: Assets
DexCom Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 3,668,800) | 5,391,700) |
| Dec 31, 2021 | 3,684,400) | 4,863,600) |
| Dec 31, 2020 | 3,424,800) | 4,290,500) |
| Dec 31, 2019 | 1,969,400) | 2,395,000) |
| Dec 31, 2018 | 1,699,500) | 1,916,000) |
| Dec 31, 2017 | 744,700) | 904,100) |
| Dec 31, 2016 | 280,000) | 402,800) |
| Dec 31, 2015 | 231,300) | 292,000) |
| Dec 31, 2014 | 145,900) | 184,600) |
| Dec 31, 2013 | 93,100) | 122,500) |
| Dec 31, 2012 | 77,600) | 106,000) |
| Dec 31, 2011 | 104,410) | 120,475) |
| Dec 31, 2010 | 66,025) | 77,164) |
| Dec 31, 2009 | 36,920) | 46,948) |
| Dec 31, 2008 | 32,058) | 44,366) |
| Dec 31, 2007 | 67,291) | 77,259) |
| Dec 31, 2006 | 57,356) | 64,553) |
| Dec 31, 2005 | 51,013) | 56,726) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset trajectory indicates a period of exponential expansion, evolving from a small-scale balance sheet to a multi-billion dollar asset base between 2005 and 2022. The growth is characterized by an initial phase of volatility followed by a period of rapid, sustained scaling.
- Total Asset Growth
- Total assets grew from 56.7 million in 2005 to 5.39 billion by 2022. A critical inflection point occurred after 2016, where total assets surged from 402.8 million to 5.39 billion within six years, representing a significant increase in the company's overall resource base.
- Current Asset Expansion
- Current assets followed a similar growth pattern, increasing from 51.0 million in 2005 to 3.67 billion in 2022. The most aggressive growth occurred between 2017 and 2020, during which current assets expanded from 744.7 million to 3.42 billion, suggesting a substantial increase in liquid resources or working capital requirements to support scaling operations.
- Asset Composition Shift
- The relationship between current assets and total assets indicates a shift in balance sheet structure. In 2005, current assets represented approximately 90% of total assets. By 2022, this proportion decreased to approximately 68%. This trend suggests a strategic shift toward increasing non-current assets, likely reflecting investments in long-term infrastructure, equipment, or acquisitions.
- Historical Volatility and Recovery
- A notable contraction is observed in 2008, with total assets falling from 77.3 million to 44.4 million and current assets dropping from 67.3 million to 32.1 million. This represents the only significant decline in the 17-year period, followed by a recovery starting in 2009 and a steady climb through 2016.
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Balance Sheet: Liabilities and Stockholders’ Equity
DexCom Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Long-term senior convertible notes, including current portion | Stockholders’ equity (deficit) | |
|---|---|---|---|---|
| Dec 31, 2022 | 1,839,300) | 3,259,900) | 1,970,300) | 2,131,800) |
| Dec 31, 2021 | 720,800) | 2,612,100) | 1,702,700) | 2,251,500) |
| Dec 31, 2020 | 614,100) | 2,464,000) | 1,667,200) | 1,826,500) |
| Dec 31, 2019 | 360,200) | 1,512,400) | 1,059,700) | 882,600) |
| Dec 31, 2018 | 222,400) | 1,252,700) | 1,010,300) | 663,300) |
| Dec 31, 2017 | 138,900) | 484,700) | 327,600) | 419,400) |
| Dec 31, 2016 | 102,400) | 119,000) | —) | 283,800) |
| Dec 31, 2015 | 66,900) | 70,800) | 2,300) | 221,200) |
| Dec 31, 2014 | 40,600) | 44,400) | 4,600) | 140,200) |
| Dec 31, 2013 | 32,100) | 38,400) | 6,800) | 84,100) |
| Dec 31, 2012 | 19,500) | 29,000) | 7,000) | 77,000) |
| Dec 31, 2011 | 14,741) | 15,985) | —) | 104,490) |
| Dec 31, 2010 | 15,129) | 16,171) | 525) | 60,993) |
| Dec 31, 2009 | 18,796) | 65,393) | 46,657) | (18,445) |
| Dec 31, 2008 | 14,996) | 82,979) | 63,356) | (38,613) |
| Dec 31, 2007 | 8,447) | 70,144) | 62,406) | 7,115) |
| Dec 31, 2006 | 5,230) | —) | 3,026) | 56,828) |
| Dec 31, 2005 | 7,074) | —) | —) | 49,412) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet reflects a transition from a small-scale financial operation to a significantly leveraged capital structure. While the early period from 2005 to 2014 was characterized by relatively stable and modest obligations, the period from 2017 to 2022 marks a phase of aggressive expansion in both total liabilities and stockholders' equity.
- Liability Expansion and Trends
- Current liabilities exhibited a steady increase for the first decade, rising from 7.07 million USD in 2005 to 40.6 million USD in 2014. However, a period of exponential growth followed, with current liabilities accelerating to 1.84 billion USD by 2022. Total liabilities showed significant volatility between 2007 and 2011, peaking at 82.98 million USD in 2008 before dropping to 15.99 million USD in 2011. From 2017 onward, total liabilities surged from 484.7 million USD to 3.26 billion USD in 2022, indicating a substantial increase in the company's total obligations.
- Financing Strategy via Convertible Notes
- The use of long-term senior convertible notes evolved from a marginal financing tool to a primary source of capital. After minimal usage between 2012 and 2016, these notes jumped to 327.6 million USD in 2017 and continued a steep upward trajectory, reaching 1.97 billion USD by 2022. This suggests a strategic shift toward utilizing convertible debt to fund operations or growth, contributing significantly to the overall increase in total liabilities.
- Equity Evolution and Solvency
- Stockholders' equity experienced a period of instability between 2007 and 2009, recording deficits of 38.6 million USD in 2008 and 18.4 million USD in 2009. Following this period, equity recovered and grew consistently, reaching 882.6 million USD by 2019 and peaking at 2.25 billion USD in 2021. A slight contraction to 2.13 billion USD occurred in 2022.
- Capital Structure Analysis
- The relationship between liabilities and equity shifted toward higher leverage in the later years of the analysis. In 2016, stockholders' equity of 283.8 million USD exceeded total liabilities of 119 million USD. By 2022, the ratio inverted, with total liabilities of 3.26 billion USD substantially outweighing stockholders' equity of 2.13 billion USD, reflecting a more debt-heavy balance sheet.
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Cash Flow Statement
DexCom Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 669,500) | (521,500) | (552,500) |
| Dec 31, 2021 | 442,500) | (216,100) | 10,400) |
| Dec 31, 2020 | 475,600) | (1,018,000) | 912,100) |
| Dec 31, 2019 | 314,500) | (1,015,200) | 10,700) |
| Dec 31, 2018 | 123,200) | (139,800) | 710,400) |
| Dec 31, 2017 | 92,000) | (144,400) | 399,100) |
| Dec 31, 2016 | 56,200) | (55,900) | 8,100) |
| Dec 31, 2015 | 49,000) | (51,500) | 16,800) |
| Dec 31, 2014 | 23,600) | (16,800) | 21,800) |
| Dec 31, 2013 | 2,400) | 20,900) | 11,800) |
| Dec 31, 2012 | (33,100) | 28,400) | 10,200) |
| Dec 31, 2011 | (30,126) | (46,371) | 74,184) |
| Dec 31, 2010 | (42,676) | (25,610) | 69,646) |
| Dec 31, 2009 | (39,389) | (14,104) | 44,379) |
| Dec 31, 2008 | (37,451) | 24,324) | 2,712) |
| Dec 31, 2007 | (33,207) | (8,444) | 46,599) |
| Dec 31, 2006 | (43,735) | (26,559) | 51,214) |
| Dec 31, 2005 | (22,554) | (18,170) | 50,741) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2022 reveals a transition from a capital-consuming early-stage entity to a high-growth, cash-generative organization. This evolution is characterized by a fundamental shift in the sources and uses of cash across operating, investing, and financing activities.
- Operating Cash Flow Trends
- A prolonged period of negative cash flow from operations is observed between 2005 and 2012, with annual deficits ranging from approximately 22.5 million to 43.7 million US dollars. A critical inflection point occurred in 2013, marking the first instance of positive operating cash flow. From 2014 onward, there is an exponential increase in cash generation, rising from 23.6 million US dollars in 2014 to 669.5 million US dollars by 2022, indicating strong scalability and commercial success.
- Investing Activity Patterns
- Investing activities remained relatively stable with modest outflows until 2016. A significant escalation in capital deployment is evident starting in 2017, culminating in massive outflows of over 1 billion US dollars in both 2019 and 2020. These substantial expenditures suggest aggressive strategic expansions, acquisitions, or large-scale infrastructure investments. While outflows persisted through 2022, the intensity varied, with 521.5 million US dollars utilized in the final year of the period.
- Financing Activity Evolution
- Between 2005 and 2016, financing activities provided a consistent source of liquidity to offset operating losses. A surge in financing inflows is noted between 2017 and 2020, specifically with peak inflows of 710.4 million US dollars in 2018 and 912.1 million US dollars in 2020, which appears to have funded the intensified investing activities. By 2022, a reversal occurs with a significant net cash outflow of 552.5 million US dollars, suggesting a shift toward debt repayment or the return of capital to shareholders.
- Overall Cash Flow Lifecycle
- The collective data demonstrates a classic corporate lifecycle transition. The initial phase (2005-2012) was characterized by reliance on external financing to sustain operations. The second phase (2013-2020) shifted toward rapid growth, where increasing operating cash flows and external financing were simultaneously utilized to fund massive strategic investments. The final observation in 2022 indicates a move toward financial maturity, where robust internal cash generation allows for the reduction of external liabilities or the redistribution of capital.
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Per Share Data
DexCom Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 0.88 | 0.82 | 0.00 |
| Dec 31, 2021 | 0.40 | 0.39 | 0.00 |
| Dec 31, 2020 | 1.31 | 1.27 | 0.00 |
| Dec 31, 2019 | 0.28 | 0.28 | 0.00 |
| Dec 31, 2018 | -0.36 | -0.36 | 0.00 |
| Dec 31, 2017 | -0.15 | -0.15 | 0.00 |
| Dec 31, 2016 | -0.20 | -0.20 | 0.00 |
| Dec 31, 2015 | -0.18 | -0.18 | 0.00 |
| Dec 31, 2014 | -0.08 | -0.08 | 0.00 |
| Dec 31, 2013 | -0.11 | -0.11 | 0.00 |
| Dec 31, 2012 | -0.20 | -0.20 | 0.00 |
| Dec 31, 2011 | -0.17 | -0.17 | 0.00 |
| Dec 31, 2010 | -0.24 | -0.24 | 0.00 |
| Dec 31, 2009 | -0.30 | -0.30 | 0.00 |
| Dec 31, 2008 | -0.47 | -0.47 | 0.00 |
| Dec 31, 2007 | -0.41 | -0.41 | 0.00 |
| Dec 31, 2006 | -0.43 | -0.43 | 0.00 |
| Dec 31, 2005 | -0.41 | -0.41 | 0.00 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share financial performance indicates a long-term transition from sustained operational losses to a period of profitability starting in 2019.
- Earnings Per Share Trends
- Between 2005 and 2018, basic and diluted earnings per share remained consistently negative. The most significant losses occurred in 2008, with basic earnings per share reaching -0.47 USD. A period of gradual narrowing of losses was observed between 2009 and 2014, where the deficit reached its minimum of -0.08 USD per share. However, this trend reversed slightly toward the end of the period, with losses widening to -0.36 USD in 2018.
- A fundamental shift in profitability occurred in 2019, when basic earnings per share turned positive at 0.28 USD. This was followed by a substantial peak in 2020, reaching 1.31 USD. Subsequent years showed volatility, with a decrease to 0.40 USD in 2021 and a recovery to 0.88 USD in 2022.
- Dilution Analysis
- The values for basic and diluted earnings per share track each other closely throughout the entire duration. The marginal difference between these two metrics suggests that the impact of dilutive instruments, such as stock options or convertible securities, has remained minimal relative to the overall share count.
- Dividend Distribution
- There is a complete absence of dividend payments from 2005 through 2022. This indicates a consistent corporate policy of retaining all capital to support operational requirements and growth initiatives rather than distributing profits to shareholders.
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