Common-Size Income Statement
Quarterly Data
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- Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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DexCom Inc., common-size consolidated income statement (quarterly data)
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).
- Revenue and Gross Profit Trends
- Revenue remained constant as the baseline at 100% throughout the periods, enabling clear comparison of expense and profit items as percentages of revenue. Gross profit margins fluctuated between approximately 60% and 70%, with notable improvements starting late 2018 through 2020, peaking around 70.15% by the end of 2020. Thereafter, gross profit margins declined somewhat, nearing 62-64% in 2023, indicating variability in cost structure or pricing dynamics.
- Cost of Sales
- Cost of sales ranged between about 29.85% and 39.82% of revenue, with higher values during early 2019 and some quarters in 2023. The lowest cost of sales percentages appeared in late 2020 and early 2021, contributing to the peak gross profit margin. The fluctuations suggest variable production or procurement costs and possibly shifts in product mix or operational efficiency.
- Research and Development (R&D)
- R&D expenses as a percentage of revenue generally ranged from approximately 13.5% to 24.3%. Early years showed higher R&D intensity, declining through mid-2022 to near 13.5%. This declining trend after mid-2021 could reflect a strategic shift toward cost containment or maturation of product development cycles. The presence of a significant one-off collaborative R&D fee at -64.41% in late 2018 and a smaller related fee at -12.47% in late 2021 indicates occasional large partnership-related expenses impacting certain quarters.
- Selling, General and Administrative (SG&A) Expenses
- SG&A expenses as a percentage of revenue showed considerable volatility, fluctuating from about 27.87% to 56.83%. Early 2018 witnessed the highest SG&A proportion which largely declined through the end of 2019. Subsequently, SG&A ratios oscillated, with some quarters in 2023 showing a downward trend to below 30%. These variations may reflect changing marketing, administrative costs, or scaling economies.
- Operating Expenses and Income
- Operating expenses, aggregating major expenditure categories, exhibited wide fluctuations. A conspicuous spike to -114.62% occurred in late 2018, influenced strongly by the collaborative R&D fee. Excluding such one-offs, the operating expenses stabilized mostly between -42% and -67% of revenue. Operating income margins improved from negative or low positive levels during 2018/early 2019 to consistent positive figures ranging from approximately 0% to 22% in subsequent quarters. The improvement suggests enhanced operational efficiency or favorable changes in revenue and cost structure.
- Interest Expense and Other Financial Items
- Interest expenses declined from a high near -5.31% in early 2019 to less than -1% in recent quarters, indicating possible debt reduction or favorable refinancing. Occasional small losses on debt extinguishment were noted, with minor impact on results. Income and losses from equity investments showed uneven contributions with positive spikes early on and negligible amounts later. Other income and expenses exhibited small positive contributions, with a general upward trend noted towards 2023, suggesting improving ancillary income streams.
- Income Before Taxes, Tax Expense, and Net Income
- Income before income taxes showed high volatility, ranging from negative levels near -52.34% in late 2018 to highs above 24% by late 2023. This volatility aligns with operational swings and exceptional items. Income tax as a percentage of revenue was generally low or negative (benefits), with unusual large positive spikes in early 2021 (48.15%) indicating discrete tax events or adjustments. Net income mirrored pre-tax results but also showed considerable quarter-to-quarter variation, from significant losses in late 2018 to strong positive gains in late 2020 and ongoing positive net income in 2023, reflecting an overall recovery and profitability trend post-2018.
- Summary Observations
- The data reveals a company experiencing significant operational and financial fluctuations around 2018-2019, with some exceptional charges impacting comparability. Post-2019, there is evidence of improved cost management, profitability, and declining leverage as indicated by lower interest expenses. R&D spending as a percentage of revenue has declined moderately, possibly indicating a shift in strategic focus. The general upward trend in operating and net income margins in recent years signals strengthened business performance and financial health. Nonetheless, the variability in tax effects and operating costs suggests areas warranting continued monitoring for stability.