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

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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DexCom Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Revenue	975,000)	871,300)	741,500)	815,200)	769,600)	696,200)	628,800)	698,200)	650,200)	595,100)	505,000)	568,900)	500,900)	451,800)	405,100)	462,800)	396,300)	336,400)	280,500)	338,000)	266,700)	242,500)	184,400)
Cost of sales	(351,700)	(324,900)	(278,900)	(273,900)	(275,400)	(246,700)	(230,700)	(225,600)	(203,300)	(178,000)	(161,100)	(169,800)	(160,500)	(167,700)	(148,600)	(153,500)	(149,400)	(129,900)	(111,700)	(115,200)	(98,100)	(88,900)	(65,500)
Gross profit	623,300)	546,400)	462,600)	541,300)	494,200)	449,500)	398,100)	472,600)	446,900)	417,100)	343,900)	399,100)	340,400)	284,100)	256,500)	309,300)	246,900)	206,500)	168,800)	222,800)	168,600)	153,600)	118,900)
Research and development	(131,400)	(119,300)	(119,000)	(116,300)	(110,300)	(121,700)	(135,900)	(149,800)	(128,800)	(129,100)	(109,400)	(119,200)	(87,700)	(79,900)	(73,100)	(78,800)	(66,700)	(69,000)	(59,000)	(57,600)	(50,100)	(47,200)	(44,800)
Collaborative research and development fee	—)	—)	—)	—)	—)	—)	—)	(87,100)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(217,700)	—)	—)	—)
Amortization of intangible assets	(1,700)	(1,700)	(1,800)	(1,800)	(1,800)	(1,900)	(2,000)	(1,900)	(1,300)	(500)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Selling, general and administrative	(284,700)	(297,300)	(294,600)	(297,800)	(234,600)	(248,900)	(218,900)	(233,200)	(198,500)	(186,500)	(188,600)	(175,900)	(158,600)	(136,400)	(149,800)	(129,000)	(124,200)	(138,300)	(124,200)	(112,100)	(104,600)	(111,300)	(104,800)
Operating expenses	(417,800)	(418,300)	(415,400)	(415,900)	(346,700)	(372,500)	(356,800)	(472,000)	(328,600)	(316,100)	(298,000)	(295,100)	(246,300)	(216,300)	(222,900)	(207,800)	(190,900)	(207,300)	(183,200)	(387,400)	(154,700)	(158,500)	(149,600)
Operating income (loss)	205,500)	128,100)	47,200)	125,400)	147,500)	77,000)	41,300)	600)	118,300)	101,000)	45,900)	104,000)	94,100)	67,800)	33,600)	101,500)	56,000)	(800)	(14,400)	(164,600)	13,900)	(4,900)	(30,700)
Interest expense	—)	—)	—)	(4,700)	(4,600)	(4,700)	(4,600)	(25,200)	(25,100)	(25,200)	(24,800)	(24,600)	(24,400)	(20,300)	(15,400)	(15,300)	(15,100)	(15,000)	(14,900)	(8,200)	(4,900)	(4,800)	(4,800)
Loss on extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	(700)	(800)	—)	—)	—)	(500)	(5,400)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Income (loss) from equity investments	1,000)	—)	—)	—)	—)	—)	200)	11,600)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(4,200)	(4,900)	34,900)	42,700)	7,400)
Other income (expense), net	33,900)	31,200)	17,300)	12,500)	3,300)	3,000)	(800)	(1,000)	(1,700)	900)	100)	1,900)	5,900)	4,100)	4,200)	8,100)	4,900)	6,500)	6,900)	800)	900)	(3,400)	4,100)
Income (loss) before income taxes	240,400)	159,300)	64,500)	133,200)	146,200)	75,300)	36,100)	(14,700)	90,700)	76,700)	21,200)	81,300)	75,100)	46,200)	22,400)	94,300)	45,800)	(9,300)	(26,600)	(176,900)	44,800)	29,600)	(24,000)
Income tax (expense) benefit	(119,700)	(43,400)	(15,900)	(41,400)	(45,000)	(24,400)	61,200)	(4,700)	(19,800)	(13,800)	19,100)	273,900)	(2,900)	100)	(2,500)	(1,600)	—)	(1,200)	(300)	(2,800)	1,800)	600)	(200)
Net income (loss)	120,700)	115,900)	48,600)	91,800)	101,200)	50,900)	97,300)	(19,400)	70,900)	62,900)	40,300)	355,200)	72,200)	46,300)	19,900)	92,700)	45,800)	(10,500)	(26,900)	(179,700)	46,600)	30,200)	(24,200)

A consistent and aggressive expansion in top-line growth is observed over the analyzed period, with quarterly revenue increasing from 184.4 million US dollars in March 2018 to 975.0 million US dollars by September 2023. This growth trajectory is accompanied by a transition from periodic operating losses to sustained and growing operating profitability, indicating significant operating leverage as the business scaled.

Revenue and Gross Profitability: Revenue exhibits a strong upward trend, increasing more than fivefold over the period. Gross profit margins remained remarkably stable, generally fluctuating around 64%. For instance, gross profit was 118.9 million US dollars on 184.4 million US dollars of revenue in March 2018, and 623.3 million US dollars on 975.0 million US dollars of revenue in September 2023, demonstrating a consistent ability to maintain production efficiency despite rapid scaling.
Operating Expense Trends: Research and development (R&D) and selling, general and administrative (SG&A) expenses both grew in absolute terms, but at a slower rate than revenue. R&D spending rose from 44.8 million US dollars in March 2018 to 131.4 million US dollars in September 2023. SG&A expenses increased from 104.8 million US dollars to 284.7 million US dollars over the same period. The growth in operating income suggests that the company successfully optimized its cost structure relative to its revenue growth.
Operating Income and Volatility: Operating income showed significant volatility in the early stages, notably highlighted by a loss of 164.6 million US dollars in December 2018, which was primarily driven by a one-time collaborative research and development fee of 217.7 million US dollars. Following this period, operating income trended upward, reaching a peak of 205.5 million US dollars in September 2023, reflecting a shift toward a mature, profitable operating model.
Net Income and Non-Operating Items: Net income results were impacted by several non-recurring items. A substantial spike in net income occurred in December 2020, reaching 355.2 million US dollars, which was largely attributable to an income tax benefit of 273.9 million US dollars. Additionally, interest expenses remained relatively stable around 15 million US dollars per quarter until 2022, after which they decreased significantly to approximately 4.6 to 4.7 million US dollars, suggesting a reduction in debt obligations or a change in financing costs.

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DexCom Inc. (NASDAQ:DXCM)

Income StatementQuarterly Data

Income Statement
Quarterly Data