DexCom Inc. Reports Fourth Quarter and Full Year 2010 Financial Results

DexCom, Inc. DXCM today reported its audited financial results as of and for the quarter and fiscal year ended December 31, 2010. For the full-year ended December 31, 2010, product revenue grew to $40.2 million, an increase of 123% from the $18.0 million in product revenue reported for 2009, and total revenue grew to $48.6 million, an increase of 64% from 2009. Product revenue totaled $13.6 million for the fourth quarter of 2010, an increase of 105% from the $6.6 million in product revenue reported for the comparable period in 2009. Total fourth quarter 2010 revenue, which included development grant and other revenue, was $15.6 million, an increase of 49% from the comparable period in 2009. Product gross margin totaled $5.9 million and $14.1 million for the three and twelve months ended December 31, 2010, compared to gross margin of $1.2 million and gross deficit of $(0.2) million for the three and twelve months ended December 31, 2009. The Company reported a net loss of $9.8 million, or $0.16 per share, and $55.2 million, or $0.97 per share, for the three and twelve months ended December 31, 2010, compared to $11.5 million, or $0.25 per share, and $53.5 million, or $1.21 per share, for the three and twelve months ended December 31, 2009. The net loss for 2010 included $22.3 million in non-cash expenses, comprised primarily of share-based compensation, loss on debt extinguishment upon conversion of convertible notes, depreciation, and amortization.