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DexCom Reports 2008 Results

DexCom, Inc. (DexCom), a US based medical devices company, has reported total revenues of $9.8 million for the full year of 2008, compared with the total revenues of $4.6 million in the previous year-end. It posted a net loss of $55.1 million, or $1.87 per share, for the full year of 2008, compared with the net loss of $45.8 million, or $1.62 per share, in the previous year-end.

For the full-year ended December 31, 2008, product revenue grew to $8.1 million, up 75% from the $4.6 million in product revenue reported for 2007. Product revenue totaled about $2.45 million for the fourth quarter of 2008, an increase of 61% from the $1.5 million in product revenue reported for the comparable period in 2007. Total fourth quarter 2008 revenue up 167%, from the comparable period in 2007. The company reported a net loss of $13.5 million, or $0.45 per share for the three and twelve months ended December 31, 2008, up from $12.2 million, or $0.43 per share, for the three ended December 31, 2007. The net loss for 2008 included $11.6 million in non-cash expenses, comprised primarily of share-based compensation, depreciation, and amortization.

Cost of sales for year ended December 31, 2008 totaled $15.4 million against $12.7 million for 2007. The increase was due to additional product sales and development expenses relating to development and collaboration agreements entered into during 2008. Research and development expense totaled $19.6 million compared to $16.1 million in 2007. Changes in research and development expense included higher consulting, facility, and supply costs. Selling, general and administrative expense totaled $27.7 million in 2008 compared to $22.4 million in 2007, with the change primarily due to additional selling, legal and marketing costs, including increased share-based compensation. As of December 31, 2008, the company had $27.1 million in cash and marketable securities, and $4.3 million in restricted cash. On February 4, 2009, the company completed a follow-on public offering, selling an aggregate of about 16.0 million shares of its common stock for net proceeds of about $45.6 million, after deducting underwriting discounts, commissions and estimated offering expenses.