DexCom, Inc. (Nasdaq: DXCM) today reported its financial results
as of and for the quarter and fiscal year ended December 31,
2022.
Fourth Quarter 2022 Financial Highlights:
- Revenue grew 17% versus the same quarter of the prior year to
$815.2 million on a reported basis and 20% on an organic1
basis.
- U.S. revenue growth of 17% and international revenue growth of
15% on a reported basis. International revenue growth was 27% on an
organic1 basis.
- GAAP operating income of $125.4 million or 15.4% of revenue, an
increase of 1,530 basis points compared to the fourth quarter of
2021. Non-GAAP operating income* of $172.1 million or 21.1% of
revenue, an increase of 1,940 basis points compared with the same
quarter of the prior year.
Full Year 2022 Financial Highlights:
- Full year revenue grew 19% versus the prior year to $2.91
billion on a reported basis and 20% on an organic1 basis.
- U.S. revenue growth of 16% and international revenue growth of
28% on a reported basis. International revenue growth was 31% on an
organic1 basis.
- GAAP operating income of $391.2 million or 13.4% of revenue, an
increase of 250 basis points compared to 2021. Non-GAAP operating
income* of $485.1 million or 16.7% of revenue, an increase of 510
basis points over the prior year.
Fourth Quarter 2022 Strategic Highlights:
- Received FDA clearance for the Dexcom G7 CGM system for people
with diabetes ages two years and older. Dexcom G7 represents the
most accurate2 and simple CGM system from the most covered3 CGM
brand.
- In support of National Diabetes Awareness Month, partnered with
Dexcom Warriors Patti LaBelle, Mark Andrews and Bambi
Northwood-Blyth in an awareness campaign designed to advocate for
greater access to diabetes care
- Advanced international portfolio strategy with the introduction
of Dexcom ONE in Belgium, Croatia, Greece, Italy and Romania
“2022 proved to be another great year for Dexcom as we delivered
record new customer starts, drove multiple new product launches and
significantly expanded access to Dexcom CGM around the world,” said
Kevin Sayer, Dexcom’s chairman, president and CEO. “As we move into
2023, we are very excited to officially bring G7 to the U.S. market
and further advance our strategic initiatives to reach the millions
of additional people that could benefit from Dexcom CGM.”
____________________
1
Excludes non-CGM revenue acquired
in the trailing twelve months, as well as the impact of foreign
exchange.
2
Dexcom, data on file, 2022.
3
Managed Markets Insights &
Technology, LLC. MMIT Analytics, June 2022.
2023 Annual Guidance
The company is reiterating guidance for fiscal year 2023
revenue, Non-GAAP Gross Profit Margin, and Non-GAAP Operating
Margin, and establishing guidance for Adjusted EBITDA Margin at the
following levels:
- Revenue of approximately $3.35 - 3.49 billion (15-20%
growth)
- Non-GAAP Gross Profit Margin of 62-63%
- Non-GAAP Operating Margin of approximately 16.5%
- Adjusted EBITDA Margin of approximately 26%
Fourth Quarter 2022 Financial Results
Revenue: In the fourth quarter of 2022, worldwide revenue
grew 17% to $815.2 million, up from $698.2 million in the fourth
quarter of 2021. Volume growth in conjunction with strong new
customer additions continues to be the primary driver of revenue
growth as awareness of real-time CGM increases.
Gross Profit: GAAP gross profit totaled $541.3 million or
66.4% of revenue for the fourth quarter of 2022, compared to $472.6
million or 67.7% of revenue in the fourth quarter of 2021.
Non-GAAP gross profit* totaled $543.7 million or 66.7% of
revenue for the fourth quarter of 2022, compared to $472.6 million
or 67.7% of revenue in the fourth quarter of 2021.
Operating Income: GAAP operating income for the fourth
quarter of 2022 was $125.4 million, compared to GAAP operating
income of $0.6 million for the fourth quarter of 2021.
Non-GAAP operating income* for the fourth quarter of 2022 was
$172.1 million, compared to non-GAAP operating income of $11.9
million for the fourth quarter of 2021.
Net Income (Loss) and Net Income (Loss) per Share: GAAP
net income was $91.8 million, or $0.22 per diluted share, for the
fourth quarter of 2022, compared to GAAP net loss of $5.3 million,
or $0.01 per diluted share, for the same quarter of 2021.
Non-GAAP net income* was $136.3 million, or $0.34 per diluted
share, for the fourth quarter of 2022, compared to non-GAAP net
loss of $2.4 million, or $0.01 per diluted share, for the same
quarter of 2021. The fourth quarter 2022 non-GAAP amount excludes
$24.1 million of business transition and related costs, $18.4
million of intellectual property litigation costs, $4.2 million of
amortization of intangible assets, and $2.2 million of tax
adjustments primarily related to excess tax benefits from stock
compensation vesting.
Cash and Liquidity: As of December 31, 2022, Dexcom held
$2.46 billion in cash, cash equivalents and marketable securities
and our revolving credit facility remains undrawn. The cash balance
represents significant financial and strategic flexibility as
Dexcom continues to expand production capacity and explore new
market opportunities.
* See Table E below for a reconciliation of these GAAP and
non-GAAP financial measures.
Conference Call
Management will hold a conference call today starting at 4:30
p.m. (Eastern Time). The conference call will be concurrently
webcast. The link to the webcast will be available on the Dexcom
Investor Relations website at investors.dexcom.com by navigating to
“Events and Presentations,” and will be archived for future
reference. To listen to the conference call, please dial (888)
414-4585 (US/Canada) or (646) 960-0331 (International) and use the
conference id “9430114” approximately five minutes prior to the
start time.
Statement Regarding Use of Non-GAAP Financial
Measures
This press release and the accompanying tables include non-GAAP
financial measures. For a description of these non-GAAP financial
measures, including the reasons management uses each measure, and
reconciliations of these non-GAAP financial measures to the most
directly comparable financial measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP), please see the
section of the accompanying tables titled “About Non-GAAP Financial
Measures” as well as the related Table E. We have not reconciled
our total revenue, Non-GAAP Gross Profit Margin, Non-GAAP Operating
Margin and Adjusted EBITDA Margin estimates for fiscal year 2023
because certain items that impact these figures are uncertain or
out of our control and cannot be reasonably predicted. Accordingly,
a reconciliation of total revenue, Non-GAAP Gross Profit Margin,
Non-GAAP Operating Margin and Adjusted EBITDA Margin is not
available without unreasonable effort.
About DexCom, Inc.
DexCom, Inc. empowers people to take control of diabetes through
innovative continuous glucose monitoring (CGM) systems.
Headquartered in San Diego, California, Dexcom has emerged as a
leader of diabetes care technology. By listening to the needs of
users, caregivers, and providers, Dexcom simplifies and improves
diabetes management around the world. For more information about
Dexcom CGM, visit www.dexcom.com.
Cautionary Statement Regarding Forward Looking
Statements
This press release contains forward-looking statements that are
not purely historical regarding Dexcom’s or its management’s
intentions, beliefs, expectations and strategies for the future,
including those related to Dexcom’s estimated total revenue,
Non-GAAP Gross Profit Margin, Non-GAAP Operating Margin, and
Adjusted EBITDA Margin for fiscal 2023, as well as expected growth
rates as compared to the year ended December 31, 2022. All
forward-looking statements included in this press release are made
as of the date of this release, based on information currently
available to Dexcom, deal with future events, are subject to
various risks and uncertainties, and actual results could differ
materially from those anticipated in those forward-looking
statements. The risks and uncertainties that may cause actual
results to differ materially from Dexcom’s current expectations are
more fully described in Dexcom’s Annual Report on Form 10-K for the
period ended December 31, 2022, as filed with the Securities and
Exchange Commission (SEC) on February 9, 2023, and our most recent
Quarterly Report on Form 10-Q for the quarter ended September 30,
2022, as filed with the SEC on October 27, 2022. Except as required
by law, Dexcom assumes no obligation to update any such
forward-looking statement after the date of this report or to
conform these forward-looking statements to actual results.
DexCom, Inc.
Table A
Consolidated Balance
Sheets
(In millions, except par value
data)
December 31, 2022
December 31, 2021
Assets
(As Adjusted)*
Current assets:
Cash and cash equivalents
$
642.3
$
1,052.6
Short-term marketable securities
1,813.9
1,678.6
Accounts receivable, net
713.3
514.3
Inventory
306.7
357.3
Prepaid and other current assets
192.6
81.6
Total current assets
3,668.8
3,684.4
Property and equipment, net
1,055.6
801.8
Operating lease right-of-use assets
80.0
88.1
Goodwill
25.7
26.5
Intangibles, net
173.3
31.5
Deferred tax assets
341.2
290.5
Other assets
47.1
10.5
Total assets
$
5,391.7
$
4,933.3
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable and accrued
liabilities
$
901.8
$
573.0
Accrued payroll and related expenses
134.3
125.2
Current portion of long-term senior
convertible notes
772.6
—
Short-term operating lease liabilities
20.5
20.5
Deferred revenue
10.1
2.1
Total current liabilities
1,839.3
720.8
Long-term senior convertible notes
1,197.7
1,981.8
Long-term operating lease liabilities
94.6
98.6
Other long-term liabilities
128.3
90.0
Total liabilities
3,259.9
2,891.2
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, 5.0
million shares authorized; no shares issued and outstanding at
December 31, 2022 and December 31, 2021
—
—
Common stock, $0.001 par value, 800.0
million shares authorized; 393.2 million and 386.3 million shares
issued and outstanding, respectively, at December 31, 2022; and
391.4 million and 388.0 million shares issued and outstanding,
respectively, at December 31, 2021
0.4
0.4
Additional paid-in capital
2,258.1
2,108.7
Accumulated other comprehensive income
(loss)
(11.6
)
0.5
Retained earnings
479.9
138.7
Treasury stock, at cost; 6.9 million
shares at December 31, 2022 and 3.4 million shares at December 31,
2021
(595.0
)
(206.2
)
Total stockholders’ equity
2,131.8
2,042.1
Total liabilities and stockholders’
equity
$
5,391.7
$
4,933.3
* We adjusted our 2021 amounts to reflect
the simplified convertible instruments accounting guidance (ASU
2020-06), which we adopted on a full retrospective basis. All
periods presented have also been adjusted to reflect the
four-for-one stock split.
DexCom, Inc.
Table B
Consolidated Statements of
Operations
(In millions, except per share
data)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022
2021
2022
2021
(As Adjusted)*
(As Adjusted)*
Revenue
$
815.2
$
698.2
$
2,909.8
$
2,448.5
Cost of sales
273.9
225.6
1,026.7
768.0
Gross profit
541.3
472.6
1,883.1
1,680.5
Operating expenses:
Research and development
116.3
149.8
484.2
517.1
Collaborative research and development
fee
—
87.1
—
87.1
Amortization of intangible assets
1.8
1.4
7.5
3.7
Selling, general and administrative
297.8
233.7
1,000.2
806.8
Total operating expenses
415.9
472.0
1,491.9
1,414.7
Operating income
125.4
0.6
391.2
265.8
Interest expense
(4.7
)
(4.7
)
(18.6
)
(18.8
)
Loss on extinguishment of debt
—
(0.1
)
—
(0.1
)
Income from equity investments
—
11.6
0.2
11.6
Interest and other income (expense),
net
12.5
(1.0
)
18.0
(1.7
)
Income before income taxes
133.2
6.4
390.8
256.8
Income tax expense
41.4
11.7
49.6
39.9
Net income (loss)
$
91.8
$
(5.3
)
$
341.2
$
216.9
Basic net income (loss) per share
$
0.24
$
(0.01
)
$
0.88
$
0.56
Shares used to compute basic net income
(loss) per share
386.3
387.8
389.4
386.9
Diluted net income (loss) per share
$
0.22
$
(0.01
)
$
0.82
$
0.53
Shares used to compute diluted net income
(loss) per share
425.9
387.8
427.5
428.8
* We adjusted our 2021 amounts to reflect
the simplified convertible instruments accounting guidance (ASU
2020-06), which we adopted on a full retrospective basis. All
periods presented have also been adjusted to reflect the
four-for-one stock split.
DexCom, Inc.
Table C
Revenue by Geography
(Dollars in millions)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022
2021
2022
2021
U.S. revenue
$
606.4
$
517.1
$
2,142.0
$
1,849.4
Year over year growth
17
%
15
%
16
%
23
%
% of total revenue
74
%
74
%
74
%
76
%
International revenue
$
208.8
$
181.1
$
767.8
$
599.1
Year over year growth
15
%
54
%
28
%
44
%
% of total revenue
26
%
26
%
26
%
24
%
Total revenue (1)
$
815.2
$
698.2
$
2,909.8
$
2,448.5
Year over year growth
17
%
23
%
19
%
27
%
(1) The sum of the revenue components may
not equal total revenue due to rounding.
DexCom, Inc.
Table D
Revenue by Component
(Dollars in millions)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022
2021
2022
2021
Sensor and other revenue (1) (2)
$
714.8
$
598.6
$
2,522.3
$
2,065.3
Year over year growth
19
%
29
%
22
%
32
%
% of total revenue
88
%
86
%
87
%
84
%
Hardware revenue (1) (3)
$
100.4
$
99.6
$
387.5
$
383.2
Year over year growth
1
%
(4
)%
1
%
5
%
% of total revenue
12
%
14
%
13
%
16
%
Total revenue (4)
$
815.2
$
698.2
$
2,909.8
$
2,448.5
Year over year growth
17
%
23
%
19
%
27
%
(1) Includes allocated subscription
revenue.
(2) Includes services, freight,
accessories, Non-CGM acquired revenue, etc.
(3) Includes transmitter and receiver
revenue.
(4) The sum of the revenue components may
not equal total revenue due to rounding.
DexCom, Inc.
Table E
Itemized Reconciliation
Between GAAP and Non-GAAP Financial Measures
(In millions, except per share
data)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022
2021
2022
2021
(As Adjusted)*
(As Adjusted)*
GAAP gross profit
$
541.3
$
472.6
$
1,883.1
$
1,680.5
Amortization of intangible assets (1)
2.4
—
2.4
—
Non-GAAP gross profit
$
543.7
$
472.6
$
1,885.5
$
1,680.5
GAAP operating income
$
125.4
$
0.6
$
391.2
$
265.8
Amortization of intangible assets (1)
4.2
1.4
9.9
3.7
Business transition and related costs
(2)
24.1
—
39.5
—
Intellectual property litigation costs
(3)
18.4
9.9
44.5
14.1
Non-GAAP operating income
$
172.1
$
11.9
$
485.1
$
283.6
GAAP net income (loss)
$
91.8
$
(5.3
)
$
341.2
$
216.9
Business transition and related costs
(2)
23.9
—
39.3
—
Depreciation and amortization
36.3
32.1
155.9
102.0
Intellectual property litigation costs
(3)
18.4
9.9
44.5
14.1
Income from equity investments (4)
—
(11.6
)
(0.2
)
(11.6
)
Share-based compensation
34.0
26.3
126.5
113.4
Interest expense and interest income
(8.7
)
4.2
(5.2
)
17.1
Income tax expense
41.4
11.7
49.6
39.9
Adjusted EBITDA
$
237.1
$
67.3
$
751.6
$
491.8
GAAP net income (loss)
$
91.8
$
(5.3
)
$
341.2
$
216.9
Amortization of intangible assets (1)
4.2
1.4
9.9
3.7
Business transition and related costs
(2)
24.1
—
39.5
—
Intellectual property litigation costs
(3)
18.4
9.9
44.5
14.1
Income from equity investments (4)
—
(11.6
)
(0.2
)
(11.6
)
Adjustments related to taxes (5)
(2.2
)
3.2
(84.9
)
(28.6
)
Non-GAAP net income (loss)
$
136.3
$
(2.4
)
$
350.0
$
194.5
GAAP net income (loss)
$
91.8
$
(5.3
)
$
341.2
$
216.9
Interest expense on senior convertible
notes, net of tax
2.8
—
11.0
11.4
GAAP net income (loss) used for diluted
EPS, if-converted (6)
$
94.6
$
(5.3
)
$
352.2
$
228.3
Non-GAAP net income (loss)
$
136.3
$
(2.4
)
$
350.0
$
194.5
Interest expense on senior convertible
notes, net of tax
1.2
—
4.8
—
Non-GAAP net income (loss) used for
diluted EPS, if-converted (6)
$
137.5
$
(2.4
)
$
354.8
$
194.5
DexCom, Inc.
Table E (Continued)
Itemized Reconciliation
Between GAAP and Non-GAAP Financial Measures
(In millions, except per share
data)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022
2021
2022
2021
(As Adjusted)*
(As Adjusted)*
GAAP diluted net income (basic net
loss) per share (6)
$
0.22
$
(0.01
)
$
0.82
$
0.53
Amortization of intangible assets (1)
0.01
—
0.02
0.01
Business transition and related costs
(2)
0.06
—
0.10
—
Intellectual property litigation costs
(3)
0.05
0.03
0.11
0.04
Income from equity investments (4)
—
(0.03
)
—
(0.03
)
Adjustments related to taxes (5)
(0.01
)
0.01
(0.21
)
(0.07
)
Impact of adjustment to GAAP diluted
shares (7)
—
—
0.01
0.01
Non-GAAP diluted net income (basic net
loss) per share (6) (8)
$
0.34
$
(0.01
)
$
0.87
$
0.49
GAAP diluted weighted-average shares
outstanding
425.9
387.8
427.5
428.8
Non-GAAP diluted weighted-average shares
outstanding
407.0
387.8
408.6
400.4
Reconciliation of non-GAAP diluted
weighted-average shares outstanding:
GAAP diluted weighted-average shares
outstanding
425.9
387.8
427.5
428.8
Adjustment for dilutive impact of senior
convertible notes due 2023 (9)
(18.9
)
—
(18.9
)
(20.4
)
Adjustment for dilutive impact of senior
convertible notes due 2025 (10)
—
—
—
(8.0
)
Non-GAAP diluted weighted-average shares
outstanding
407.0
387.8
408.6
400.4
*
We adjusted our 2021 amounts to
reflect the simplified convertible instruments accounting guidance
(ASU 2020-06), which we adopted on a full retrospective basis. The
adoption eliminates the non-cash interest expense related to the
conversion features of the convertible notes beginning in the first
quarter of 2020. Further, beginning in the second quarter of 2022,
we began including non-cash collaborative research and development
fees incurred in our non-GAAP metrics. We have updated prior
periods to conform to this new presentation. All periods presented
have also been adjusted to reflect the four-for-one stock
split.
(1)
Represents amortization of
acquired intangible assets.
(2)
For the three months ended
December 31, 2022, business transition and related costs are
primarily related to vacating a building in San Diego, resulting in
a non-cash impairment charge of $23 million. For the twelve months
ended December 31, 2022, business transition and related costs are
primarily related to consulting fees and expenses as the result of
transitioning to a flexible working environment, including an
impairment charge and accelerated depreciation of tenant
improvements.
(3)
Represents costs related to a
patent infringement lawsuit.
(4)
Represents a gain from the sale
of an equity investment.
(5)
For the three months ended
December 31, 2022, the tax adjustments were primarily related to
the tax effect of non-GAAP adjustments. For the twelve months ended
December 31, 2022, the tax adjustments were primarily related to
excess tax benefits recognized from share-based compensation for
employees and the Verily regulatory milestone payment. For the
three and twelve months ended December 31, 2021, tax adjustments
were primarily related to the excess tax benefits from share-based
compensation for employees.
(6)
When our senior convertible notes
are dilutive on a GAAP or non-GAAP basis, net income used for
calculating GAAP and non-GAAP diluted net income per share includes
an interest expense add back, net of tax, under the if-converted
method. In loss periods, basic and diluted net loss per share are
the same since the effect of potential common shares is
anti-dilutive and therefore excluded.
(7)
The adjustment for the twelve
months ended December 31, 2022 and December 31, 2021 is for the
transition from GAAP diluted net income per share to non-GAAP
diluted net income per share due to our 2023 and 2025 senior
convertible notes.
(8)
The sum of the non-GAAP per share
components may not equal the totals due to rounding.
(9)
Our 2023 senior convertible notes
are dilutive on a GAAP basis for the three months ended December
31, 2022 and for the twelve months ended December 31, 2022 and
2021. Our 2023 senior convertible notes are anti-dilutive on a GAAP
basis for the three months ended December 31, 2021. Our 2023 senior
convertible notes are anti-dilutive on a non-GAAP basis for the
three and twelve months ended December 31, 2022 and 2021. Our 2023
senior convertible notes are also hedged through an anti-dilutive
bond hedge arrangement.
(10)
Our 2025 senior convertible notes
are dilutive on a GAAP basis and non-GAAP basis for the three and
twelve months ended December 31, 2022. Our 2025 senior convertible
notes are anti-dilutive on a GAAP basis and non-GAAP basis for the
three months ended December 31, 2021. Our 2025 senior convertible
notes are anti-dilutive on a GAAP basis and dilutive on a non-GAAP
basis for the twelve months ended December 31, 2021.
ABOUT NON-GAAP FINANCIAL MEASURES
The accompanying press release dated February 9, 2023 contains
non-GAAP financial measures. These non-GAAP financial measures
include non-GAAP gross profit, non-GAAP operating income (loss),
non-GAAP net income (loss), and non-GAAP net income (loss) per
share as well as adjusted EBITDA.
We use these non-GAAP financial measures for financial and
operational decision making and as a means to evaluate
period-to-period comparisons. We believe that they provide useful
information about operating results, enhance the overall
understanding of our operating performance and future prospects,
and allow for greater transparency with respect to key metrics used
by senior management in our financial and operational decision
making. Our non-GAAP financial measures exclude amounts that we do
not consider part of ongoing operating results when planning and
forecasting and when assessing the performance of the organization
and our senior management. We compute non-GAAP financial measures
using the same consistent method from quarter to quarter and year
to year. We may consider whether other significant items that arise
in the future should be excluded from our non-GAAP financial
measures.
We report non-GAAP financial measures in addition to, and not as
a substitute for, or superior to, measures of financial performance
prepared in accordance with Generally Accepted Accounting
Principles (GAAP). These non-GAAP financial measures are not based
on any comprehensive set of accounting rules or principles, differ
from GAAP measures with the same names, and may differ from
non-GAAP financial measures with the same or similar names that are
used by other companies. We believe that non-GAAP financial
measures should only be used to evaluate our results of operations
in conjunction with the corresponding GAAP financial measures. We
encourage investors to carefully consider our results under GAAP,
as well as our supplemental non-GAAP information and the
reconciliations between these presentations, to more fully
understand our business.
Management believes that presentation of operating results that
excludes these items provides useful supplemental information to
investors and facilitates the analysis of our core operating
results and comparison of operating results across reporting
periods. Management also believes that this supplemental non-GAAP
information is therefore useful to investors in analyzing and
assessing our past and future operating performance.
Table E reconciles the non-GAAP financial measures in the press
release to the most directly comparable financial measures prepared
in accordance with Generally Accepted Accounting Principles
(GAAP).
We exclude the following items from non-GAAP financial measures
for non-GAAP gross profit, non-GAAP operating income (loss),
non-GAAP net income (loss), and non-GAAP net income (loss) per
share:
- Amortization of acquired intangible assets
- Business transition and related costs associated with
acquisition, integration and business transition activities,
including severance, relocation, consulting, leasehold exit costs,
third party merger and acquisition costs, and other costs directly
associated with such activities
- COVID-19 costs associated with the COVID-19 outbreak related to
taking the necessary precautions for essential personnel to operate
safely both in person as well as remotely. Costs incurred include
items like incremental payroll costs, consulting support, IT
infrastructure and facilities related costs
- Income or loss from equity investments
- Intellectual property litigation costs
- Litigation settlement costs
- Loss on extinguishment of debt associated with our senior
convertible notes
- Adjustments related to taxes for the excluded items above, as
well as excess benefits or tax deficiencies from stock-based
compensation, and the quarterly impact of other discrete items
Adjusted EBITDA excludes non-cash operating charges for
share-based compensation, depreciation and amortization as well as
non-operating items such as interest income, interest expense, loss
on extinguishment of debt, income and loss from equity investments,
and income tax expense or benefit. For the reasons explained above,
adjusted EBITDA also excludes business transition and related
costs, COVID-19 costs, litigation settlement costs, and
intellectual property litigation costs.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230209005231/en/
INVESTOR RELATIONS CONTACT: Sean Christensen Vice President -
Finance and Investor Relations investor-relations@dexcom.com (858)
203-6657 MEDIA CONTACT: James McIntosh (619) 884-2118
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