Dexcom (DXCM) FY2023 results: revenue $3.6 billion, up 24.5% on the year

Dexcom Inc. (DXCM) reported revenue of $3.6 billion for fiscal 2023, the year ended 31 December 2023, up 24.5% on the year before. Net income was $542 million, up 58.7%, and diluted earnings per share $1.30. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2024.

Revenue

$3.6 billion

+24.5% on the year

FY2016FY2023

Operating margin

16.5%

13.4% a year earlier

FY2016FY2023

Net income

$542 million

+58.7% on the year

FY2016FY2023

Diluted EPS

$1.30

+58.5% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,622	2,910	2,448	+24.5%
Cost of revenue	1,333	1,027	768	+29.9%
Gross profit	2,289	1,883	1,680	+21.5%
Gross margin	63.2%	64.7%	68.6%
Research and development	506	484	517	+4.5%
Selling, general and administrative	1,185	1,008	810	+17.6%
Operating income	598	391	266	+52.8%
Operating margin	16.5%	13.4%	10.9%
Interest expense	20.3	18.6	18.8	+9.1%
Pre-tax income	710	391	257	+81.8%
Income tax	169	49.6	39.9	+240.5%
Effective tax rate	23.8%	12.7%	15.5%
Net income	542	341	217	+58.7%
Net margin	14.9%	11.7%	8.9%
Diluted EPS	$1.30	$0.82	$0.53	+58.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	748	670	442	+11.8%
Capital expenditure	237	365	389	-35.1%
Free cash flow	512	305	53.3	+68.0%
Free cash flow margin	14.1%	10.5%	2.2%
Cash from investing	-507	-522	-216
Cash from financing	-319	-552	10.4
Depreciation and amortisation	186	156	102	+19.3%
Share-based compensation	151	126	113	+19.2%
Buybacks	689	558	0.0	+23.5%
Diluted shares, weighted	426m	428m	429m	-0.5%
Shares outstanding at period end	385m	386m	97m	-0.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,069	2,132	2,042	-3.0%
Debt	2,434	1,970	1,982	+23.5%
Operating lease liabilities	80.1	94.6	98.6	-15.3%
Finance lease liabilities	58.6	59.6	57.0	-1.7%
Other liabilities	1,623	1,135	754	+42.9%
Total liabilities and equity	6,264	5,392	4,933	+16.2%
Fixed assets	n/a	1,056	802
Goodwill	25.2	25.7	26.5	-1.9%
Intangible assets	134	173	31.5	-22.4%
Investments	2,198	1,829	1,681	+20.2%
Cash and equivalents	566	642	1,053	-11.8%
Receivables	974	713	514	+36.5%
Inventory	560	307	357	+82.5%
Other assets	1,806	646	469	+179.7%
Total assets	6,264	5,392	4,933	+16.2%

10-K for the year ended 31 December 2023, filed 8 February 2024: the filing.