Dexcom Inc. Q1 FY2024 results: revenue $921 million, up 24.2% on the year

Dexcom Inc. (DXCM) reported revenue of $921 million for Q1 FY2024, the quarter ended 31 March 2024, up 24.2% on the same quarter a year earlier. Net income was $146 million, up 201.2% on the year, and diluted earnings per share $0.36. The figures are the company's own, from the 10-Q it filed with the SEC on 25 April 2024.

Revenue$921 millionup 24.2%

Net income$146 millionup 201.2%

Diluted EPS$0.36

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	921	1,034	n/a	n/a
Cost of revenue	359	378	n/a	n/a
Gross profit	562	657	n/a	n/a
Gross margin	61.0%	63.5%	n/a
Research and development	142	136	n/a	n/a
Selling, general and administrative	319	309	n/a	n/a
Operating income	101	217	n/a	n/a
Operating margin	11.0%	21.0%	n/a
Interest expense	4.6	4.9	n/a	n/a
Pre-tax income	132	246	n/a	n/a
Income tax	-13.9	-10.1	n/a	n/a
Effective tax rate	-10.5%	-4.1%	n/a
Net income	146	256	n/a	n/a
Net margin	15.9%	24.8%	n/a
Diluted EPS	$0.36	$0.61	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	209	134	n/a	n/a
Capital expenditure	56.9	52.5	n/a	n/a
Free cash flow	152	81.1	n/a	n/a
Free cash flow margin	16.5%	7.8%	n/a
Depreciation and amortisation	52.5	52.5	n/a	n/a
Share-based compensation	39.0	36.9	n/a	n/a
Diluted shares, weighted	417m	426m	n/a	n/a
Shares outstanding at period end	396m	385m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	6,482	6,264	n/a	n/a
Cash and equivalents	851	566	n/a	n/a
Receivables	979	974	n/a	n/a
Inventory	589	560	n/a	n/a
Goodwill	23.2	25.2	n/a	n/a
Operating lease liabilities	75.8	80.1	n/a	n/a
Finance lease liabilities	57.6	58.6	n/a	n/a
Shareholders' equity	2,247	2,069	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	975	1,034	921	1,004	994	1,114	1,036	1,157	1,209	1,260	1,192	1,308
Cost of revenue	352	378	359	378	400	458	447	468	478	467	442	478
Gross profit	623	657	562	627	594	656	589	689	731	793	750	830
Gross margin	64%	63%	61%	62%	60%	59%	57%	60%	60%	63%	63%	63%
R&D	131	136	142	136	135	140	145	148	158	148	145	153
SG&A	285	309	319	333	306	327	310	328	331	322	350	359
Operating income	206	217	101	158	152	189	134	213	242	323	255	318
Operating margin	21%	21%	11%	16%	15%	17%	13%	18%	20%	26%	21%	24%
Interest expense	4.9	4.9	4.6	4.8	4.7	4.9	4.7	4.7	4.7	4.2	3.1	3.0
Pre-tax income	240	246	132	188	177	211	154	241	352	341	270	318
Tax rate	50%	-4%	-10%	24%	24%	28%	32%	25%	19%	22%	26%	22%
Net income	121	256	146	144	135	152	105	180	284	267	200	249
Net margin	12%	25%	16%	14%	14%	14%	10%	16%	23%	21%	17%	19%
Diluted EPS	$0.29	$0.61	$0.36	$0.35	$0.34	$0.37	$0.27	$0.45	$0.70	$0.67	$0.51	$0.64
Operating cash flow	269	134	209	279	200	301	184	303	660	294	526	269
Capital expenditure	50.4	52.5	56.9	66.1	111	125	87.0	94.1	80.5	102	76.6	84.7
Free cash flow	219	81.1	152	213	88.3	177	96.8	209	579	192	449	184
Buybacks	0.0	n/a	n/a	n/a	750	n/a	n/a	n/a	187	n/a	n/a	n/a
Shares outstanding	386m	385m	396m	401m	391m	391m	392m	392m	390m	385m	386m	377m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 25 April 2024, accession 0001093557-24-000079: the filing on EDGAR. All of Dexcom Inc.'s filings: EDGAR company page.

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