Company News
Dexcom reports first quarter 2024 financial results
DexCom, Inc. reported its financial results as of and for the quarter ended March 31, 2024.
“Dexcom is off to a great start in 2024, delivering another quarter of strong financial results while advancing several key strategic initiatives,” said Kevin Sayer, Dexcom’s chairman, president and CEO. “This is shaping up to be another exciting year for Dexcom as we launch new product innovations and work to improve access to Dexcom CGM around the world.”
2024 annual guidance
Dexcom is updating fiscal year 2024 guidance for Revenue, and reiterating guidance for Non-GAAP Gross Profit Margin, Non-GAAP Operating Margin, and Adjusted EBITDA Margin at the following levels:
- Revenue of approximately $4.20 – 4.35 billion (17 – 21% organic growth2)
- Non-GAAP Gross Profit Margin of approximately 63 – 64%
- Non-GAAP Operating Margin of approximately 20%
- Adjusted EBITDA Margin of approximately 29%
First quarter 2024 financial results
Revenue: In the first quarter of 2024, worldwide revenue grew 24% to $921.0 million on a reported basis, up from $741.5 million in the first quarter of 2023. 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 $561.9 million or 61.0% of revenue for the first quarter of 2024, compared to $462.6 million or 62.4% of revenue in the first quarter of 2023.
Non-GAAP gross profit* totaled $569.1 million or 61.8% of reported revenue for the first quarter of 2024, compared to $469.8 million or 63.4% of reported revenue in the first quarter of 2023.
Operating income: GAAP operating income for the first quarter of 2024 was $101.1 million, compared to GAAP operating income of $47.2 million for the first quarter of 2023.
Non-GAAP operating income* for the first quarter of 2024 was $140.2 million, compared to non-GAAP operating income of $78.6 million for the first quarter of 2023.
Net income and diluted net income per share: GAAP net income was $146.4 million, or $0.36 per diluted share, for the first quarter of 2024, compared to GAAP net income of $48.6 million, or $0.12 per diluted share, for the first quarter of 2023.
Non-GAAP net income* was $128.2 million, or $0.32 per diluted share, for the first quarter of 2024, compared to non-GAAP net income of $68.5 million, or $0.17 per diluted share, for the first quarter of 2023. The first quarter 2024 non-GAAP net income excludes $10.4 million of amortization of intangible assets, $3.5 million of business transition and related costs, $25.2 million of intellectual property litigation costs, and $57.3 million of tax adjustments.
Cash and Liquidity: As of March 31, 2024, Dexcom held $2.90 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.
MB Bureau
