DexCom Inc., a biotech company specializing in glucose monitoring, reported revenue of $160 million for the year ended Dec. 31, 2013, a 60 percent increase from 2012, while its losses were down considerably.
The company’s improved financial results come shortly after federal regulators deemed DexCom’s newest blood sugar monitor safe and accurate for children, opening an underserved — and lucrative — juvenile diabetes market.
DexCom’s (Nasdaq: DXCM) product revenue for 2013 was $157.1 million. Product revenue totaled $51.3 million for fourth quarter 2013, up roughly 62 percent from $31.7 million reported for the like period of 2012, the company said. Total fourth quarter 2013 revenue, which included development grant money and other revenue, was $51.7 million, up 55 percent from the like period in 2012.
With rising revenue, DexCom appears to be approaching profitability.
The company reported net losses of $2.6 million, or 4 cents per share, and $29.8 million, or 42 cents per share, for the three and 12 months ended Dec. 31, 2013. Those results are down from net losses of $8.5 million, or 12 cents per share, and $54.5 million, or 79 cents per share, for the like three and 12 months in 2012. The net loss for 2013 included $35 million in noncash expenses, consisting primarily of share-based compensation, depreciation and amortization, the company said.
Product gross profit totaled $34.1 million for fourth quarter 2013 and $99 million for 2013, compared with $17.2 million and $44.7 million for the like three and 12 months in 2012.
As of Dec. 31, 2013, Dexcom had $54.6 million in cash, cash equivalents and marketable securities.