8-K
DEXCOM INC false 0001093557 0001093557 2021-01-11 2021-01-11

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): January 11, 2021

 

 

DEXCOM, INC.

(Exact Name of the Registrant as Specified in Its Charter)

 

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

000-51222   33-0857544

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

6340 Sequence Drive San Diego, CA   92121
(Address of Principal Executive Offices)   (Zip Code)

(858) 200-0200

(Registrant’s Telephone Number, Including Area Code)

(Former Name, Former Address, and Former Fiscal Year, if changed from last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading

Symbol(s)

 

Name of Each Exchange

on Which Registered

Common Stock, $0.001 Par Value Per Share   DXCM   Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


ITEM 2.02.

RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

In connection with remarks to be made at the J.P. Morgan Virtual 39th Annual Healthcare Conference on Monday, January 11, 2021, beginning at 8:40 a.m. (Pacific Time), DexCom, Inc. (“DexCom”) Chairman, President and Chief Executive Officer Kevin Sayer will report that preliminary, unaudited revenue for the fourth quarter ended December 31, 2020 is expected to meet or exceed $567 million, an increase of 23% over the fourth quarter of 2019. For fiscal 2020, total preliminary, unaudited revenue is expected to meet or exceed $1.925 billion, an increase of more than 30% over 2019.

Finally, Mr. Sayer will provide DexCom’s initial financial outlook for fiscal year 2021, including an anticipated range for total revenue of $2.21 billion to $2.31 billion.

The fourth quarter and fiscal year 2020 preliminary unaudited financial results contained in Mr. Sayer’s presentation and in this report are subject to finalization in connection with the preparation of DexCom’s Annual Report on Form 10-K for the twelve months ended December 31, 2020. This report contains, and Mr. Sayer’s presentation on January 11, 2021 will contain, forward-looking statements concerning DexCom’s or its management’s intentions, beliefs, expectations and strategies for the future, including those related to DexCom’s preliminary, unaudited revenue for the fourth quarter and the full fiscal year 2020, estimated revenue for fiscal 2021, and expected 2021 growth in sensor volumes. Because such statements deal with future events, they are subject to various risks and uncertainties. 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, 2019, as filed with the Securities and Exchange Commission on February 13, 2020, its most recent Quarterly Report on Form 10-Q for the period ended September 30, 2020, as filed with the Securities and Exchange Commission on October 27, 2020, and its other reports, each as filed with the Securities and Exchange Commission. All forward-looking statements and reasons why results might differ included in this Current Report are made as of the date of this Current Report, based on information currently available to DexCom. Should one or more of these risks or uncertainties materialize, or should any of DexCom’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. DexCom undertakes no obligation to publicly update or revise any forward-looking statements or reasons why results might differ.

In connection with Mr. Sayer’s presentation, on January 11, 2021, DexCom issued a press release announcing preliminary, unaudited revenue for the fourth quarter of 2020 and fiscal year 2020, initial financial outlook for fiscal year 2021, and certain other information, which is attached here as Exhibit 99.01.

The information in this Item 2.02, including Exhibit 99.01 hereto, is furnished pursuant to Item 2.02 of Form 8-K, and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. The information contained herein and in the accompanying exhibit is not incorporated by reference in any filing of DexCom under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.

 

ITEM 9.01.

FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

 

Number   

Description

99.01    Press release dated January 11, 2021 announcing the financial results for the quarter ended December 31, 2020 and certain other information.
104    Cover Page Interactive Data File (formatted as Inline XBRL)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

DEXCOM, INC.
By:  

/s/ PATRICK MURPHY

  Patrick Murphy
  Executive Vice President and Chief Legal Officer

Date: January 11, 2021

EX-99.01

Exhibit 99.01

Dexcom Reports Preliminary, Unaudited Revenue for the Fourth Quarter and Fiscal Year 2020 and Provides Initial 2021 Outlook

SAN DIEGO, CA - (BUSINESS WIRE-January 11, 2021) - DexCom, Inc. (Nasdaq: DXCM), the leader in continuous glucose monitoring (“CGM”), today reported that it expects preliminary, unaudited revenue for the fourth quarter ended December 31, 2020 to meet or exceed $567 million, an increase of 23% over the fourth quarter of 2019. U.S. revenue is expected to be approximately $451 million, representing growth of 20% over the fourth quarter of 2019. International revenue is expected to be approximately $116 million, an increase of 33% over the fourth quarter of 2019.

For fiscal 2020, total preliminary, unaudited revenue is expected to meet or exceed $1.925 billion, an increase of more than 30% over 2019.

“Dexcom demonstrated its resilience in the face of the unique challenges of 2020, delivering revenue growth of nearly $450 million over 2019 and making several significant steps to extend our growth opportunity well into the future. I am incredibly proud of the work of our teams and want to express my gratitude to our employees for prioritizing the care of our customers and service to our communities throughout the year,” said Kevin Sayer, Dexcom’s Chairman, President and CEO. “2021 is shaping up to be an exciting year for Dexcom and we look forward to updating you on our continued progress.”

2021 Outlook

For 2021, Dexcom currently anticipates total revenue of approximately $2.21 billion to $2.31 billion, representing expected growth of approximately 15% to 20% over 2020. This growth outlook considers sensor volume growth driven by increasing CGM awareness for people with Type 1 and Type 2 diabetes, continued international expansion, shifting channel mix and overall market dynamics.

Dexcom will provide further details related to its 2021 financial expectations on the fourth quarter earnings call.

Fourth Quarter 2020 Financial Results Conference Call

Dexcom will report its audited full fourth quarter and fiscal 2020 financial results on Thursday, February 11, 2021 after the close of market. Management is currently scheduled to host a conference call at 4:30 p.m. (Eastern Time) that day. More details will be provided later.


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.

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 expected revenue for the fourth quarter of and the full fiscal year 2020, estimated revenue for fiscal 2021, expected 2021 growth in sensor volumes and international revenue. 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, 2019, as filed with the Securities and Exchange Commission on February 13, 2020, its most recent quarterly report on Form 10-Q for the period ended September 30, 2020, as filed with the Securities and Exchange Commission on October 27, 2020, and its other reports, each as filed with the Securities and Exchange Commission. 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.

FOR MORE INFORMATION:

Steven R. Pacelli

Executive Vice President, Strategy and Corporate Development

(858) 200-0200

www.dexcom.com