California diabetes devices maker DexCom Inc. (NSDQ:DXCM) posted a major boost to its top line, posting a 62% increase in sales for its 4th quarter of 2013.
Losses narrowed for the company ahead of its recent FDA win, but non-cash charges nonetheless dragged the company into the red. DexCom posted $9.3 million in non-cash expenses in Q4, which the company attributed mostly to "share-based compensation, depreciation and amortization."
In total, DexCom posted losses of $2.6 million, or 4¢ per share, on sales of $51.3 million during the 3 months ended December 31. That compared with losses of $8.5 million, or 12¢ per share, on sales of $31.7 million during the same period the previous year.
For the full year of 2013 DexCom reported losses of $29.8 million, or 42¢ per share, on sales of $157.1 million. That compared with losses of $54.5 million, or 79¢ per share, on sales of $93 million in 2012.
Excluding special charges, DexCom would have posted net income of $6.7 million for Q4 and $5.2 million for the year, president & CEO Kevin Sayer said in a conference call with analysts this month.
"If I could summarize our operating performance it’s pretty simple," Sayer said. "During 2013 our product revenues increased by $64 million and our cash based operating results increased by $34 million so it’s an amazing accomplishment for our team."
The company has high hopes for the year ahead, projecting revenues ranging from $205-$225 million for 2014. In keeping with past trends, DexCom expects Q1 to comprise about 20% of the year’s revenue.
The major revenue spurt and narrowing of profits is more good new for DexCom, which earlier this month won FDA approval to market its G4 Platinum continuous glucose monitor in patients aged 2-17. The G4 device is an externally worn system that features enhanced accuracy, an LCD color display, a smaller profile and a unique "hypo alert" setting that provides increased security. It was originally approved in October 2012.
DXCM shares have jumped about 1% since earnings came out on February 20 and are up 27% since the start of this year. Shares closed last night at $44.96, up 4.3% on the day.
