Dexcom Updates Long-Range Financial Targets
23 Junho 2023 - 9:00PM
Business Wire
DexCom, Inc. (NASDAQ:DXCM) today announced an update to its
long-range financial targets at its 2023 Investor Day. Based on the
company’s strong performance in the first two years of the target
period, Dexcom is updating its year-end 2025 financial targets to
the following levels:
- 2025 Revenue of approximately $4.6 - $5.1 billion (previously
$4.0 - $4.5 billion)
- 2025 Non-GAAP Gross Profit Margin of 65%, consistent with prior
guidance
- 2025 Non-GAAP Operating Profit Margin of 21% (previously
20%)
- 2025 Adjusted EBITDA Margin of 31% (previously 30%)
“Dexcom continues to execute on our vision to drive better
health outcomes throughout the world through our innovative sensing
technology,” said Kevin Sayer, Dexcom’s chairman, president and
CEO. “Our growth opportunity is truly unique and we are pleased to
be in a position to raise our 2025 financial targets as we grow our
global customer base with an efficient and sustainable business
model.”
Statement Regarding Use of Non-GAAP Financial
Measures
This press release includes non-GAAP financial measures. For a
description of these non-GAAP financial measures, including the
reasons management uses each measure please see the section below
titled “About Non-GAAP Financial Measures.” We have not reconciled
our Non-GAAP Gross Profit Margin, Non-GAAP Operating Profit Margin,
Non-GAAP Tax Rate, and Adjusted EBITDA Margin estimates for fiscal
year 2025 because certain items that impact these figures are
uncertain or out of our control and cannot be reasonably predicted.
Accordingly, a reconciliation of Non-GAAP Gross Profit Margin,
Non-GAAP Operating Profit Margin, Non-GAAP Tax Rate, and Adjusted
EBITDA Margin for fiscal year 2025 is not available without
unreasonable effort.
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 estimated total revenue,
Non-GAAP Gross Profit Margin, Non-GAAP Operating Profit Margin,
Non-GAAP Tax Rate, and Adjusted EBITDA Margin for fiscal year 2025.
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 most recent Quarterly Report on
Form 10-Q for the quarter ended March 31, 2023, as filed with the
SEC on April 27, 2023. 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.
About DexCom, Inc.
DexCom, Inc. empowers people to take real-time control of
diabetes through innovative continuous glucose monitoring (CGM)
systems. Headquartered in San Diego, California, and with
operations across Europe and select parts of Asia/Oceania, 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. For more
information about Dexcom CGM, visit www.dexcom.com.
ABOUT NON-GAAP FINANCIAL MEASURES
The accompanying press release dated June 23, 2023 contains
non-GAAP financial measures. These non-GAAP financial measures
include Non-GAAP Gross Profit Margin, Non-GAAP Operating Profit
Margin, Non-GAAP tax rate, as well as Adjusted EBITDA Margin.
We use these non-GAAP financial measures for financial and
operational decision making and as a means to evaluate
period-to-period comparisons. We believe that they provide useful
information about operating results, enhance the overall
understanding of our operating performance and future prospects,
and allow for greater transparency with respect to key metrics used
by senior management in our financial and operational decision
making. Our non-GAAP financial measures exclude amounts that we do
not consider part of ongoing operating results when planning and
forecasting and when assessing the performance of the organization
and our senior management. We compute non-GAAP financial measures
using the same consistent method from quarter to quarter and year
to year. We may consider whether other significant items that arise
in the future should be excluded from our non-GAAP financial
measures.
We report non-GAAP financial measures in addition to, and not as
a substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. These non-GAAP financial measures
are not based on any comprehensive set of accounting rules or
principles, differ from GAAP measures with the same names, and may
differ from non-GAAP financial measures with the same or similar
names that are used by other companies. We believe that non-GAAP
financial measures should only be used to evaluate our results of
operations in conjunction with the corresponding GAAP financial
measures. We encourage investors to carefully consider our results
under GAAP, as well as our supplemental non-GAAP information and
the reconciliations between these presentations, to more fully
understand our business.
Management believes organic revenue is a meaningful metric to
investors as it provides a more consistent comparison of the
company’s revenue to prior periods as well as to industry peers. We
exclude the following items from the non-GAAP financial measure for
organic revenue:
- The effect of non-CGM revenue acquired or divested in the
trailing twelve months.
- The effect of foreign currency fluctuations.
Management believes that presentation of operating results that
excludes these items provides useful supplemental information to
investors and facilitates the analysis of our core operating
results and comparison of operating results across reporting
periods. Management also believes that this supplemental non-GAAP
information is therefore useful to investors in analyzing and
assessing our past and future operating performance.
These non-GAAP measures may be different from non-GAAP measures
used by other companies. In addition, these non-GAAP measures are
not based on any comprehensive set of accounting rules or
principles. We believe that non-GAAP measures have limitations in
that they do not reflect all of the amounts associated with our
results of operations as determined in accordance with U.S. GAAP
and that these measures should only be used to evaluate our results
of operations in conjunction with the corresponding GAAP
measures.
We exclude the following items from non-GAAP financial measure
for Non-GAAP Gross Profit and Non-GAAP Operating Profit Margin:
- Amortization of acquired intangible assets
- Business transition and related costs associated with
acquisition, integration and business transition activities,
including severance, relocation, consulting, leasehold exit costs,
third party merger and acquisition costs, and other costs directly
associated with such activities
- COVID-19 costs associated with the COVID-19 outbreak related to
taking the necessary precautions for essential personnel to operate
safely both in person as well as remotely. Costs incurred include
items like incremental payroll costs, consulting support, IT
infrastructure and facilities related costs
- Income or loss from equity investments
- Intellectual property litigation costs
- Litigation settlement costs
- Loss on extinguishment of debt associated with our senior
convertible notes
- Adjustments related to taxes for the excluded items above, as
well as excess benefits or tax deficiencies from stock-based
compensation, and the quarterly impact of other discrete items
Adjusted EBITDA excludes non-cash operating charges for
share-based compensation, depreciation and amortization as well as
non-operating items such as interest income, interest expense, loss
on extinguishment of debt, income and loss from equity investments,
and income tax expense or benefit. For the reasons explained above,
Adjusted EBITDA also excludes business transition and related
costs, COVID-19 costs, litigation settlement costs, and
intellectual property litigation costs.
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version on businesswire.com: https://www.businesswire.com/news/home/20230623071822/en/
DexCom, Inc. Sean Christensen Vice President – Finance
and Investor Relations investor-relations@dexcom.com (858)
200-0200
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