Dexcom 10-K 2019-12-31
Filed 2020-02-13. 1 sections, 577K characters. Original on sec.gov · Markdown · JSON
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2019
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 000-51222

DEXCOM, INC.
(Exact name of Registrant as specified in its charter)
| Delaware | 33-0857544 | |
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
6340 Sequence Drive, San Diego**,** CA 92121
(Address of Principal Executive Offices, including area code)
(858) 200-0200
(Registrant’s Telephone Number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| Common Stock, $0.001 Par Value Per Share | DXCM | The Nasdaq Stock Market LLC |
| (Nasdaq Global Select Market) |
Securities registered pursuant to Section 12(g) of the Exchange Act: None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☒ No ☐
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.
Yes ☐ No ☒
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ 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. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of June 28, 2019, the last business day of the Registrant’s most recently completed second fiscal quarter, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately $13,556.6 million based on the closing sales price of $149.84 per share as reported on the Nasdaq Global Select Market.
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
| Class | Outstanding at February 7, 2020 | |
| Common stock, $0.001 par value per share | 91,594,142 |
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s definitive proxy statement relating to its 2020 Annual Meeting of Stockholders (the Proxy Statement) are incorporated by reference in Part III, Items 10 through 14 of this Annual Report on Form 10-K, as specified in the responses to those item numbers. Except with respect to information specifically incorporated by reference in the Form 10-K, the Proxy Statement is not deemed to be filed as part hereof.
| DexCom, Inc. |
| Table of Contents |
| Page | ||
| PART I | ||
| ITEM 1. | Business | 3 |
| ITEM 1A. | Risk Factors | 24 |
| ITEM 1B. | Unresolved Staff Comments | 57 |
| ITEM 2. | Properties | 58 |
| ITEM 3. | Legal Proceedings | 58 |
| ITEM 4. | Mine Safety Disclosures | 59 |
| PART II | ||
| ITEM 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 60 |
| ITEM 6. | Selected Financial Data | 62 |
| ITEM 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 63 |
| ITEM 7A. | Quantitative and Qualitative Disclosures about Market Risk | 72 |
| ITEM 8. | Consolidated Financial Statements and Supplementary Data | 73 |
| ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 73 |
| ITEM 9A. | Controls and Procedures | 73 |
| ITEM 9B. | Other Information | 76 |
| PART III | ||
| ITEM 10. | Directors, Executive Officers and Corporate Governance | 76 |
| ITEM 11. | Executive Compensation | 76 |
| ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters | 76 |
| ITEM 13. | Certain Relationships and Related Transactions, and Director Independence | 76 |
| ITEM 14. | Principal Accountant Fees and Services | 76 |
| PART IV | ||
| ITEM 15. | Exhibits, Financial Statement Schedules | 77 |
| ITEM 16. | Form 10-K Summary | 80 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS |
*Except for historical financial information contained herein, the matters discussed in this Form 10-K may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and subject to the safe harbor created by the Securities Litigation Reform Act of 1995. Such statements include declarations regarding our intent, belief, or current expectations and those of our management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks, uncertainties and other factors, some of which are beyond our control; actual results could differ materially from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to: (i) that the information is of a preliminary nature and may be subject to further adjustment; (ii) those risks and uncertai
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