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DexCom, Inc. (NASDAQ: DXCM) reassures stakeholders amid speculation regarding its relationship with Silicon Valley Bank (SVB) following recent developments. The company clarifies it has no material exposure to SVB, holding about $2.5 billion in cash and short-term marketable securities, of which only $2.7 million is at SVB. DexCom emphasizes its diversified banking relationships, ensuring that it is not reliant on SVB. This communication aims to maintain investor confidence and highlight the company's robust financial position.
Positive
DexCom has approximately $2.5 billion in cash and short-term investments, signaling strong financial health.
Only $2.7 million of its cash is held at SVB, minimizing risk exposure.
Negative
None.
SAN DIEGO--(BUSINESS WIRE)--
DexCom, Inc. (NASDAQ: DXCM), today issued the following statement in response to speculation following the developments at Silicon Valley Bank, including a recent CNBC article:
“Dexcom does not have material exposure to the developments at Silicon Valley Bank, including with respect to the company’s cash deposits. Although the company has worked successfully with SVB for many years, Dexcom does not have any exclusive banking relationship with SVB. As noted in Dexcom’s recent filing on form 10-K, the company currently retains approximately $2.5 billion in cash, cash equivalents, and short-term marketable securities. Approximately $2.7 million of this amount is held at SVB.”
About DexCom, Inc.
DexCom, Inc. empowers people to take real-time control of health through innovative continuous glucose monitoring (CGM) systems. Headquartered in San Diego, Calif., 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 works to simplify and improve diabetes management around the world. For more information on Dexcom, visit https://www.dexcom.com/en-us/about-dexcom.
