- Tandem Diabetes Care Inc TNDM shares are down Thursday morning as its Q1 results missed Street expectations.
- TNDM reported Q1 FY23 sales of $169.39 million, missing the consensus of $170.23 million.
- The automated insulin delivery technology maker posted adjusted losses of $(40.4) million, compared to a loss of $(14.7) million a year ago.
- Adjusted EPS loss of $(0.63) missed the Street view of $(0.52).
- The worldwide installed base increased by 22% to approximately 430,000 in-warranty customers compared to the first quarter of 2022.
- Pump shipments decreased by approximately 18% to 23,055.
- Also Read: Tandem Diabetes Pressured As Control-IQ Trials Combined; Raymond James Downgrades.
- The company held $519.6 million in cash and equivalents as of March 31, 2023.
- “We are confident in our ability to achieve our key goals for this year, both operationally and commercially,” said Tandem president and CEO John Sheridan.
- “...We are well-positioned to continue building on the momentum of our #1 rated t:slim X2 with Control-IQ technology, as we prepare for the launch of multiple new products in 2023.”
- Adjusted gross margin fell to 50% from 52% a year ago. The company reported an adjusted operating loss of $(44.36) million, compared to $(15.34) million a year ago.
- Guidance: Tandem reiterates its 2023 guidance for non-GAAP revenues of $885-$900 million, up 10%-12% Y/Y, compared to the consensus of $890 million.
- Price Action: TNDM shares traded 6.58% lower at $37.32 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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