- 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.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
