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Mar 31, 2023
Tandem Diabetes Q1 2023 Earnings Report
Reported first quarter financial results and reaffirmed full year 2023 financial guidance.
Key Takeaways
Tandem Diabetes Care announced its Q1 2023 financial results, reporting worldwide sales of $169.38 million and a GAAP net loss of $123.87 million. The company reaffirmed its full year 2023 financial guidance.
Worldwide installed base increased 22 percent to approximately 430,000 in-warranty customers compared to the first quarter 2022.
Publication in the New England Journal of Medicine of study demonstrating increased time in range in young children, ages 2-5, with type 1 diabetes using the t:slim X2 Insulin Pump with Control-IQ technology.
Substantially completed onboarding our European distributors to a distribution center in the Netherlands.
Completed acquisition of AMF Medical SA, developer of the ergonomic, rechargeable Sigi™ Patch Pump that features use of pre-filled insulin cartridges.
Tandem Diabetes
Tandem Diabetes
Forward Guidance
The Company is reaffirming 2023 financial guidance.
Positive Outlook
- Non-GAAP sales are estimated to be in the range of $885 million to $900 million, which represents an annual sales growth of 10 percent to 12 percent compared to 2022.
- Sales inside the United States of approximately $650 million to $660 million.
- Sales outside the United States of approximately $235 million to $240 million.
- Non-GAAP gross margin is estimated to be approximately 52 percent.
- Adjusted EBITDA margin is estimated to be approximately 5 percent to 6 percent of sales.
Challenges Ahead
- Includes approximately 3 percent from the impact of operating costs associated with the acquisitions of Capillary Biomedical and AMF Medical.
- Approximately $95 million non-cash, stock-based compensation expense.
- Approximately $20 million depreciation and amortization expense.
- The Company’s actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties.
- The Company’s ability to achieve projected financial results will be impacted by market acceptance of the Company’s existing products and products under development by physicians and people with diabetes