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Mar 31, 2024
Tandem Diabetes Q1 2024 Earnings Report
Tandem Diabetes' first quarter results outperformed expectations due to demand for both t:slim X2 and Tandem Mobi, and increased sales guidance for the year ending December 31, 2024.
Key Takeaways
Tandem Diabetes Care reported a 13% increase in worldwide GAAP sales, reaching $191.7 million, and a 9% increase in worldwide pump shipments to approximately 25,000 pumps. The company launched Tandem Mobi with Dexcom G6 integration and t:slim X2 with Abbott Freestyle Libre 2 Plus integration in the U.S., and initiated the rollout of t:slim X2 with Dexcom G7 integration outside the U.S. They also received FDA clearance to expand the Tandem Mobi pump indication.
Worldwide GAAP sales increased 13% to $191.7 million compared to Q1 2023.
Worldwide pump shipments increased 9% to approximately 25,000 pumps.
Launched Tandem Mobi with Dexcom G6 CGM integration in the United States.
Initiated rolling launch of t:slim X2 with Dexcom G7 sensor integration outside the United States.
Revenue by Geographic Location
Forward Guidance
Tandem Diabetes Care updated its 2024 financial guidance, estimating non-GAAP sales of approximately $868 million for the full year and $205 million in the second quarter, with a non-GAAP gross margin of approximately 51% for the full year and approximately 50% in the second quarter. Adjusted EBITDA margin is estimated to be breakeven for the full year and approximately negative 5% in the second quarter.
Positive Outlook
- Non-GAAP sales are estimated to be approximately $868 million for the full year.
- Non-GAAP sales are estimated to be $205 million in the second quarter.
- Sales in the United States of approximately $634 million for the full year.
- Sales in the United States of approximately $150 million in the second quarter.
- Sales outside the United States of approximately $234 million for the full year.
Challenges Ahead
- Non-GAAP gross margin is estimated to be approximately 51 percent for the full year.
- Non-GAAP gross margin is estimated to be approximately and 50 percent in the second quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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