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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.
Tandem Diabetes
Tandem Diabetes
Tandem Diabetes Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.comOutside the United States Revenue
CapyFin.com 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.
- Adjusted EBITDA margin is estimated to be breakeven as a percent of sales for the full year.
- Adjusted EBITDA margin is estimated to be approximately negative 5 percent in the second quarter.
- Non-cash charges included in cost of goods sold and operating expenses are estimated to be approximately $120 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income