Loading...
•
Jun 30, 2023
Tandem Diabetes Q2 2023 Earnings Report
Tandem Diabetes Care's new technology innovations progressed, operational improvements were driven, and sales expectations were achieved.
Key Takeaways
Tandem Diabetes Care reported second quarter 2023 financial results, demonstrating progress with new technology innovations and achieving sales expectations. The company updated its full year 2023 financial guidance, anticipating disruption from market releases and focusing on new offerings and operational efficiencies.
Worldwide installed base increased 16 percent to approximately 437,000 in-warranty customers compared to the second quarter 2022.
Tandem Source, a data management application, commenced U.S. launch.
First participant enrolled in pivotal study for people living with type 2 diabetes using Control-IQ technology.
Tandem Mobi, the world’s smallest durable insulin delivery system, received U.S. Food and Drug Administration clearance.
Tandem Diabetes
Tandem Diabetes
Forward Guidance
Tandem Diabetes Care updated its 2023 financial guidance, expecting non-GAAP sales of at least $785 million, non-GAAP gross margin of approximately 51 percent, and adjusted EBITDA margin of at least breakeven.
Positive Outlook
- Non-GAAP sales are estimated to be at least $785 million.
- Sales inside the United States of at least $575 million.
- Sales outside the United States of at least $210 million.
- Non-GAAP gross margin is estimated to be approximately 51 percent.
- Adjusted EBITDA margin is estimated to be at least breakeven as a percent of sales.
Challenges Ahead
- Measured rate of market releases has the potential for disruption and reduced sales visibility.
- Resetting guidance to provide minimum sales expectation for the remainder of the year.
- Focusing on driving the success of new offerings and operational efficiencies across the business.
- Includes approximately 3 percent impact from the operating costs associated with the acquisitions of Capillary Biomedical and AMF Medical.
- Non-cash charges included in cost of goods sold and operating expenses are estimated to be approximately $110 million.