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Sep 30, 2023
Tandem Diabetes Q3 2023 Earnings Report
Tandem Diabetes Care's financial performance declined due to distribution partner disruptions and increased focus on scalability initiatives.
Key Takeaways
Tandem Diabetes Care reported a decrease in sales and gross profit compared to the same quarter last year. The company is focused on expanding the adoption of automated insulin delivery and managing costs.
Worldwide installed base increased 11% to approximately 444,000 in-warranty customers compared to Q3 2022.
Tandem Mobi commenced initial, limited release in the United States.
Tandem Source, the company's second-generation data management application, reached full U.S. healthcare provider availability.
Cash, cash equivalents & short-term investments totaled $498.2 million as of September 30, 2023.
Forward Guidance
The company is updating its 2023 financial guidance, reaffirming U.S. guidance and margin expectations, while factoring in disruption reported by distribution partners outside the U.S.
Positive Outlook
- Non-GAAP sales are estimated to be at least $765 million.
- Sales inside the United States of at least $575 million.
- Sales outside the United States of at least $190 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
- 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 $15 million depreciation and amortization expense.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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