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Sep 30, 2024
Tandem Diabetes Q3 2024 Earnings Report
Achieved record quarterly sales and increased full-year sales guidance.
Key Takeaways
Tandem Diabetes Care reported a successful third quarter in 2024, achieving the highest quarterly sales in the company's history. Worldwide GAAP sales increased by 31% to $244.0 million compared to Q3 2023. The company also demonstrated positive Adjusted EBITDA and a return to positive free cash flow, leading to an increase in full year 2024 sales guidance.
Worldwide GAAP sales increased 31 percent to $244.0 million compared to third quarter 2023.
Grew worldwide pump shipments by more than 25 percent compared to third quarter 2023.
Achieved year-over-year growth in new pump starts in the United States, including growth in new customers starting from multiple daily injections.
Demonstrated positive Adjusted EBITDA and a return to positive free cash flow.
Forward Guidance
The Company is increasing 2024 sales guidance and reaffirming other financial guidance as follows:
Positive Outlook
- Non-GAAP sales are estimated to be approximately $903 million to $910 million for the full year.
- Sales in the United States of $645 million to $650 million.
- Sales outside the United States of approximately $258 million to $260 million.
- Non-GAAP gross margin is estimated to be approximately 51 percent.
- Adjusted EBITDA margin is estimated to be breakeven as a percent of sales.
Challenges Ahead
- Non-cash charges included in cost of goods sold and operating expenses are estimated to be approximately $120 million.
- Approximately $100 million non-cash, stock-based compensation expense.
- Approximately $20 million depreciation and amortization expense.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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