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Dec 31, 2022
Tandem Diabetes Q4 2022 Earnings Report
Announced financial results for the fourth quarter and year ended December 31, 2022, and provided financial guidance for the year ending December 31, 2023.
Key Takeaways
Tandem Diabetes Care reported its Q4 2022 financial results, with worldwide sales increasing to $220.5 million. The company's GAAP gross profit increased to $115.5 million, and despite a GAAP operating loss of $17.8 million, Adjusted EBITDA reached $25.7 million.
Worldwide installed base increased 29 percent to approximately 420,000 customers.
Worldwide GAAP sales increased 14 percent to $801.2 million; worldwide non-GAAP sales increased 15 percent to $804.8 million.
Expanded worldwide insulin pump market with approximately half of new U.S. customers adopting t:slim X2 from using multiple daily injection.
Exited 2022 with record growth rate in renewal pump shipments of 75 percent in the fourth quarter.
Tandem Diabetes
Tandem Diabetes
Forward Guidance
For the year ending December 31, 2023, the Company estimates Non-GAAP sales to be in the range of $885 million to $900 million, representing an annual sales growth of 10 percent to 12 percent compared to 2022.
Positive Outlook
- Non-GAAP sales are estimated to be in the range of $885 million to $900 million, which represents an annual sales growth of 10 percent to 12 percent compared to 2022.
- Sales inside the United States of approximately $650 million to $660 million.
- Sales outside the United States of approximately $235 million to $240 million.
- Non-GAAP gross margin is estimated to be approximately 52 percent.
- Adjusted EBITDA margin is estimated to be approximately 5 percent to 6 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 $20 million depreciation and amortization expense.
- Uncertainty associated with predicting any future adjustments that may be made to the Company’s GAAP financial measures in calculating the non-GAAP financial measures.
- The Company’s actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties.