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Dec 31, 2023
Tandem Diabetes Q4 2023 Earnings Report
Reported financial results for Q4 and full year 2023 and provided financial guidance for the year ending December 31, 2024.
Key Takeaways
Tandem Diabetes Care announced positive momentum across key areas, including the introduction of four new products in the United States. The company's portfolio positions them to improve the lives of more people living with diabetes worldwide, while driving operational improvement across their business.
Worldwide installed base increased 7 percent to approximately 452,000 in-warranty customers compared to the fourth quarter 2022.
Launched Tandem Mobi, the world’s smallest, durable Automated Insulin Delivery (AID) System in the United States.
Achieved first-to-market launch with multiple, next-generation continuous glucose monitoring sensor integrations.
Launched Tandem Source, a new diabetes management platform for customers and healthcare providers in the United States.
Tandem Diabetes
Tandem Diabetes
Tandem Diabetes Revenue by Segment
Tandem Diabetes Revenue by Geographic Location
Revenue by Segment
Pump Revenue
CapyFin.comSupplies and Other Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comOutside the United States Revenue
CapyFin.com Forward Guidance
Tandem anticipates a return to growth in 2024, with sales guidance primarily reflecting recurring revenue streams. Investments in new product launches are reflected in margin expectations and are important for setting the foundation for these offerings to serve as catalysts for additional growth.
Positive Outlook
- Non-GAAP sales are estimated to be approximately $850 million for the full year and $175 million in the first quarter.
- Sales inside the United States of approximately $625 million for the full year and $122 million in the first quarter.
- Sales outside the United States of approximately $225 million for the full year and $53 million in the first quarter.
- Non-GAAP gross margin is estimated to be approximately 51 percent for the full year and approximately 48 percent in the first quarter.
- Adjusted EBITDA margin is estimated to be breakeven as a percent of sales for the full year and approximately negative 15 percent in the first quarter.
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income