Tandem Diabetes Care Inc · Q1 2024 earnings

Briefing

Tandem Diabetes' first quarter results outperformed expectations due to demand for both t:slim X2 and Tandem Mobi, and increased sales guidance for the year ending December 31, 2024.

Tandem Diabetes Care reported a 13% increase in worldwide GAAP sales, reaching $191.7 million, and a 9% increase in worldwide pump shipments to approximately 25,000 pumps. The company launched Tandem Mobi with Dexcom G6 integration and t:slim X2 with Abbott Freestyle Libre 2 Plus integration in the U.S., and initiated the rollout of t:slim X2 with Dexcom G7 integration outside the U.S. They also received FDA clearance to expand the Tandem Mobi pump indication.

• Worldwide GAAP sales increased 13% to $191.7 million compared to Q1 2023.
• Worldwide pump shipments increased 9% to approximately 25,000 pumps.
• Launched Tandem Mobi with Dexcom G6 CGM integration in the United States.
• Initiated rolling launch of t:slim X2 with Dexcom G7 sensor integration outside the United States.

Headline financials

Revenue & EPS history

Tandem Diabetes Care updated its 2024 financial guidance, estimating non-GAAP sales of approximately $868 million for the full year and $205 million in the second quarter, with a non-GAAP gross margin of approximately 51% for the full year and approximately 50% in the second quarter. Adjusted EBITDA margin is estimated to be breakeven for the full year and approximately negative 5% in the second quarter.