The San Diego-based company posted losses of -$15.7 million, or -48¢ per share, on sales of $24.8 million for the 3 months ended Dec. 31, for bottom-line loss of -40% on sales loss of -15% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -48¢, ahead of consensus on The Street, where analysts were looking for sales of $22.8 million.
“More than 50,000 people have chosen a Tandem insulin pump, approximately half of whom reported being new to pump therapy, demonstrating that in only 4 years we are rapidly achieving our goal of bringing the benefits of pump therapy to more people with diabetes,” president & CEO Kim Blickenstaff said in prepared remarks. “In 2017, we are well positioned to execute on multiple strategies that position our business for long term success. We’re preparing to launch both our t:slim X2 with G5 and our t:lock Connector, and we are working to rapidly advance our automated insulin delivery products in development.”
Tandem Diabetes said it expects to post sales of $100 million to $107 million for the full year of 2017.
TNDM shares were trading at $1.90 apiece today in mid-morning trading, down -11.6%.
The company also submitted a regulatory filing relating to a $5o million public offering of its common stock. Tandem said it plans to grant underwriters a 30-day option to buy up to $7.5 million in additional common stock.
The number of shares and price for the proposed offering have not yet been released.
Earlier this month, Tandem released a software update using the company’s Tandem Device Updater tool for its t:slim insulin pumps purchased before April 2015. It marks the 1st time an insulin pump manufacturer has provided a software update that employs customers’ personal computers.
The Mac and PC-compatible tool remotely overhauls Tandem’s insulin pump software, according to the company, and will update older insulin pumps to include an expansion of the reverse correction functionality, the ability to enter a manual bolus into the suggested bolus window, and off-pump cartridge filling.