Tandem Diabetes Care (NSDQ:TNDM) narrowed its losses year-over-year in Q1, with results beating the consensus forecast on Wall Street.
The San Diego-based company yesterday evening posted losses of –$5 million, or –8¢ per share, on sales of $141 million for the three months ended March 31, 2021, reducing losses by nearly two-thirds on sales growth of 44% compared with Q1 2020.
Adjusted to exclude one-time items, earnings per share were –7¢, 9¢ ahead of Wall Street, where analysts were looking for sales of $122 million.
“This year is off to an incredible start. We achieved record first-quarter sales, our international pump shipments more than doubled compared to last year, and we now have more than 20 million days of real-world Control-IQ technology use logged in our cloud infrastructure,” Tandem Diabetes Care president & CEO John Sheridan said in a news release. “We believe the high interest in our t:slim X2 insulin pump, our expanding international sales efforts, and our robust product pipeline will continue to drive our positive momentum in 2021 and beyond.”
Tandem said it now expects to log revenues in the range of $625 million and $640 million for the full year, representing annual growth of 25% to 28%. The company’s previous guidance was between $600 million and $615 million.
TNDM shares were down more than –6% to $83.50 apiece by midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.
Tandem’s stock price today could have been influenced by other major news in the diabetes space today, including BD’s plans to spin off its Diabetes Care business and Eli Lilly announcing deals with four companies whose diabetes management tech will work with on Lilly’s latest insulin pen.
This story originally ran on May 5, 2021. Updated May 6 with stock price developments.