Tandem Diabetes Care (NSDQ:TNDM) shares soared after hours today on fourth-quarter results that topped the consensus forecast.
Shares of TNDM were up 12.9% at $103.04 per share after the market closed. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.8%.
The San Diego-based insulin delivery and diabetes technology developer posted profits of $17 million, or 22¢ per share, on sales of $168.1 million for the three months ended Dec. 31, 2020, for a massive bottom-line gain from $2.7 million in profits in Q4 2019 on sales growth of 55%.
Tandem’s EPS of 22¢ came in 10¢ ahead of Wall Street, where analysts were looking for sales of $141.6 million.
Worldwide shipments of Tandem’s insulin pumps increased by 67% in the fourth quarter, with 32,685 pumps distributed, according to a news release.
“In 2020, we launched our best-in-class Control-IQ technology, surpassed the milestone of having more than 200,000 customers in our worldwide installed base, and made meaningful internal product development and operational progress, all under the constraints of the global pandemic,” Tandem president & CEO John Sheridan said in the release. “In the year ahead, we remain focused on executing through operational excellence, delivering sustainable growth through our robust commercial offerings and product pipeline, and providing people worldwide a positively different experience in diabetes care.”
Tandem set its 2021 guidance for a range of $600 million to $615 million, representing annual sales growth of between 20% and 23% year-over-year.