Tandem Diabetes Care (Nasdaq:TNDM) shares are down today on fourth-quarter results that came up shy of the consensus forecast.
Shares of TNDM were down more than 6% to $37.28 apiece by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more than 8%.
Yesterday evening, the San Diego-based automated insulin delivery technology maker posted losses of $15.85 million. That amounts to losses per share of 25¢ on sales of $220.5 million for the three months ended Dec. 31, 2022.
Tandem recorded a bottom-line slide into the red from profits of $10.8 million this time last year. However, sales grew by 5% from the same three-month period in 2021.
Wall Street analysts expected sales totaling $221.8 million and losses per share of 6¢. Tandem came up shy of those figures on both counts.
Positives for Tandem ahead of projected 2023 growth
Still, the company cites a handful of steps forward over the course of 2022. That includes acquisitions of infusion set maker Capillary Biomedical and patch pump developer AMF Medical. The Capillary Biomedical acquisition brought on a $31 million impact to Tandem’s GAAP financial results for the year.
Tandem also increased its worldwide installed base by 29% to approximately 420,000 customers this past year. Renewal pump shipments in the U.S. increased by approximately 60% compared to 2021. The company said it exited 2022 with a record growth rate in renewal pump shipments totaling 75% in the fourth quarter.
“In 2022, we continued to expand the worldwide insulin pump market, bringing the benefits of our t:slim X2 technology to more people living with diabetes,” said John Sheridan, Tandem president and CEO. “In the year ahead, we are focused on driving growth by promoting our best-in-class Control-IQ technology, with future acceleration to come from delivering multiple new product innovations.”
Tandem set its 2023 guidance for non-GAAP revenues between $885 million and $900 million. That represents an annual sales growth of 10% to 12% compared to 2022.
This story originally ran on Feb. 22, 2022. Updated Feb. 23 with the next-day stock price.