Tandem Diabetes Care (Nasdaq:TNDM) announced preliminary fourth-quarter results and offered expectations for the coming year.
San Diego-based Tandem expects sales to total $221 million, coming in $11 million higher than the same quarter last year. Wall Street analysts expected $221.6 million in revenues. However, the automated insulin delivery technology developer noted that its adjusted sales rise to $224 million for the quarter. That total includes the impact of its Tandem Choice Program, which allows users to switch to a new pump model when available.
Shares of TNDM dropped more than 9% to $40.41 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%.
Tandem expects full-year sales to rise nearly $100 million from 2021, reaching $802 million.
“A record number of Tandem customers renewed in the fourth quarter, which coupled with strong retention rates, is evidence of the high level of satisfaction people experience with our t:slim X2 with Control-IQ technology,” said John Sheridan, president and CEO. “We remain focused on driving growth by bringing the benefits of our current and future technology to more people living with diabetes, and through our scaling renewal opportunities, as we work to deliver outstanding service to our 420,000 customers worldwide.”
Tandem projects worldwide adjusted sales to increase 11%-12% in 2023. That growth excludes sales from anticipated new product launches. Those launches could include the Mobi insulin pump, which is currently under FDA review.
