Tandem Diabetes Care (NSDQ:TNDM) today posted third quarter earnings and lifted its sales guidance for the year, beating Wall Street expectations for the quarter in sales but falling behind on losses per share.
The San Diego-based company posted losses of $34.2 million, or 62¢ per share, on sales of $46.3 million for the three months ended September 30, seeing losses grow 113.6% while sales grew 71.3% compared with the same period during the previous year.
Losses per share were significantly behind the 34¢ expectation on Wall Street, where analysts expected to see sales of $41.8 million, which the company handily topped.
“We delivered a record-setting quarter in terms of robust sales, improving gross margin and modest use of cash. We’ll be working to build upon this momentum by continuing to scale our business into a leading global diabetes management organization, while advancing our product pipeline and furthering our mission to improve the lives of people with diabetes,” prez & CEO Kim Blickenstaff said in a press release.
The company lifted its financial guidance for the full year, expecting to see sales of between $160 million and $165 million, representing annual sales growth of between 49% and 53% compared to 2017.
Shares in Tandem Diabetes Care rose 8.1% today, closing at $40.65.
In April, Tandem Diabetes Care saw shares fall 3% after the insulin pump maker topped revenue expectations, but missed earnings estimates on Wall Street with its first-quarter results.