Shares in Tandem Diabetes Care (NSDQ:TNDM) rose yesterday after the insulin pump maker beat expectations on Wall Street with its fourth quarter and full-year results.
The San Diego Calif.-based company reeled in its losses in Q4, posting a net loss of -$11.4 million on sales of $40.3 million for the 3 months ended Dec. 31, for sales growth of 39% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -$1.23, ahead of consensus on The Street, where analysts were looking for sales of $38 million.
For the full year, Tandem posted a net loss of -$73 million on sales of $107.6 million, topping analysts’ revenue estimates of $100.7 million.
“The fourth quarter marked the strongest sales in Tandem’s history, with 80% growth in our sequential quarterly pump shipments. This strong demand for the t:slim X2 Insulin Pump was driven by our successful launch of integration with Dexcom G5 Mobile CGM and our unique offering that allows customers to remotely update their pump software using a personal computer,” president & CEO Kim Blickenstaff said in prepared remarks.
“In 2018, we expect to build on our commercial momentum while advancing our robust product pipeline. To that end, we recently submitted a PMA application to the FDA for the t:slim X2 Pump with Basal-IQ technology, a predictive low glucose suspend feature, and we’re preparing for a U.S. launch this summer to existing and new t:slim X2 Pump customers, pending FDA approval,” the company’s chief executive added.
Tandem said it expects to post sales of $132 million to $140 million in 2018.
TNDM shares closed yesterday at $3.39 apiece, up 7.3%.
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