Shares in Tandem Diabetes Care (NSDQ:TNDM) have risen in after-hours trading today after the diabetes-focused device maker posted first quarter earnings with significantly lifted 2019 sales guidance.
The San Diego-based company posted losses of approximately $23 million, or 40¢ per share, on sales of approximately $66 million for the three months ended March 31, seeing losses shrink 29.7% while sales grew 141.9% when compared to the same period during the previous year.
Losses per share were were behind the 30¢ consensus on Wall Street, where analysts expected to see sales of $47.5 million, which the company topped.
“Our explosive growth in the first quarter was driven by strong domestic demand for the t:slim X2 insulin pump. We believe the high interest in our Basal-IQ technology, our expanding international sales efforts and our robust product pipeline will continue to drive the company’s positive momentum in 2019,” prez & CEO John Sheridan said in a press release.
“Our top priority for continued growth is to establish our position as a leader in innovation while maintaining the highest levels of quality throughout our business. This incredible start to the year, combined with our scalability initiatives, gives us even greater confidence in our ability to execute both our 2019 goals and the longer-term strategies of the company,” exec chair Kim Blickenstaff said in a prepared statement.
The company significantly lifted its sales guidance for the 2019 fiscal year, expecting to post sales of between $300 million and $315 million, up from earlier guidance of between $255 million and $270 million.
Shares in Tandem Diabetes closed down approximately 3% today, closing at $61.41. Shares have risen approximately 4.9% in after-hours trading, at $64.40 as of 4:28 p.m. EDT.
In March, Tandem Diabetes said that it plans to use its remote software update tool to address an anomaly found in an ongoing pivotal trial of its Control-IQ technology.
