Tandem Diabetes Care (Nasdaq:TNDM) shares are down today, a day after first-quarter results that were mixed compared to the consensus forecast.

The San Diego-based automated insulin delivery technology developer posted losses of $14.7 million, or 23¢ per share, on sales of $175.9 million for the three months ended March 31, 2022, for a bottom-line slide deeper into the red despite sales growth of 24.7%.

Losses per share of 23¢ for Tandem came in 16¢ behind projections on Wall Street, where analysts were looking for sales of $168.43 million.

“Our first-quarter performance demonstrated the strength with which we are executing across all areas of our business,” Tandem President and CEO John Sheridan said in a news release. “We continue to make meaningful progress in our mission to bring the benefits of advanced diabetes technology to more people living with diabetes, which is reflected in our growing market share that is now an estimated 30 percent of people using an insulin pump in the markets we serve worldwide.”

Tandem said it now expects revenues for 2022 to range between $850 million and $865 million, reflecting growth of 21% to 23%. The previous sales guidance set by the company for the full year was $5 million shorter on either end, between $845 million and $860 million.

Investors reacted by sending TNDM shares down more than 16% to $78.93 apiece by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down more than 3%.

This story originally ran on the evening of May 4, 2022. Updated May 5 with next-day stock price.