Shares in Tandem Diabetes (NSDQ:TNDM) fell today after the medical device maker missed earnings expectations on Wall Street with its 1st quarter results, but beat revenue estimates.
The San Diego-based company posted losses of -$23.8 million, or -75¢ per share, on sales of $18.9 million for the 3 months ended March 31, for bottom-line loss of -13.9% on sales loss of -6% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -75¢, behind consensus on The Street, where analysts were looking for sales of $15.4 million.
“Our 1st quarter results were highlighted by our sales performance, recognition of our #1 customer support services for the 4th consecutive year, and meaningful progress with our new products in development,” president & CEO Kim Blickenstaff said in prepared remarks. “These achievements give us confidence in our ability to accomplish our key goals for this year, and we remain focused on successfully executing our business plan and supporting our growing customer base.”
Tandem said it expects to post sales of $100 million to $107 million for the full year.
TNDM shares were trading at $1.00 apiece today in after-hours trading, down -4.8%.
In mid-April, Tandem launched the t:connect HCP Portal for its cloud-based t:connect diabetes management app, which integrates with the company’s touchscreen insulin pumps.
Healthcare providers can now upload data from a Tandem pump and blood glucose meter simultaneously, according to Tandem. They can also find patients quickly and set patient-specific ranges to identify data that fall outside of goals.