Tandem Diabetes Care (NSDQ:TNDM) shares took a massive hit after hours today on third-quarter results that beat the consensus forecast.
TNDM shares were down 12.3% at $124.01 per share after the markets closed. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day down 0.1%.
The San Diego-based insulin delivery system developer posted profits of $5.8 million, or 9¢ per share, on sales of $179.6 million for the three months ended Sept. 30, 2021, for a massive bottom-line gain from losses of $9.4 million this time last year on sales growth of 45.3%.
Tandem Diabetes Care’s EPS of 9¢ came in 3¢ ahead of Wall Street, where analysts were looking for sales of $171.4 million.
“We delivered a strong third-quarter performance in a difficult environment and continue to add new customers worldwide at an incredible rate,” Tandem President and CEO John Sheridan said in a news release. “Our domestic sales force expansion, scaling international launch of Control-IQ technology and depth of our new product pipeline has us well-positioned to drive growth in 2022 and beyond, while delivering upon our mission to provide people a positively different experience in diabetes care.”
Tandem announced that it increased its full-year revenue guidance from a range of between $670 million and $685 million to a range of between $685 million and $695 million. That sales growth represents growth between 37% and 39%.