Shares in Tandem Diabetes Care (NSDQ:TNDM) fell this week after the insulin pump maker topped sales expectations but missed earnings estimates on Wall Street with its second-quarter financial results.
The San Diego, Calif.-based company posted a net loss of -$59.4 million on sales of $34.1 million for the 3 months ended June 30, for sales growth of 60% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -$1.17, far behind the -35¢ consensus on The Street. But the company handily beat sales expectations for the quarter – analysts were anticipating sales of $29.7 million.
“We are increasing our sales guidance for the year following our continued record growth in the second quarter,” president & CEO Kim Blickenstaff said in prepared remarks. “We look to further this momentum through our upcoming launch of the t:slim X2 Insulin Pump with Basal-IQ Technology and by progressing our product pipeline as we work to improve the lives of people with diabetes.”
Tandem said it expects to post sales from $140 million – $148 million for the full year, representing year-over-year sales growth of 30 – 38%.
TNDM shares closed at $24.84 apiece yesterday, down -2.9%.
In June, the FDA approved Tandem’s t:slim X2 insulin pump with a predictive low glucose suspend feature designed to cut the frequency and duration of hypoglycemia.
The company’s Basal-IQ algorithm predicts where a user’s glucose levels are heading 30 minutes in the future. When it predicts low glucose values, the device suspends insulin delivery and then automatically resumes once glucose levels rise.