Tandem Diabetes Care (Nasdaq:TNDM) shares took a bit hit after hours on second-quarter results that missed the consensus forecast.
Shares of TNDM were down 7.2% at $64 per share after the market closed, which was when it released its quarterly results. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day up 0.9%.
The San Diego-based automated insulin delivery technology developer posted losses of $15.1 million, or 24¢ per share, on sales of $200.3 million for the three months ended June 30, 2022, for a roughly $20 million bottom-line slide into the red on sales growth of 16.3%.
On Wall Street, analysts had been looking for sales of $205.3 million and adjusted earnings per share of 2¢.
“We demonstrated record sales in the second quarter, while navigating new and increasing economic headwinds,” Tandem President and CEO John Sheridan said in a news release. “The fundamentals of our business remain strong, and we are confident that we can achieve our long-term growth and profitability objectives by continuing to provide new innovations and best-in-class customer care.”
Tandem said it now expects to log full-year 2022 revenues ranging between $835 million and $845 million, slashing its previous estimation for between $850 million and $865 million. The range Tandem now projects would still be about a 19%-20% improvement on 2021.
