Shares in Tandem Diabetes Care (NSDQ:TNDM) rose today after the medical device maker reeled in its losses but missed sales estimates on Wall Street with its third quarter results.
The San Diego, Calif.-based company posted losses of -$16 million on sales of $23.7 million for the 3 months ended Sept. 30, for bottom-line growth of 46% on sales growth of 14.5% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -$3.09. Analysts on the Street were looking for sales of $25.9 million.
“Our accomplishments in the third quarter, including the FDA approval and immediate launch of the t:slim X2 Insulin Pump with Dexcom (NSDQ:DXCM) G5 Mobile CGM integration, our demonstration of the market-differentiating Tandem Device Updater, and the introduction of our custom infusion set connector, further strengthen our confidence in Tandem’s ability to achieve near and long-term revenue growth,” president & CEO Kim Blickenstaff said in prepared remarks. “We remain highly focused on driving the business toward profitability by increasing our sales and gross profits, leveraging our early infrastructure investments, and exercising careful cash management.”
TNDM shares were trading at $2.84 apiece today when the market opened, up 4.4%.
Earlier this week, Tandem and Dexcom announced that the companies would extend their existing joint welcome program aimed at luring Animas customers as Johnson & Johnson (NYSE:JNJ) bails out of the insulin pump biz.
