The San Diego, Calif.-based company posted a loss of -$21.8 million, or -44¢ per share, on sales of $21.3 million for the 3 months ended June 30, for bottom-line loss of -19% on sales loss of -7% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -44¢, slightly ahead of EPS estimates on The Street, but analysts were looking for sales of $21.7 million.
“Demand for our next-generation t:slim X2 insulin pump remained high in the second quarter and we demonstrated strength both commercially and operationally,” president & CEO Kim Blickenstaff said in prepared remarks. “We made meaningful improvement in our gross margin and decreased our quarterly cash use by more than 30 percent sequentially, while continuing to provide industry-leading customer support.”
Tandem said it expects to post adjusted sales of $100 million to $107 million for the full year.
TNDM shares were trading at 58¢ apiece yesterday at close, down -9.8%.
The company also said yesterday that it inked a deal with Piper Jaffrey & Co. to sell up to $15 million in shares of common stock.
According to the deal, Tandem is slated to pay Piper Jaffrey a 3% commission on the gross sales price of shares sold.