Tandem Diabetes Care (Nasdaq:TNDM) shares ticked down after hours today on first-quarter results that fell shy of the consensus forecast.
Shares of TNDM fell 9.9% to $36 apiece after the market closed today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day up 0.3%.
The San Diego-based automated insulin delivery technology developer posted losses of $123.9 million. That amounts to $1.92 per share on sales of $169.4 million for the three months ended March 31, 2023.
Tandem reported a massive bottom-line slide into the red from losses of $14.7 million this time last year. The company also saw its sales decline at a rate of 3.7%.
Adjusted to exclude one-time items, losses per share totaled 63¢. That fell 11¢ shy of the Wall Street forecast. Additionally, Tandem fell just short of expectations on sales, as analysts looked for $170.23 million in revenue.
“We are confident in our ability to achieve our key goals for this year, both operationally and commercially,” said John Sheridan, Tandem president and CEO. “Delivering on innovation is what drove Tandem to its leadership position in insulin therapy management, and we are well-positioned to continue building on the momentum of our #1 rated t:slim X2 with Control-IQ technology, as we prepare for the launch of multiple new products in 2023.”
While those new products are unknown, they could come out of the company’s January acquisition of AMF Medical. AMF Medical develops Sigi patch pump for insulin delivery. While not commercially available, the system received FDA breakthrough device designation in November 2021. The company company also announced the acquisition of infusion set maker Capillary Biomedical last year.
Tandem reaffirmed its financial guidance for the 2023 fiscal year. That includes revenues ranging between $885 million and $900 million. This represents annual sales growth of 10% to 12%.