Tandem Diabetes Care (Nasdaq:TNDM) shares took a big hit after hours on third-quarter results that missed the consensus forecast.
Shares of TNDM. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down 0.3%.
The San Diego-based company posted losses of nearly $49 million for the quarter. That amounts to 76¢ per share on sales of $204.5 million for the three months ended Sept. 30, 2022.
Year-over-year, Tandem recorded a massive bottom-line slide into the red despite sales growth of 13.9%. Analysts projected adjusted losses per share of 5¢ for the quarter. Tandem missed sales expectations of $207.7 million.
“More than 400,000 people worldwide have chosen Tandem and the t:slim X2 insulin pump for their therapy needs, and broad feedback from clinicians supports that we are leading in automated insulin dosing with our Control-IQ technology,” Tandem President and CEOJohn Sheridan said in a news release. “We are committed to expanding our portfolio of diabetes solutions to drive longer-term growth and leverage our operations, as we continue our work to improve the lives of people with diabetes.”
Tandem previously projected sales of between $835 million and $845 million for the year. However, the company slashed that guidance to between $800 million and $805 million.
“In this highly variable environment, we are factoring greater caution into our guidance to re-baseline expectations for the next few quarters,” Tandem CFO Leigh Vosseller said. “The timing of our potential new product introductions next year adds increased complexity to the current market dynamics, so we feel it’s prudent for our guidance to reflect more moderate growth in periods between new product launches.
Tandem recently submitted a 510(k) pre-market notification to the FDA for the Mobi insulin delivery system.