Tandem Diabetes Care (Nasdaq:TNDM) shares ticked up after hours today on third-quarter results that topped the consensus forecast.
Shares of TNDM rose 5% to $35.85 apiece in post-market trading today.
The San Diego-based automated insulin delivery system maker reported losses of $23.3 million. That equals 35¢ per share on sales of nearly $244 million for the three months ended Sept. 30, 2024.
Tandem recorded a 29.5% bottom-line gain on a sales increase of 31.4%. The company’s losses per share landed 5¢ ahead of expectations on Wall Street. Sales came in well ahead of estimates as experts forecast $223.7 million in revenue.
Highlights in the quarter include pump shipment growth coming in at more than 25% compared to the same period a year ago. The company reported year-over-year growth in new pump starts in the U.S. That includes growth in new customers starting from multiple daily injections.
Tandem also completed a clinical study in support of a regulatory filing to expand the indication for its Control-IQ automated insulin dosing technology to include people with type 2 diabetes.
“The third quarter marked a milestone achievement for Tandem Diabetes Care as we delivered the highest quarterly sales in our company’s history, both in the U.S. and internationally,” said John Sheridan, president and CEO. “This performance, coupled with our strong operational execution, positions us well to achieve our remaining goals for 2024 and beyond, as we further our mission to improve the lives of people with diabetes.”
Tandem now expects revenues between $903 million and $910 million for the year ended Dec. 31, 2024. This marks the third consecutive quarter with a guidance raise for Tandem. After the first quarter, the company set its guidance at $868 million. Following the second quarter, Tandem said it expected revenues between $885 million and $892 million for the year.
