Tandem Diabetes Care (Nasdaq:TNDM) shares got a boost after the market closed today on second-quarter results that beat the consensus forecast.
Shares of TNDM rose more than 22% to $43.20 apiece in post-market trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down slightly.
The San Diego-based automated insulin pump maker reported losses of $30.8 million. That equals 47¢ per share on sales of $221.9 million for the quarter ended June 30, 2024.
Tandem recorded a $5 million improvement on its bottom line on a sales increase of 13.3%.
Losses per share of 47¢ landed 7¢ ahead of expectations on Wall Street. Sales also beat projections as experts forecasted $204.9 million.
Highlights included more than 20,000 pumps shipped in the U.S., marking a 33% increase over the first quarter of 2024. The company also launched its Tandem Mobi pump with the Dexcom G7 CGM and completed enrollment for a study of its Control-IQ insulin delivery automation software for the type 2 diabetes population.
“Our financial outperformance in the second quarter was bolstered by strong demand for our latest technology offerings, namely Tandem Mobi, which drove our expansion of the insulin pump market,” said John Sheridan, president and CEO. “The early enthusiasm for our expanding portfolio supports our strategy to offer our customers choice as we work to bring the benefits of our technology to more people living with diabetes worldwide.”
Tandem ups its outlook again
Tandem increased its sales guidance for the second straight quarter, now projecting between $885 million and $892 million for 2024. It previously set its guidance at $868 million.
“We increased our worldwide sales expectations to 15 percent annual growth, which reflects the strong performance of our recent product launches and consistently high retention rates for our existing customer base,” said Leigh Vosseller, EVP and CFO. “Driving growth is a top priority for our business, as we balance the associated investments with opportunities to drive leverage in pursuit of our long-term profitability objectives.”
