Tandem Diabetes Care Inc (TNDM) Reports Q3 2023 Earnings, Reaffirms Full-Year Guidance
Tandem Diabetes Care Inc (NASDAQ:TNDM) reported Q3 2023 earnings with a GAAP net loss of $33.0 million, compared to a net loss of $49.0 million in Q3 2022.
The company's worldwide installed base increased by 11% to approximately 444,000 in-warranty customers compared to the third quarter of 2022.
TNDM reported $498.2 million in cash, cash equivalents & short-term investments as of September 30, 2023.
The company reaffirmed its full-year 2023 financial guidance, estimating non-GAAP sales to be at least $765 million.
On November 1, 2023, Tandem Diabetes Care Inc (NASDAQ:TNDM), a global insulin delivery and diabetes technology company, released its financial results for the quarter ended September 30, 2023. The company reported a GAAP net loss of $33.0 million, compared to a net loss of $49.0 million in the same quarter of the previous year.
Financial Highlights
For the third quarter of 2023, TNDM reported total GAAP sales of $185.6 million, compared to $204.5 million in Q3 2022. The company's GAAP gross profit was $89.8 million, compared to $104.4 million in the same period last year. The GAAP operating loss totaled $31.5 million, or negative 17 percent of sales, compared to an operating loss of $47.5 million, or negative 23 percent of sales in Q3 2022.
John Sheridan, president and chief executive officer, commented on the company's performance, stating,
In this transitional year, we are focused on bringing the benefits of our #1 rated automated insulin delivery system to more people living with diabetes worldwide, providing customer care excellence and advancing our scalability initiatives."
Financial Guidance
Despite the challenges, TNDM reaffirmed its full-year 2023 financial guidance. The company estimates non-GAAP sales to be at least $765 million, with sales inside the United States of at least $575 million and sales outside the United States of at least $190 million. Non-GAAP gross margin is estimated to be approximately 51 percent.
Company Performance and Future Outlook
TNDM has shown resilience in a transitional year, with a focus on expanding its automated insulin delivery system worldwide. The company's worldwide installed base increased by 11% to approximately 444,000 in-warranty customers compared to the third quarter of 2022. The company also commenced the initial, limited release of Tandem Mobi in the United States and reached the milestone of full U.S. healthcare provider availability of Tandem Source, its second-generation data management application.
Looking ahead, TNDM aims to continue driving the use of automated insulin delivery worldwide through its portfolio of diabetes solutions. The company's reaffirmed financial guidance reflects its commitment to executing against its growth opportunity with efficiency and discipline.
Explore the complete 8-K earnings release (here) from Tandem Diabetes Care Inc for further details.
This article first appeared on GuruFocus.
