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Tandem Diabetes Surpasses 4Q Estimates; Shares Rise 4%

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support@smarteranalyst.com (Ben Mahaney)
·2 min read
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Tandem Diabetes Care delivered a stronger-than-expected 4Q performance, driven by a 67% jump in its global pump shipments. Shares of the insulin delivery and diabetes technology company were up about 4% at end of trading on Feb. 25.

Tandem Diabetes (TNDM) posted adjusted earnings of $0.22 per share, exceeding analysts’ expectations of $0.12 per share.

Its revenue increased 55% year-on-year to hit $168.1 million, topping analysts’ estimates of $141.6 million. In 4Q, while its domestic pump shipments increased 41% year-on-year, international pump shipments rose by an even more impressive 278% year-on-year.

The company’s President and CEO John Sheridan said, “In 2020, we launched our best-in-class Control-IQ technology, surpassed the milestone of having more than 200,000 customers in our worldwide installed base, and made meaningful internal product development and operational progress, all under the constraints of the global pandemic.”

What’s more, Tandem remains focused on “executing through operational excellence, delivering sustainable growth through robust commercial offerings and product pipeline.” (See Tandem Diabetes stock analysis on TipRanks)

For fiscal 2021, Tandem Diabetes estimates revenue to be in the range of $600 million to $615 million and gross margin to land at about 55%.

Following the earnings release, Lake Street analyst Brooks O’Neil raised the stock’s price target to $150 (58% upside potential) from $137 and maintained a Buy rating. O’Neil highlighted the “strong” 4Q results and 2021 guidance that was “well above” consensus expectations. Moreover, O’Neil believes the outlook for Tandem “in both the short and long term remains outstanding.”

Turning to Wall Street, Tandem has a Moderate Buy consensus rating based on 4 Buys and 2 Holds. The average analyst price target of $129 implies about 36% upside potential from current levels.

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