SAN DIEGO - Tandem Diabetes Care, Inc. (NASDAQ:TNDM), a leader in insulin delivery and diabetes technology, today announced a significant earnings beat for the first quarter ended March 31, 2024, propelling its stock upwards by 17%.
The company reported an adjusted loss per share of -$0.65, which was $0.11 narrower than the analyst estimate of -$0.76. Revenue for the quarter was also strong, coming in at $192.8 million, surpassing the consensus estimate of $174.51 million and marking a 12% increase from the previous year's figure.
The company's robust performance is attributed to the successful demand for its t:slim X2 and the newly launched Tandem Mobi pumps.
John Sheridan, president and CEO of Tandem Diabetes, stated, "Our outperformance in the first quarter was driven by demand for both the t:slim X2 and our newly launched Tandem Mobi, validating our portfolio strategy that allows us to address a greater market by meeting the needs and preferences of more people living with diabetes."
Looking ahead, Tandem Diabetes has raised its full-year 2024 non-GAAP sales guidance to approximately $868 million, up from the analyst consensus of $845.5 million. For the second quarter, the company expects revenue of $205 million, aligning with the consensus estimate.
The company also anticipates a non-GAAP gross margin of around 51% for the full year and 50% for the second quarter. Adjusted EBITDA margin is projected to break even for the full year, with an expected negative 5% in the second quarter.
The positive market response underscores investor confidence in Tandem Diabetes' growth trajectory and its ability to exceed expectations. With the company's strategic initiatives and innovative product launches, Tandem Diabetes is well-positioned to deliver on its 2024 objectives and maintain its momentum in the competitive diabetes care market.
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