Tandem Diabetes ups sales guidance after Q3

 Third Quarter 2024 Highlights

• Worldwide GAAP sales increased 31 percent to $244.0 million compared to third quarter 2023; worldwide non-GAAP sales(1) increased 25 percent to $242.9 million compared to third quarter 2023.
• Grew worldwide pump shipments by more than 25 percent compared to third quarter 2023.
• Achieved year-over-year growth in new pump starts in the United States, including growth in new customers starting from multiple daily injections.
• Demonstrated positive Adjusted EBITDA and a return to positive free cash flow.
• Completed clinical study in support of a regulatory filing to expand the indication for Control-IQ to include people living 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 chief executive officer. “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.”

2024 Financial Guidance

The Company’s non-GAAP guidance for the fiscal year ending December 31, 2024 is set forth below. The most directly comparable GAAP financial measures are not accessible on a forward-looking basis due to the high degree of complexity in the accounting treatment for the Tandem Choice program. For a description of non-GAAP sales, non-GAAP gross margin, and Adjusted EBITDA margin, as well as an illustration of the reconciliation from the most directly comparable GAAP financial measures, refer to Table D “Reconciliation of GAAP versus Non-GAAP Financial Results” attached to this press release. Also see “Non-GAAP Financial Measures” below for additional information.

For the year ending December 31, 2024, the Company is increasing 2024 sales guidance and reaffirming other financial guidance as follows:

• Non-GAAP sales are estimated to be approximately $903 million to $910 million for the full year.
  • Sales in the United States of $645 million to $650 million.
  • Sales outside the United States of approximately $258 million to $260 million.
• Non-GAAP gross margin is estimated to be approximately 51 percent.
• Adjusted EBITDA margin is estimated to be breakeven as a percent of sales.
• Non-cash charges included in cost of goods sold and operating expenses are estimated to be approximately $120 million. This includes:
• Approximately $100 million non-cash, stock-based compensation expense.
• Approximately $20 million depreciation and amortization expense.

Conference Call

The Company will hold a conference call and simultaneous webcast today at 4:30pm Eastern Time (1:30pm Pacific Time). The link to the webcast will be available by accessing the Events & Presentations tab in the Investor Center of the Tandem Diabetes Care website at http://investor.tandemdiabetes.com, and will be archived for 30 days. To access the call by phone, please use this link (https://register.vevent.com/register/BI21747dfdc3fd4a4e98aeeeef73bf87b6) and you will be provided with dial-in details, including a personal pin.

https://www.businesswire.com/news/home/20241106987558/en/