Shares of Tandem Diabetes Care (NASDAQ:TNDM) climbed ~20% on Thursday, marking its biggest intraday gain in nearly a year, after the insulin pump maker reported better-than-expected revenue for Q1 thanks to a record sales performance from overseas.
The San Diego, California-based MedTech posted $234.4M in revenue for Q1 with ~22% YoY growth, exceeding the consensus by $14.2M, as the company recorded its best quarter outside the U.S., adding $83.8M to the topline from overseas regions.
“The strength of our first quarter performance was driven by more than 20% worldwide sales growth, including our highest quarter ever outside the United States,” CEO John Sheridan remarked.
The maker of the t: slim X2 insulin delivery system announced over 17K pump shipments during the quarter while its ex-US pump shipments exceeded 11K.
However, the company’s net loss expanded over 200% to $130.6M, while its GAAP operating loss widened to $120.9M from $41.7M, and adjusted EBITDA narrowed to (2%) from (7%) in the prior-year period.
As for guidance, Tandem (NASDAQ:TNDM) reaffirmed its full-year outlook to reflect an adjusted EBITDA margin of nearly 3% from $997M to $1.007B in sales for the year, in line with $998.7M in the consensus.
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