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Tandem Diabetes Care Announces First Quarter 2020 Financial Results
Second Quarter 2020 Sales Guidance Provided, Annual Guidance Withdrawn SAN DIEGO--(BUSINESS WIRE)-- Tandem Diabetes Care, Inc. (NASDAQ: TNDM), a leading
About this update from Tandem Diabetes Care, Inc.
[{"type":"text","content":"\nSecond Quarter 2020 Sales Guidance Provided, Annual Guidance Withdrawn\n\n SAN DIEGO--(BUSINESS WIRE)--\nTandem Diabetes Care, Inc. (NASDAQ: TNDM), a leading insulin delivery and diabetes technology company, today reported its financial results for the quarter ended March 31, 2020. In addition, due to the unknown depth and duration of the COVID-19 pandemic, the Company provided sales guidance for the second quarter 2020 and has withdrawn its financial guidance for the year ending December 31, 2020.\n\n\nFirst Quarter 2020 Highlights\n\n\nIn comparing the first quarter of 2020 to the same period of 2019:\n\n\n\nWorldwide pump shipments increased 18 percent to 17,378 pumps from 14,732 pumps\n\n\nSales increased 48 percent to $97.9 million from $66.0 million\n\n\nGross margin for both periods was 51 percent\n\n\nAdjusted EBITDA(1) improved to 4 percent of sales from less than 1 percent of sales\n\n\n\n“In the face of the current pandemic, our employees have demonstrated incredible flexibility and adaptability to prioritize the well-being of the diabetes community,” said John Sheridan, president and chief executive officer. “We delivered robust financial results in the first quarter and continue to support the needs of our customers and their healthcare providers through our products, systems and services, which were designed with modern features that provide even greater benefit in this environment.”\n\n\nFirst Quarter 2020 Financial Results\n\n\nDomestic pump shipments increased 36 percent to 13,158 pumps in the first quarter of 2020 from 9,669 pumps in the same period of 2019. Domestic sales were $79.5 million, or an increase of 46 percent compared to $54.7 million in the first quarter of 2019. International pump shipments decreased 17 percent to 4,220 pumps in the first quarter of 2020 from 5,063 pumps in the same period of 2019. International sales were $18.4 million, or an increase of 62 percent compared to $11.3 million in the first quarter of 2019.\n\n\nGross profit for the first quarter of 2020 increased 51 percent to $50.3 million, compared to $33.4 million for the same period of 2019. Gross margin was 51 percent for both periods. These included a non-cash stock-based compensation charge of $2.2 million in the first quarter of 2020 compared to $1.1 million for the same period of 2019, or 2 percent of sales in both period...