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Tandem Diabetes Care Announces First Quarter 2021 Financial Results and Updated Full Year 2021 Sales Guidance
SAN DIEGO--(BUSINESS WIRE)-- Tandem Diabetes Care, Inc. (NASDAQ: TNDM), a leading insulin delivery and diabetes technology company, today reported its
About this update from Tandem Diabetes Care, Inc.
[{"type":"text","content":" 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, 2021 and updated its sales guidance for the year ending December 31, 2021.\n\nFirst Quarter 2021 Highlights\n\nIn comparing the first quarter of 2021 to the same period of 2020:\n\n\nWorldwide pump shipments increased 46 percent to 25,352 pumps from 17,378 pumps\n\n\nSales increased 44 percent to $141.0 million from $97.9 million\n\n\nGross margin improved to 52 percent of sales from 51 percent\n\n\nOperating margin improved to negative 2 percent of sales from negative 14 percent of sales\n\n\n“This year is off to an incredible start. We achieved record first quarter sales, our international pump shipments more than doubled compared to last year, and we now have more than 20 million days of real-world Control-IQ technology use logged in our cloud infrastructure,” said John Sheridan, president and chief executive officer. “We believe the high interest in our t:slim X2 insulin pump, our expanding international sales efforts, and our robust product pipeline will continue to drive our positive momentum in 2021 and beyond.”\n\nFirst Quarter 2021 Financial Results\n\nDomestic pump shipments increased 26 percent to 16,644 pumps in the first quarter of 2021 from 13,158 pumps in the same period of 2020. Domestic sales were $103.3 million, an increase of 30 percent compared to $79.5 million in the first quarter of 2020. International pump shipments increased 106 percent to 8,708 pumps in the first quarter of 2021 from 4,220 pumps in the same period of 2020. International sales were $37.7 million, an increase of 105 percent compared to $18.4 million in the first quarter of 2020.\n\nGross profit for the first quarter of 2021 increased 46 percent to $73.3 million, compared to $50.3 million for the same period of 2020. Gross margin increased to 52 percent in the first quarter of 2021 from 51 percent in the same period of 2020.\n\nFor the first quarter of 2021, operating expenses totaled $76.5 million, compared to $63.8 million for the same period of 2020. Operating loss totaled $3.2 million, compared to $13.6 million for the same period of 2020. Operating margin for the first quarter of 2021 was negative 2 percent of sales compared to negative...