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Tandem Diabetes Care Announces First Quarter 2023 Financial Results and Reaffirms Full Year 2023 Financial Guidance
SAN DIEGO--(BUSINESS WIRE)-- Tandem Diabetes Care, Inc. (NASDAQ: TNDM), a global 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 global insulin delivery and diabetes technology company, today reported its financial results for the quarter ended March 31, 2023 and reaffirmed its financial guidance for the year ending December 31, 2023.\n\n\nFirst Quarter Highlights\n\n\n\nWorldwide installed base increased 22 percent to approximately 430,000 in-warranty customers compared to the first quarter 2022.\n\n\n\nPublication in the New England Journal of Medicine of study demonstrating increased time in range in young children, ages 2-5, with type 1 diabetes using the t:slim X2 Insulin Pump with Control-IQ technology.\n\n\n\nPresented positive Control-IQ technology data that showed immediate and sustained improvements in glycemic control, quality of life outcomes, and user-reported reduced burden of diabetes management at the 16th International Conference on Advanced Technologies and Treatments for Diabetes.\n\n\n\nSubstantially completed onboarding our European distributors to a distribution center in the Netherlands.\n\n\n\nCompleted acquisition of AMF Medical SA, developer of the ergonomic, rechargeable Sigi™ Patch Pump that features use of pre-filled insulin cartridges.\n\n\n\n$519.6 million in cash, cash equivalents & short-term investments as of March 31, 2023.\n\n\n\n“We are confident in our ability to achieve our key goals for this year, both operationally and commercially,” said John Sheridan, president and chief executive officer. “Delivering on innovation is what drove Tandem to its leadership position in insulin therapy management, and we are well-positioned to continue building on the momentum of our #1 rated t:slim X2 with Control-IQ technology, as we prepare for the launch of multiple new products in 2023.”\n\n\nFirst Quarter 2023 Financial Results Compared to 2022\n\n\nIn September 2022, the Company began offering the Tandem Choice Program (Tandem Choice) to eligible t:slim X2 customers to provide a pathway to ownership of its newest hardware platform when available. As a result of this program, and as previously announced, the Company is providing select financial results on both a GAAP and non-GAAP basis. Additional information, including the accounting treatment of this program and other non-GAAP measures, can be found under the heading “Reconciliation of GAAP versus Non...