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Tandem Diabetes Care Announces First Quarter 2024 Financial Results and Updates Full Year 2024 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, 2024 and increased sales guidance for the year ending December 31, 2024.\n\n\nFirst Quarter 2024 Highlights Compared to First Quarter 2023:\n\n\n\nWorldwide GAAP sales increased 13 percent to $191.7 million; worldwide non-GAAP sales increased 12 percent to $192.8 million.\n\n\n\nWorldwide pump shipments increased 9 percent to approximately 25,000 pumps from 23,000 pumps.\n\n\n\nFirst quarter 2024 commercial launches:\n\n\nLaunched Tandem Mobi with Dexcom G6 continuous glucose monitoring (CGM) sensor integration in the United States.\n\n\n\nLaunched t:slim X2 integration with the Abbott Freestyle Libre 2 Plus CGM sensor in the United States.\n\n\n\nInitiated rolling launch of t:slim X2 with Dexcom G7 sensor integration outside the United States.\n\n\n\n\n\n\nReceived U.S. Food and Drug Administration clearance to expand the Tandem Mobi pump indication for use in individuals two years of age and older.\n\n\n\nBegan enrollment for extended wear infusion set clinical trial.\n\n\n\nCompleted a $316.3 million senior convertible notes offering primarily used for repurchase of existing senior convertible notes.\n\n\n\n“Our outperformance in the first quarter was driven by demand for both the t:slim X2 and our newly launched Tandem Mobi, validating our portfolio strategy that allows us to address a greater market by meeting the needs and preferences of more people living with diabetes,” said John Sheridan, president and chief executive officer. “We are well-positioned to deliver on our 2024 objectives, along with longer-term growth and profitability goals.”\n\n\nFirst Quarter 2024 Sales Results Compared to 2023\n\n\nFrom September 2022 through February 2024, the Company offered the Tandem Choice Program (Tandem Choice) to eligible t:slim X2 customers to provide a pathway to ownership of its newest hardware platform, Tandem Mobi, for a fee when available. As a result of this program, the Company is providing select financial results for both GAAP and non-GAAP. Additional information, including the accounting treatment of this program and other non-GAAP measures, can be found under Table E “Reconciliation of GAAP versus Non-GAAP Financial Re...