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Tandem Diabetes Care Announces Fourth Quarter 2022 Financial Results and 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 and year ended December 31, 2022 and provided its financial guidance for the year ending December 31, 2023.\n\n2022 Financial Highlights\n\nIn comparing the year ended December 31, 2022 to the same period of 2021:\n\n\nWorldwide installed base increased 29 percent to approximately 420,000 customers.\n\n\nWorldwide GAAP sales increased 14 percent to $801.2 million; worldwide non-GAAP sales increased 15 percent to $804.8 million.\n\n\nGAAP sales in the United States increased 12 percent; non-GAAP sales increased 13 percent.\n\n\nRenewal pump shipments in the U.S. increased approximately 60 percent.\n\n\nSales outside the U.S. increased 19 percent.\n\n\n\n\n$616.9 million in cash, cash equivalents & short-term investments as of December 31, 2022.\n\n\nRecent Strategic Highlights\n\n\nExpanded worldwide insulin pump market with approximately half of new U.S. customers adopting t:slim X2 from using multiple daily injection.\n\n\nExited 2022 with record growth rate in renewal pump shipments of 75 percent in the fourth quarter.\n\n\nAchieved the milestone of having approximately 500,000 patient years of data in our t:connect platform for users of the t:slim X2 in the United States.\n\n\nAcquired AMF Medical SA, developer of the ergonomic, rechargeable Sigi™ Patch Pump that features use of pre-filled insulin cartridges.\n\n\nReceived Great Place to Work Certification™, a prestigious award based entirely on results from in-depth employee surveys around their experience working at the Company.\n\n\n“In 2022, we continued to expand the worldwide insulin pump market, bringing the benefits of our t:slim X2 technology to more people living with diabetes,” said John Sheridan, president and chief executive officer. “In the year ahead, we are focused on driving growth by promoting our best-in-class Control-IQ technology, with future acceleration to come from delivering multiple new product innovations.”\n\nFourth Quarter and Year End 2022 Sales Results Compared to 2021\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 ava...