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Tandem Diabetes Care Announces Fourth Quarter and Full Year 2019 Financial Results and 2020 Financial 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 and year ended December 31, 2019 and financial guidance for the year ending December 31, 2020.\n\n\nIn comparing the year ended December 31, 2019 to the same period of 2018:\n\n\n\nWorldwide pump shipments increased 113 percent to 73,431 pumps from 34,493 pumps\n\n\n\n\nSales increased 97 percent to $362.3 million from $183.9 million\n\n\n\n\nGross margin increased 5 points to 54 percent of sales from 49 percent\n\n\n\n\nAdjusted EBITDA (see \"Non-GAAP Financial Measures\" below) improved to 13 percent of sales from negative 8 percent of sales\n\n\n\nIn comparing the fourth quarter of 2019 to the same period of 2018:\n\n\n\nWorldwide pump shipments increased 21 percent to 19,602 pumps from 16,168 pumps\n\n\n\n\nSales increased 42 percent to $108.4 million from $76.2 million\n\n\n\n\nGross margin improved 1 point to 56 percent of sales from 55 percent\n\n\n\n\nAdjusted EBITDA improved to 21 percent of sales from 16 percent of sales\n\n\n\n“In 2019, we more than doubled our year-over-year shipments, primarily based on the strength of our Basal-IQ technology adoption. We also pioneered two new device categories with the FDA and received clearance for t:slim X2 with Control-IQ technology, the most advanced automated insulin delivery system available,” said John Sheridan, president and chief executive officer. “As we look to the year ahead, we'll be working to bring the benefits of our t:slim X2 systems to more people with diabetes worldwide, while advancing our robust product pipeline, furthering our scalability efforts and driving the Company to sustained profitable growth.”\n\n\nFull Year 2019 Results\n\n\nDomestic pump shipments increased 78 percent to 53,735 pumps from 30,205 pumps in the same period of 2018. Domestic sales were $302.1 million, or an increase of 73 percent compared to $174.2 million for the year ended 2018. International operations commenced in the third quarter of 2018. International pump shipments increased 359 percent to 19,696 pumps in 2019 from 4,288 pumps in 2018. International sales were $60.2 million, or an increase of 522 percent compared to $9.7 million in 2018.\n\n\nGross profit for the year ended 2019 increased 116 p...