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Tandem Diabetes Care Announces Fourth Quarter and Full Year 2020 Financial Results and 2021 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, 2020 and financial guidance for the year ending December 31, 2021.\n\nFourth Quarter and Full Year 2020 Highlights\n\nIn comparing the fourth quarter of 2020 to the same period of 2019:\n\n\nWorldwide pump shipments increased 67 percent to 32,685 pumps\n\n\nSales increased 55 percent to $168.1 million\n\n\nAdjusted EBITDA(1) remained consistent at 21 percent of sales\n\n\nOperating margin improved to 11 percent\n\n\nIn comparing the year ended December 31, 2020 to the same period of 2019:\n\n\nWorldwide pump shipments increased 24 percent to 90,771 pumps\n\n\nSales increased 38 percent to $498.8 million\n\n\nAdjusted EBITDA(1) was 12 percent of sales compared to 13 percent in 2019\n\n\nOperating margin improved to negative 2 percent\n\n\n“In 2020, we launched our best-in-class Control-IQ technology, surpassed the milestone of having more than 200,000 customers in our worldwide installed base, and made meaningful internal product development and operational progress, all under the constraints of the global pandemic,” said John Sheridan, president and chief executive officer. “In the year ahead, we remain focused on executing through operational excellence, delivering sustainable growth through our robust commercial offerings and product pipeline, and providing people worldwide a positively different experience in diabetes care.”\n\nFourth Quarter 2020 Financial Results\n\nWorldwide pump shipments increased 67 percent to 32,685 pumps from 19,602 pumps. Worldwide sales increased 55 percent to $168.1 million from $108.4 million. Domestic pump shipments increased 41 percent to 24,552 pumps in the fourth quarter of 2020 from 17,453 pumps in the same period of 2019. Domestic sales were $139.3 million, or an increase of 42 percent compared to $98.2 million in the fourth quarter of 2019. International pump shipments increased 278 percent to 8,133 pumps in the fourth quarter of 2020 from 2,149 pumps in the same period of 2019. International sales were $28.7 million, or an increase of 182 percent compared to $10.2 million in the fourth quarter of 2019.\n\nGross profit for the fourth quarter of 2020 increased 50 percent to $90.6 ...