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Tandem Diabetes Care Announces Fourth Quarter and Full Year 2021 Financial Results and 2022 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, 2021 and financial guidance for the year ending December 31, 2022.\n\n2021 FINANCIAL HIGHLIGHTS\n\nIn comparing the year ended December 31, 2021 to the same period of 2020:\n\n\nSales increased 41 percent to $702.8 million\n\n\nWorldwide pump shipments increased 41 percent to 128,312 pumps\n\n\nGross margin improved 2 percentage points to 54 percent of sales\n\n\nAchieved positive annual operating margin\n\n\nAdjusted EBITDA(1) increased to 14 percent of sales\n\n\n“Our fourth quarter performance was a strong finish to a record year in which we furthered our global leadership position in insulin therapy management,” said John Sheridan, president and chief executive officer. “We look to continue driving growth through innovation in 2022 and beyond by offering solutions that meet the different needs and preferences of people living with diabetes.”\n\n“Our top financial priority is investing in product and business model innovations to deliver sustained, high revenue growth,” said Leigh Vosseller, executive vice president and chief financial officer. “We remain confident in achieving our long-term profitability objectives through global market expansion, innovation and continuous operational improvement.”\n\nFourth Quarter 2021 Financial Results Compared to Fourth Quarter 2020\n\n\nSales: Worldwide sales increased 25 percent to $210.0 million, which included sales outside the United States of $49.1 million. This is compared to worldwide sales of $168.1 million, which included sales of $28.7 million outside the United States.\n\n\nGross profit: Gross profit increased 26 percent to $113.7 million, compared to $90.6 million. Gross margin was 54 percent, which is the same as the fourth quarter of 2020.\n\n\nOperating income: Operating income totaled $12.7 million, or 6 percent of sales, compared to $18.7 million, or 11 percent of sales. Adjusted EBITDA(1) was $33.4 million, compared to $35.4 million, or 16 percent and 21 percent of sales, respectively.\n\n\nNet income: Net income was $10.8 million, compared to $17.0 million.\n\n\nFull Year 2021 Financial Results Compared to Full Year 2020\n\n\nSales: Worldwide sales increase...