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Tandem Diabetes Care Announces Fourth Quarter and Full Year 2024 Financial Results and 2025 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 fiscal year ended December 31, 2024 and provided its financial guidance for the year ending December 31, 2025.\n\n\nFourth Quarter 2024 Financial Highlights compared to Fourth Quarter 2023\n\n\n\nAchieved record sales as worldwide GAAP sales grew 44 percent to $282.6 million and worldwide non-GAAP sales(1) grew 21 percent to $252.4 million.\n\n\n\nIncreased worldwide pump shipments by more than 25 percent.\n\n\n\nGrew the United States insulin pump market by achieving a double-digit increase in people converting from multiple daily injections.\n\n\n\nFull Year 2024 Financial Highlights compared to Full Year 2023\n\n\n\nAchieved record sales, as worldwide GAAP sales grew 26 percent to $940.2 million and worldwide non-GAAP sales(1) grew 18 percent to $910.0 million.\n\n\n\nIncreased Tandem Mobi pump shipments quarter-over-quarter throughout 2024.\n\n\n\nDemonstrated a return to positive free cash flow.\n\n\n\nFourth Quarter 2024 and Recent Strategic Highlights\n\n\n\nReceived U.S. Food and Drug Administration clearance for Control-IQ+ to include people living with type 2 diabetes.\n\n\n\nSuccessfully launched multi-channel durable medical equipment and pharmacy strategy for Tandem Mobi in the United States, with approximately 20 percent of covered lives currently under pharmacy rebate agreements.\n\n\n\nSigned multi-year collaboration agreement with the University of Virginia Center for Diabetes Technology to advance research and development efforts on fully automated closed-loop insulin delivery systems.\n\n\n\n“2024 was a pivotal year for Tandem, as we returned to strong sales growth both in and outside of the United States, while delivering industry-leading customer satisfaction,” said John Sheridan, president and chief executive officer. “We are continuing to transform our business in 2025 through the recent expansion of our U.S. sales force, commencing pharmacy coverage, and adding new features and indications to our robust portfolio as we work to improve the lives of people with diabetes.”\n\n\nFourth Quarter and Full Year 2024 Sales Results Compared to 2023\n\n\nFrom September 2022 through February 2024, the Company offered the Tandem Ch...