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Tandem Diabetes Care Announces Second Quarter 2021 Financial Results and Updated Full Year 2021 Sales 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 ended June 30, 2021 and updated its sales guidance for the year ending December 31, 2021.\n\nSecond Quarter 2021 Highlights\n\nIn comparing the second quarter of 2021 to the same period of 2020:\n\n\nWorldwide pump shipments increased 81 percent to 33,817 pumps from 18,687 pumps\n\n\nSales increased 58 percent to $172.1 million from $109.2 million\n\n\nGross margin improved to 54 percent of sales from 50 percent of sales\n\n\nOperating margin improved to 3 percent of sales from negative 11 percent of sales\n\n\n“We achieved record-high sales in the second quarter by expanding and further penetrating the U.S. insulin pump market, and through the rapid uptake of our technology internationally where our business opportunity is still in its early stages,” said John Sheridan, president and chief executive officer. “Our worldwide installed base is now nearly 270,000 people, and we are on track to achieve our goal of bringing the benefits of our technology to more than half a million customers by year-end 2024.”\n\nSecond Quarter 2021 Financial Results\n\nDomestic pump shipments increased 40 percent to 20,665 pumps in the second quarter of 2021 from 14,735 pumps in the same period of 2020. Domestic sales were $127.6 million, an increase of 43 percent compared to $89.3 million in the second quarter of 2020. International pump shipments increased 233 percent to 13,152 pumps in the second quarter of 2021 from 3,952 pumps in the same period of 2020. International sales were $44.6 million, an increase of 123 percent compared to $20.0 million in the second quarter of 2020.\n\nGross profit for the second quarter of 2021 increased 70 percent to $92.5 million, compared to $54.4 million for the same period of 2020. Gross margin increased to 54 percent in the second quarter of 2021 from 50 percent in the same period of 2020.\n\nFor the second quarter of 2021, operating expenses totaled $87.0 million, compared to $66.4 million for the same period of 2020. Operating income totaled $5.4 million, compared to an operating loss of $12.0 million for the same period of 2020. Operating margin for the second quarter of 2021 was 3 percent of sales compared to negative 11 pe...