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Tandem Diabetes Care Announces Second Quarter 2022 Financial Results and Updated Full Year 2022 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 ended June 30, 2022 and updated its financial guidance for the year ending December 31, 2022.\n\nSecond Quarter 2022 Financial Highlights Compared to Second Quarter 2021:\n\n\nWorldwide installed base increased 40 percent to more than 375,000 customers.\n\n\nSales in the United States increased 14 percent to $145.7 million.\n\n\nRenewal pump sales increased 40 percent.\n\n\nSales through direct reimbursement channels increased to 35 percent of sales from 32 percent.\n\n\n\n\nSales outside the United States increased 23 percent to $54.6 million.\n\n\nCash, cash equivalents & short-term investments increased to $635.3 million.\n\n\nRecent Strategic Highlights:\n\n\nLaunched the t:slim X2 insulin pump to bolus using the t:connect mobile app on iOS and Android operating systems in the United States.\n\n\nCompleted enrollment for the first feasibility study for people living with type 2 diabetes using Control-IQ.\n\n\nInitiated a study to expand the insulin indications for the t:slim X2 with Control-IQ technology.\n\n\nEstablished the commercial and operational framework to begin distribution through a European third-party logistics provider in support of sales outside the United States.\n\n\nAcquired infusion set developer Capillary Biomedical.\n\n\n“We demonstrated record sales in the second quarter, while navigating new and increasing economic headwinds,” said John Sheridan, president and chief executive officer. “The fundamentals of our business remain strong, and we are confident that we can achieve our long-term growth and profitability objectives by continuing to provide new innovations and best-in-class customer care.”\n\nSecond Quarter 2022 Financial Results Compared to Second Quarter 2021\n\n\nSales: Worldwide sales increased 16 percent to $200.3 million, which included sales outside the United States of $54.6 million. This is compared to worldwide sales of $172.1 million, which included sales of $44.6 million outside the United States.\n\n\nGross profit: Gross profit increased 10 percent to $101.9 million, compared to $92.5 million. Gross margin was 51 percent, compared to 54 percent.\n\n\nOperating loss: Operating loss totaled $12.2 millio...