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Tandem Diabetes Care Announces Second Quarter 2023 Financial Results and Updated Full Year 2023 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, 2023 and updated its financial guidance for the year ending December 31, 2023.\n\n\nSecond Quarter and Recent Highlights\n\n\n\nWorldwide installed base increased 16 percent to approximately 437,000 in-warranty customers compared to the second quarter 2022.\n\n\n\nCommenced U.S. launch of Tandem Source, a data management application designed to be a centralized digital ecosystem for customers and healthcare providers worldwide.\n\n\n\nEnrolled first participant in pivotal study for people living with type 2 diabetes using Control-IQ technology.\n\n\n\nReceived U.S. Food and Drug Administration clearance for Tandem Mobi, the world’s smallest durable insulin delivery system.\n\n\n\n$507.2 million in cash, cash equivalents & short-term investments as of June 30, 2023.\n\n\n\n“In the second quarter, we demonstrated exceptional progress with our new technology innovations, while driving operational improvements throughout our business and achieving sales expectations,” said John Sheridan, president and chief executive officer. “We are navigating 2023 to position Tandem for future growth and long-term success by delivering on the most exciting portfolio in insulin therapy management, while furthering our mission to offer choice and simplified solutions to improve the lives of people with diabetes.”\n\n\nSecond Quarter 2023 Financial Results Compared to 2022\n\n\nIn September 2022, the Company began offering the Tandem Choice Program (Tandem Choice) to eligible t:slim X2 customers to provide a pathway to ownership of its newest hardware platform, Tandem Mobi, for a fee when available. As a result of this program, and as previously announced, the Company is providing select financial results for both GAAP and non-GAAP. Additional information, including the accounting treatment of this program and other non-GAAP measures, can be found under the heading “Reconciliation of GAAP versus Non-GAAP Financial Results” in this press release.\n\n\n\n\n \n\n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nSix Months Ended\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nJune 30,\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nJune 30,\n\n\n\n\n\n...