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Tandem Diabetes Care Announces Second Quarter 2024 Financial Results and Increases Full Year 2024 Sales 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, 2024 and increased sales guidance for the year ending December 31, 2024.\n\n\nSecond Quarter 2024 Highlights\n\n\n\nWorldwide GAAP sales increased 13 percent to $221.9 million compared to second quarter 2023; worldwide non-GAAP sales(1) increased 12 percent to $221.8 million compared to second quarter 2023.\n\n\n\nMore than 20,000 pumps shipped in the United States, a sequential increase of 33 percent compared to first quarter 2024.\n\n\n\nLaunched Tandem Mobi with Dexcom G7 continuous glucose monitoring (CGM) sensor integration in the United States.\n\n\n\nCompleted enrollment for Control-IQ pivotal study to support an expanded indication for Control-IQ to people living with type 2 diabetes.\n\n\n\nBegan the launch of Tandem Source outside the United States.\n\n\n\n“Our financial outperformance in the second quarter was bolstered by strong demand for our latest technology offerings, namely Tandem Mobi, which drove our expansion of the insulin pump market,” said John Sheridan, president and chief executive officer. “The early enthusiasm for our expanding portfolio supports our strategy to offer our customers choice as we work to bring the benefits of our technology to more people living with diabetes worldwide.”\n\n\nSecond Quarter 2024 Sales Results Compared to 2023\n\n\nFrom September 2022 through February 2024, the Company offered the Tandem Choice Program (Tandem Choice) to eligible t:slim X2 customers to provide a pathway to ownership of Tandem Mobi, for a fee when available. At the end of the second quarter, the Company began offering eligible t:slim X2 owners the opportunity to switch to a Tandem Mobi under the terms of the program. As a result of this program, 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 Table D “Reconciliation of GAAP versus Non-GAAP Financial Results” attached to this press release. See also “Non-GAAP Financial Measures” below.\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\...