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Tandem Diabetes Care Announces Third Quarter 2020 Financial Results and Updated Full Year 2020 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 September 30, 2020 and updated its sales guidance for the year ending December 31, 2020.\n\nThird Quarter 2020 Highlights\n\nIn comparing the third quarter of 2020 to the same period of 2019:\n\n\nWorldwide pump shipments increased 23 percent to 22,021 pumps from 17,839 pumps\n\n\nSales increased 31 percent to $123.6 million from $94.7 million\n\n\nOperating margin improved to negative 1 percent from negative 6 percent\n\n\n“Our t:slim X2 with Control-IQ technology drove record sales in the third quarter, and we are excited to have commenced its launch outside the United States,” said John Sheridan, president and chief executive officer. “The third quarter was a remarkable demonstration of our employees’ commitment to progressing our business commercially, operationally and strategically, while focusing on customer care and preparing for future growth.”\n\nThird Quarter 2020 Financial Results\n\nDomestic pump shipments increased 33 percent to 18,380 pumps in the third quarter of 2020 from 13,814 pumps in the same period of 2019. Domestic sales were $107.5 million, or an increase of 36 percent compared to $78.8 million in the third quarter of 2019. International pump shipments decreased 10 percent to 3,641 pumps in the third quarter of 2020 from 4,025 pumps in the same period of 2019. International sales were $16.1 million, or an increase of 2 percent compared to $15.8 million in the third quarter of 2019.\n\nGross profit for the third quarter of 2020 increased 29 percent to $65.3 million, compared to $50.7 million for the same period of 2019. Gross margin was 53 percent in the third quarter of 2020 and 54 percent in the same period of 2019. These included a non-cash stock-based compensation charge of $2.1 million in the third quarter of 2020 compared to $1.8 million for the same period of 2019. Royalty expense was $1.7 million in the third quarter of 2020, compared to no royalty expense in the third quarter of 2019.\n\nFor the third quarter of 2020, operating expenses totaled $66.3 million, compared to $56.7 million for the same period of 2019. Operating expenses included a non-cash charge for stock-based compensation of $10.7 million, com...