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Tandem Diabetes Care Announces Third 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 September 30, 2022 and updated its financial guidance for the year ending December 31, 2022.\n\nThird Quarter 2022 Financial Highlights Compared to Third Quarter 2021:\n\n\nWorldwide installed base increased 35 percent to more than 400,000 customers.\n\n\nWorldwide sales increased 14 percent to $204.5 million.\n\n\nRenewal pump shipments in the United States increased nearly 70 percent.\n\n\nSales outside the United States increased 26 percent to $58.5 million.\n\n\n\n\n$608.7 million in cash, cash equivalents & short-term investments as of September 30, 2022.\n\n\nRecent Strategic Highlights:\n\n\nSubmitted a 510(k) pre-market notification to the U.S. Food and Drug Administration for the Mobi Insulin Delivery System.\n\n\nLaunched two customer benefit programs in the United States: the Tandem Choice technology access program (Tandem Choice) and Flexible Payment Plans.\n\n\nAchieved the milestone of having more than 100 million patient days using the t:slim X2 with Control-IQ technology.\n\n\nLaunched the t:slim X2 with Control-IQ technology in Israel and Portugal.\n\n\nCompleted feasibility study for people living with type 2 diabetes using Control-IQ technology.\n\n\n“More than 400,000 people worldwide have chosen Tandem and the t:slim X2 insulin pump for their therapy needs, and broad feedback from clinicians supports that we are leading in automated insulin dosing with our Control-IQ technology,” said John Sheridan, president and chief executive officer. “We are committed to expanding our portfolio of diabetes solutions to drive longer-term growth and leverage our operations, as we continue our work to improve the lives of people with diabetes.”\n\nThird Quarter 2022 Financial Results Compared to Third Quarter 2021\n\nStarting with the third quarter 2022, the Company is providing more expansive financial results on both a GAAP and non-GAAP basis as detailed in Table E.\n\n\nSales: Sales in the Unites States increased 10 percent to $146.0 million, compared to $133.1 million. In September 2022, the Company deferred $0.6 million of United States pump sales as a result of Tandem Choice. Sales outside the United States increased 26 percent t...