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Tandem Diabetes Care Announces Third Quarter 2023 Financial Results
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, 2023 and updated its financial guidance for the year ending December 31, 2023.\n\n\nThird Quarter and Recent Highlights\n\n\n\nWorldwide installed base increased 11 percent to approximately 444,000 in-warranty customers compared to the third quarter 2022.\n\n\n\nPublished prospective study data demonstrating the immediate and sustained benefit of t:slim X2 with Control-IQ technology for one year across approximately 3,000 individuals living with type 1 diabetes.\n\n\n\nCommenced initial, limited release of Tandem Mobi in the United States.\n\n\n\nReached the milestone of full U.S. healthcare provider availability of Tandem Source, our second-generation data management application.\n\n\n\n$498.2 million in cash, cash equivalents & short-term investments as of September 30, 2023.\n\n\n\n“In this transitional year, we are focused on bringing the benefits of our #1 rated automated insulin delivery system to more people living with diabetes worldwide, providing customer care excellence and advancing our scalability initiatives,” said John Sheridan, president and chief executive officer. “There is a large and growing opportunity for Tandem’s technology to drive greater use of automated insulin delivery worldwide, and we are advancing our efforts to expand this adoption through our near-term portfolio of diabetes solutions.”\n\n\nThird 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, 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\nThree Months Ended\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nNine Months Ended\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nSeptember 30,\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nSeptember 30,\n\n...