Tandem Diabetes Care Reports Third Quarter 2018 Financial Results
Third Quarter 2018 Results
In comparing the third quarter of 2018 to the same period of 2017:
- Pump shipments increased 118 percent to 8,434 pumps from 3,868 pumps
- Sales increased 71 percent to
$46.3 million from$27.0 million - Operating margin improved to negative 34 percent from negative 49 percent
“We delivered a record-setting quarter in terms of robust sales, improving gross margin and modest use of cash,” said
Total pump shipments of 8,434 included 1,055 pumps for the launch of international operations to select geographies outside
Gross profit for the third quarter of 2018 increased 84 percent to
For the third quarter of 2018, operating expenses totaled
Net loss for the third quarter of 2018 was
Cash Balance and Liquidity
As of
2018 Annual Guidance
For the year ending
- Sales are estimated to be in the range of
$160 million to $165 million , which represents an annual sales growth of 49 percent to 53 percent compared to 2017 - Operating margin is estimated to be in the range of negative 37 percent to negative 32 percent, which includes:
- Approximately
$20.0 million in non-cash, stock-based compensation expense - Approximately
$7.0 million to $8.0 million of depreciation and amortization
- Approximately
Conference Call
The Company will hold a conference call and simultaneous webcast today at
About
Follow
Follow
Follow
Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that concern matters that involve risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in the forward-looking statements. These forward-looking statements include statements regarding, among other things, the Company’s projected financial results and the Company’s ability to scale its business operations and advance its product pipeline. The Company’s actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties. For instance, the Company’s ability to achieve projected financial results will be impacted by the Company’s ability to obtain regulatory approval for new products and products under development and the timing of any such approvals; market acceptance of the Company’s existing products and products under development by physicians and people with diabetes; the Company’s ability to establish and sustain operations to support international sales; the Company’s ability to meet increasing operational and infrastructure requirements from higher customer interest and a larger base of existing customers; the potential that newer products that compete with the Company’s products, or other technological breakthroughs for the monitoring, treatment or prevention of diabetes, may render the Company’s products obsolete or less desirable; and the potential that the process of purchasing the Company’s products, including insurance verification approval for individual customers, may delay or prevent the sale of the products. Other risks and uncertainties include the Company’s ability to manufacture products at quantities at higher volumes at an acceptable cost and in accordance with quality requirements; the Company’s ability to contract with third-party payors for reimbursement of the Company’s products; uncertainty associated with the development and approval of new products generally; possible future actions of the
TANDEM DIABETES CARE, INC. | |||||||
GAAP CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands) | |||||||
September 30, | December 31, | ||||||
2018 | 2017 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents and short-term investments | $ | 113,581 | $ | 14,179 | |||
Accounts receivable, net | 21,689 | 20,793 | |||||
Inventory, net | 24,366 | 26,993 | |||||
Other current assets | 3,035 | 2,191 | |||||
Total current assets | 162,671 | 64,156 | |||||
Restricted cash - long-term | - | 10,000 | |||||
Property and equipment, net | 17,582 | 19,631 | |||||
Other long-term assets |
1,353 | 1,559 | |||||
Total assets | $ | 181,606 | $ | 95,346 | |||
Liabilities and stockholders’ equity (deficit) | |||||||
Current liabilities: | |||||||
Accounts payable, accrued expense and employee-related liabilities | $ | 27,358 | $ | 22,470 | |||
Deferred revenue | 3,703 | 2,526 | |||||
Common stock warrants | 20,643 | 5,432 | |||||
Other current liabilities | 6,846 | 5,657 | |||||
Total current liabilities | 58,550 | 36,085 | |||||
Notes payable-long-term | - | 76,541 | |||||
Other long-term liabilities | 7,627 | 11,868 | |||||
Total liabilities | 66,177 | 124,494 | |||||
Total stockholders’ equity (deficit) | 115,429 | (29,148 | ) | ||||
Total liabilities and stockholders’ equity (deficit) | $ | 181,606 | $ | 95,346 |
TANDEM DIABETES CARE, INC. | ||||||||||||||||
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Sales | $ | 46,264 | $ | 27,003 | $ | 107,667 | $ | 67,306 | ||||||||
Cost of sales | 24,468 | 15,131 | 59,381 | 40,680 | ||||||||||||
Gross profit | 21,796 | 11,872 | 48,286 | 26,626 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 29,506 | 20,125 | 73,048 | 65,077 | ||||||||||||
Research and development | 7,999 | 4,914 | 20,430 | 14,910 | ||||||||||||
Total operating expenses | 37,505 | 25,039 | 93,478 | 79,987 | ||||||||||||
Operating loss | (15,709 | ) | (13,167 | ) | (45,192 | ) | (53,361 | ) | ||||||||
Total other expense, net | (18,536 | ) | (2,868 | ) | (81,107 | ) | (8,266 | ) | ||||||||
Net loss | $ | (34,245 | ) | $ | (16,035 | ) | $ | (126,299 | ) | $ | (61,627 | ) | ||||
Net loss per share, basic and diluted | $ | (0.62 | ) | $ | (3.09 | ) | $ | (2.81 | ) | $ | (13.79 | ) | ||||
Weighted average shares used to compute basic and diluted net loss per share | 55,615 | 5,190 | 44,993 | 4,468 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20181101006021/en/
Source:
Tandem Diabetes Care, Inc.
Media Contact:
Steve Sabicer
714-907-6264
ssabicer@thesabicergroup.com
or
Investor Contact:
Susan Morrison
858-366-6900 x7005
smorrison@tandemdiabetes.com