SAN DIEGO--(BUSINESS WIRE)--Apr. 10, 2018--
Tandem Diabetes Care®, Inc. (NASDAQ: TNDM), a medical device company and
manufacturer of the only touchscreen insulin pumps available in the
United States, today reported select, unaudited and preliminary results
for the quarter ended March 31, 2018.
Pump shipments increased by 56 percent to approximately 4,400 pumps in
the first quarter of 2018 from 2,816 pumps in the same period of 2017.
Sales increased by 42 percent to approximately $27.0 million in the
first quarter of 2018 from $19.0 million in the same period of 2017.
The first quarter of 2017 benefited from $1.5 million in previously
deferred sales that were recognized during the period1.
As of March 31, 2018, the Company had approximately $81.9 million in
cash, cash equivalents, short-term investments and restricted cash. This
includes approximately $64.2 million in net proceeds from the equity
financing completed in February 2018 and $6.5 million in net proceeds
from warrants exercised in the first quarter of 2018. The Company
anticipates that outstanding Series B warrants to purchase common stock
will continue to be exercised before they expire on April 17, 2018.
“Continued high-demand for the t:slim X2 Insulin Pump drove our record
first quarter sales, and supports our strategy of using modern,
consumer-focused technology to improve the lives of people with
diabetes,” said Kim Blickenstaff, President and CEO. “This strong
commercial momentum allows us to continue leveraging our early
infrastructure investments and positions us well to deliver upon our
goals in 2018.”
First Quarter 2018 Earnings Conference Call
The Company intends to report its first quarter 2018 financial and
operating results on Thursday, April 26, 2018 after the markets close.
Management intends to host a conference call at 4:30PM Eastern Time
(1:30PM Pacific Time) on that day. More details will be forthcoming.
About Tandem Diabetes Care, Inc.
Tandem Diabetes Care, Inc. (www.tandemdiabetes.com)
is a medical device company dedicated to improving the lives of people
with diabetes through relentless innovation and revolutionary customer
experience. The Company takes an innovative, user-centric approach to
the design, development and commercialization of products for people
with diabetes who use insulin. Tandem manufactures and sells the t:slim
X2™ Insulin Pump, the only pump capable of remote feature updates using
a personal computer, now available with Dexcom G5® Mobile continuous
glucose monitoring integration, and the t:flex® Insulin Pump, the first
pump designed for people with greater insulin requirements. Tandem is
based in San Diego, California.
Follow Tandem Diabetes Care on Twitter @tandemdiabetes; use #tslimX2,
#tflex, #tconnect, and $TNDM.
Follow Tandem Diabetes Care on
Facebook at www.facebook.com/TandemDiabetes.
Tandem Diabetes Care on LinkedIn at https://www.linkedin.com/company/tandemdiabetes.
t:flex and Tandem Diabetes Care are registered trademarks, and t:slim X2
is a trademark of Tandem Diabetes Care, Inc. Dexcom G5 is a registered
trademark of Dexcom, Inc.
Forward Looking Statements
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
preliminary financial results and pump shipments for the quarter ended
March 31, 2018 and the potential future exercise of the Company’s
outstanding warrants. 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 actual financial
results for the quarter ended March 31, 2018 remain subject to final
internal review and adjustment procedures. In addition, the exercise of
the Company’s warrants is highly dependent on the trading price of the
Company’s common stock and the decisions of individual warrant holders.
Other risks and uncertainties include continued market acceptance of the
Company’s new products and products under development by healthcare
providers, third-party payors and people with diabetes; 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 our products obsolete or less desirable; the
Company’s ability to manufacture products in commercial quantities at an
acceptable cost and in accordance with quality requirements; the
Company’s ability to contract with additional third-party payors for
reimbursement of the Company’s products; uncertainty associated with the
timing and outcome of the FDA’s review of the Company’s newest pump
product currently pending regulatory approval; uncertainty associated
with the development of new products generally; and other risks
identified in the Company’s most recent Annual Report on Form 10-K and
other documents that the Company files with the Securities and Exchange
Commission. Investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Tandem undertakes no obligation to update or review any
forward-looking statement in this press release because of new
information, future events or other factors.
1 Beginning in the third quarter of 2016 through the third
quarter of 2017, the Company offered a Technology Upgrade Program under
a variable pricing structure, as a pathway for certain existing
customers to obtain the t:slim X2™ Insulin Pump. This program resulted
in a number of accounting complexities that makes comparisons of our
current and historical financial results more difficult. In particular,
during the term of the program, accounting guidelines required us to
defer up to 100 percent of sales at the time of pump shipment and
recognize them in a subsequent period, either when the upgrade was
fulfilled or at the expiration of the program.
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Source: Tandem Diabetes Care, Inc.
Tandem Diabetes Care, Inc.