When Tandem Diabetes Care Inc. (NASDAQ: TNDM) reported its most recent quarterly results after the markets closed on Tuesday, it said that it had a diluted net loss of $0.02 per share and $76.2 million in revenue. The consensus estimates had called for a net loss of $0.20 per share and $56.34 million in revenue. In the fourth quarter of last year, the medical device firm posted a net loss of $1.23 per share and $40 million in revenue.
Apart from earnings, the firm also announced its chief executive officer succession plan and select members of its board of directors. Tandem’s president and CEO, Kim D. Blickenstaff, will transition to a newly created position of executive chair of the board of directors. John F. Sheridan will succeed Blickenstaff, assuming the role of president and CEO effective March 1, 2019.
During the quarter, total pump shipments of 16,168 included 3,233 pumps for the launch of international operations to select geographies outside of the United States. International sales of $7.1 million represented about 9% of total sales.
Looking ahead to the 2019 full year, the company expects to see sales in the range of $255 million to $270 million, with a gross margin of 52%. Consensus estimates call for a net loss of $0.75 per share and $219.48 million in revenue for the year.
Blickenstaff commented:
2018 was both extraordinary and transformative for our Company, as we entered the year fighting for a place in the domestic insulin pump market and exited as a global leader in diabetes technology. All of the same catalysts that drove our growth in 2018 are still in place: our differentiated pump platform, automated insulin delivery algorithms, international expansion and the underlying passion of our employees to improve the lives of people with diabetes. Together, they present us with a tremendous opportunity for the year ahead.
Shares of Tandem Diabetes were last seen up 26% at $62.16, with a 52-week range of $3.00 to $66.35. The stock has a consensus analyst price target of $51.27.
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