SAN DIEGO - Tandem Diabetes Care, Inc. (NASDAQ: NASDAQ:TNDM) shares surged 24% in after-hours trading Thursday after the insulin delivery and diabetes technology company reported better-than-expected second quarter results and raised its full-year revenue guidance.
The company reported a second quarter loss of $0.47 per share, beating analyst estimates for a $0.54 per share loss. Revenue rose 13% YoY to $221.9 million, topping the consensus forecast of $205.63 million.
"Our financial outperformance in the second quarter was bolstered by strong demand for our latest technology offerings, namely Tandem Mobi, which drove our expansion of the insulin pump market," said John Sheridan, president and CEO.
For the full year 2024, Tandem now expects revenue of $885-892 million, up from its previous outlook and above the $868.6 million analyst consensus. The company also projects third quarter revenue of $222-225 million, ahead of the $220.4 million consensus estimate.
Tandem shipped over 20,000 insulin pumps in the U.S. during Q2, a 33% sequential increase from Q1. International pump shipments declined 6% to nearly 10,000 units.
The company maintained its forecast for full-year and Q3 non-GAAP gross margin of approximately 51%. It expects adjusted EBITDA to break even as a percentage of sales for both periods.
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