The San Diego-based company — maker of insulin pumps and other diabetes management devices — reported losses of -$14.9 million, or -25¢ per share, on sales of $97.9 million for the three months ended March 31, for a bottom-line sales growth of 46.4% compared with Q1 2019.
Earnings per share were -25¢, 8¢ behind The Street, where analysts were looking for sales of $84.5 million.
“In the face of the current pandemic, our employees have demonstrated incredible flexibility and adaptability to prioritize the well-being of the diabetes community,” president and CEO John Sheridan said in a news release. “We delivered robust financial results in the first quarter and continue to support the needs of our customers and their healthcare providers through our products, systems and services, which were designed with modern features that provide even greater benefit in this environment.”
Tandem Diabetes Care said it is withdrawing its financial guidance for the year due to the uncertainties surrounding the COVID-19 pandemic.
“Even in this challenging environment, we still anticipate domestic growth compared to the second quarter of last year based on the overwhelmingly positive customer feedback on our t:slim X2 with Control-IQ technology,” executive VP and chief financial officer Leigh Vosseller said. “We feel it is prudent to focus our guidance on the near term taking into consideration the unpredictable impact of the current pandemic on our business operations.”
Shares in TNDM were down -3.86% to $76.70 apiece in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -1.3%.