Tandem Diabetes Care (Nasdaq:TNDM) announced preliminary fourth-quarter results and offered expectations for the coming year.
San Diego-based Tandem expects sales to total $221 million, coming in $11 million higher than the same quarter last year. Wall Street analysts expected $221.6 million in revenues. However, the automated insulin delivery technology developer noted that its adjusted sales rise to $224 million for the quarter. That total includes the impact of its Tandem Choice Program, which allows users to switch to a new pump model when available.
Shares of TNDM dropped more than 9% to $40.41 apiece by midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up more than 8%.
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