The San Diego-based company — maker of insulin pumps and other diabetes management devices — reported a loss of -$27.1 million or -0.45¢ per share, on sales of $109.2 million for the three months ended June 30, 2020, for a bottom-line loss of -17% compared with Q2 2019. Sales were up by 17% compared with the same quarter of 2019.
Tandem pegged the losses largely to interest expenses and charges reflecting changes in fair value for certain outstanding warrants.
Earnings per share were 21¢ behind The Street, where analysts were looking for sales of $87.15 million.
Domestic insulin pump shipments increased 15% to 14,735 in the second quarter of 2020, up from 12,799 pumps Q2 2019. Domestic sales were $89.3 million, or 27% higher than the $70.4 million in the second quarter of 2019. International pump shipments fell by 53% percent to 3,952 in the second quarter, down from 8,459 pumps in Q2 2019. International sales fell by 13% to $20 million compared the second quarter of 2019.
“We are reinstating the sales guidance we set at the beginning of 2020 based on the continued strong worldwide demand for our t:slim X2 insulin pump,” said CFO Leigh Vosseller in a news release. “While being mindful of the unpredictable nature of the current pandemic, our confidence in the remainder of this year is supported by the positive feedback from users of our Control-IQ technology and its scaling international launch, as well as UnitedHealthcare’s recent decision to include Tandem as a network provider.”
For the year ending December 31, 2020, the company is reinstating its sales guidance estimated to be in the range of $450 million to $465 million, which includes international sales of approximately $70 million to $75 million. This represents an annual sales growth of 24% to 28% compared to 2019.
“We achieved our highest quarterly sales, successfully completed our first acquisition, and executed multiple meaningful agreements in support of our longer-term objectives in the second quarter,” said president & CEO John Sheridan. “In this challenging global environment, our business has excelled in its commercial, operational and strategic performance.”