The San Diego-based insulin delivery and diabetes technology company posted losses of -$9.4 million, or -15¢ per share, on sales of $123.6 million for the three months ended Sept. 30, 2020, for a bottom-line slide to remain in the red despite sales growth of 30.1%.
Adjusted to exclude one-time items, earnings per share were also -15¢, 5¢ behind Wall Street, where analysts were looking for sales of $115.2 million.
“Our t:slim X2 with Control-IQ technology drove record sales in the third quarter, and we are excited to have commenced its launch outside the United States,” Tandem president & CEO John Sheridan said in a news release. “The third quarter was a remarkable demonstration of our employees’ commitment to progressing our business commercially, operationally and strategically, while focusing on customer care and preparing for future growth.”
Tandem updated its 2020 sales guidance, setting it in a range of between $465 million and $475 million, representing growth of between 28% and 31% and an increase over its previous guidance of between $450 million and $465 million.
TNDM shares finished the day up 3.8% at $119.64 per share but was trading down -6.8% after hours at $111.50 per share. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day up 1.75%.