Tandem Diabetes Care (Nasdaq:TNDM) shares are down today, a day after first-quarter results that were mixed compared to the consensus forecast.
The San Diego-based automated insulin delivery technology developer posted losses of $14.7 million, or 23¢ per share, on sales of $175.9 million for the three months ended March 31, 2022, for a bottom-line slide deeper into the red despite sales growth of 24.7%.
Losses per share of 23¢ for Tandem came in 16¢ behind projections on Wall Street, where analysts were looking for sales of $168.43 million.
Investors reacted by sending TNDM shares down more than 16% to $78.93 apiece by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down more than 3%.
Get the full story at our sister site, Drug Delivery Business News.
This story originally ran on the evening of May 4, 2022. Updated May 5 with next-day stock price.