Tandem reports sales increase
By HME News Staff
Updated Wed May 1, 2019
SAN DIEGO - Tandem Diabetes Care reported sales increased to $66 million for the first quarter of 2019, a 142% over the same time period one year ago. Pump shipments increased from 4,444 to 14,732 during the same period, an increase of 232%. Gross profit for the quarter was $33.4 million compared to $11.4 million for the same quarter in 2018. “Our explosive growth in the first quarter was driven by strong domestic demand for the t:slim X2 insulin pump,” said John Sheridan, president and CEO. “We believe the high interest in our Basal-IQ technology, our expanding international sales efforts and our robust product pipeline will continue to drive the company's positive momentum in 2019.” Operating expenses totaled $44.4 million and net loss was $23 million, which included a $12.7 million non-cash charge for the change in fair value of certain outstanding warrants.
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