Tandem Diabetes Care Announces Fourth Quarter and Full Year 2023 Financial Results and 2024 Financial Guidance
- None.
- Negative operating income and net income figures for Q4 and FY 2023 compared to the previous year.
- Decrease in gross profit and gross margin for Q4 and FY 2023 compared to the previous year.
- Negative adjusted EBITDA figures for Q4 and FY 2023 compared to the previous year.
- Non-GAAP operating loss and net loss figures for FY 2023 are significantly higher than the previous year.
- Negative non-GAAP adjusted EBITDA margin for Q4 and FY 2023 compared to the previous year.
Insights
The reported financial results and guidance from Tandem Diabetes Care provide critical information for assessing the company's health and future prospects. One key takeaway is the worldwide installed base growth of 7 percent, which signals expanding market penetration. However, the reduction in pump shipments, both in the U.S. and internationally, raises concerns about competitive pressures or market saturation.
From a financial perspective, the GAAP and non-GAAP discrepancies, notably in sales and operating income, are significant. The deferral of sales due to the Tandem Choice program introduces complexity in financial analysis and indicates a strategic shift to foster customer loyalty and long-term revenue streams. The decline in gross margin suggests increased costs or pricing pressures, which could impact profitability.
The 2024 financial guidance reflects cautious optimism, with an emphasis on recurring revenue streams. However, the anticipated breakeven Adjusted EBITDA margin indicates that the company may not expect significant profitability improvements in the near term. The non-cash charges, including stock-based compensation, are substantial and should be factored into valuation models.
The diabetes management industry is highly competitive, with technological advancements playing a pivotal role. Tandem's launch of Tandem Mobi and Tandem Source platforms showcases their commitment to innovation and positions them to capture more market share. The emphasis on next-generation continuous glucose monitoring sensor integrations is a strategic move to differentiate their product offerings and align with consumer demand for integrated solutions.
The new rebate structure in a single market that led to reduced sales outside the United States is a critical detail. It may indicate pricing pressures or strategic discounts to penetrate new markets or maintain competitiveness. This factor, combined with the installed base growth, suggests that Tandem is prioritizing market expansion, possibly at the expense of short-term profitability.
Within the medical device sector, Tandem Diabetes Care's performance must be evaluated against industry benchmarks and regulatory developments. The Automated Insulin Delivery (AID) System market is growing and Tandem's claim of having the world's smallest durable AID system could be a significant differentiator. Their first-to-market launch with multiple sensor integrations may enhance their competitive edge and market value.
The non-GAAP financial measures provide an alternative lens to gauge performance, excluding certain items like the Tandem Choice program deferrals. However, the reliance on non-GAAP measures necessitates scrutiny as it may obscure underlying performance issues. The forward-looking guidance suggests investment in new product launches, which is critical for long-term growth but may strain short-term financials.
Fourth Quarter and Recent Highlights
- Worldwide installed base increased 7 percent to approximately 452,000 in-warranty customers compared to the fourth quarter 2022.
-
Launched Tandem Mobi, the world’s smallest, durable Automated Insulin Delivery (AID) System in
the United States .
- Achieved first-to-market launch with multiple, next-generation continuous glucose monitoring sensor integrations.
-
Launched Tandem Source, a new diabetes management platform for customers and healthcare providers in
the United States .
-
$467.9 million
“We exited the year on a high note, demonstrating positive momentum across key areas of our business, including the unprecedented accomplishment of introducing four new products in the United States,” said John Sheridan, president and chief executive officer. “2024 is positioned to be a year of tremendous opportunity for Tandem. Our portfolio of devices, applications, and insights positions us to improve the lives of more people living with diabetes worldwide, while driving operational improvement across our business.”
Fourth Quarter and Year End 2023 Sales Results Compared to 2022
In September 2022, the Company began offering the Tandem Choice Program (Tandem Choice) to eligible t:slim X2 customers to provide a pathway to ownership of its newest hardware platform, Tandem Mobi, for a fee when available. As a result of this program, the Company is providing select financial results for both GAAP and non-GAAP. Additional information, including the accounting treatment of this program and other non-GAAP measures, can be found under Table E “Reconciliation of GAAP versus Non-GAAP Financial Results” attached to this press release. See also “Non-GAAP Financial Measures” below.
|
Three Months Ended |
|
|
Year Ended |
||||||||||||||||||||||
|
December 31, |
|
|
December 31, |
||||||||||||||||||||||
($ in millions) |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
||||||||||||||||
|
GAAP |
|
Non-GAAP |
|
|
GAAP |
|
Non-GAAP |
|
|
GAAP |
|
Non-GAAP |
|
|
GAAP |
|
Non-GAAP |
||||||||
Pump Shipments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
21,000 |
|
|
N/A |
|
|
|
24,000 |
|
|
N/A |
|
|
|
74,000 |
|
|
N/A |
|
|
|
84,000 |
|
|
N/A |
Outside |
|
6,000 |
|
|
N/A |
|
|
|
12,000 |
|
|
N/A |
|
|
|
30,000 |
|
|
N/A |
|
|
|
44,000 |
|
|
N/A |
Total Worldwide |
|
27,000 |
|
|
N/A |
|
|
|
36,000 |
|
|
N/A |
|
|
|
104,000 |
|
|
N/A |
|
|
|
128,000 |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
$ |
150.9 |
|
$ |
163.5 |
|
|
$ |
165.8 |
|
$ |
168.7 |
|
|
$ |
554.9 |
|
$ |
580.0 |
|
|
$ |
588.8 |
|
$ |
592.3 |
Outside |
|
45.9 |
|
|
45.9 |
|
|
|
54.7 |
|
|
54.7 |
|
|
|
192.8 |
|
|
192.8 |
|
|
|
212.4 |
|
|
212.4 |
Total Worldwide |
$ |
196.8 |
|
$ |
209.4 |
|
|
$ |
220.5 |
|
$ |
223.4 |
|
|
$ |
747.7 |
|
$ |
772.8 |
|
|
$ |
801.2 |
|
$ |
804.7 |
Fourth Quarter 2023 Additional Financial Results Compared to Fourth Quarter 2022
-
Sales: In
the United States , GAAP sales include a$12.5 million $3.0 million
Outsidethe United States , both GAAP and non-GAAP sales reflect an$8.5 million
-
Gross profit: GAAP gross profit was
$93.3 million $115.5 million
Non-GAAP gross profit(1) was$105.8 million $118.5 million
-
Operating income (loss): GAAP operating loss totaled
$35.1 million $17.8 million
Non-GAAP operating loss(1) totaled$22.5 million $2.4 million
Adjusted EBITDA(1) was$4.3 million $25.7 million
-
Net income (loss): GAAP net loss was
$30.0 million $15.9 million
Non-GAAP net loss(1) was$17.5 million $0.5 million
Full Year 2023 Additional Financial Results Compared to Full Year 2022
-
Sales: In
the United States , GAAP sales include a$25.1 million $3.5 million
Outsidethe United States , both GAAP and non-GAAP sales reflect a$8.5 million
-
Gross profit: GAAP gross profit was
$367.7 million $413.0 million
Non-GAAP gross profit(1) was$392.8 million $416.5 million
-
Operating income (loss): GAAP operating loss totaled
$233.2 million $92.8 million
Non-GAAP operating loss(1) totaled$112.6 million $45.8 million
Adjusted EBITDA(1) was negative$9.2 million $53.4 million
-
Net income (loss): GAAP net loss was
$222.6 million $94.6 million
Non-GAAP net loss(1) was$102.0 million $47.6 million
(1) A reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures and additional information can be found in Table E “Reconciliation of GAAP versus Non-GAAP Financial Results” attached to this press release. Also see “Non-GAAP Financial Measures” below for additional information.
See tables for additional financial information.
2024 Financial Guidance
“2024 marks an exciting opportunity for Tandem to return to growth, with our 10 percent sales guidance primarily reflecting recurring revenue streams,” said Leigh Vosseller, executive vice president and chief financial officer. “Investing in the launch of multiple new products is reflected in our margin expectations and are important for setting the foundation for these offerings to serve as catalysts for additional growth.”
The Company’s non-GAAP guidance for the fiscal year ending December 31, 2024 is set forth below. The most directly comparable GAAP financial measures are not accessible on a forward-looking basis due to the high degree of complexity in the accounting treatment for the Tandem Choice program. For a description of Non-GAAP sales, Non-GAAP gross margin, and Adjusted EBITDA margin, as well as an illustration of the reconciliation from the most directly comparable GAAP financial measures, refer to Table E “Reconciliation of GAAP versus Non-GAAP Financial Results” attached to this press release. Also see “Non-GAAP Financial Measures” below for additional information.
For the year ending December 31, 2024, the Company is providing its 2024 financial guidance as follows:
-
Non-GAAP sales are estimated to be approximately
$850 million $175 million -
Sales inside
the United States of approximately$625 million $122 million -
Sales outside
the United States of approximately$225 million $53 million
-
Sales inside
- Non-GAAP gross margin is estimated to be approximately 51 percent for the full year and approximately 48 percent in the first quarter.
- Adjusted EBITDA margin is estimated to be breakeven as a percent of sales for the full year and approximately negative 15 percent in the first quarter.
-
Non-cash charges included in cost of goods sold and operating expenses are estimated to be approximately
$120 million -
Approximately
$100 million -
Approximately
$20 million
-
Approximately
Non-GAAP Financial Measures
Certain non-GAAP financial measures are presented in this press release to provide information that may assist investors in understanding the Company’s financial results and assessing its prospects for future performance. The Company believes these non-GAAP financial measures are important operating performance indicators because they exclude items that are unrelated to, and may not be indicative of, the Company’s core operating results. These non-GAAP financial measures, as calculated, may not necessarily be comparable to similarly titled measures of other companies and may not be appropriate measures for comparing the performance of other companies relative to the Company. These non-GAAP financial results are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP. To the extent the Company uses such non-GAAP financial measures in the future, they will be calculated using a consistent method from period to period. A reconciliation of each of the historical GAAP financial measures to the most directly comparable historical non-GAAP financial measures has been provided in Table E “Reconciliation of GAAP versus Non-GAAP Financial Results” attached to this press release.
In particular, the accounting treatment for Tandem Choice has a high degree of complexity. In September 2022 when the program was launched, the Company began deferring a portion of sales for each eligible t:slim X2 pump shipped in
- Offering the program does not impact the economics associated with how or when the initial pump sale is reimbursed.
- Customer eligibility is automatic and no election is necessary to participate in Tandem Choice at the time of a t:slim X2 purchase. An affirmative election is only required when the new hardware platform, Tandem Mobi, is commercially available, at which time any customer fees will be received and recognized as a sale.
- The expiration date of Tandem Choice is December 31, 2024.
Consistent with SEC regulations, the Company has not provided a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in reliance on the “unreasonable efforts” exception set forth in the applicable regulations, because there is substantial uncertainty associated with predicting any future adjustments that may be made to the Company’s GAAP financial measures in calculating the non-GAAP financial measures.
Conference Call
The Company will hold a conference call and simultaneous webcast today at 4:30pm Eastern Time (1:30pm Pacific Time). The link to the webcast will be available by accessing the Events & Presentations tab in the Investor Center of the Tandem Diabetes Care website at http://investor.tandemdiabetes.com, and will be archived for 30 days. To access the call by phone, please use this link (https://register.vevent.com/register/BIa95db72e0b404258a57afd8b48cc6915) and you will be provided with dial-in details, including a personal pin.
About Tandem Diabetes Care, Inc.
Tandem Diabetes Care, a global insulin delivery and diabetes technology company, manufactures and sells advanced automated insulin delivery systems that reduce the burden of diabetes management, while creating new possibilities for patients, their loved ones, and healthcare providers. The Company’s pump portfolio features the Tandem Mobi system and the t:slim X2 insulin pump, both of which feature Control-IQ advanced hybrid closed-loop technology. Tandem Diabetes Care is based in
Tandem Diabetes Care, the Tandem logo, Control-IQ, Tandem Mobi and t:slim X2 are either registered trademarks or trademarks of Tandem Diabetes Care, Inc. in
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that concern matters that involve risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in the forward-looking statements. These forward-looking statements include statements regarding, among other things, the Company’s projected financial results and the ability to achieve other operational and commercial goals. The Company’s actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties. For instance, the Company’s ability to achieve projected financial results will be impacted by market acceptance of the Company’s existing products and products under development; products marketed and sold or under development by competitors; the Company’s ability to establish and sustain operations to support international sales, including expanding into additional geographies; changes in reimbursement rates or insurance coverage for the Company’s products; the Company’s ability to meet increasing operational and infrastructure requirements from higher customer interest and a larger base of existing customers; the Company’s ability to complete the development and launch of new products when anticipated; risks associated with the regulatory approval process outside
TANDEM DIABETES CARE, INC. |
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
Table A |
|||||
(in thousands) |
|||||
|
|
|
|
||
|
December 31, |
|
December 31, |
||
|
2023 |
|
2022 |
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash, cash equivalents and short-term investments |
$ |
467,912 |
|
$ |
616,901 |
Accounts receivable, net |
|
105,555 |
|
|
114,717 |
Inventories |
|
157,937 |
|
|
111,117 |
Other current assets |
|
16,585 |
|
|
7,241 |
Total current assets |
|
747,989 |
|
|
849,976 |
|
|
|
|
||
Property and equipment, net |
|
76,542 |
|
|
68,552 |
Operating lease right-of-use assets |
|
87,791 |
|
|
110,626 |
Other long-term assets |
|
40,336 |
|
|
23,631 |
Total assets |
$ |
952,658 |
|
$ |
1,052,785 |
|
|
|
|
||
Liabilities and Stockholders’ Equity |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable, accrued expenses and employee-related liabilities |
$ |
105,742 |
|
$ |
104,007 |
Operating lease liabilities |
|
17,060 |
|
|
13,121 |
Deferred revenue |
|
43,994 |
|
|
18,837 |
Other current liabilities |
|
28,462 |
|
|
29,325 |
Total current liabilities |
|
195,258 |
|
|
165,290 |
|
|
|
|
||
Convertible senior notes, net - long-term |
|
285,035 |
|
|
283,232 |
Operating lease liabilities - long-term |
|
113,572 |
|
|
123,524 |
Deferred revenue - long-term |
|
13,331 |
|
|
16,874 |
Other long-term liabilities |
|
31,830 |
|
|
23,918 |
Total liabilities |
|
639,026 |
|
|
612,838 |
|
|
|
|
||
Total stockholders’ equity |
|
313,632 |
|
|
439,947 |
Total liabilities and stockholders’ equity |
$ |
952,658 |
|
$ |
1,052,785 |
TANDEM DIABETES CARE, INC. |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
Table B |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
|
|||||||||||||||
|
(Unaudited) |
|
|
|
|
||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Sales |
$ |
196,796 |
|
|
$ |
220,502 |
|
|
$ |
747,718 |
|
|
$ |
801,217 |
|
Cost of sales |
|
103,501 |
|
|
|
104,979 |
|
|
|
380,028 |
|
|
|
388,231 |
|
Gross profit |
|
93,295 |
|
|
|
115,523 |
|
|
|
367,690 |
|
|
|
412,986 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative |
|
85,751 |
|
|
|
97,692 |
|
|
|
352,503 |
|
|
|
335,681 |
|
Research and development |
|
42,604 |
|
|
|
35,585 |
|
|
|
169,667 |
|
|
|
139,114 |
|
Acquired in-process research and development expenses |
|
— |
|
|
|
23 |
|
|
|
78,750 |
|
|
|
31,039 |
|
Total operating expenses |
|
128,355 |
|
|
|
133,300 |
|
|
|
600,920 |
|
|
|
505,834 |
|
Operating loss |
|
(35,060 |
) |
|
|
(17,777 |
) |
|
|
(233,230 |
) |
|
|
(92,848 |
) |
Total other income (expense), net |
|
3,750 |
|
|
|
1,664 |
|
|
|
12,976 |
|
|
|
(4 |
) |
Loss before income taxes |
|
(31,310 |
) |
|
|
(16,113 |
) |
|
|
(220,254 |
) |
|
|
(92,852 |
) |
Income tax expense (benefit) |
|
(1,308 |
) |
|
|
(261 |
) |
|
|
2,357 |
|
|
|
1,742 |
|
Net loss |
$ |
(30,002 |
) |
|
$ |
(15,852 |
) |
|
$ |
(222,611 |
) |
|
$ |
(94,594 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per share - basic and diluted |
$ |
(0.46 |
) |
|
$ |
(0.25 |
) |
|
$ |
(3.43 |
) |
|
$ |
(1.47 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares used to compute basic and diluted net loss per share |
|
65,369 |
|
|
|
64,384 |
|
|
|
64,969 |
|
|
|
64,146 |
|
TANDEM DIABETES CARE, INC. |
|||||||||||||||||||||
SALES BY GEOGRAPHY |
|||||||||||||||||||||
Table C(1) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(Unaudited) |
|
|
|
|
|
|
|
|
||||||||||||
($'s in thousands) |
Three Months Ended December 31, |
|
|
|
Twelve Months Ended December 31, |
|
|
||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pump |
$ |
82,366 |
|
|
$ |
92,614 |
|
|
(11 |
)% |
|
$ |
289,546 |
|
|
$ |
329,061 |
|
|
(12 |
)% |
Supplies and other |
|
81,087 |
|
|
|
76,117 |
|
|
7 |
% |
|
|
290,439 |
|
|
|
263,253 |
|
|
10 |
% |
Deferral for Tandem Choice |
|
(12,539 |
) |
|
|
(2,950 |
) |
|
325 |
% |
|
|
(25,107 |
) |
|
|
(3,549 |
) |
|
607 |
% |
Total GAAP Sales in |
$ |
150,914 |
|
|
$ |
165,781 |
|
|
(9 |
)% |
|
$ |
554,878 |
|
|
$ |
588,765 |
|
|
(6 |
)% |
Adjustment for Tandem Choice |
|
12,539 |
|
|
|
2,950 |
|
|
325 |
% |
|
|
25,107 |
|
|
|
3,549 |
|
|
607 |
% |
Total Non-GAAP Sales in |
$ |
163,453 |
|
|
$ |
168,731 |
|
|
(3 |
)% |
|
$ |
579,985 |
|
|
$ |
592,314 |
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Outside |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pump |
$ |
17,513 |
|
|
$ |
27,347 |
|
|
(36 |
)% |
|
$ |
84,748 |
|
|
$ |
102,846 |
|
|
(18 |
)% |
Pump rebate |
|
(8,452 |
) |
|
|
— |
|
|
— |
% |
|
|
(8,452 |
) |
|
|
— |
|
|
— |
% |
Supplies and other |
|
36,821 |
|
|
|
27,374 |
|
|
35 |
% |
|
|
116,544 |
|
|
|
109,606 |
|
|
6 |
% |
Total Sales Outside the United States |
$ |
45,882 |
|
|
$ |
54,721 |
|
|
(16 |
)% |
|
$ |
192,840 |
|
|
$ |
212,452 |
|
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total GAAP Worldwide Sales |
$ |
196,796 |
|
|
$ |
220,502 |
|
|
(11 |
)% |
|
$ |
747,718 |
|
|
$ |
801,217 |
|
|
(7 |
)% |
Adjustment for Tandem Choice |
|
12,539 |
|
|
|
2,950 |
|
|
325 |
% |
|
|
25,107 |
|
|
|
3,549 |
|
|
607 |
% |
Total Non-GAAP Worldwide Sales |
$ |
209,335 |
|
|
$ |
223,452 |
|
|
(6 |
)% |
|
$ |
772,825 |
|
|
$ |
804,766 |
|
|
(4 |
)% |
(1) A reconciliation of non-GAAP financial measures to their closest GAAP equivalent and additional information can be found in Table E and under the heading “Reconciliation of GAAP versus Non-GAAP Financial Results.” |
|||||||||||||||||||||
TANDEM DIABETES CARE, INC. |
|||||||||||
PUMP SHIPMENTS (Unaudited) |
|||||||||||
Table D |
|||||||||||
|
|
|
|
|
|
|
|
|
|
||
|
Three Months Ended December 31, |
|
|
|
Twelve Months Ended December 31, |
|
|
||||
|
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
Pumps Shipped: |
|
|
|
|
|
|
|
|
|
|
|
|
21,000 |
|
24,000 |
|
(13)% |
|
74,000 |
|
84,000 |
|
(12)% |
Outside |
6,000 |
|
12,000 |
|
(50)% |
|
30,000 |
|
44,000 |
|
(32)% |
Total Pumps Shipped |
27,000 |
|
36,000 |
|
(25)% |
|
104,000 |
|
128,000 |
|
(19)% |
TANDEM DIABETES CARE, INC. |
|||||||||||||||
Reconciliation of GAAP versus Non-GAAP Financial Results (Unaudited) |
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Table E |
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|
|
|
|
|
|
|
|
||||||||
($'s in thousands) |
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP sales |
$ |
196,796 |
|
|
$ |
220,502 |
|
|
$ |
747,718 |
|
|
$ |
801,217 |
|
Adjustment for Tandem Choice (1) |
|
12,539 |
|
|
|
2,950 |
|
|
|
25,107 |
|
|
|
3,549 |
|
Non-GAAP sales |
$ |
209,335 |
|
|
$ |
223,452 |
|
|
$ |
772,825 |
|
|
$ |
804,766 |
|
|
|
|
|
|
|
|
|
||||||||
GAAP gross profit |
$ |
93,295 |
|
|
$ |
115,523 |
|
|
$ |
367,690 |
|
|
$ |
412,986 |
|
Adjustment for Tandem Choice(1) |
|
12,539 |
|
|
|
2,950 |
|
|
|
25,107 |
|
|
|
3,549 |
|
Non-GAAP gross profit |
$ |
105,834 |
|
|
$ |
118,473 |
|
|
$ |
392,797 |
|
|
$ |
416,535 |
|
Non-GAAP gross margin(2) |
|
51 |
% |
|
|
53 |
% |
|
|
51 |
% |
|
|
52 |
% |
|
|
|
|
|
|
|
|
||||||||
GAAP operating loss |
$ |
(35,060 |
) |
|
$ |
(17,777 |
) |
|
$ |
(233,230 |
) |
|
$ |
(92,848 |
) |
Acquired in-process research and development(3) |
|
— |
|
|
|
23 |
|
|
|
78,750 |
|
|
|
31,039 |
|
Non-recurring facility consolidation costs(4) |
|
— |
|
|
|
12,420 |
|
|
|
14,099 |
|
|
|
12,420 |
|
Severance costs - cash and noncash |
|
— |
|
|
|
— |
|
|
|
2,680 |
|
|
|
— |
|
Adjustment for Tandem Choice(1) |
|
12,539 |
|
|
|
2,950 |
|
|
|
25,107 |
|
|
|
3,549 |
|
Non-GAAP operating loss |
$ |
(22,521 |
) |
|
$ |
(2,384 |
) |
|
$ |
(112,594 |
) |
|
$ |
(45,840 |
) |
Non-GAAP operating margin(2) |
|
(11 |
) % |
|
|
(1 |
)% |
|
|
(15 |
) % |
|
|
(6 |
)% |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(30,002 |
) |
|
$ |
(15,853 |
) |
|
$ |
(222,611 |
) |
|
$ |
(94,594 |
) |
Income tax expense (benefit) |
|
(1,308 |
) |
|
|
(261 |
) |
|
|
2,357 |
|
|
|
1,742 |
|
Interest income and other, net |
|
(5,553 |
) |
|
|
(3,243 |
) |
|
|
(22,858 |
) |
|
|
(6,204 |
) |
Interest expense |
|
1,803 |
|
|
|
1,579 |
|
|
|
9,882 |
|
|
|
6,208 |
|
Depreciation and amortization |
|
4,031 |
|
|
|
3,641 |
|
|
|
15,715 |
|
|
|
14,330 |
|
Stock-based compensation expense |
|
22,742 |
|
|
|
24,441 |
|
|
|
87,688 |
|
|
|
84,918 |
|
Acquired in-process research and development(3) |
|
— |
|
|
|
23 |
|
|
|
78,750 |
|
|
|
31,039 |
|
Non-recurring facility consolidation costs(4) |
|
— |
|
|
|
12,420 |
|
|
|
14,099 |
|
|
|
12,420 |
|
Severance costs - cash and noncash |
|
— |
|
|
|
— |
|
|
|
2,680 |
|
|
|
— |
|
Adjustment for Tandem Choice(1) |
|
12,539 |
|
|
|
2,950 |
|
|
|
25,107 |
|
|
|
3,549 |
|
Adjusted EBITDA |
$ |
4,252 |
|
|
$ |
25,697 |
|
|
$ |
(9,191 |
) |
|
$ |
53,408 |
|
Adjusted EBITDA margin(2) |
|
2 |
% |
|
|
12 |
% |
|
|
(1 |
)% |
|
|
7 |
% |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(30,002 |
) |
|
$ |
(15,853 |
) |
|
$ |
(222,611 |
) |
|
$ |
(94,594 |
) |
Acquired in-process research and development(3) |
|
— |
|
|
|
23 |
|
|
|
78,750 |
|
|
|
31,039 |
|
Non-recurring facility consolidation costs(4) |
|
— |
|
|
|
12,420 |
|
|
|
14,099 |
|
|
|
12,420 |
|
Severance costs - cash and noncash |
|
— |
|
|
|
— |
|
|
|
2,680 |
|
|
|
— |
|
Adjustment for Tandem Choice(1) |
|
12,539 |
|
|
|
2,950 |
|
|
|
25,107 |
|
|
|
3,549 |
|
Non-GAAP net loss |
$ |
(17,463 |
) |
|
$ |
(460 |
) |
|
$ |
(101,975 |
) |
|
$ |
(47,586 |
) |
(1) The accounting treatment for Tandem Choice has a high degree of complexity. Additional information can be found under the heading “Non-GAAP Financial Measures.” |
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(2) Non-GAAP margins including non-GAAP gross margin, non-GAAP operating margin, and adjusted EBITDA margin are calculated using non-GAAP sales. |
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(3) Acquired in-process research and development charges representing the value of acquired in-process research and development assets with no alternative future use and acquisition related expenses recorded in connection with the acquisitions of AMF Medical SA in 2023, and Capillary BioMedical, Inc. in 2022. |
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(4) The Company recorded |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240221234957/en/
Media Contact:
858-366-6900
media@tandemdiabetes.com
Investor Contact:
858-366-6900
IR@tandemdiabetes.com
Source: Tandem Diabetes Care, Inc.
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