Benzinga -
- Tandem Diabetes Care Inc (NASDAQ: TNDM) reported Q4 FY22 sales of $220.50 million, missing the consensus of $221.83 million.
- The automated insulin delivery technology maker posted adjusted losses of $(0.46) million, compared to an income of $10.81 million a year ago.
- Tandem also increased its worldwide installed base by 29% to approximately 420,000 customers this past year.
- Renewal pump shipments in the U.S. increased by approximately 60% compared to 2021.
- The company said it exited 2022 with a record growth rate in renewal pump shipments totaling 75% in the fourth quarter.
- Worldwide pump shipment fell 5.2% to $35.6 million.
- Adjusted gross margin fell to 53% from 54% a year ago. The company reported an adjusted operating income of $(2.39) million versus $12.74 million a year ago.
- Guidance: Tandem set its 2023 guidance for non-GAAP revenues of $885-$900 million, up 10%-12% Y/Y, compared to the consensus of $891.55 million.
- Price Action: TNDM shares closed 8.81% lower at $36.51 during after-hours trading on Wednesday.