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Tandem Diabetes Care Reports First Quarter 2015 Financial Results

Published: May 01, 2015

SAN DIEGO, April 30, 2015 /PRNewswire/ -- Tandem Diabetes Care®, Inc. (NASDAQ: TNDM), a medical device company and manufacturer of the t:slim® and t:flex Insulin Pumps, today reported its financial results for the quarter ended March 31, 2015.

In comparing the first quarter of 2015 to the same period of 2014:

  • Sales grew 53 percent to $12.3 million from $8.1 million
  • t:slim Pump shipments grew 44 percent to 2,487 pumps from 1,723 pumps

"Our investment in resources to build the foundation of our business is driving year-over-year revenue growth and improving operating margins," said Kim Blickenstaff, President and Chief Executive Officer of Tandem Diabetes Care.  "We plan to build upon this momentum and continue to expand the insulin pump market through the launch of t:flex and additional innovative products."

Gross margin was 23 percent for the quarter ended March 31, 2015 compared to 11 percent in the same period of 2014.

For the first quarter of 2015, operating expenses totaled $23.2 million compared to $21.7 million for the same period of 2014. 

Operating loss for the first quarter of 2015 was $20.4 million, compared to $20.8 million for the same period of 2014.  This included non-cash, stock-based compensation of $3.8 million for the quarter ended March 31, 2015, which was the same as the comparable period of 2014.

As of March 31, 2015, the Company had $118.4 million in cash, cash equivalents and short-term investments.  This includes net cash proceeds of approximately $64.9 million from a public offering of 6,037,500 shares of the Company's common stock completed during the first quarter.

For the year ending December 31, 2015, the Company affirms its prior guidance as follows:

  • Sales are estimated to be in the range of $70.0 million to $75.0 million, which includes $1.0 million to $3.0 million of t:flex Insulin Pump sales
  • Operating margin is estimated to be in the range of negative 100 percent to negative 110 percent, which includes approximately $13.0 million to $14.0 million in non-cash, stock-based compensation expense

Conference Call
The Company will hold a conference call and simultaneous webcast today at 5:30pm Eastern Time (2:30pm Pacific Time).  The link to the webcast will be available by accessing the Investor Center of the Tandem Diabetes Care website at http://investor.tandemdiabetes.com, and will be archived for 30 days.  To listen to the conference call via phone, please dial 855-427-4396 (U.S./Canada) or 484-756-4261 (International) and use the participant code "25568383".

About Tandem Diabetes Care, Inc.
Tandem Diabetes Care, Inc. (www.tandemdiabetes.com) is a medical device company with an innovative, user-centric and integrated approach to the design, development and commercialization of products for people with diabetes who use insulin. The Company manufactures the t:slim Insulin Pump, the slimmest and smallest durable insulin pump currently on the market, and the t:flex Insulin Pump, the first pump designed for people with greater insulin requirements. Tandem is based in San Diego, California.

t:flex is a trademark, and t:slim and Tandem Diabetes Care are registered trademarks of Tandem Diabetes Care, Inc.

Follow Tandem Diabetes Care:
Twitter @tandemdiabetes, use #tslim, #tflex, #tconnect and $TNDM.
Facebook at www.facebook.com/TandemDiabetes
LinkedIn at www.linkedin.com/company/tandemdiabetes

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. 

To read full press release, please click here.

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