Tandem Diabetes Care Reports Second Quarter 2017 Financial Results
SAN DIEGO--(BUSINESS WIRE)--Tandem Diabetes Care®, Inc. (NASDAQ: TNDM), a medical device company and manufacturer of the only touchscreen insulin pumps available in the United States, today reported its financial results for the quarter ended June 30, 2017.
“Demand for our next-generation t:slim X2™ Insulin Pump remained high in the second quarter and we demonstrated strength both commercially and operationally”
“Demand for our next-generation t:slim X2™ Insulin Pump remained high in the second quarter and we demonstrated strength both commercially and operationally,” said Kim Blickenstaff, President and Chief Executive Officer of Tandem Diabetes Care. “We made meaningful improvement in our gross margin and decreased our quarterly cash use by more than 30 percent sequentially, while continuing to provide industry-leading customer support1.”
In July 2016, the Company began offering eligible customers a Technology Upgrade Program to provide a pathway to ownership of the t:slim X2 Insulin Pump, which launched in October 2016. As previously announced, because of the accounting treatment of this program, the Company is now providing selected financial results on both a GAAP and non-GAAP basis, however for the second quarter of 2017, non-GAAP results were consistent with GAAP results.