SAN DIEGO, Feb. 24, 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 and year ended December 31, 2014.
In comparing the fourth quarter of 2014 to the same period of 2013:
- Sales grew 75 percent to $17.9 million from $10.2 million
- t:slim pump shipments grew 63 percent to 3,929 pumps from 2,406 pumps
In comparing the year ended December 31, 2014 to the same period of 2013:
- Sales grew 71 percent to $49.7 million from $29.0 million, which included $1.9 million of t:slim pump sales recognized in the first quarter of 2013 that were shipped in the fourth quarter of 2012
- t:slim pump shipments grew 67 percent to 10,822 pumps from 6,472 pumps
“We more than doubled our installed base since the end of 2013 and independent surveys continue to rank the t:slim pump #1 in overall user satisfaction and product features1,” said Kim Blickenstaff, President and Chief Executive Officer of Tandem Diabetes Care. “We look to further our commitment to the diabetes community in 2015 with additional new product introductions, such as t:flex, and by advancing the clinical and consumer applications of our unique technology platform.”
For the year ended December 31, 2014, gross margin was 31 percent compared to a gross margin of 21 percent for the same period of 2013. Gross margin was 37 percent for the quarter ended December 31, 2014 compared to 12 percent for the same period of 2013. Included in the gross margins for the year and quarter ended December 31, 2013 were the direct costs associated with the previously announced voluntary cartridge recall that impacted the gross margin by 5 and 13 percentage points, respectively.
For the year ended December 31, 2014, operating expenses totaled $90.9 million compared to $55.6 million for the same period of 2013. For the fourth quarter of 2014, operating expenses totaled $24.0 million compared to $17.7 million for the same period of 2013. The increases in operating expenses are primarily associated with the expansion of commercial operations, increased incentive compensation associated with higher sales, and non-cash stock-based compensation.
For the year ended December 31, 2014, operating loss was $75.7 million compared to $49.4 million for the same period of 2013. Operating loss for the fourth quarter of 2014 was $17.5 million, compared to $16.5 million for the same period of 2013. Operating loss included non-cash stock-based compensation for the year and quarter ended December 31, 2014 of $15.0 million and $3.9 million, respectively, compared to $4.5 million and $2.8 million for the comparable periods of 2013.
As of December 31, 2014, the Company had $69.3 million in cash, cash equivalents and short-term investments.
For the year ending December 31, 2015, the Company is providing its 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, and
- 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.
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