Tandem Diabetes (NASDAQ: TNDM) reported Q1 EPS of ($0.25), $0.08 worse than the analyst estimate of ($0.17). Revenue for the quarter came in at $97.9 million versus the consensus estimate of $84.46 million.

In comparing the first quarter of 2020 to the same period of 2019:

• Worldwide pump shipments increased 18 percent to 17,378 pumps from 14,732 pumps
• Sales increased 48 percent to $97.9 million from $66.0 million
• Gross margin for both periods was 51 percent
• Adjusted EBITDA(1) improved to 4 percent of sales from less than 1 percent of sales

“In the face of the current pandemic, our employees have demonstrated incredible flexibility and adaptability to prioritize the well-being of the diabetes community,” said John Sheridan, president and chief executive officer. “We delivered robust financial results in the first quarter and continue to support the needs of our customers and their healthcare providers through our products, systems and services, which were designed with modern features that provide even greater benefit in this environment.”

GUIDANCE:

Tandem Diabetes sees Q2 2020 revenue of $85 million, versus the consensus of $85.26 million.

2020 Guidance

“Even in this challenging environment, we still anticipate domestic growth compared to the second quarter of last year based on the overwhelmingly positive customer feedback on our t:slim X2 with Control-IQ technology,” said Leigh Vosseller, executive vice president and chief financial officer. “We feel it is prudent to focus our guidance on the near term taking into consideration the unpredictable impact of the current pandemic on our business operations.”

For the quarter ending June 30, 2020, sales are estimated to be at least $85 million, including international sales of approximately $10 million. For the year ending December 31, 2020, the Company has withdrawn its financial guidance.

For earnings history and earnings-related data on Tandem Diabetes (TNDM) click here.