Tandem Diabetes (NASDAQ: TNDM) reported Q1 EPS of ($0.08), $0.08 better than the analyst estimate of ($0.16). Revenue for the quarter came in at $141 million versus the consensus estimate of $121.96 million.

First Quarter 2021 Highlights

In comparing the first quarter of 2021 to the same period of 2020:

• Worldwide pump shipments increased 46 percent to 25,352 pumps from 17,378 pumps
• Sales increased 44 percent to $141.0 million from $97.9 million
• Gross margin improved to 52 percent of sales from 51 percent
• Operating margin improved to negative 2 percent of sales from negative 14 percent of sales

“This year is off to an incredible start. We achieved record first quarter sales, our international pump shipments more than doubled compared to last year, and we now have more than 20 million days of real-world Control-IQ technology use logged in our cloud infrastructure,” said John Sheridan, president and chief executive officer. “We believe the high interest in our t:slim X2 insulin pump, our expanding international sales efforts, and our robust product pipeline will continue to drive our positive momentum in 2021 and beyond.”

GUIDANCE:

Tandem Diabetes sees FY2021 revenue of $625-640 million, versus the consensus of $610.52 million.

For the year ending December 31, 2021, the Company is updating its financial guidance as follows:

• Sales are estimated to be in the range of $625 million to $640 million, which represents an annual sales growth of 25 percent to 28 percent compared to 2020. The Company’s prior sales guidance for 2021 was estimated to be in the range of $600 million to $615 million.
  • Includes international sales of approximately $125 million to $130 million, which represents an annual sales growth of 50 percent to 56 percent compared to 2020. The Company’s prior international sales guidance for 2021 was estimated to be in the range of $105 million to $110 million.
• Gross margin is estimated to be approximately 55 percent
• Adjusted EBITDA(1) is estimated to be 14 percent to 15 percent of sales
• Non-cash charges included in cost of goods sold and operating expenses are estimated to be approximately $80 million, which include:
  • Approximately $65 million in non-cash, stock-based compensation expense
  • Approximately $15 million of depreciation and amortization

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