Tandem Diabetes Care, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total sales of $243.97 million for the three months ended September 30, 2024, a notable increase from $185.62 million in the same period of 2023. For the nine months ended September 30, 2024, sales reached $657.56 million, compared to $550.92 million in the prior year. This growth was driven by increased demand for its insulin pumps and related supplies, with U.S. pump sales rising to $114.80 million in Q3 2024 from $88.04 million in Q3 2023.
Gross profit for the third quarter of 2024 was $124.65 million, up from $89.75 million in the same quarter of 2023, resulting in a gross margin of 51%, an improvement from 48% year-over-year. However, operating expenses also increased, totaling $150.75 million for Q3 2024, compared to $121.30 million in Q3 2023, primarily due to higher selling, general, and administrative (SG&A) costs, which rose to $99.60 million from $79.30 million.
Despite the revenue growth, Tandem reported an operating loss of $26.09 million for Q3 2024, an improvement from a loss of $31.55 million in Q3 2023. The net loss for the quarter was $23.25 million, compared to $32.96 million in the prior year. For the nine-month period, the net loss was $96.78 million, significantly reduced from $192.61 million in the same period of 2023.
The company’s total assets as of September 30, 2024, were $957.73 million, up from $952.66 million at the end of 2023. However, total liabilities increased to $720.02 million from $639.03 million, leading to a decline in stockholders' equity to $237.71 million from $313.63 million.
Strategically, Tandem completed the acquisition of AMF Medical in January 2023, which included contingent earnout payments based on development milestones. The company is also focusing on expanding its product portfolio, including the recent launch of the Tandem Mobi insulin pump, which integrates with continuous glucose monitoring (CGM) systems.
Tandem's cash and cash equivalents decreased to $49.04 million as of September 30, 2024, from $58.87 million at the end of 2023. The company reported net cash provided by operating activities of $13.51 million for the nine months ended September 30, 2024, a significant turnaround from cash used of $24.59 million in the same period of 2023.
Overall, Tandem Diabetes Care is navigating a competitive landscape while focusing on product innovation and market expansion, with a clear emphasis on improving financial performance and operational efficiency.
About TANDEM DIABETES CARE INC
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