BioTech

Another Move for Tandem Diabetes Care Inc (NASDAQ:TNDM)

Tandem Diabetes Care Inc (NASDAQ:TNDM)

Tandem Diabetes Care Inc (NASDAQ:TNDM)

Tandem Diabetes Care Inc (NASDAQ:TNDM), manufacturer of the Tandem Diabetes pump, today reported its financial results for the quarter ended June 30, 2017. The market reacted to the news poorly – shares of TNDM dropped almost 20% on a volume figure more than three times the stock’s 30-day, daily average.

For Q2 2016, Tandem Diabetes Care Inc (NASDAQ:TNDM) reported $23 million in sales. For Q2 2017 the figure dropped to $21.3 million. Q2 2016 pump shipments were 4,582 but that number fell to 3.427 for Q2 2017. Similar disappointing news was reflected in the six-month numbers.

A total of 3,427 pumps were shipped in Q2 2017, compared to 2,816 in the Q1 2017, and 4,582 in the Q2 2016 when sales and gross margin benefited from a continuation of high customer interest in the t:slim G4™ Insulin Pump, which launched in September of 2015 as the Tandem Diabetes’ first insulin pump featuring continuous glucose monitoring integration.

As of June 30, 2017, Tandem Diabetes Care Inc (NASDAQ:TNDM) had $37.8 million in cash, cash equivalents, short-term investments and restricted cash. Tandem Diabetes Care Inc (NASDAQ:TNDM)

Net use of cash in Q2 2017 was $15.8 million compared to $23.2 million in Q1 2017, excluding the net proceeds from the company’s equity financing in Q1 2017.

Tandem Diabetes Care Inc (NASDAQ:TNDM) has grown sales annually since 2012 when the company posted a sales figure of $2.5 million. The company then posted annual sales figures (millions) of $29, $9.7, $72.9, and $84.2 for 2016. Unfortunately, the profits have not followed. In 2016 the company posted a per share loss of (-$2.73). That loss had been preceded by four years of losses. Accordingly, stock performance has been poor. YTD, TNDM is down over 80%, and is down over 90% for the year. Tandem Diabetes Care Inc (NASDAQ:TNDM) today established a new 52-week low of $0.39.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

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Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

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