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Tandem Diabetes Care(TNDM) - 2024 Q4 - Annual Results
TNDMTandem Diabetes Care(TNDM)2025-02-26 21:07

Financial Performance - Worldwide GAAP sales grew 44% to 282.6millioninQ42024,whilenon−GAAPsalesincreased21282.6 million in Q4 2024, while non-GAAP sales increased 21% to 252.4 million[3] - Full year 2024 GAAP sales reached 940.2million,a26940.2 million, a 26% increase, with non-GAAP sales growing 18% to 910.0 million[3] - Gross profit for Q4 2024 was 157.5million,withaGAAPgrossmarginof56157.5 million, with a GAAP gross margin of 56%, up from 47% in Q4 2023[6] - GAAP net income for Q4 2024 was 0.8 million, compared to a net loss of 30.0millioninQ42023[6]−TotalsalesforthethreemonthsendedDecember31,2024,reached30.0 million in Q4 2023[6] - Total sales for the three months ended December 31, 2024, reached 282.648 million, a 44% increase compared to 196.796millioninthesameperiodof2023[24]−GrossprofitforthetwelvemonthsendedDecember31,2024,was196.796 million in the same period of 2023[24] - Gross profit for the twelve months ended December 31, 2024, was 489.574 million, up from 367.690millionin2023,reflectingasignificantincreaseinprofitability[24]−OperatinglossforthethreemonthsendedDecember31,2024,was367.690 million in 2023, reflecting a significant increase in profitability[24] - Operating loss for the three months ended December 31, 2024, was 581, a substantial improvement from a loss of 35.060millioninthesameperiodof2023[24]−NetincomeforthethreemonthsendedDecember31,2024,was35.060 million in the same period of 2023[24] - Net income for the three months ended December 31, 2024, was 755, compared to a net loss of 30.002millioninthesameperiodof2023[24]−Non−GAAPsalesforthetwelvemonthsendedDecember31,2024,were30.002 million in the same period of 2023[24] - Non-GAAP sales for the twelve months ended December 31, 2024, were 909.954 million, an 18% increase from 772.825millionin2023[29]MarketandProductDevelopments−U.S.insulinpumpmarketsawadouble−digitincreaseinconversionsfrommultipledailyinjections[3]−ThecompanyreceivedFDAclearanceforControl−IQ+toincludeindividualswithtype2diabetes[3]−TandemMobipumpshipmentsincreasedquarter−over−quarterthroughout2024[3]−Thecompanyreporteda20772.825 million in 2023[29] Market and Product Developments - U.S. insulin pump market saw a double-digit increase in conversions from multiple daily injections[3] - The company received FDA clearance for Control-IQ+ to include individuals with type 2 diabetes[3] - Tandem Mobi pump shipments increased quarter-over-quarter throughout 2024[3] - The company reported a 20% increase in pump sales in the United States for the three months ended December 31, 2024, totaling 98.438 million compared to 82.364millionin2023[26]FutureProjections−For2025,thecompanyprojectsfullyearsalesbetween82.364 million in 2023[26] Future Projections - For 2025, the company projects full year sales between 997 million and 1.007billion,withU.S.salesestimatedat1.007 billion, with U.S. sales estimated at 725 million to 730million[10]−Grossmarginfor2025isestimatedtobeapproximately54730 million[10] - Gross margin for 2025 is estimated to be approximately 54% for the full year[10] Research and Development - The company signed a multi-year collaboration agreement with the University of Virginia Center for Diabetes Technology for R&D on automated insulin delivery systems[3] - Research and development expenses for the twelve months ended December 31, 2024, were 198.877 million, up from 169.667millionin2023,reflectingthecompany′scommitmenttoinnovation[24]FinancialPosition−Totalcurrentassetsdecreasedto169.667 million in 2023, reflecting the company's commitment to innovation[24] Financial Position - Total current assets decreased to 724.491 million as of December 31, 2024, from 747.989millionin2023,primarilyduetoadeclineincashandcashequivalents[22]−Totalliabilitiesincreasedto747.989 million in 2023, primarily due to a decline in cash and cash equivalents[22] - Total liabilities increased to 704.560 million as of December 31, 2024, compared to 639.026millionin2023,indicatingariseinfinancialobligations[22]−Totalstockholders′equitydecreasedto639.026 million in 2023, indicating a rise in financial obligations[22] - Total stockholders' equity decreased to 263.098 million as of December 31, 2024, from $313.632 million in 2023, indicating a reduction in the company's net worth[22]