Tandem Diabetes Care (NASDAQ: TNDM), a leading provider of insulin delivery and diabetes technology, reported robust financial results for the third quarter of 2024, driven by strong demand for its innovative products and continued market expansion.
The company achieved record quarterly sales of $244.0 million, representing a 31% increase compared to the same period last year. This impressive growth was fueled by solid performance in both the United States and international markets.
In the United States, sales reached $171.7 million, up 23% year-over-year, driven by a significant increase in new pump starts, including growth in new customers starting from multiple daily injections. Internationally, sales soared 31% to $72.3 million, reflecting strong pump placements and customer retention.
The company's gross margin remained stable at 51%, reflecting its ongoing efforts to optimize operational efficiency and economies of scale. Tandem also demonstrated positive Adjusted EBITDA and a return to positive free cash flow during the quarter, highlighting its strong operational execution.
Encouraged by the robust third-quarter performance, Tandem Diabetes Care raised its full-year 2024 sales guidance to a range of $903 million to $910 million, representing an increase of 17% to 18% compared to the previous year.
The company's success can be attributed to the positive reception of its newly launched Tandem Mobi insulin pump, which has attracted a younger demographic with its tiny size and versatility. Additionally, the company's efforts to expand into the type 2 diabetes market and enhance customer access through new tenders in select countries starting in 2025 are expected to drive further growth.
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