Tandem Diabetes Care Announces Fourth Quarter 2022 Financial Results and Full Year 2023 Financial Guidance

SAN DIEGO–(BUSINESS WIRE)–$TNDM #ControlIQ–Tandem Diabetes Care, Inc. (NASDAQ: TNDM), a global insulin delivery and diabetes technology company, today reported its financial results for the quarter and year ended December 31, 2022 and provided its financial guidance for the year ending December 31, 2023.

2022 Financial Highlights

In comparing the year ended December 31, 2022 to the same period of 2021:

Worldwide installed base increased 29 percent to approximately 420,000 customers.

Worldwide GAAP sales increased 14 percent to $801.2 million; worldwide non-GAAP sales increased 15 percent to $804.8 million.

GAAP sales in the United States increased 12 percent; non-GAAP sales increased 13 percent.

Renewal pump shipments in the U.S. increased approximately 60 percent.

Sales outside the U.S. increased 19 percent.

$616.9 million in cash, cash equivalents & short-term investments as of December 31, 2022.

Recent Strategic Highlights

Expanded worldwide insulin pump market with approximately half of new U.S. customers adopting t:slim X2 from using multiple daily injection.

Exited 2022 with record growth rate in renewal pump shipments of 75 percent in the fourth quarter.

Achieved the milestone of having approximately 500,000 patient years of data in our t:connect platform for users of the t:slim X2 in the United States.

Acquired AMF Medical SA, developer of the ergonomic, rechargeable Sigi™ Patch Pump that features use of pre-filled insulin cartridges.

Received Great Place to Work Certification™, a prestigious award based entirely on results from in-depth employee surveys around their experience working at the Company.

“In 2022, we continued to expand the worldwide insulin pump market, bringing the benefits of our t:slim X2 technology to more people living with diabetes,” said John Sheridan, president and chief executive officer. “In the year ahead, we are focused on driving growth by promoting our best-in-class Control-IQ technology, with future acceleration to come from delivering multiple new product innovations.”

Fourth Quarter and Year End 2022 Sales Results Compared to 2021

In September 2022, the Company began offering the Tandem Choice Program (Tandem Choice) to eligible t:slim X2 customers to provide a pathway to ownership of its newest hardware platform when available. As a result of this program, and as previously announced, the Company is now providing select financial results on both a GAAP and non-GAAP basis. Additional information, including the accounting treatment of this program, can be found under the heading “Reconciliation of GAAP versus Non-GAAP Financial Results” in this press release.

 

Three Months Ended

 

 

Twelve Months Ended

 

December 31,

 

 

December 31,

$ in millions

2022

 

2022

 

2021

 

 

2022

 

2022

 

2021

 

GAAP

 

Non-GAAP

 

 

GAAP

 

 

GAAP

 

Non-GAAP

 

 

GAAP

Pump Shipments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

23,684

 

 

N/A

 

 

 

25,712

 

 

 

83,554

 

 

N/A

 

 

 

83,317

Outside United States

 

11,939

 

 

N/A

 

 

 

11,873

 

 

 

44,785

 

 

N/A

 

 

 

44,995

Total Worldwide

 

35,623

 

 

N/A

 

 

 

37,585

 

 

 

128,339

 

 

N/A

 

 

 

128,312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

$

165.8

 

$

168.7

 

 

$

160.9

 

 

$

588.8

 

$

592.3

 

 

$

524.9

Outside United States

 

54.7

 

 

54.7

 

 

 

49.1

 

 

 

212.4

 

 

212.4

 

 

 

177.9

Total Worldwide

$

220.5

 

$

223.4

 

 

$

210.0

 

 

$

801.2

 

$

804.7

 

 

$

702.8

 

Fourth Quarter 2022 Additional Financial Results Compared to Fourth Quarter 2021

Gross profit: GAAP gross profit increased to $115.5 million, compared to $113.7 million. GAAP gross margin was 52 percent, compared to 54 percent.

Non-GAAP gross profit(1) increased to $118.5 million. Non-GAAP gross margin(1) was 53 percent.

Operating income (loss): GAAP operating loss totaled $17.8 million, or negative 8 percent of sales, compared to operating income of $12.7 million, or 6 percent of sales.

Non-GAAP operating loss(1) totaled $2.4 million, or negative 1 percent of sales.

Adjusted EBITDA(1) was $25.7 million, or 11 percent of sales, compared to $33.4 million, or 16 percent of sales.

Net income (loss): GAAP net loss(1) was $15.9 million, compared to net income of $10.8 million.

Non-GAAP net loss(1) was $0.5 million.

The fourth quarter 2022 non-GAAP(1) additional financial results exclude the $3.0 million impact associated with the Tandem Choice program, as well as $12.4 million for certain facility consolidation costs and $28.1 million non-cash depreciation and stock-based compensation charges.

Full Year 2022 Additional Financial Results Compared to Full Year 2021

Gross profit: GAAP gross profit increased to $413.0 million, compared to $376.2 million. GAAP gross margin was 52 percent, compared to 54 percent.

Non-GAAP gross profit(1) increased to $416.5 million. Non-GAAP gross margin(1) was 52 percent.

Operating income (loss): GAAP operating loss totaled $92.8 million, or negative 12 percent of sales, compared to operating income of $22.7 million, or 3 percent of sales.

Non-GAAP operating loss(1) totaled $45.8 million, or negative 6 percent of sales.

Adjusted EBITDA(1) was $53.4 million, or 7 percent of sales, compared to $97.3 million, or 14 percent of sales.

Net income (loss): GAAP net loss(1) was $94.6 million, compared to net income of $15.6 million.

Non-GAAP net loss(1) was $47.6 million.

The full year 2022 non-GAAP(1) additional financial results exclude the $3.5 million impact associated with the Tandem Choice program, as well as $12.4 million for certain facility consolidation costs, $31.0 million for certain Capillary Biomedical, Inc. acquisition costs and $99.2 million non-cash depreciation and stock-based compensation charges.

See tables for additional financial information.

2023 Financial Guidance

For the year ending December 31, 2023, the Company is providing financial guidance as follows:

Non-GAAP sales(1) are estimated to be in the range of $885 million to $900 million, which represents an annual sales growth of 10 percent to 12 percent compared to 2022.

Sales inside the United States of approximately $650 million to $660 million.

Sales outside the United States of approximately $235 million to $240 million.

Non-GAAP gross margin(1) is estimated to be approximately 52 percent.

Adjusted EBITDA margin(1) is estimated to be approximately 5 percent to 6 percent of sales.

Includes approximately 3 percent from the impact of operating costs associated with the acquisitions of Capillary Biomedical and AMF Medical.

Non-cash charges included in cost of goods sold and operating expenses are estimated to be approximately $115 million. This includes:

Approximately $95 million non-cash, stock-based compensation expense.

Approximately $20 million depreciation and amortization expense.

(1) A reconciliation of non-GAAP financial measures to their closest GAAP equivalent and additional information can be found in Table E and under the heading “Reconciliation of GAAP versus Non-GAAP Financial Results.”

Non-GAAP Financial Measures

Certain non-GAAP financial measures are presented in this press release to provide information that may assist investors in understanding the Company’s financial results and assessing its prospects for future performance. The Company believes these non-GAAP financial measures are important operating performance indicators because they exclude items that are unrelated to, and may not be indicative of, the Company’s core operating results. These non-GAAP financial measures, as calculated, may not necessarily be comparable to similarly titled measures of other companies and may not be appropriate measures for comparing the performance of other companies relative to the Company. These non-GAAP financial results are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP. To the extent the Company utilizes such non-GAAP financial measures in the future, they will be calculated using a consistent method from period to period. A reconciliation of each of the GAAP financial measures to the most directly comparable non-GAAP financial measures has been provided in Table E “Reconciliation of GAAP versus Non-GAAP Financial Results” attached to this press release.

In particular, the accounting treatment for Tandem Choice has a high degree of complexity. In September 2022 when the program was launched, the Company began deferring a portion of sales for each eligible t:slim X2 pump shipped in the United States. Such deferrals will be recognized on a customer-by-customer basis following the commercial launch of the Company’s new hardware platform. The timing of recognition will be based on either a) an affirmative election to participate in Tandem Choice or b) expiration of the right to participate. Notably:

Offering the program does not impact the economics associated with how or when the initial pump sale is reimbursed.

Customer eligibility is automatic and no election is necessary to participate in Tandem Choice at the time of a t:slim X2 purchase. An affirmative election is only required when the new hardware platform is commercially available, at which time any customer fees will be received and recognized as a sale.

The expiration date of Tandem Choice is December 31, 2024.

Consistent with SEC regulations, the Company has not provided a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in reliance on the “unreasonable efforts” exception set forth in the applicable regulations, because there is substantial uncertainty associated with predicting any future adjustments that may be made to the Company’s GAAP financial measures in calculating the non-GAAP financial measures.

Conference Call

The Company will hold a conference call and simultaneous webcast today at 4:30pm Eastern Time (1:30pm Pacific Time). The link to the webcast will be available by accessing the Events & Presentations tab in the Investor Center of the Tandem Diabetes Care website at http://investor.tandemdiabetes.com, and will be archived for 30 days. To access the call by phone, please use this link (https://register.vevent.com/register/BI676b1bca7fca4eeaa60be7e9c39f206b) and you will be provided with dial-in details, including a personal pin.

About Tandem Diabetes Care, Inc.

Tandem Diabetes Care, Inc., a global insulin delivery and diabetes technology company headquartered in San Diego, California, creates new possibilities for people living with diabetes, their loved ones, and healthcare providers through a positively different experience. The Company’s human-centered approach to design, development, and support delivers innovative products and services for people who use insulin. Tandem manufactures and sells the t:slim X2 insulin pump with Control-IQ technology. For more information, visit tandemdiabetes.com.

Tandem Diabetes Care is a registered trademark and t:slim X2 and Control-IQ are trademarks of Tandem Diabetes Care, Inc.

Follow Tandem Diabetes Care on Twitter @tandemdiabetes; use #tslimX2 and $TNDM.

Follow Tandem Diabetes Care on Facebook at www.facebook.com/TandemDiabetes.

Follow Tandem Diabetes Care on LinkedIn at https://www.linkedin.com/company/tandemdiabetes.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that concern matters that involve risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in the forward-looking statements. These forward-looking statements include statements regarding, among other things, the Company’s projected financial results. The Company’s actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties. For instance, the Company’s ability to achieve projected financial results will be impacted by market acceptance of the Company’s existing products and products under development by physicians and people with diabetes; the Company’s ability to establish and sustain operations to support international sales, including expansion into additional geographies; changes in reimbursement rates or insurance coverage for the Company’s products; the Company’s ability to meet increasing operational and infrastructure requirements from higher customer interest and a larger base of existing customers; the Company’s ability to complete the development and launch of new products when anticipated; the potential that newer products, or other technological breakthroughs for the monitoring, treatment or prevention of diabetes, may render the Company’s products obsolete or less desirable; the depth and duration of the COVID-19 pandemic, and the global response thereto; reliance on third-party relationships, such as outsourcing and supplier arrangements; global economic conditions; and other risks identified in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents that the Company files with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Tandem undertakes no obligation to update or review any forward-looking statement in this press release because of new information, future events or other factors.

 

TANDEM DIABETES CARE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

Table A

(in thousands)

 

 

 

 

 

December 31,

 

December 31,

 

2022

 

2021

Assets

 

 

 

Current assets:

 

 

 

Cash, cash equivalents and short-term investments

$

616,901

 

$

623,811

Accounts receivable, net

 

114,717

 

 

110,725

Inventories

 

111,117

 

 

68,551

Other current assets

 

7,241

 

 

8,433

Total current assets

 

849,976

 

 

811,520

 

 

 

 

Property and equipment, net

 

68,552

 

 

50,386

Operating lease right-of-use assets

 

110,626

 

 

27,503

Other long-term assets

 

23,631

 

 

15,728

Total assets

$

1,052,785

 

$

905,137

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable, accrued expenses and employee-related liabilities

$

104,007

 

$

89,007

Operating lease liabilities

 

13,121

 

 

9,279

Deferred revenue

 

18,837

 

 

10,182

Other current liabilities

 

29,325

 

 

23,388

Total current liabilities

 

165,290

 

 

131,856

 

 

 

 

Convertible senior notes, net – long-term

 

283,232

 

 

281,467

Operating lease liabilities – long-term

 

123,524

 

 

23,922

Deferred revenue – long-term

 

16,874

 

 

16,940

Other long-term liabilities

 

23,918

 

 

17,840

Total liabilities

 

612,838

 

 

472,025

 

 

 

 

Total stockholders’ equity

 

439,947

 

 

433,112

Total liabilities and stockholders’ equity

$

1,052,785

 

$

905,137

 

TANDEM DIABETES CARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Table B

(in thousands, except per share data)

 

 

(Unaudited)
Three Months Ended December 31,

 

Year Ended December 31,

 

2022

 

 

2021

 

2022

 

2021

Sales

$

220,502

 

 

$

209,996

 

 

$

801,217

 

 

$

702,799

 

Cost of sales

 

104,979

 

 

 

96,267

 

 

 

388,231

 

 

 

326,584

 

Gross profit

 

115,523

 

 

 

113,729

 

 

 

412,986

 

 

 

376,215

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Selling, general and administrative

 

97,692

 

 

 

71,498

 

 

 

335,681

 

 

 

261,508

 

Research and development

 

35,585

 

 

 

29,493

 

 

 

139,114

 

 

 

92,054

 

Acquired in-process research and development expenses

 

23

 

 

 

 

 

 

31,039

 

 

 

 

Total operating expenses

 

133,300

 

 

 

100,991

 

 

 

505,834

 

 

 

353,562

 

Operating income (loss)

 

(17,777

)

 

 

12,738

 

 

 

(92,848

)

 

 

22,653

 

Total other income (expense), net

 

1,664

 

 

 

(1,593

)

 

 

(4

)

 

 

(6,752

)

Income (loss) before income taxes

 

(16,113

)

 

 

11,145

 

 

 

(92,852

)

 

 

15,901

 

Income tax expense (benefit)

 

(261

)

 

 

337

 

 

 

1,742

 

 

 

335

 

Net income (loss)

$

(15,852

)

 

$

10,808

 

 

$

(94,594

)

 

$

15,566

 

 

 

 

 

 

 

 

 

Net income (loss) per share – basic

$

(0.25

)

 

$

0.17

 

 

$

(1.47

)

 

$

0.25

 

Net income (loss) per share – diluted

$

(0.25

)

 

$

0.16

 

 

$

(1.47

)

 

$

0.24

 

 

 

 

 

 

 

 

 

Weighted average shares used to compute basic net income (loss) per share

 

64,384

 

 

 

63,650

 

 

 

64,146

 

 

 

63,000

 

Weighted average shares used to compute diluted net income (loss) per share

 

64,384

 

 

 

65,927

 

 

 

64,146

 

 

 

64,349

 

 

TANDEM DIABETES CARE, INC.

SALES BY GEOGRAPHY

Table C(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

($’s in thousands)

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2022

 

 

2021

 

% Change

 

 

2022

 

 

2021

 

% Change

United States:

 

 

 

 

 

 

 

 

 

 

 

Pump

$

92,614

 

 

$

98,174

 

(6

)%

 

$

329,061

 

 

$

319,898

 

3

%

Infusion sets

 

53,088

 

 

 

43,136

 

23

%

 

 

181,578

 

 

 

140,387

 

29

%

Cartridges

 

22,685

 

 

 

19,239

 

18

%

 

 

80,187

 

 

 

63,375

 

27

%

Other

 

344

 

 

 

333

 

3

%

 

 

1,488

 

 

 

1,247

 

19

%

Deferral for Tandem Choice

 

(2,950

)

 

 

 

%

 

 

(3,549

)

 

 

 

%

Total GAAP Sales in the United States

$

165,781

 

 

$

160,882

 

3

%

 

$

588,765

 

 

$

524,907

 

12

%

Adjustment for Tandem Choice

 

2,950

 

 

 

 

%

 

 

3,549

 

 

 

 

%

Total Non-GAAP Sales in the United States

$

168,731

 

 

$

160,882

 

5

%

 

$

592,314

 

 

$

524,907

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

Outside the United States:

 

 

 

 

 

 

 

 

 

 

 

Pump

$

27,347

 

 

$

26,158

 

5

%

 

$

102,846

 

 

$

96,458

 

7

%

Infusion sets

 

19,654

 

 

 

15,989

 

23

%

 

 

76,912

 

 

 

57,063

 

35

%

Cartridges

 

7,434

 

 

 

6,631

 

12

%

 

 

31,973

 

 

 

23,509

 

36

%

Other

 

286

 

 

 

336

 

(15

)%

 

 

721

 

 

 

862

 

(16

)%

Total Sales Outside the United States

$

54,721

 

 

$

49,114

 

11

%

 

$

212,452

 

 

$

177,892

 

19

%

 

 

 

 

 

 

 

 

 

 

 

 

Total GAAP Worldwide Sales

$

220,502

 

 

$

209,996

 

5

%

 

$

801,217

 

 

$

702,799

 

14

%

Adjustment for Tandem Choice

 

2,950

 

 

 

 

%

 

 

3,549

 

 

 

 

%

Total Non-GAAP Worldwide Sales

$

223,452

 

 

$

209,996

 

6

%

 

$

804,766

 

 

$

702,799

 

15

%

 

(1) A reconciliation of non-GAAP financial measures to their closest GAAP equivalent and additional information can be found in Table E and under the heading “Reconciliation of GAAP versus Non-GAAP Financial Results.”

TANDEM DIABETES CARE, INC.

PUMP SHIPMENTS

Table D

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2022

 

2021

 

% Change

 

2022

 

2021

 

% Change

Pumps Shipped:

 

 

 

 

 

 

 

 

 

 

 

United States

23,684

 

25,712

 

(8

)%

 

83,554

 

83,317

 

%

Outside the United States

11,939

 

11,873

 

1

%

 

44,785

 

44,995

 

%

Total Pumps Shipped

35,623

 

37,585

 

(5

)%

 

128,339

 

128,312

 

%

 

TANDEM DIABETES CARE, INC.

Reconciliation of GAAP versus Non-GAAP Financial Results (Unaudited)

Table E

 

 

 

 

 

 

 

 

($’s in thousands)

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

GAAP sales

$

220,502

$

209,996

$

801,217

$

702,799

Adjustments for Tandem Choice (1)

 

2,950

 

 

 

 

 

 

3,549

 

 

 

 

Non-GAAP sales

$

223,452

 

 

$

209,996

 

 

$

804,766

 

 

$

702,799

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

115,522

 

 

$

113,729

 

 

$

412,986

 

 

$

376,215

 

Adjustments for Tandem Choice(1)

 

2,950

 

 

 

 

 

 

3,549

 

 

 

 

Non-GAAP gross profit

$

118,472

 

 

$

113,729

 

 

$

416,535

 

 

$

376,215

 

Non-GAAP gross margin(4)

 

53

%

 

 

54

%

 

 

52

%

 

 

54

%

 

 

 

 

 

 

 

 

GAAP operating income (loss)

$

(17,778

)

 

$

12,738

 

 

$

(92,848

)

 

$

22,653

 

Acquired in-process research and development(2)

 

23

 

 

 

 

 

 

31,039

 

 

 

 

Non-recurring facility consolidation costs(3)

 

12,420

 

 

 

 

 

 

12,420

 

 

 

 

Adjustments for Tandem Choice(1)

 

2,950

 

 

 

 

 

 

3,549

 

 

 

 

Non-GAAP operating income (loss)

$

(2,385

)

 

$

12,738

 

 

$

(45,840

)

 

$

22,653

 

Non-GAAP operating margin(4)

 

(1

)%

 

 

6

%

 

 

(6

)%

 

 

3

%

 

 

 

 

 

 

 

 

GAAP net income (loss)

$

(15,853

)

 

$

10,808

 

 

$

(94,594

)

 

$

15,566

 

Income tax expense (benefit)

 

(261

)

 

 

337

 

 

 

1,742

 

 

 

335

 

Interest income and other, net

 

(3,199

)

 

 

47

 

 

 

(6,057

)

 

 

(674

)

Interest expense

 

1,579

 

 

 

1,514

 

 

 

6,208

 

 

 

6,040

 

Depreciation and amortization

 

3,641

 

 

 

3,520

 

 

 

14,330

 

 

 

13,845

 

EBITDA

$

(14,093

)

 

$

16,226

 

 

$

(78,371

)

 

$

35,112

 

Change in fair value of common stock warrants

 

(44

)

 

 

32

 

 

 

(147

)

 

 

1,386

 

Stock-based compensation expense

 

24,441

 

 

 

17,099

 

 

 

84,918

 

 

 

60,752

 

Acquired in-process research and development(2)

 

23

 

 

 

 

 

 

31,039

 

 

 

 

Non-recurring facility consolidation costs(3)

 

12,420

 

 

 

 

 

 

12,420

 

 

 

 

Adjustments for Tandem Choice(1)

 

2,950

 

 

 

 

 

 

3,549

 

 

 

 

Adjusted EBITDA

$

25,697

 

 

$

33,357

 

 

$

53,408

 

 

$

97,250

 

Adjusted EBITDA Margin(4)

 

12

%

 

 

16

%

 

 

7

%

 

 

14

%

 

 

 

 

 

 

 

 

GAAP net income (loss)

$

(15,853

)

 

$

10,808

 

 

$

(94,594

)

 

$

15,566

 

Acquired in-process research and development(2)

 

23

 

 

 

 

 

 

31,039

 

 

 

 

Non-recurring facility consolidation costs(3)

 

12,420

 

 

 

 

 

 

12,420

 

 

 

 

Adjustments for Tandem Choice(1)

 

2,950

 

 

 

 

 

 

3,549

 

 

 

 

Non-GAAP net income (loss)

$

(460

)

 

$

10,808

 

 

$

(47,586

)

 

$

15,566

 

 

(1) The accounting treatment for Tandem Choice has a high degree of complexity. Additional information can be found under the heading “Non-GAAP Financial Measures.”

(2) The Company recorded a $31.0 million charge representing the value of acquired in-process research and development assets with no alternative future use, and acquisition related expenses.

(3) The Company recorded $12.4 million of facility consolidation costs primarily related to our office space in Boise, Idaho.

(4) Non-GAAP margins including non-GAAP gross margin, non-GAAP operating margin, and adjusted EBITDA margin are calculated using non-GAAP sales.

 

Contacts

Media Contact:
858-255-6388

[email protected]

Investor Contact:
858-366-6900

[email protected]

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