Tandem Diabetes Care reported that sales of its touchscreen diabetes pumps hit $66 million in quarter one, a 142 percent year-over-year increase.
While revenue rose, Tandem posted a $23 million net loss, which included a $12.7 million charge from the change of some outstanding stock warrants. During the prior year period, Tandem’s net loss was $32.7 million, including a $14.2 million warrant charge.
John Sheridan, president and CEO of the San Diego company, said strong domestic demand drove increased sales. Going forward, he said the company looks to benefit from high interest in Tandem’s basal-IQ technology – which predicts glucose levels and suspends insulin delivery when necessary – expanding international sales efforts and the company’s product pipeline.
Tandem upped its guidance, saying it now expects full-year revenue of $300 million to $315 million, which would be 63 percent to 71 percent more than 2018.
During the first quarter the company reported an $11 million operation loss, versus $15.5 million during the same quarter in 2018.
Tandem shares closed at $61.41. In after-hours trading shares reached $66.01.