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Tandem Diabetes Reports Q1 Results

Despite an impressive increase in sales revenue, Tandem Diabetes Care Inc.’s gross margins narrowed substantially in the first quarter ended March 31, 2014 due to increased manufacturing costs.

Tandem Diabetes (Nasdaq: TNDM), which went public late last year, develops insulin pumps that have the look and feel of a smartphone. Pump sales essentially doubled, with revenue growing 48 percent to $8.1 million for the quarter, up from $5.5 million for the like period of 2013.

However, the gross margin for the reporting period was 11 percent, compared with 37 percent for the like quarter of 2013, thanks to overhead manufacturing costs increasing more than 50 percent, Tandem Diabetes said.

Operating expense also rose – up to $21.7 million for the first quarter of 2014 versus $9.2 million in the first quarter of 2013, associated primarily with the expansion of commercial operations, Tandem Diabetes said. Operating loss rose to $20.8 million, compared with $7.2 million for the same period of 2013.

“We continue to see a growing portion of our business come from people who are new to pump therapy, and are encouraged by our customers’ response to its easy-to-use features and modern design,” Kim Blickenstaff, president and CEO of Tandem Diabetes Care, said in a statement. “With our recently expanded commercial sales organization, we expect to be well-positioned to further drive adoption in the insulin-dependent diabetes market.”

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