Tandem Diabetes Care(TNDM) - 2024 Q2 - Quarterly Results

Financial Performance - Worldwide GAAP sales increased 13% to $221.9 million compared to Q2 2023; non-GAAP sales increased 12% to $221.8 million[3] - GAAP gross profit was $112.8 million with a gross margin of 51%; non-GAAP gross profit was $112.7 million with a gross margin of 51%[6] - GAAP operating loss was $30.8 million, or negative 14% of sales, compared to a loss of $38.8 million, or negative 20% of sales in Q2 2023[6] - Net loss was $30.8 million compared to $35.8 million in Q2 2023[6] - Adjusted EBITDA was negative $1.9 million, or negative 1% of sales, compared to $5.3 million, or 3% of sales in Q2 2023[7] - Total sales for the three months ended June 30, 2024, were $221,910,000, representing a 13% increase compared to $195,917,000 in the same period of 2023[18] - Gross profit for the three months ended June 30, 2024, was $112,794,000, up from $101,735,000 in the same period of 2023, indicating a strong performance in cost management[18] - Operating loss for the three months ended June 30, 2024, was $(30,774,000), an improvement from $(38,808,000) in the same period of 2023[18] - GAAP sales for Q2 2024 reached $221.91 million, a 13.3% increase from $195.92 million in Q2 2023[22] - Non-GAAP sales for the first half of 2024 were $414.58 million, compared to $369.63 million in the same period of 2023, reflecting a 12.1% growth[22] - GAAP gross profit for Q2 2024 was $112.79 million, up from $101.74 million in Q2 2023, resulting in a gross margin of 51%[22] - Non-GAAP gross profit for the first half of 2024 was $208.49 million, compared to $188.97 million in the first half of 2023[22] - GAAP net loss for Q2 2024 was $30.81 million, an improvement from a net loss of $35.78 million in Q2 2023[22] - Non-GAAP net loss for the first half of 2024 was $72.51 million, compared to a loss of $59.79 million in the same period of 2023[22] - Adjusted EBITDA for Q2 2024 was $(1.90) million, a decrease from $5.27 million in Q2 2023[22] - The company reported a GAAP operating loss of $30.77 million for Q2 2024, compared to a loss of $38.81 million in Q2 2023[22] - Non-GAAP operating loss for the first half of 2024 was $71.43 million, compared to a loss of $66.76 million in the first half of 2023[22] Sales and Market Performance - Over 20,000 pumps shipped in the United States, a sequential increase of 33% compared to Q1 2024[3] - Sales in the United States for the three months ended June 30, 2024, reached $156,711,000, a 10% increase from $142,501,000 in the same period of 2023[20] - Sales outside the United States increased by 22% to $65,199,000 for the three months ended June 30, 2024, compared to $53,416,000 in the same period of 2023[20] Future Guidance - The company increased its worldwide sales expectations to 15% annual growth for 2024[9] - Non-GAAP sales guidance for 2024 is estimated to be approximately $885 million to $892 million[12] - Non-GAAP gross margin is estimated to be approximately 51% for the full year 2024[12] Research and Development - Research and development expenses for the three months ended June 30, 2024, were $49,326,000, up from $42,933,000 in the same period of 2023, reflecting ongoing investment in innovation[18] - The company continues to invest in research and development, with significant expenses related to acquired in-process research and development recorded in connection with acquisitions[23] Balance Sheet and Equity - Total current assets decreased to $733,388,000 as of June 30, 2024, from $747,989,000 as of December 31, 2023[17] - Total liabilities increased to $703,628,000 as of June 30, 2024, compared to $639,026,000 as of December 31, 2023[17] - Total stockholders' equity decreased to $233,875,000 as of June 30, 2024, from $313,632,000 as of December 31, 2023, indicating a decline in shareholder value[17] - Net loss for the six months ended June 30, 2024, was $(73,529,000), compared to $(159,648,000) for the same period in 2023, showing a significant reduction in losses[18] Deferred Revenue - The total Tandem Choice deferral was $31.0 million as of June 30, 2024[11]