Tandem Diabetes Care(US:TNDM)2025-02-26 21:07Financial Performance - Worldwide GAAP sales grew 44% to $282.6 million in Q4 2024, while non-GAAP sales increased 21% to $252.4 million[3] - Full year 2024 GAAP sales reached $940.2 million, a 26% increase, with non-GAAP sales growing 18% to $910.0 million[3] - Gross profit for Q4 2024 was $157.5 million, with a GAAP gross margin of 56%, up from 47% in Q4 2023[6] - GAAP net income for Q4 2024 was $0.8 million, compared to a net loss of $30.0 million in Q4 2023[6] - Total sales for the three months ended December 31, 2024, reached $282.648 million, a 44% increase compared to $196.796 million in the same period of 2023[24] - Gross profit for the twelve months ended December 31, 2024, was $489.574 million, up from $367.690 million in 2023, reflecting a significant increase in profitability[24] - Operating loss for the three months ended December 31, 2024, was $581, a substantial improvement from a loss of $35.060 million in the same period of 2023[24] - Net income for the three months ended December 31, 2024, was $755, compared to a net loss of $30.002 million in the same period of 2023[24] - Non-GAAP sales for the twelve months ended December 31, 2024, were $909.954 million, an 18% increase from $772.825 million in 2023[29] Market and Product Developments - U.S. insulin pump market saw a double-digit increase in conversions from multiple daily injections[3] - The company received FDA clearance for Control-IQ+ to include individuals with type 2 diabetes[3] - Tandem Mobi pump shipments increased quarter-over-quarter throughout 2024[3] - The company reported a 20% increase in pump sales in the United States for the three months ended December 31, 2024, totaling $98.438 million compared to $82.364 million in 2023[26] Future Projections - For 2025, the company projects full year sales between $997 million and $1.007 billion, with U.S. sales estimated at $725 million to $730 million[10] - Gross margin for 2025 is estimated to be approximately 54% for the full year[10] Research and Development - The company signed a multi-year collaboration agreement with the University of Virginia Center for Diabetes Technology for R&D on automated insulin delivery systems[3] - Research and development expenses for the twelve months ended December 31, 2024, were $198.877 million, up from $169.667 million in 2023, reflecting the company's commitment to innovation[24] Financial Position - Total current assets decreased to $724.491 million as of December 31, 2024, from $747.989 million in 2023, primarily due to a decline in cash and cash equivalents[22] - Total liabilities increased to $704.560 million as of December 31, 2024, compared to $639.026 million in 2023, indicating a rise in financial obligations[22] - Total stockholders' equity decreased to $263.098 million as of December 31, 2024, from $313.632 million in 2023, indicating a reduction in the company's net worth[22]