Tandem Diabetes Care(TNDM) - 2025 Q1 - Quarterly Results

Sales Performance - Worldwide sales increased to $234.4 million, representing a 22% growth compared to $191.7 million in the first quarter of 2024[4] - Sales outside the United States reached $83.8 million, up from $61.9 million, marking a 35% increase year-over-year[22] - The company achieved record first quarter sales with a 22% worldwide growth and a 5-point adjusted EBITDA margin increase[5] - GAAP sales for Q1 2025 were $234,422,000, an increase of 22.3% compared to $191,674,000 in Q1 2024[24] - The company estimates full-year sales to be approximately $997 million to $1.007 billion, with U.S. sales projected at $725 million to $730 million[12] Profitability and Loss - GAAP gross profit was $118.4 million with a gross margin of 51%, compared to $94.7 million and 49% in the prior year[4] - GAAP operating loss was $120.9 million, or negative 52% of sales, compared to a loss of $41.7 million, or negative 22% of sales in Q1 2024[4] - Net loss for the quarter was $130.6 million, compared to a net loss of $42.7 million in the same period last year[7] - Adjusted EBITDA was negative $4.7 million, or negative 2% of sales, an improvement from negative $14.4 million, or negative 7% of sales in Q1 2024[7] - Non-GAAP gross profit for Q1 2025 was $118,407,000, up from $95,818,000 in Q1 2024, reflecting a non-GAAP gross margin of 51%[24] - GAAP operating loss for Q1 2025 was $(120,878,000), significantly higher than $(41,678,000) in Q1 2024, with a GAAP operating margin of (52)%[24] - Adjusted EBITDA for Q1 2025 was $(4,694,000), improving from $(14,450,000) in Q1 2024, resulting in an adjusted EBITDA margin of (2)%[24] - GAAP net loss for Q1 2025 was $(130,556,000), compared to $(42,715,000) in Q1 2024[24] - Non-GAAP net loss for Q1 2025 was $(44,172,000), slightly higher than $(41,569,000) in Q1 2024[24] Expenses and Charges - The company recorded $75,217,000 in acquired in-process research and development expenses in Q1 2025[25] - Impairment charges of $6.7 million were recorded for operating lease right-of-use assets in the U.S. and Switzerland[25] - Restructuring costs of $4.3 million were associated with the relocation of certain research and development activities[26] Other Information - Approximately 30% of U.S. lives are now covered through pharmacy benefits for Tandem Mobi[5] - Gross margin for the full year is estimated to be approximately 54% of sales[12] - The Tandem Choice program concluded in 2024, with no impact on sales for this program in 2025[24]