Tandem Diabetes Care(TNDM) - 2023 Q4 - Annual Results

Financial Performance - Q4 2023 GAAP sales in the U.S. were $163.5 million, while total worldwide sales were $209.4 million, reflecting a decrease from $220.5 million in Q4 2022[7] - Total sales for Q4 2023 were $196.8 million, a decrease of 11% compared to $220.5 million in Q4 2022[21] - Non-GAAP sales for Q4 2023 were $209.3 million, down 6% from $223.5 million in Q4 2022[27] - For the full year 2023, GAAP net loss was $222.6 million, compared to a net loss of $94.6 million in 2022[8] - Net loss for Q4 2023 was $30.0 million, or $0.46 per share, compared to a net loss of $15.9 million, or $0.25 per share, in Q4 2022[21] - Adjusted EBITDA for Q4 2023 was $4.3 million, or 2% of sales, down from $25.7 million, or 11% of sales in Q4 2022[7] Gross Profit and Margins - GAAP gross profit for Q4 2023 was $93.3 million, resulting in a gross margin of 47%, down from 52% in Q4 2022[7] - Gross profit for Q4 2023 was $93.3 million, down from $115.5 million in Q4 2022, resulting in a gross margin of 47%[21] - Non-GAAP gross margin is estimated to be approximately 51% for the full year 2024 and 48% for Q1 2024[10] Shipments and Installed Base - The worldwide installed base increased by 7% to approximately 452,000 in-warranty customers compared to Q4 2022[4] - In Q4 2023, total worldwide pump shipments were 27,000, down from 36,000 in Q4 2022, with U.S. shipments at 21,000 and international shipments at 6,000[6] - Pump shipments in the U.S. decreased by 13% to 21,000 units in Q4 2023 from 24,000 units in Q4 2022[25] Research and Development - Research and development expenses increased to $42.6 million in Q4 2023 from $35.6 million in Q4 2022[21] New Products and Sales Deferral - The company launched four new products in the U.S. in 2023, including the Tandem Mobi and Tandem Source platforms[4] - The Tandem Choice program resulted in a GAAP sales deferral of $12.5 million in Q4 2023, compared to $3.0 million in Q4 2022[7] Assets and Liabilities - Total assets decreased to $952.7 million in Q4 2023 from $1,052.8 million in Q4 2022[19] - Total liabilities increased to $639.0 million in Q4 2023 from $612.8 million in Q4 2022[19] Future Projections - The company expects non-GAAP sales of approximately $850 million for the full year 2024, with $175 million projected for Q1 2024[10]