Tandem Diabetes Care Announces Fourth Quarter and Full Year 2023 Financial Results and 2024 Financial Guidance

SAN DIEGO--()--Tandem Diabetes Care, Inc. (NASDAQ: TNDM), a global insulin delivery and diabetes technology company, today reported its financial results for the quarter and year ended December 31, 2023 and provided its financial guidance for the year ending December 31, 2024.

Fourth Quarter and Recent Highlights

  • Worldwide installed base increased 7 percent to approximately 452,000 in-warranty customers compared to the fourth quarter 2022.
  • Launched Tandem Mobi, the world’s smallest, durable Automated Insulin Delivery (AID) System in the United States.
  • Achieved first-to-market launch with multiple, next-generation continuous glucose monitoring sensor integrations.
  • Launched Tandem Source, a new diabetes management platform for customers and healthcare providers in the United States.
  • $467.9 million in cash, cash equivalents & short-term investments as of December 31, 2023.

We exited the year on a high note, demonstrating positive momentum across key areas of our business, including the unprecedented accomplishment of introducing four new products in the United States,” said John Sheridan, president and chief executive officer. “2024 is positioned to be a year of tremendous opportunity for Tandem. Our portfolio of devices, applications, and insights positions us to improve the lives of more people living with diabetes worldwide, while driving operational improvement across our business.”

Fourth Quarter and Year End 2023 Sales Results Compared to 2022

In September 2022, the Company began offering the Tandem Choice Program (Tandem Choice) to eligible t:slim X2 customers to provide a pathway to ownership of its newest hardware platform, Tandem Mobi, for a fee when available. As a result of this program, the Company is providing select financial results for both GAAP and non-GAAP. Additional information, including the accounting treatment of this program and other non-GAAP measures, can be found under Table E “Reconciliation of GAAP versus Non-GAAP Financial Results” attached to this press release. See also “Non-GAAP Financial Measures” below.

 

Three Months Ended

 

 

Year Ended

 

December 31,

 

 

December 31,

($ in millions)

2023

 

 

2022

 

 

2023

 

 

2022

 

GAAP

 

Non-GAAP

 

 

GAAP

 

Non-GAAP

 

 

GAAP

 

Non-GAAP

 

 

GAAP

 

Non-GAAP

Pump Shipments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

21,000

 

 

N/A

 

 

 

24,000

 

 

N/A

 

 

 

74,000

 

 

N/A

 

 

 

84,000

 

 

N/A

Outside United States

 

6,000

 

 

N/A

 

 

 

12,000

 

 

N/A

 

 

 

30,000

 

 

N/A

 

 

 

44,000

 

 

N/A

Total Worldwide

 

27,000

 

 

N/A

 

 

 

36,000

 

 

N/A

 

 

 

104,000

 

 

N/A

 

 

 

128,000

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

$

150.9

 

$

163.5

 

 

$

165.8

 

$

168.7

 

 

$

554.9

 

$

580.0

 

 

$

588.8

 

$

592.3

Outside United States

 

45.9

 

 

45.9

 

 

 

54.7

 

 

54.7

 

 

 

192.8

 

 

192.8

 

 

 

212.4

 

 

212.4

Total Worldwide

$

196.8

 

$

209.4

 

 

$

220.5

 

$

223.4

 

 

$

747.7

 

$

772.8

 

 

$

801.2

 

$

804.7

Fourth Quarter 2023 Additional Financial Results Compared to Fourth Quarter 2022

  • Sales: In the United States, GAAP sales include a $12.5 million deferral relating to Tandem Choice, compared to a deferral of $3.0 million. Non-GAAP sales do not include Tandem Choice related deferrals.

    Outside the United States, both GAAP and non-GAAP sales reflect an $8.5 million reduction in sales due to a new rebate structure in a single market.
  • Gross profit: GAAP gross profit was $93.3 million, compared to $115.5 million. GAAP gross margin was 47 percent, compared to 52 percent.

    Non-GAAP gross profit(1) was $105.8 million compared to $118.5 million. Non-GAAP gross margin(1) was 51 percent compared to 53 percent.
  • Operating income (loss): GAAP operating loss totaled $35.1 million, or negative 18 percent of sales, compared to operating loss of $17.8 million, or negative 8 percent of sales.

    Non-GAAP operating loss(1) totaled $22.5 million, or negative 11 percent of sales, compared to $2.4 million or negative 1 percent of sales.

    Adjusted EBITDA(1) was $4.3 million, or 2 percent of sales, compared to $25.7 million, or 11 percent of sales.
  • Net income (loss): GAAP net loss was $30.0 million, compared to net loss of $15.9 million.

    Non-GAAP net loss(1) was $17.5 million compared to $0.5 million.

Full Year 2023 Additional Financial Results Compared to Full Year 2022

  • Sales: In the United States, GAAP sales include a $25.1 million deferral relating to Tandem Choice, compared to a deferral of $3.5 million. Non-GAAP sales do not include Tandem Choice related deferrals.

    Outside the United States, both GAAP and non-GAAP sales reflect a $8.5 million reduction in sales due to a new rebate structure in a single market.
  • Gross profit: GAAP gross profit was $367.7 million, compared to $413.0 million. GAAP gross margin was 49 percent, compared to 52 percent.

    Non-GAAP gross profit(1) was $392.8 million compared to $416.5 million. Non-GAAP gross margin(1) was 51 percent compared to 52 percent.
  • Operating income (loss): GAAP operating loss totaled $233.2 million, or negative 31 percent of sales, compared to $92.8 million, or negative 12 percent of sales.

    Non-GAAP operating loss(1) totaled $112.6 million, or negative 15 percent of sales, compared to $45.8 million, or negative 6 percent of sales.

    Adjusted EBITDA(1) was negative $9.2 million, or negative 1 percent of sales, compared to $53.4 million, or 7 percent of sales.
  • Net income (loss): GAAP net loss was $222.6 million, compared to $94.6 million.

    Non-GAAP net loss(1) was $102.0 million, compared to $47.6 million.

(1) A reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures and additional information can be found in Table E “Reconciliation of GAAP versus Non-GAAP Financial Results” attached to this press release. Also see “Non-GAAP Financial Measures” below for additional information.

See tables for additional financial information.

2024 Financial Guidance

2024 marks an exciting opportunity for Tandem to return to growth, with our 10 percent sales guidance primarily reflecting recurring revenue streams,” said Leigh Vosseller, executive vice president and chief financial officer. “Investing in the launch of multiple new products is reflected in our margin expectations and are important for setting the foundation for these offerings to serve as catalysts for additional growth.”

The Company’s non-GAAP guidance for the fiscal year ending December 31, 2024 is set forth below. The most directly comparable GAAP financial measures are not accessible on a forward-looking basis due to the high degree of complexity in the accounting treatment for the Tandem Choice program. For a description of Non-GAAP sales, Non-GAAP gross margin, and Adjusted EBITDA margin, as well as an illustration of the reconciliation from the most directly comparable GAAP financial measures, refer to Table E “Reconciliation of GAAP versus Non-GAAP Financial Results” attached to this press release. Also see “Non-GAAP Financial Measures” below for additional information.

For the year ending December 31, 2024, the Company is providing its 2024 financial guidance as follows:

  • Non-GAAP sales are estimated to be approximately $850 million for the full year and $175 million in the first quarter.
    • Sales inside the United States of approximately $625 million for the full year and $122 million in the first quarter.
    • Sales outside the United States of approximately $225 million for the full year and $53 million in the first quarter.
  • Non-GAAP gross margin is estimated to be approximately 51 percent for the full year and approximately 48 percent in the first quarter.
  • Adjusted EBITDA margin is estimated to be breakeven as a percent of sales for the full year and approximately negative 15 percent in the first quarter.
  • Non-cash charges included in cost of goods sold and operating expenses are estimated to be approximately $120 million. This includes:
    • Approximately $100 million non-cash, stock-based compensation expense.
    • Approximately $20 million depreciation and amortization expense.

Non-GAAP Financial Measures

Certain non-GAAP financial measures are presented in this press release to provide information that may assist investors in understanding the Company’s financial results and assessing its prospects for future performance. The Company believes these non-GAAP financial measures are important operating performance indicators because they exclude items that are unrelated to, and may not be indicative of, the Company’s core operating results. These non-GAAP financial measures, as calculated, may not necessarily be comparable to similarly titled measures of other companies and may not be appropriate measures for comparing the performance of other companies relative to the Company. These non-GAAP financial results are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP. To the extent the Company uses such non-GAAP financial measures in the future, they will be calculated using a consistent method from period to period. A reconciliation of each of the historical GAAP financial measures to the most directly comparable historical non-GAAP financial measures has been provided in Table E “Reconciliation of GAAP versus Non-GAAP Financial Results” attached to this press release.

In particular, the accounting treatment for Tandem Choice has a high degree of complexity. In September 2022 when the program was launched, the Company began deferring a portion of sales for each eligible t:slim X2 pump shipped in the United States. Such deferrals will be recognized on a customer-by-customer basis following the commercial launch of the Company’s new hardware platform, Tandem Mobi. The timing of recognition will be based on either a) an affirmative election to participate in Tandem Choice or b) expiration of the right to participate. Notably:

  • Offering the program does not impact the economics associated with how or when the initial pump sale is reimbursed.
  • Customer eligibility is automatic and no election is necessary to participate in Tandem Choice at the time of a t:slim X2 purchase. An affirmative election is only required when the new hardware platform, Tandem Mobi, is commercially available, at which time any customer fees will be received and recognized as a sale.
  • The expiration date of Tandem Choice is December 31, 2024.

Consistent with SEC regulations, the Company has not provided a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in reliance on the “unreasonable efforts” exception set forth in the applicable regulations, because there is substantial uncertainty associated with predicting any future adjustments that may be made to the Company’s GAAP financial measures in calculating the non-GAAP financial measures.

Conference Call

The Company will hold a conference call and simultaneous webcast today at 4:30pm Eastern Time (1:30pm Pacific Time). The link to the webcast will be available by accessing the Events & Presentations tab in the Investor Center of the Tandem Diabetes Care website at http://investor.tandemdiabetes.com, and will be archived for 30 days. To access the call by phone, please use this link (https://register.vevent.com/register/BIa95db72e0b404258a57afd8b48cc6915) and you will be provided with dial-in details, including a personal pin.

About Tandem Diabetes Care, Inc.

Tandem Diabetes Care, a global insulin delivery and diabetes technology company, manufactures and sells advanced automated insulin delivery systems that reduce the burden of diabetes management, while creating new possibilities for patients, their loved ones, and healthcare providers. The Company’s pump portfolio features the Tandem Mobi system and the t:slim X2 insulin pump, both of which feature Control-IQ advanced hybrid closed-loop technology. Tandem Diabetes Care is based in San Diego, California. For more information, visit tandemdiabetes.com.

Tandem Diabetes Care, the Tandem logo, Control-IQ, Tandem Mobi and t:slim X2 are either registered trademarks or trademarks of Tandem Diabetes Care, Inc. in the United States and/or other countries.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that concern matters that involve risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in the forward-looking statements. These forward-looking statements include statements regarding, among other things, the Company’s projected financial results and the ability to achieve other operational and commercial goals. The Company’s actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties. For instance, the Company’s ability to achieve projected financial results will be impacted by market acceptance of the Company’s existing products and products under development; products marketed and sold or under development by competitors; the Company’s ability to establish and sustain operations to support international sales, including expanding into additional geographies; changes in reimbursement rates or insurance coverage for the Company’s products; the Company’s ability to meet increasing operational and infrastructure requirements from higher customer interest and a larger base of existing customers; the Company’s ability to complete the development and launch of new products when anticipated; risks associated with the regulatory approval process outside the United States for new products; the potential that newer products, or other technological breakthroughs for the monitoring, treatment or prevention of diabetes, may render the Company’s products obsolete, less desirable; or may otherwise negatively impact the purchasing trends of customers; reliance on third-party relationships, such as outsourcing and supplier arrangements; global economic conditions; and other risks identified in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents that the Company files with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Tandem undertakes no obligation to update or review any forward-looking statement in this press release because of new information, future events or other factors.

TANDEM DIABETES CARE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

Table A

(in thousands)

 

 

 

 

 

December 31,

 

December 31,

 

2023

 

2022

Assets

 

 

 

Current assets:

 

 

 

Cash, cash equivalents and short-term investments

$

467,912

 

$

616,901

Accounts receivable, net

 

105,555

 

 

114,717

Inventories

 

157,937

 

 

111,117

Other current assets

 

16,585

 

 

7,241

Total current assets

 

747,989

 

 

849,976

 

 

 

 

Property and equipment, net

 

76,542

 

 

68,552

Operating lease right-of-use assets

 

87,791

 

 

110,626

Other long-term assets

 

40,336

 

 

23,631

Total assets

$

952,658

 

$

1,052,785

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable, accrued expenses and employee-related liabilities

$

105,742

 

$

104,007

Operating lease liabilities

 

17,060

 

 

13,121

Deferred revenue

 

43,994

 

 

18,837

Other current liabilities

 

28,462

 

 

29,325

Total current liabilities

 

195,258

 

 

165,290

 

 

 

 

Convertible senior notes, net - long-term

 

285,035

 

 

283,232

Operating lease liabilities - long-term

 

113,572

 

 

123,524

Deferred revenue - long-term

 

13,331

 

 

16,874

Other long-term liabilities

 

31,830

 

 

23,918

Total liabilities

 

639,026

 

 

612,838

 

 

 

 

Total stockholders’ equity

 

313,632

 

 

439,947

Total liabilities and stockholders’ equity

$

952,658

 

$

1,052,785

 

TANDEM DIABETES CARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Table B

(in thousands, except per share data)

 

 

(Unaudited)

 

 

 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Sales

$

196,796

 

 

$

220,502

 

 

$

747,718

 

 

$

801,217

 

Cost of sales

 

103,501

 

 

 

104,979

 

 

 

380,028

 

 

 

388,231

 

Gross profit

 

93,295

 

 

 

115,523

 

 

 

367,690

 

 

 

412,986

 

Operating expenses:

 

 

 

 

 

 

 

Selling, general and administrative

 

85,751

 

 

 

97,692

 

 

 

352,503

 

 

 

335,681

 

Research and development

 

42,604

 

 

 

35,585

 

 

 

169,667

 

 

 

139,114

 

Acquired in-process research and development expenses

 

 

 

 

23

 

 

 

78,750

 

 

 

31,039

 

Total operating expenses

 

128,355

 

 

 

133,300

 

 

 

600,920

 

 

 

505,834

 

Operating loss

 

(35,060

)

 

 

(17,777

)

 

 

(233,230

)

 

 

(92,848

)

Total other income (expense), net

 

3,750

 

 

 

1,664

 

 

 

12,976

 

 

 

(4

)

Loss before income taxes

 

(31,310

)

 

 

(16,113

)

 

 

(220,254

)

 

 

(92,852

)

Income tax expense (benefit)

 

(1,308

)

 

 

(261

)

 

 

2,357

 

 

 

1,742

 

Net loss

$

(30,002

)

 

$

(15,852

)

 

$

(222,611

)

 

$

(94,594

)

 

 

 

 

 

 

 

 

Net loss per share - basic and diluted

$

(0.46

)

 

$

(0.25

)

 

$

(3.43

)

 

$

(1.47

)

 

 

 

 

 

 

 

 

Weighted average shares used to compute basic and diluted net loss per share

 

65,369

 

 

 

64,384

 

 

 

64,969

 

 

 

64,146

 

 

TANDEM DIABETES CARE, INC.

SALES BY GEOGRAPHY

Table C(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

($'s in thousands)

Three Months Ended December 31,

 

 

 

Twelve Months Ended December 31,

 

 

 

 

2023

 

 

 

2022

 

 

% Change

 

 

2023

 

 

 

2022

 

 

% Change

United States:

 

 

 

 

 

 

 

 

 

 

 

Pump

$

82,366

 

 

$

92,614

 

 

(11

)%

 

$

289,546

 

 

$

329,061

 

 

(12

)%

Supplies and other

 

81,087

 

 

 

76,117

 

 

7

%

 

 

290,439

 

 

 

263,253

 

 

10

%

Deferral for Tandem Choice

 

(12,539

)

 

 

(2,950

)

 

325

%

 

 

(25,107

)

 

 

(3,549

)

 

607

%

Total GAAP Sales in the United States

$

150,914

 

 

$

165,781

 

 

(9

)%

 

$

554,878

 

 

$

588,765

 

 

(6

)%

Adjustment for Tandem Choice

 

12,539

 

 

 

2,950

 

 

325

%

 

 

25,107

 

 

 

3,549

 

 

607

%

Total Non-GAAP Sales in the United States

$

163,453

 

 

$

168,731

 

 

(3

)%

 

$

579,985

 

 

$

592,314

 

 

(2

)%

 

 

 

 

 

 

 

 

 

 

 

 

Outside the United States:

 

 

 

 

 

 

 

 

 

 

 

Pump

$

17,513

 

 

$

27,347

 

 

(36

)%

 

$

84,748

 

 

$

102,846

 

 

(18

)%

Pump rebate

 

(8,452

)

 

 

 

 

%

 

 

(8,452

)

 

 

 

 

%

Supplies and other

 

36,821

 

 

 

27,374

 

 

35

%

 

 

116,544

 

 

 

109,606

 

 

6

%

Total Sales Outside the United States

$

45,882

 

 

$

54,721

 

 

(16

)%

 

$

192,840

 

 

$

212,452

 

 

(9

)%

 

 

 

 

 

 

 

 

 

 

 

 

Total GAAP Worldwide Sales

$

196,796

 

 

$

220,502

 

 

(11

)%

 

$

747,718

 

 

$

801,217

 

 

(7

)%

Adjustment for Tandem Choice

 

12,539

 

 

 

2,950

 

 

325

%

 

 

25,107

 

 

 

3,549

 

 

607

%

Total Non-GAAP Worldwide Sales

$

209,335

 

 

$

223,452

 

 

(6

)%

 

$

772,825

 

 

$

804,766

 

 

(4

)%

 

(1) A reconciliation of non-GAAP financial measures to their closest GAAP equivalent and additional information can be found in Table E and under the heading “Reconciliation of GAAP versus Non-GAAP Financial Results.”

TANDEM DIABETES CARE, INC.

PUMP SHIPMENTS (Unaudited)

Table D

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

 

Twelve Months Ended December 31,

 

 

 

2023

 

2022

 

% Change

 

2023

 

2022

 

% Change

Pumps Shipped:

 

 

 

 

 

 

 

 

 

 

 

United States

21,000

 

24,000

 

(13)%

 

74,000

 

84,000

 

(12)%

Outside the United States

6,000

 

12,000

 

(50)%

 

30,000

 

44,000

 

(32)%

Total Pumps Shipped

27,000

 

36,000

 

(25)%

 

104,000

 

128,000

 

(19)%

 

TANDEM DIABETES CARE, INC.

Reconciliation of GAAP versus Non-GAAP Financial Results (Unaudited)

Table E

 

 

 

 

 

 

 

 

($'s in thousands)

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

GAAP sales

$

196,796

 

 

$

220,502

 

 

$

747,718

 

 

$

801,217

 

Adjustment for Tandem Choice (1)

 

12,539

 

 

 

2,950

 

 

 

25,107

 

 

 

3,549

 

Non-GAAP sales

$

209,335

 

 

$

223,452

 

 

$

772,825

 

 

$

804,766

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

93,295

 

 

$

115,523

 

 

$

367,690

 

 

$

412,986

 

Adjustment for Tandem Choice(1)

 

12,539

 

 

 

2,950

 

 

 

25,107

 

 

 

3,549

 

Non-GAAP gross profit

$

105,834

 

 

$

118,473

 

 

$

392,797

 

 

$

416,535

 

Non-GAAP gross margin(2)

 

51

%

 

 

53

%

 

 

51

%

 

 

52

%

 

 

 

 

 

 

 

 

GAAP operating loss

$

(35,060

)

 

$

(17,777

)

 

$

(233,230

)

 

$

(92,848

)

Acquired in-process research and development(3)

 

 

 

 

23

 

 

 

78,750

 

 

 

31,039

 

Non-recurring facility consolidation costs(4)

 

 

 

 

12,420

 

 

 

14,099

 

 

 

12,420

 

Severance costs - cash and noncash

 

 

 

 

 

 

 

2,680

 

 

 

 

Adjustment for Tandem Choice(1)

 

12,539

 

 

 

2,950

 

 

 

25,107

 

 

 

3,549

 

Non-GAAP operating loss

$

(22,521

)

 

$

(2,384

)

 

$

(112,594

)

 

$

(45,840

)

Non-GAAP operating margin(2)

 

(11

) %

 

 

(1

)%

 

 

(15

) %

 

 

(6

)%

 

 

 

 

 

 

 

 

GAAP net loss

$

(30,002

)

 

$

(15,853

)

 

$

(222,611

)

 

$

(94,594

)

Income tax expense (benefit)

 

(1,308

)

 

 

(261

)

 

 

2,357

 

 

 

1,742

 

Interest income and other, net

 

(5,553

)

 

 

(3,243

)

 

 

(22,858

)

 

 

(6,204

)

Interest expense

 

1,803

 

 

 

1,579

 

 

 

9,882

 

 

 

6,208

 

Depreciation and amortization

 

4,031

 

 

 

3,641

 

 

 

15,715

 

 

 

14,330

 

Stock-based compensation expense

 

22,742

 

 

 

24,441

 

 

 

87,688

 

 

 

84,918

 

Acquired in-process research and development(3)

 

 

 

 

23

 

 

 

78,750

 

 

 

31,039

 

Non-recurring facility consolidation costs(4)

 

 

 

 

12,420

 

 

 

14,099

 

 

 

12,420

 

Severance costs - cash and noncash

 

 

 

 

 

 

 

2,680

 

 

 

 

Adjustment for Tandem Choice(1)

 

12,539

 

 

 

2,950

 

 

 

25,107

 

 

 

3,549

 

Adjusted EBITDA

$

4,252

 

 

$

25,697

 

 

$

(9,191

)

 

$

53,408

 

Adjusted EBITDA margin(2)

 

2

%

 

 

12

%

 

 

(1

)%

 

 

7

%

 

 

 

 

 

 

 

 

GAAP net loss

$

(30,002

)

 

$

(15,853

)

 

$

(222,611

)

 

$

(94,594

)

Acquired in-process research and development(3)

 

 

 

 

23

 

 

 

78,750

 

 

 

31,039

 

Non-recurring facility consolidation costs(4)

 

 

 

 

12,420

 

 

 

14,099

 

 

 

12,420

 

Severance costs - cash and noncash

 

 

 

 

 

 

 

2,680

 

 

 

 

Adjustment for Tandem Choice(1)

 

12,539

 

 

 

2,950

 

 

 

25,107

 

 

 

3,549

 

Non-GAAP net loss

$

(17,463

)

 

$

(460

)

 

$

(101,975

)

 

$

(47,586

)

 

(1) The accounting treatment for Tandem Choice has a high degree of complexity. Additional information can be found under the heading “Non-GAAP Financial Measures.”

(2) Non-GAAP margins including non-GAAP gross margin, non-GAAP operating margin, and adjusted EBITDA margin are calculated using non-GAAP sales.

(3) Acquired in-process research and development charges representing the value of acquired in-process research and development assets with no alternative future use and acquisition related expenses recorded in connection with the acquisitions of AMF Medical SA in 2023, and Capillary BioMedical, Inc. in 2022.

(4) The Company recorded $14.1 million of facility consolidation costs related to our Vista Sorrento lease in San Diego, California in 2023, and $12.4 million of facility consolidation costs primarily related to our office space in Boise, Idaho in 2022.

 

Contacts

Media Contact:
858-366-6900
media@tandemdiabetes.com

Investor Contact:
858-366-6900
IR@tandemdiabetes.com

Contacts

Media Contact:
858-366-6900
media@tandemdiabetes.com

Investor Contact:
858-366-6900
IR@tandemdiabetes.com