Tandem Diabetes Care Reports Fourth Quarter and Full Year 2015 Financial Results

SAN DIEGO–(BUSINESS WIRE)–Tandem Diabetes Care®, Inc. (NASDAQ: TNDM), a medical device company and
manufacturer of the t:slim®, t:flex® and t:slim G4
Insulin Pumps, today reported its financial results for the quarter and
year ended December 31, 2015.

In comparing the fourth quarter of 2015 to the same period of 2014:

  • Sales grew 63 percent to $29.1 million from $17.9 million
  • Pump shipments grew 59 percent to 6,234 pumps from 3,929 pumps
  • Operating margin improved to negative 39 percent from negative 98
    percent

In comparing the year ended December 31, 2015 to the same period of 2014:

  • Sales grew 47 percent to $72.9 million from $49.7 million
  • Pump shipments grew 43 percent to 15,483 pumps from 10,822 pumps
  • Operating margin improved to negative 95 percent from negative 152
    percent

“2015 was a year of tremendous accomplishments. We successfully launched
two new products, delivered our third consecutive year of greater than
40 percent sales growth, and made meaningful gross and operating margin
improvement,” said Kim Blickenstaff, President and Chief Executive
Officer of Tandem Diabetes Care. “We look to continue this momentum in
2016 with our family of insulin pump products by offering superior
customer service and continued product enhancements to support people
with diabetes.”

Gross margin improved to 46 percent for the quarter ended December 31,
2015 compared to 37 percent for the same period of 2014. For the year
ended December 31, 2015, gross margin was 36 percent compared to a gross
margin of 31 percent for the same period of 2014.

For the fourth quarter of 2015, operating expenses totaled $24.7 million
compared to $24.0 million for the same period of 2014. For the year
ended December 31, 2015, operating expenses totaled $95.6 million
compared to $90.9 million for the same period of 2014.

Operating loss for the fourth quarter of 2015 was $11.2 million,
compared to $17.5 million for the same period of 2014. This included
non-cash, stock-based compensation of $3.1 million for the quarter ended
December 31, 2015 compared to $3.9 million for the comparable period of
2014. For the year ended December 31, 2015, operating loss was $69.0
million compared to $75.7 million for the same period of 2014. This
included non-cash, stock-based compensation of $13.1 million for the
year ended December 31, 2015 compared to $15.0 million for the
comparable period of 2014.

As of December 31, 2015, the Company had $73.1 million in cash, cash
equivalents and short-term investments.

For the year ending December 31, 2016, the Company is providing its
guidance as follows:

  • Sales are estimated to be in the range of $105 million to $112
    million, which represents annual sales growth of 44% to 54% compared
    to 2015.
  • Operating margin is estimated to be in the range of negative 55
    percent to negative 65 percent, which includes:

    • Approximately $13.0 million to $14.0 million in non-cash,
      stock-based compensation expense; and
    • Approximately $5.0 million to $6.0 million of depreciation and
      amortization.

    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 Investor Center of the Tandem
    Diabetes Care website at http://investor.tandemdiabetes.com,
    and will be archived for 30 days. To listen to the conference call via
    phone, please dial 855-427-4396 (U.S./Canada) or 484-756-4261
    (International) and use the participant code “41497472”.

    Insulin Pump Use and Diabetes

    Diabetes is a chronic, life-threatening disease that affects more than
    29 million people in the United States, or nearly 1 in 10 Americans.
    Tandem estimates that more than 3 million people in the United States
    require daily administration of insulin and are candidates for pump
    therapy. More than 425,000 Americans with type 1 diabetes use an insulin
    pump, or approximately 27% of the type 1 diabetes population. In
    addition, approximately 125,000 Americans with type 2 diabetes use an
    insulin pump, a small fraction of the type 2 diabetes population.

    About Tandem Diabetes Care, Inc.

    Tandem Diabetes Care, Inc. (www.tandemdiabetes.com)
    is a medical device company with an innovative, user-centric and
    integrated approach to the design, development and commercialization of
    products for people with diabetes who use insulin. The Company
    manufactures and sells a family of insulin pump products, which includes
    the t:slim® Insulin Pump, the slimmest and smallest durable insulin pump
    currently on the market, the t:flex® Insulin Pump, the first pump
    designed for people with greater insulin requirements, and the t:slim
    G4™ Insulin Pump, the first CGM-enabled pump with touch-screen
    simplicity. Tandem is based in San Diego, California.

    t:slim, t:flex and Tandem Diabetes Care are registered trademarks, and
    t:slim G4 is a trademark of Tandem Diabetes Care, Inc.

    Follow Tandem Diabetes Care:
    Twitter @tandemdiabetes, use #tslim,
    #tflex, #tslimG4, #tconnect and $TNDM.
    Facebook at www.facebook.com/TandemDiabetes
    LinkedIn
    at https://www.linkedin.com/company/tandemdiabetes

    Forward Looking Statement

    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
    relate to the Company’s projected financial results, including the
    Company’s ability to make additional gross margin and operating margin
    improvement and sustain sales momentum for 2016, and the Company’s
    ability to offer superior customer service and future product
    enhancements. The Company’s actual results may differ materially from
    those indicated in these forward-looking statements due to numerous
    risks and uncertainties. For instance, successful commercialization of
    the Company’s products may be negatively impacted by lack of market
    acceptance by physicians and people with diabetes; the potential that
    newer products that compete with the Company’s products, or other
    technological breakthroughs for the monitoring, treatment or prevention
    of diabetes, including new products offered by Dexcom, may render the
    Company’s products obsolete or less desirable; and the potential that
    the pump purchasing process, including insurance verification approval
    for individual customers may take longer than it has historically. Other
    risks and uncertainties include the Company’s inability to manufacture
    products in commercial quantities at an acceptable cost and in
    accordance with quality requirements; the Company’s inability to
    contract with additional third-party payors for reimbursement of the
    Company’s products; possible future actions of the U.S. Food and Drug
    Administration or any other regulatory body or governmental authority;
    and other risks identified in the Company’s most recent Annual Report on
    Form 10-K, as well as other documents that the Company files with the
    Securities and Exchange Commission. Investors 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 BALANCE SHEETS
    (in thousands)
         
    December 31,
    2015 2014
    Assets
    Current assets:
    Cash and cash equivalents and short-term investments $ 71,106 $ 67,282
    Restricted cash 2,000 2,000
    Accounts receivable, net 14,055 7,652
    Inventory 17,543 11,913
    Other current assets   2,280   1,904
    Total current assets 106,984 90,751
    Property and equipment, net 15,526 12,581
    Other long term assets   2,609   3,132
    Total assets $ 125,119 $ 106,464
    Liabilities and stockholders’ equity
    Current liabilities:
    Accounts payable, accrued expense, and employee-related liabilities $ 19,116 $ 14,591
    Deferred revenue 1,822 840
    Other current liabilities   5,582   2,663
    Total current liabilities 26,520 18,094
     
    Notes payable—long-term 29,669 29,440
    Other long-term liabilities   5,462   4,358
    Total liabilities 61,651 51,892
     
    Total stockholders’ equity   63,468   54,572
    Total liabilities and stockholders’ equity $ 125,119 $ 106,464
     
     
    TANDEM DIABETES CARE, INC.
    CONDENSED STATEMENTS OF OPERATIONS
    (in thousands, except per share data)
           
    Three Months Ended Year Ended
    December 31, December 31,
    2015 2014 2015 2014
    Sales $ 29,120 $ 17,889 $ 72,850 $ 49,722
    Cost of sales   15,662   11,352   46,270   34,474
    Gross profit 13,458 6,537 26,580 15,248
    Operating expenses:
    Selling, general and administrative 20,557 20,117 78,621 75,121
    Research and development   4,121   3,922   16,963   15,791
    Total operating expenses   24,678   24,039   95,584   90,912
    Operating loss   (11,220 )   (17,502 )   (69,004 )   (75,664 )
    Total other expense, net   (862 )   (892 )   (3,404 )   (3,789 )
    Loss before taxes (12,082 ) (18,394 ) (72,408 ) (79,453 )
    Provision for income tax expense   10   71   10   71
    Net loss $ (12,092 ) $ (18,465 ) $ (72,418 ) $ (79,524 )
                   
    Net loss per share, basic and diluted $ (0.40 ) $ (0.78 ) $ (2.50 ) $ (3.42 )
     
    Weighted average shares used to compute basic and diluted net loss
    per share
      30,168   23,571   28,923   23,272

    Contacts

    for Tandem Diabetes Care®, Inc.
    Media Contact:
    Steve
    Sabicer, 714-907-6264
    ssabicer@thesabicergroup.com
    or
    Investor
    Contact:

    Susan Morrison, 858-366-6900 x7005
    smorrison@tandemdiabetes.com

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