Tandem Diabetes Care, Inc. reported significant financial performance improvements for the fiscal year ending December 31, 2024, with total sales reaching $940.2 million, a 25.7% increase from $747.7 million in 2023. The company's gross profit also rose to $489.6 million, resulting in a gross margin of 52%, up from 49% the previous year. Despite these gains, Tandem recorded a net loss of $96.0 million, a notable reduction from the $222.6 million loss reported in 2023. This improvement in net loss was attributed to increased sales volume and a favorable product mix, particularly in the U.S. market.
The company experienced a 21% increase in U.S. sales, totaling $672.7 million, driven by a 13% rise in pump sales and an 8% increase in supplies. International sales also saw a substantial 39% increase, amounting to $267.5 million, with pump sales outside the U.S. growing by 38%. The company shipped over 120,000 pumps globally during the year, contributing to a total installed base of more than 480,000 users, with approximately 320,000 of those in the U.S. market.
Strategically, Tandem expanded its product portfolio with the launch of the Tandem Mobi insulin pump in February 2024, which is designed to be the smallest durable automated insulin delivery system available. This product, along with the existing t:slim X2 pump, features the Control-IQ technology that enhances insulin delivery management. The company also concluded its Tandem Choice program, which allowed customers to transition to the new Tandem Mobi, resulting in $30.2 million in recognized revenue from deferred sales.
Operationally, Tandem's workforce grew to approximately 2,650 employees as of December 31, 2024, reflecting the company's commitment to scaling its operations. The company continues to focus on expanding its market presence, particularly in Europe, where it plans to initiate direct sales in select countries starting in 2026. Looking ahead, Tandem anticipates ongoing investments in research and development to enhance its product offerings and maintain competitive advantages in the diabetes management market. The company remains cautious about potential challenges, including regulatory hurdles and market competition, which could impact future profitability.
About TANDEM DIABETES CARE INC
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