Tandem Diabetes Care (NASDAQ:TNDM) Releases Earnings Results, Beats Estimates By $0.07 EPS

Tandem Diabetes Care (NASDAQ:TNDM) issued its quarterly earnings data on Thursday. The medical device company reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.07, Briefing.com reports. The business had revenue of $221.90 million during the quarter, compared to analysts’ expectations of $205.63 million. Tandem Diabetes Care had a negative net margin of 17.15% and a negative return on equity of 39.52%. The company’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the company posted ($0.30) EPS. Tandem Diabetes Care updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Tandem Diabetes Care Stock Up 18.3 %

Shares of Tandem Diabetes Care stock traded up $6.46 during trading on Friday, reaching $41.67. The company had a trading volume of 4,630,574 shares, compared to its average volume of 1,613,475. The company has a market cap of $2.69 billion, a price-to-earnings ratio of -19.20 and a beta of 1.28. The firm’s fifty day moving average is $44.18 and its 200-day moving average is $36.21. The company has a debt-to-equity ratio of 1.43, a quick ratio of 3.01 and a current ratio of 3.81. Tandem Diabetes Care has a fifty-two week low of $13.82 and a fifty-two week high of $53.69.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TNDM. Citigroup upgraded Tandem Diabetes Care from a “neutral” rating to a “buy” rating and boosted their price target for the company from $40.00 to $57.00 in a report on Wednesday, May 22nd. Robert W. Baird boosted their price target on Tandem Diabetes Care from $36.00 to $39.00 and gave the company a “neutral” rating in a report on Friday. StockNews.com upgraded Tandem Diabetes Care from a “sell” rating to a “hold” rating in a report on Friday, April 19th. Redburn Atlantic began coverage on shares of Tandem Diabetes Care in a research note on Thursday, May 30th. They set a “buy” rating and a $60.00 price objective for the company. Finally, Wells Fargo & Company boosted their price objective on shares of Tandem Diabetes Care from $50.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.75.

Insider Activity

In related news, Director Dick Allen sold 5,000 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $51.68, for a total transaction of $258,400.00. Following the sale, the director now owns 24,396 shares in the company, valued at $1,260,785.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.20% of the company’s stock.

About Tandem Diabetes Care

Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes technology solutions for people living with diabetes in the United States and internationally. The company's flagship product is the t:slim X2 insulin delivery system, a pump platform for managing insulin delivery and display continuous glucose monitoring sensor information directly on the pump home screen; and Tandem Mobi insulin pump, an automated insulin delivery system.