Tandem Diabetes Care Inc (NASDAQ: TNDM) posted a Q3 loss of nearly $(48.9) million, a shift from a profit of $5.79 million a year ago.
The company posted an EPS loss of $(0.76) compared to a profit of $0.09 a year ago.
Year-over-year, Tandem recorded a massive bottom-line slide into the red despite sales growth of 13.9%.
The company reported Q3 sales of $204.55 million, missing the sales expectations of $208.16 million.
The worldwide installed base increased 35% to over 400,000 customers.
Guidance: Tandem previously projected sales of $835-$845 million for FY22. However, the company slashed that guidance to $800-$805 million versus the consensus of $836.40 million.
"In this highly variable environment, we are factoring greater caution into our guidance to re-baseline expectations for the next few quarters," Tandem CFO Leigh Vosseller said. "The timing of our potential new product introductions next year adds increased complexity to the current market dynamics, so we feel it's prudent for our guidance to reflect more moderate growth in periods between new product launches."
Price Action: TNDM shares traded 25.11% lower at $38.45 during pre-market trading on Thursday.
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