Why Tandem Diabetes Care Stock Popped Today
Shares of Tandem Diabetes Care (NASDAQ: TNDM) climbed 10.9% on Thursday despite weaker-than-expected quarterly results from the diabetes treatment device company. The market appears to be focused on Tandem Diabetes' encouraging forward outlook.
For its fourth quarter of 2023, Tandem Diabetes' revenue declined 10.8% year over year to $196.8 million, translating to a net loss of $30 million, or $0.46 per share. Adjusted for nonrecurring items, Tandem Diabetes' (non-generally accepted accounting principles, or non-GAAP) net loss was $17.5 million, or $0.27 per share. Most analysts were modeling a slightly narrower net loss of $0.26 per share on revenue closer to $203 million.
Tandem CEO John Sheridan said the company ended the year on a "high note," adding that it's "demonstrating positive momentum across key areas of our business, including the unprecedented accomplishment of introducing four new products in the United States."
Source Fool.com
