Tandem Diabetes Care (NASDAQ:TNDM) Posts Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Tandem Diabetes Care (NASDAQ:TNDM) issued its quarterly earnings results on Wednesday. The medical device company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.08, Briefing.com reports. Tandem Diabetes Care had a negative return on equity of 43.11% and a negative net margin of 14.84%. The firm had revenue of $243.97 million for the quarter, compared to analyst estimates of $224.14 million. During the same period in the previous year, the company posted ($0.38) earnings per share. The business’s revenue was up 31.4% on a year-over-year basis. Tandem Diabetes Care updated its FY 2024 guidance to EPS.

Tandem Diabetes Care Stock Down 8.2 %

NASDAQ:TNDM traded down $2.72 during midday trading on Friday, reaching $30.60. The company had a trading volume of 3,315,425 shares, compared to its average volume of 1,604,348. The stock’s fifty day simple moving average is $38.73 and its 200-day simple moving average is $41.81. The company has a current ratio of 3.05, a quick ratio of 2.38 and a debt-to-equity ratio of 1.31. Tandem Diabetes Care has a 12-month low of $13.82 and a 12-month high of $53.69. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of -15.85 and a beta of 1.36.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TNDM. Royal Bank of Canada initiated coverage on shares of Tandem Diabetes Care in a report on Wednesday, October 2nd. They set an “outperform” rating and a $65.00 target price for the company. Robert W. Baird cut their price objective on shares of Tandem Diabetes Care from $39.00 to $37.00 and set a “neutral” rating for the company in a report on Thursday. Sanford C. Bernstein started coverage on Tandem Diabetes Care in a report on Wednesday. They set an “outperform” rating and a $42.00 target price on the stock. Wells Fargo & Company upped their price target on Tandem Diabetes Care from $50.00 to $55.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Finally, UBS Group upgraded Tandem Diabetes Care to a “hold” rating in a research report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Tandem Diabetes Care currently has a consensus rating of “Moderate Buy” and an average price target of $54.25.

Tandem Diabetes Care Company Profile

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.