Tandem Diabetes Care (Nasdaq:TNDM) shares took a massive hit after hours today on third-quarter results that missed the consensus forecast.
Shares of TNDM fell nearly 20% at $14.27 apiece after the market closed today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day up 1.1%.
The San Diego-based automated insulin delivery technology developer posted losses of $32.96 million. That equals 51¢ per share on sales of $185.6 million for the three months ended Sept. 30, 2023.
Tandem recorded a 32.7% bottom-line gain while remaining in the red on a sales decline of 9.3%.
The company’s losses per share fell 17¢ short of Wall Street expectations. Sales also fell shy of the forecast for $192.7 million in revenue.
Shortfalls in performance weren’t entirely unexpected, though. Tandem said last quarter that updates to its portfolio and reduced visibility on sales for the near future could hinder performance.
Get the full story at our sister site, Drug Delivery Business News.