Tandem Diabetes Care, Inc (TNDM) saw its loss widen to $23.79 million, or $0.75 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $20.48 million, or $0.68 a share. Revenue during the quarter dropped 5.39 percent to $18.98 million from $20.06 million in the previous year period. Gross margin for the quarter expanded 105 basis points over the previous year period to 35.59 percent.
Operating loss for the quarter was $21.23 million, compared with an operating loss of $19.24 million in the previous year period.
“Our first quarter results were highlighted by our sales performance, recognition of our 1 customer support services for the 4th consecutive year, and meaningful progress with our new products in development,” said Kim Blickenstaff, president and chief executive officer of Tandem Diabetes Care. “These achievements give us confidence in our ability to accomplish our key goals for this year, and we remain focused on successfully executing our business plan and supporting our growing customer base.”
Tandem Diabetes Care Inc forecasts adjusted revenue to be in the range of $100 million to $107 million for fiscal year 2017. For financial year 2017, the company forecasts adjusted operating income to decline in the range of 70 percent to 65 percent.
Working capital drops significantly
Tandem Diabetes Care, Inc has witnessed a decline in the working capital over the last year. It stood at $50.72 million as at Mar. 31, 2017, down 34.76 percent or $27.02 million from $77.74 million on Mar. 31, 2016. Current ratio was at 2.74 as on Mar. 31, 2017, down from 4.13 on Mar. 31, 2016. Days sales outstanding were almost stable at 52 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 87 days for the quarter compared with 131 days for the previous year period.
Debt increases substantially
Tandem Diabetes Care, Inc has witnessed an increase in total debt over the last one year. It stood at $73.76 million as on Mar. 31, 2017, up 67.24 percent or $29.66 million from $44.11 million on Mar. 31, 2016. Tandem Diabetes Care Inc has witnessed an increase in long-term debt over the last one year. It stood at $73.76 million as on Mar. 31, 2017, up 67.24 percent or $29.66 million from $44.11 million on Mar. 31, 2016. Total debt was 65.44 percent of total assets as on Mar. 31, 2017, compared with 36.56 percent on Mar. 31, 2016.
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