Tandem Diabetes Care, Inc (TNDM) saw its loss widen to $29.81 million, or $0.97 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $19.58 million, or $0.65 a share.
Revenue during the quarter dropped 21.78 percent to $12.29 million from $15.72 million in the previous year period. Gross margin for the quarter stood at negative 12.83 percent as compared to a positive 35.08 percent for the previous year period.
Operating loss for the quarter was $28.41 million, compared with an operating loss of $18.70 million in the previous year period.
“For three consecutive years we have offered the 1 rated insulin pump and maintained a 1 customer service rating1, resulting in the tremendous growth of our installed base which is now more than 46,000 people,” said Kim Blickenstaff, president and chief executive officer of Tandem Diabetes Care. “Our family of products, headlined by our recent launch of the t:slim X2 Insulin Pump, positions us well in an increasingly competitive environment.”
Tandem Diabetes Care Inc expects adjusted revenue to be in the range of $85 million to $90 million for financial year 2016. For fiscal year 2016, the company expects adjusted operating income to grow in the range of 83 percent to 93 percent.
Working capital drops significantly
Tandem Diabetes Care, Inc has witnessed a decline in the working capital over the last year. It stood at $36.17 million as at Sep. 30, 2016, down 59.18 percent or $52.44 million from $88.60 million on Sep. 30, 2015. Current ratio was at 2.04 as on Sep. 30, 2016, down from 4.97 on Sep. 30, 2015.
Days sales outstanding went up to 59 days for the quarter compared with 42 days for the same period last year.
Days inventory outstanding has decreased to 76 days for the quarter compared with 145 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 $44.68 million as on Sep. 30, 2016, up 51.47 percent or $15.18 million from $29.50 million on Sep. 30, 2015. Tandem Diabetes Care Inc has witnessed an increase in long-term debt over the last one year. It stood at $44.68 million as on Sep. 30, 2016, up 51.47 percent or $15.18 million from $29.50 million on Sep. 30, 2015. Total debt was 49.46 percent of total assets as on Sep. 30, 2016, compared with 22.95 percent on Sep. 30, 2015. Debt to equity ratio was at 8.60 as on Sep. 30, 2016, up from 0.41 as on Sep. 30, 2015.
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