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

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

Tandem Diabetes Care Stock Performance

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on TNDM shares. Wells Fargo & Company upped their price target on shares of Tandem Diabetes Care from $50.00 to $55.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Sanford C. Bernstein initiated coverage on Tandem Diabetes Care in a report on Wednesday. They set an “outperform” rating and a $42.00 target price for the company. UBS Group upgraded Tandem Diabetes Care to a “hold” rating in a report on Friday, August 2nd. Canaccord Genuity Group decreased their price objective on Tandem Diabetes Care from $57.00 to $56.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Robert W. Baird dropped their price objective on Tandem Diabetes Care from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Thursday. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Tandem Diabetes Care currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.25.

About Tandem Diabetes Care

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.