Tandem Diabetes Care Reports Widened Net Loss in 2023

TL;DR

**TNDM's net loss widened significantly to $122.9M in 2023, with revenues down to $758.7M.**

AI Summary

Tandem Diabetes Care Inc. reported a net loss of $122.9 million for the fiscal year ended December 31, 2023, compared to a net loss of $13.7 million in 2022. The company's total revenues decreased to $758.7 million in 2023 from $801.2 million in 2022. As of December 31, 2023, the company had cash and cash equivalents of $136.9 million.

Why It Matters

The company's financial performance directly impacts its ability to innovate and provide critical diabetes management technology to patients, affecting the lives of individuals relying on their products.

Risk Assessment

Risk Level: high — The company experienced a substantial increase in net loss and a decrease in revenue, indicating significant financial challenges.

Key Numbers

• $122.9M — Net Loss (Significantly increased from $13.7M in 2022, indicating worsening profitability.)
• $758.7M — Total Revenues (Decreased from $801.2M in 2022, showing a decline in sales.)
• $136.9M — Cash and Cash Equivalents (Reflects the company's liquidity position at year-end 2023.)

Key Players & Entities

• TANDEM DIABETES CARE INC (company) — filer
• $122.9 million (dollar_amount) — net loss for 2023
• $13.7 million (dollar_amount) — net loss for 2022
• $758.7 million (dollar_amount) — total revenues for 2023
• $801.2 million (dollar_amount) — total revenues for 2022
• December 31, 2023 (date) — fiscal year end
• $136.9 million (dollar_amount) — cash and cash equivalents as of December 31, 2023

FAQ

From the Filing

0001438133-24-000028.txt : 20240221 0001438133-24-000028.hdr.sgml : 20240221 20240221163322 ACCESSION NUMBER: 0001438133-24-000028 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 103 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240221 DATE AS OF CHANGE: 20240221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TANDEM DIABETES CARE INC CENTRAL INDEX KEY: 0001438133 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 204327508 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36189 FILM NUMBER: 24660204 BUSINESS ADDRESS: STREET 1: 12400 HIGH BLUFF DRIVE CITY: San Diego STATE: CA ZIP: 92130 BUSINESS PHONE: 858-366-6900 MAIL ADDRESS: STREET 1: 12400 HIGH BLUFF DRIVE CITY: San Diego STATE: CA ZIP: 92130 10-K 1 tndm-20231231.htm 10-K tndm-20231231 false 2023 FY 0001438133 http://fasb.org/us-gaap/2023#AccountingStandardsUpdate202006Member P3Y P2M P9M P2M P5M 0.0088836 Subsequent Event PLACEHOLDER 0001438133 2023-01-01 2023-12-31 0001438133 2023-06-30 iso4217:USD 0001438133 2024-02-16 xbrli:shares 0001438133 2023-12-31 0001438133 2022-12-31 iso4217:USD xbrli:shares 0001438133 2022-01-01 2022-12-31 0001438133 2021-01-01 2021-12-31 0001438133 us-gaap:CommonStockMember 2020-12-31 0001438133 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001438133 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001438133 us-gaap:RetainedEarningsMember 2020-12-31 0001438133 2020-12-31 0001438133 2020-01-01 2020-12-31 0001438133 us-gaap:AdditionalPaidInCapitalMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2020-12-31 0001438133 us-gaap:RetainedEarningsMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2020-12-31 0001438133 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2020-12-31 0001438133 us-gaap:CommonStockMember 2021-01-01 2021-12-31 0001438133 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-12-31 0001438133 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-12-31 0001438133 us-gaap:RetainedEarningsMember 2021-01-01 2021-12-31 0001438133 us-gaap:CommonStockMember 2021-12-31 0001438133 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001438133 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001438133 us-gaap:RetainedEarningsMember 2021-12-31 0001438133 2021-12-31 0001438133 us-gaap:CommonStockMember 2022-01-01 2022-12-31 0001438133 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-12-31 0001438133 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-12-31 0001438133 us-gaap:RetainedEarningsMember 2022-01-01 2022-12-31 0001438133 us-gaap:CommonStockMember 2022-12-31 0001438133 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001438133 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001438133 us-gaap:RetainedEarningsMember 2022-12-31 0001438133 us-gaap:CommonStockMember 2023-01-01 2023-12-31 0001438133 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-12-31 0001438133 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-12-31 0001438133 us-gaap:RetainedEarningsMember 2023-01-01 2023-12-31 0001438133 us-gaap:CommonStockMember 2023-12-31 0001438133 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001438133 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001438133 us-gaap:RetainedEarningsMember 2023-12-31 0001438133 srt:MinimumMember tndm:InsulinPumpMember 2023-01-01 2023-12-31 0001438133 tndm:ConvertibleSeniorNotesMember us-gaap:ConvertibleDebtMember us-gaap:FairValueInputsLevel2Member 2023-12-31 0001438133 tndm:ConvertibleSeniorNotesMember us-gaap:ConvertibleDebtMember us-gaap:FairValueInputsLevel2Member 2022-12-31 0001438133 us-gaap:CustomerConcentrationRiskMember tndm:DistributorBMember us-gaap:SalesRevenueNetMember 2023-01-01 2023-12-31 xbrli:pure 0001438133 us-gaap:CustomerConcentrationRiskMember tndm:DistributorBMember us-gaa