Tandem Diabetes Care reported a 42 percent year-over-year increase in preliminary quarter one sales, increasing the company’s stock.
On April 10, the San Diego pump maker posted $27 million in preliminary quarter one sales. Its stock closed at $7.01 on April 10 and fell slightly to $6.91 on April 12, versus $5.52 on April 5.
“Continued high-demand for the t:slim X2 insulin pump drove our record first quarter sales, and supports our strategy of using modern, consumer-focused technology to improve the lives of people with diabetes,” said Kim Blickenstaff, president and CEO, in a news release. “This strong commercial momentum allows us to continue leveraging our early infrastructure investments and positions us well to deliver upon our goals in 2018.”
As of March 31, the company reported about $81.9 million in cash, cash equivalents, short-term investments and restricted cash.
Tandem is mounting a comeback, after taking a blow from a competitor’s deal with a major insurer in 2016 and lackluster sales. Read this recent San Diego Business Journal piece for more on the turnaround attempt.