SAN DIEGO—Kim Blickenstaff, a director at Tandem Diabetes Care Inc. (NASDAQ:TNDM), recently sold a substantial portion of his holdings in the company. According to a recent filing, Blickenstaff sold a total of 40,000 shares over two days, with the transactions taking place on November 20 and 21.
The sales were executed at prices ranging from $30.00 to $31.38 per share, resulting in a total transaction value of approximately $1,241,400. After these transactions, Blickenstaff holds 165,190 shares of Tandem Diabetes. The shares are held by the Kim Blickenstaff Revocable Trust, established in April 2010.
These transactions come as part of routine financial management and do not necessarily reflect any change in outlook for the company. Tandem Diabetes Care, based in San Diego, is known for its innovative products in the medical devices sector, particularly focusing on diabetes management solutions.
In other recent news, Tandem Diabetes Care revealed record-breaking Q3 2024 sales during their earnings conference call. The company reported its highest quarterly sales in history, amounting to $243 million, with U.S. sales constituting $171 million, indicating a 23% year-over-year growth. More than half of the pump shipments were delivered to new customers, exhibiting a resurgence in new pump growth.
Internationally, the company saw a 31% year-over-year increase in sales, amounting to $72 million. Tandem Diabetes Care has also revised its 2024 sales guidance, now projecting to reach between $903 million and $910 million, which would signify a 17%-18% year-over-year growth.
Despite the company's CFO, Leigh Vosseller, indicating that growth might slow in 2025 due to new product introductions and competitive dynamics, the company remains optimistic about its future prospects. Tandem plans to expand its product portfolio, including integration with Abbott's FreeStyle Libre 3, and is developing new features for the Mobi pump.
These are among the recent developments at Tandem Diabetes Care, highlighting the company's robust growth and strategic market expansion.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Tandem Diabetes Care's financial position and market performance. The company's market capitalization stands at $2.02 billion, reflecting its significant presence in the medical devices sector. Despite the recent insider sale, Tandem has shown impressive stock performance, with a 61.45% price total return over the past year.
Interestingly, an InvestingPro Tip reveals that management has been aggressively buying back shares, which could be seen as a vote of confidence in the company's future prospects. This buyback activity contrasts with the director's recent sale and may provide some reassurance to investors.
However, it's worth noting that Tandem is currently not profitable, with a negative operating income of $147.09 million over the last twelve months. This aligns with another InvestingPro Tip indicating that analysts do not anticipate the company will be profitable this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for Tandem Diabetes Care, providing a deeper understanding of the company's financial health and market position.
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