Shares of the medical device and manufacturing company Tandem Diabetes Care (NASDAQ:TNDM) surged up over 20% today.
The rise in share value can be attributed to the company releasing their preliminary first quarter 2018 results.
Tandem Diabetes Care is the only supplier of touchscreen insulin pumps available in the US and reported that pump shipments increased by 56%, compared to the same period in the previous year.
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The company shipped close to 4,400 pumps in the first quarter this year, while only 2,816 were shipped in the first quarter of 2017.
Tandem had a total of nearly $81.9 million in cash, cash equivalents, short-term investments and restricted cash, as of March 31, 2018, which includes “approximately $64.2 million in net proceeds from the equity financing completed in February 2018 and $6.5 million in net proceeds from warrants exercised in the first quarter of 2018.”
Sales of the company also increased by 42% from previous year’s first quarter sales of USD $19.0 million, reaching $27.0 million compared.
President and CEO of Tandem, Kim Blickenstaff, has said, “this strong commercial momentum allows [the company] to continue leveraging [its] early infrastructure investments and positions [it] well to deliver upon our goals in 2018.”
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Blickenstaff has said that the demand for the company’s t:slim X2 Insulin Pump was able to drive the record first-quarter sales and supports its “strategy of using modern, consumer-focused technology to improve the lives of people with diabetes.”
Tandem closed at a share value of $7.01, which is the highest it has been October of 2017 where the company reached a high of $8.20.
The company will report the full first quarter financial report on April 26, 2018.
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