Tandem Diabetes Care (TNDM) FY2021 results: revenue $703 million, up 40.9% on the year

Tandem Diabetes Care Inc. (TNDM) reported revenue of $703 million for fiscal 2021, the year ended 31 December 2021, up 40.9% on the year before. Net income was $16 million, and diluted earnings per share $0.24. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2022.

Revenue

$703 million

+40.9% on the year

FY2014FY2021

Operating margin

3.2%

-1.6% a year earlier

FY2014FY2021

Net income

$16 million

FY2014FY2021

Diluted EPS

$0.24

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	703	499	362	+40.9%
Cost of revenue	327	238	168	+37.0%
Gross profit	376	261	194	+44.4%
Gross margin	53.5%	52.2%	53.6%
Research and development	92.1	63.6	45.2	+44.8%
Selling, general and administrative	262	205	166	+27.6%
Operating income	22.7	-8.0	-16.7
Operating margin	3.2%	-1.6%	-4.6%
Pre-tax income	15.9	-36.3	-24.6
Income tax	0.3	-1.9	0.1
Effective tax rate	2.1%	n/a	n/a
Net income	15.6	-34.4	-24.8
Net margin	2.2%	-6.9%	-6.8%
Diluted EPS	$0.24	-$0.56	-$0.42

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	111	24.7	41.9	+351.4%
Capital expenditure	14.2	27.4	19.5	-48.3%
Free cash flow	97.2	-2.7	22.4
Free cash flow margin	13.8%	-0.5%	6.2%
Cash from investing	-187	-296	-57.0
Cash from financing	51.9	314	24.2	-83.5%
Depreciation and amortisation	13.8	10.5	6.1	+32.5%
Share-based compensation	60.8	58.4	58.1	+4.0%
Diluted shares, weighted	64m	61m	59m	+5.5%
Shares outstanding at period end	64m	62m	59m	+2.4%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	433	366	195	+18.2%
Debt	281	203	0.0	+38.7%
Operating lease liabilities	23.9	15.9	14.1	+50.3%
Other liabilities	167	131	117	+27.0%
Total liabilities and equity	905	716	326	+26.3%
Fixed assets	50.4	50.0	32.9	+0.7%
Intangible assets	6.6	n/a	n/a
Investments	553	390	125	+41.6%
Cash and equivalents	71.2	94.6	51.2	-24.8%
Receivables	111	82.2	46.6	+34.7%
Inventory	68.6	63.7	49.1	+7.6%
Other assets	45.0	35.5	21.1	+26.7%
Total assets	905	716	326	+26.3%

10-K for the year ended 31 December 2021, filed 22 February 2022: the filing.