Tandem Diabetes Care (TNDM) FY2022 results: revenue $801 million, up 14.0% on the year

Tandem Diabetes Care Inc. (TNDM) reported revenue of $801 million for fiscal 2022, the year ended 31 December 2022, up 14.0% on the year before. Net income was -$95 million, and diluted earnings per share $-1.47. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$801 million

+14.0% on the year

FY2015FY2022

Operating margin

-11.6%

3.2% a year earlier

FY2015FY2022

Net income

-$95 million

FY2015FY2022

Diluted EPS

-$1.47

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	801	703	499	+14.0%
Cost of revenue	388	327	238	+18.9%
Gross profit	413	376	261	+9.8%
Gross margin	51.5%	53.5%	52.2%
Research and development	139	92.1	63.6	+51.1%
Selling, general and administrative	336	262	205	+28.4%
Operating income	-92.8	22.7	-8.0
Operating margin	-11.6%	3.2%	-1.6%
Interest expense	6.2	n/a	n/a
Pre-tax income	-92.9	15.9	-36.3
Income tax	1.7	0.3	-1.9	+420.0%
Effective tax rate	n/a	2.1%	n/a
Net income	-94.6	15.6	-34.4
Net margin	-11.8%	2.2%	-6.9%
Diluted EPS	-$1.47	$0.24	-$0.56

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	50.5	111	24.7	-54.7%
Capital expenditure	34.1	14.2	27.4	+140.5%
Free cash flow	16.4	97.2	-2.7	-83.2%
Free cash flow margin	2.0%	13.8%	-0.5%
Cash from investing	33.2	-187	-296
Cash from financing	16.9	51.9	314	-67.5%
Depreciation and amortisation	14.3	13.8	10.5	+3.5%
Share-based compensation	84.9	60.8	58.4	+39.8%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	64m	64m	61m	-0.3%
Shares outstanding at period end	65m	64m	62m	+1.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	440	433	366	+1.6%
Debt	283	281	203	+0.6%
Operating lease liabilities	124	23.9	15.9	+416.4%
Other liabilities	206	167	131	+23.7%
Total liabilities and equity	1,053	905	716	+16.3%
Fixed assets	68.6	50.4	50.0	+36.1%
Intangible assets	4.6	6.6	n/a	-30.3%
Investments	444	553	390	-19.6%
Cash and equivalents	173	71.2	94.6	+142.4%
Receivables	115	111	82.2	+3.6%
Inventory	111	68.6	63.7	+62.1%
Other assets	137	45.0	35.5	+204.0%
Total assets	1,053	905	716	+16.3%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.