Tandem Diabetes Care (TNDM) FY2023 results: revenue $748 million, down 6.7% on the year

Tandem Diabetes Care Inc. (TNDM) reported revenue of $748 million for fiscal 2023, the year ended 31 December 2023, down 6.7% on the year before. Net income was -$223 million, and diluted earnings per share $-3.43. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$748 million

-6.7% on the year

FY2016FY2023

Operating margin

-31.2%

-11.6% a year earlier

FY2016FY2023

Net income

-$223 million

FY2016FY2023

Diluted EPS

-$3.43

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	748	801	703	-6.7%
Cost of revenue	380	388	327	-2.1%
Gross profit	368	413	376	-11.0%
Gross margin	49.2%	51.5%	53.5%
Research and development	170	139	92.1	+22.0%
Selling, general and administrative	353	336	262	+5.0%
Operating income	-233	-92.8	22.7
Operating margin	-31.2%	-11.6%	3.2%
Interest expense	9.9	6.2	n/a	+59.2%
Pre-tax income	-220	-92.9	15.9
Income tax	2.4	1.7	0.3	+35.3%
Effective tax rate	n/a	n/a	2.1%
Net income	-223	-94.6	15.6
Net margin	-29.8%	-11.8%	2.2%
Diluted EPS	-$3.43	-$1.47	$0.24

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	-31.8	50.5	111
Capital expenditure	26.8	34.1	14.2	-21.4%
Free cash flow	-58.6	16.4	97.2
Free cash flow margin	-7.8%	2.0%	13.8%
Cash from investing	-85.7	33.2	-187
Cash from financing	4.1	16.9	51.9	-75.6%
Depreciation and amortisation	15.7	14.3	13.8	+9.7%
Share-based compensation	88.1	84.9	60.8	+3.7%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	65m	64m	64m	+1.3%
Shares outstanding at period end	66m	65m	64m	+1.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	314	440	433	-28.7%
Debt	285	283	281	+0.6%
Operating lease liabilities	114	124	23.9	-8.1%
Other liabilities	240	206	167	+16.7%
Total liabilities and equity	953	1,053	905	-9.5%
Fixed assets	76.5	68.6	50.4	+11.7%
Intangible assets	2.8	4.6	6.6	-40.0%
Investments	409	444	553	-8.0%
Cash and equivalents	58.9	173	71.2	-65.9%
Receivables	106	115	111	-8.0%
Inventory	158	111	68.6	+42.1%
Other assets	142	137	45.0	+3.7%
Total assets	953	1,053	905	-9.5%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.