Tandem Diabetes Care Inc. (NASDAQ: TNDM) saw its stock price plummet after cutting its annual guidance. The company reported an adjusted loss of 78 cents per share, missing the consensus of 40 cents. However, sales of $240.678 million exceeded expectations, with shipments in the US reaching 21,000 pumps and 9,000 pumps outside the US.

Tandem’s fiscal 2025 sales guidance was narrowed to $1 billion, reflecting growth expectations in the US and international sales. The company’s updated guidance includes sales of approximately $700 million in the US and $300 million outside the country. Gross margin is estimated to be 53-54% of sales for the full year.

The company also announced a voluntary medical device correction for select t:slim X2 insulin pumps due to a speaker-related issue. This error can trigger an insulin delivery discontinuation, potentially leading to hyperglycemia. 700 confirmed adverse events and 59 reported injuries have occurred, but no deaths have been reported.

Piper Sandler downgraded Tandem Diabetes from Overweight to Neutral and decreased the price forecast from $30 to $14.

Read more at Yahoo Finance: Insulet Peer Tandem Diabetes Underwhelming Earnings, Dull Outlook Drags Stock