Tandem Diabetes Care Inc (NASDAQ:TNDM) Q3 2019 Earnings Conference Call Transcript
Nov 04, 2019 • 04:30 pm ET
Ladies, and gentlemen thank you for standing by and welcome to the Third Quarter 2019 Earnings Conference Call. [Operator Instructions] After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions]
I would now like to hand the conference over to your speaker today Ms. Susan Morrison, Executive Vice President and Chief Administrative Officer. Thank you Please go ahead ma'am.
Thank you. Good afternoon everyone, and thanks for joining Tandem's third quarter 2019 earnings call. Today's discussion, will include forward-looking statements. These statements reflect management's expectations about future events product development timelines and financial performance and operating plans and speak only as of today's date. There are risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in our forward-looking statements. A list of factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is highlighted in our press release issued earlier today and under the Risk Factors portion and elsewhere in our most recent annual report on Form 10-K quarterly report, on Form 10-Q and in our other SEC filings.
We assume no obligation to publicly update any forward-looking statements whether as a result of new information future events or other factors. In addition today's discussion will include references to adjusted EBITDA which is a non-GAAP financial measure. Adjusted EBITDA is a key measure used by us to evaluate operating performance generate future operating plans, and make strategic decisions for the allocation of capital. Please refer to the Investor Center portion of our website for further information. Today's call participants include Kim Blickenstaff, our Executive Chairman; John Sheridan, President and CEO; and Leigh Vosseller, Executive Vice President and Chief Financial Officer. Following our prepared remarks we'll open the call up for questions. We appreciate everyone limiting themselves to two questions before getting back into the queue.
I'll now turn the call over to Kim.
Kim D. Blickenstaff
Thanks Susan, and welcome everyone to today's call. Our third quarter results once again demonstrate that technology reduces the burden of diabetes and drives customer options. This concept is why we have a meaningful long-term opportunity to continue bringing the benefits of insulin pump therapy to people with diabetes worldwide. As we've discussed historically insulin pump penetration does not exceed 30% in any of the countries we are in with the greatest penetration being here in the United States. It's because of this large opportunity that at the start of 2019 we have expectations of at least 40% year-over-year sales growth which was well above most of our high growth medtech peers. We thought this year's growth would primarily be driven by capturing a portion of both the people adopting pump therapy for the first time as well as a portion of the current pump users eligible for reimbursement which would benefit from the Animas conversion opportunity. In addition we anticipated additional momentum from our international launch of t:slim X2 and the domestic launch of the Basal-IQ technology.