TNDM - Tandem drags rival insulin pump makers as analysts cut targets after 1Q earnings

Tandem Diabetes Care (NASDAQ:TNDM) is trading sharply lower in the morning hours Thursday after the insulin pump maker posted mixed 1Q 2022 financials and at least four Wall Street analysts trimmed their price targets on the stock. Rival makers of insulin pumps, Insulet (PODD) and Medtronic (MDT), are also trading lower in solidarity. Even the makers of Continuous Glucose Monitors, Senseonics (SENS), DexCom (DXCM) and Abbott (ABT), are also on the decline. While revenue for the quarter rose ~25% YoY to $175.9M, it implies a slowdown for Tandem (TNDM) which recorded ~43% YoY growth over the previous four quarters on average. Noting that the company’s U.S. volume growth was modest, Baird analyst Jeffrey Johnson maintained the Neutral rating on the stock and cut the price target to $118 from $127 per share.  “With new pump volumes in the U.S. growing only mid-single digits for a second straight quarter and competitive U.S.

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Tandem drags rival insulin pump makers as analysts cut targets after 1Q earnings