Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/tandem-diabetes-care-inc" target="_blank" data-smartkarma-citation="entities:20893:1" rel="noopener">Tandem Diabetes Care (TNDM US)</a> reported underwhelming Q2 results, with both revenue and EPS missing consensus. Adjusted EBITDA declined and adjusted operating loss increased on a year-over-year basis.</li>
<li>To reflect lower sales visibility, the company has lowered 2023 guidance. The company has guided for 2023 sales of at least $785M, compared with earlier guidance of $885–900M.</li>
<li>Tandem has also withdrawn correlating year for its long-term target. Achievement of long-term target is highly dependent on the adoption of the company’s recently approved insulin delivery system, Mobi.</li>
</ul>



Tandem Diabetes Care (TNDM US) reported underwhelming Q2 results, with both revenue and EPS missing consensus. Adjusted EBITDA declined and adjusted operating loss increased on a year-over-year basis.
To reflect lower sales visibility, the company has lowered 2023 guidance. The company has guided for 2023 sales of at least $785M, compared with earlier guidance of $885–900M.
Tandem has also withdrawn correlating year for its long-term target. Achievement of long-term target is highly dependent on the adoption of the company’s recently approved insulin delivery system, Mobi.


Tandem Diabetes Care (TNDM US): Q2 Sales Declined, Margin Deteriorated; 2023 Guidance Revised Lower

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<a href="https://www.smartkarma.com/entities/sd-biosensor-inc" target="_blank" data-smartkarma-citation="entities:33333:1" rel="noopener">SD Biosensor (137310 KS)</a> is reporting significant decline in revenue due to the fading demand of COVID-19 tests. 2Q23 revenue declined 80% YoY and 11% QoQ to KRW162.6B.</li>
<li>SD Biosensor reported operating loss of KRW97.8B and KRW76.4B in 1Q23 and 2Q23, respectively, leading to 1H23 operating loss of KRW174.2B, compared with an operating profit of KRW348B in 1H22.</li>
<li>SD Biosensor is on track to launch next-generation ultra-small continuous blood glucose meter (CGMS) in Korea in 2024. Thus far, Korea has approved four CGMS, including one locally-developed.</li>
</ul>



SD Biosensor (137310 KS) is reporting significant decline in revenue due to the fading demand of COVID-19 tests. 2Q23 revenue declined 80% YoY and 11% QoQ to KRW162.6B.
SD Biosensor reported operating loss of KRW97.8B and KRW76.4B in 1Q23 and 2Q23, respectively, leading to 1H23 operating loss of KRW174.2B, compared with an operating profit of KRW348B in 1H22.
SD Biosensor is on track to launch next-generation ultra-small continuous blood glucose meter (CGMS) in Korea in 2024. Thus far, Korea has approved four CGMS, including one locally-developed.


SD Biosensor (137310 KS): No Change of Fate Is Seen in Near-Term; Visibility to Improve in 2024 Only

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>DexCom delivered an all-around beat in the previous quarter.</li><li>The company generated another fantastic quarter, with organic revenue growing by 26% in the second quarter compared to the second quarter of 2022.</li><li>As the availability of their products expands more quickly than at any other point in the company's history, demand for DexCom CGM keeps rising.</li></ul>

DexCom delivered an all-around beat in the previous quarter.The company generated another fantastic quarter, with organic revenue growing by 26% in the second quarter compared to the second quarter of 2022.As the availability of their products expands more quickly than at any other point in the company's history, demand for DexCom CGM keeps rising.

DexCom Inc.: New Innovations Driving The Way Forward! – Key Drivers

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<a href="https://www.smartkarma.com/entities/insulet-corp" target="_blank" data-smartkarma-citation="entities:5252:1" rel="noopener">Insulet Corp (PODD US)</a>, with expanding user-base and product innovation, is well-positioned to face competition in the US patch pump market. Large and underpenetrated target market offers immense growth potential.  </li>
<li>Insulet raised Omnipod 2023 revenue growth guidance to 21–25% from 17–22% previously. The U.S. Omnipod revenue growth guidance has been raised to 27–31% from 21–26% earlier.</li>
<li>For 2023, Insulet expects gross profit margin of 65–66%, compared with 61.7% in 2022. Insulet has reaffirmed high-single-digit operating profit margin for 2023 compared with 2.9% in 2022.</li>
</ul>



Insulet Corp (PODD US), with expanding user-base and product innovation, is well-positioned to face competition in the US patch pump market. Large and underpenetrated target market offers immense growth potential.  
Insulet raised Omnipod 2023 revenue growth guidance to 21–25% from 17–22% previously. The U.S. Omnipod revenue growth guidance has been raised to 27–31% from 21–26% earlier.
For 2023, Insulet expects gross profit margin of 65–66%, compared with 61.7% in 2022. Insulet has reaffirmed high-single-digit operating profit margin for 2023 compared with 2.9% in 2022.


Insulet Corp (PODD US): Slow Recovery Is Expected on Easing Competition Fear; 2023 Guidance Raised

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tandem-diabetes-care-inc" target="_blank" data-smartkarma-citation="entities:20893:1" rel="noopener">Tandem Diabetes Care (TNDM US)</a> has been consistently missing earnings expectations. This is taking a toll on the share price performance, with shares plunging ~61% over the last one year.</li>
<li>Tandem’s nearest rival has recently launched its new insulin pump in the U.S. This will affect Tandem’s Q2 sales growth. Tandem guided for 10–12% revenue growth in 2023.</li>
<li>Tandem is a hugely beaten down stock. However, it will be wise to wait for Tandem to launch new product, ensure its good uptake amid competition, and exhibit earnings stability.</li>
</ul>



Tandem Diabetes Care (TNDM US) has been consistently missing earnings expectations. This is taking a toll on the share price performance, with shares plunging ~61% over the last one year.
Tandem’s nearest rival has recently launched its new insulin pump in the U.S. This will affect Tandem’s Q2 sales growth. Tandem guided for 10–12% revenue growth in 2023.
Tandem is a hugely beaten down stock. However, it will be wise to wait for Tandem to launch new product, ensure its good uptake amid competition, and exhibit earnings stability.


Tandem Diabetes Care (TNDM US): Missed Earnings + Severe Competition = A Bitter Pill to Swallow

United States

DexCom Inc. is a medical device company focused on the design and development of continuous glucose monitoring systems for people with diabetes.  The Company has developed a small implantable device that continuously measures glucose levels in subcutaneous tissue just under the skin, and a small external receiver to which the sensor transmits glucose levels at specified intervals.

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Dexcom Inc (DXCM US)

Tandem Diabetes Care (TNDM US): Q2 Sales Declined, Margin Deteriorated; 2023 Guidance Revised Lower

Tandem's Q2 sales declined 2% YoY to $195.9M, as global pump shipment plummeted 8% YoY to 29,494. The company has lowered 2023 sales guidance to...

Tina Banerjee

SD Biosensor (137310 KS): No Change of Fate Is Seen in Near-Term; Visibility to Improve in 2024 Only

SD Biosensor's revenue has significantly declined due to the decreasing demand for COVID-19 tests. The company has been reporting operating loss...

Tina Banerjee

DexCom Inc.: New Innovations Driving The Way Forward! – Key Drivers

DexCom delivered an all-around beat in the previous quarter. The company generated another fantastic quarter, with organic revenue growing by 26%...

Baptista Research

Insulet Corp (PODD US): Slow Recovery Is Expected on Easing Competition Fear; 2023 Guidance Raised

With 100K+ US customers for Omnipod 5, Insulet is ready to face additional competition in patch pump market. 2023 is going to be eighth consecutive...

Tina Banerjee

Tandem Diabetes Care (TNDM US): Missed Earnings + Severe Competition = A Bitter Pill to Swallow

Tandem is consistently missing earnings expectations since 4Q21. The company’s nearest competitor has recently launched a new device in US, which...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tandem Diabetes Care (TNDM US): Q2 Sales Declined, Margin Deteriorated; 2023 Guidance Revised Lower

​Tandem's Q2 sales declined 2% YoY to $195.9M, as global pump shipment plummeted 8% YoY to 29,494. The company has lowered 2023 sales guidance to...

Tina Banerjee

SD Biosensor (137310 KS): No Change of Fate Is Seen in Near-Term; Visibility to Improve in 2024 Only

​SD Biosensor's revenue has significantly declined due to the decreasing demand for COVID-19 tests. The company has been reporting operating loss...

Tina Banerjee

DexCom Inc.: New Innovations Driving The Way Forward! – Key Drivers

DexCom delivered an all-around beat in the previous quarter. The company generated another fantastic quarter, with organic revenue growing by 26%...

Baptista Research

Insulet Corp (PODD US): Slow Recovery Is Expected on Easing Competition Fear; 2023 Guidance Raised

With 100K+ US customers for Omnipod 5, Insulet is ready to face additional competition in patch pump market. 2023 is going to be eighth consecutive...

Tina Banerjee

Tandem Diabetes Care (TNDM US): Missed Earnings + Severe Competition = A Bitter Pill to Swallow

Tandem is consistently missing earnings expectations since 4Q21. The company’s nearest competitor has recently launched a new device in US, which...

Tina Banerjee

Tandem's Q2 sales declined 2% YoY to $195.9M, as global pump shipment plummeted 8% YoY to 29,494. The company has lowered 2023 sales guidance to...

SD Biosensor's revenue has significantly declined due to the decreasing demand for COVID-19 tests. The company has been reporting operating loss...