Tandem Diabetes Care's stock experienced a significant after-hours plunge of 12.62% on Wednesday, following the release of the company's fourth-quarter and full-year 2024 financial results.
The company reported an adjusted operating loss of $30.2 million for Q4, missing analysts' estimates of a $17.6 million loss. Additionally, the adjusted net loss for the quarter came in at $28.8 million, wider than the consensus estimate of a $14.9 million loss.
Despite the disappointing financial results, analysts at Wells Fargo maintained their "Buy" rating on Tandem Diabetes Care, citing the company's positioning for growth with the recent FDA approval of its Control IQ+ technology. However, the market reacted negatively to the weaker-than-expected earnings, leading to the significant after-hours stock price decline.
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