Tandem Diabetes Care, Inc. - Leading Insulin Delivery and Diabetes Technology Innovator

Company Profile (Updated April 2026)

Tandem Diabetes Care, Inc. is a global insulin delivery and diabetes technology company dedicated to reducing the burden of diabetes management while creating new possibilities for patients, their loved ones, and healthcare providers. Founded on January 27, 2006 by Paul M. DiPerna and headquartered in San Diego, California, USA, the company is listed on the Nasdaq Global Market (TNDM).

Tandem designs, develops, and commercializes advanced automated insulin delivery (AID) systems for people with insulin-dependent diabetes. The company's pump portfolio features the t:slim X2 insulin pump and the Tandem Mobi system, both of which feature Control-IQ+ advanced hybrid closed-loop technology that automatically adjusts insulin delivery based on continuous glucose monitoring (CGM) readings.

Core Mission: To create new possibilities for people living with diabetes, their loved ones, and their providers through relentless innovation and a deep commitment to the diabetes community.

2025 Financial Performance

Full-Year 2025 Results

Revenue: $1,014.7 million ($1.015 billion), up 7.9% year-over-year

Net Loss: $204.7 million, compared to a net loss in 2024

GAAP Gross Profit: $546.0 million

GAAP Gross Margin: 54%, up 3 percentage points from 2024

Adjusted EBITDA: Positive in Q3 and Q4; Q4 adjusted EBITDA margin was 11% of sales, a 10-percentage-point improvement year-over-year

Cash, Cash Equivalents and Short-Term Investments (Year-End 2025): Approximately $292.7 million

Q4 2025 Results

Revenue: $290.4 million, up 3% year-over-year (record quarterly sales)

U.S. Sales: $210 million, up 14% YoY

International Sales: $80 million, up 17% YoY

GAAP Gross Margin: 58% (record quarterly gross margin)

GAAP Operating Income: $8.3 million (first positive operating margin since 2021, at 3% of sales)

Adjusted EPS: Approximately -$0.01, beating consensus estimates

Pump Shipments: More than 27,000 pumps shipped in the U.S. in Q4, the highest quarterly total

Installed Base: Served nearly 500,000 customers worldwide

Free Cash Flow: Positive in Q3 and Q4 2025

Revenue History

- 2025: $1,014.7 million (+7.9%)

- 2024: $940.2 million (+25.7%)

- 2023: $747.7 million (-6.7%)

- 2022: $801.2 million (+14.0%)

- 2021: $702.8 million (+40.9%)

2026 Financial Guidance

GAAP Sales: $1.065 billion to $1.085 billion

U.S. Sales: $730 million to $745 million

International Sales: $335 million to $340 million

Adjusted EBITDA Margin: Approximately 5% to 6%

Gross Margin Target: 56% to 57%

U.S. Pump Shipment Growth: Expected to increase 10% to 11% year-over-year

Pharmacy Channel: Expected to account for approximately 20% of pump shipments in 2026

Q1 2026 Earnings Date: May 7, 2026

Core Products and Technology

t:slim X2 Insulin Pump

- Technology: Features Control-IQ+ advanced hybrid closed-loop technology, which automatically adjusts insulin delivery by predicting glucose levels 30 minutes ahead and administering corrective doses

- CGM Integration: Compatible with Dexcom G6/G7 and FreeStyle Libre 3 Plus continuous glucose monitors

- Type 2 Diabetes: In February 2025, FDA cleared Control-IQ+ for people with Type 2 diabetes, expanding the addressAble market

- Mobile App: t:slim mobile app available for remote monitoring and control

Tandem Mobi System

- Design: The world's smallest durable automated insulin delivery system, approximately one-third the size of t:slim X2

- Control: Operated primarily via smartphone using the Tandem Mobi mobile app; Android mobile control launched in Q4 2025

- Technology: Features Control-IQ+ technology with CGM integration

- Target Market: Appeals to users seeking discretion and wearability, including younger demographics and patch pump converts

- Recall (April 2026): Class I device correction issued for software malfunction affecting insulin delivery; see alert above

Control-IQ+ Technology

- Algorithm: Advanced hybrid closed-loop algorithm that predicts glucose levels and automatically adjusts basal insulin delivery and administers corrective boluses

- Outcomes: Clinical studies demonstrate significant improvements in time-in-range and reductions in HbA1c

- Expansion: Cleared for Type 1 diabetes (original indication) and Type 2 diabetes (February 2025)

Future Pipeline

- Tandem Tobi: A tubeless version of Mobi under development

- Sigi: A tubeless patch pump in development

- Further CGM Integrations: Continued expansion of sensor partnerships

2025-2026 Strategic Developments

Business Model Transformation — PayGo

In 2026, Tandem is transitioning to a Pay-as-you-Go (PayGo) model in the U.S. market, providing affordable access to customers through pharmacy channels. While this transition creates a $70-$80 million revenue headwind in 2026 due to pricing and channel shifts, management expects it to drive more predictable and profitable revenue over time.

Pharmacy Channel Progress:

- Contracts with major PBMs covering approximately 80% of covered lives

- Formulary access currently around one-third of lives

- Expected to scale to an average of 20% of pump shipments through pharmacy in 2026

- Existing DME customer transition to pharmacy expected to reach roughly 10% in 2026

Product Launches and Regulatory Milestones (2025)

- February 27, 2025: FDA clearance of Control-IQ+ for Type 2 diabetes

- Q4 2025: Global commercial rollout of t:slim X2 integration with FreeStyle Libre 3 Plus

- Q4 2025: Launch of Android mobile control for Tandem Mobi

- December 2025: t:slim mobile app launched in Canada

International Expansion

- 2025 International Sales: $308 million, up 15% year-over-year

- Q4 2025 International Sales: $80 million, up 17% YoY

- Direct Operations Transition: Company transitioned to direct operations in select international markets, impacting approximately $4 million in Q4 2025 and $7 million for the full year

- Europe: t:slim X2 with Lyumjev insulin received regulatory clearance in the EU

Corporate Governance and Leadership

Executive Team

President, CEO & Director: John F. Sheridan (appointed CEO March 2019; joined Tandem April 2013 as EVP & COO; Board member since June 2019)

Executive VP, CFO & Treasurer: Leigh A. Vosseller

Executive VP & COO: Jean-Claude "JC" Kyrillos

Executive VP & Chief Commercial Officer: Mark Novara

Executive VP & Chief Strategy and Product Officer: Elizabeth Gasser

Chief Technical Officer: Rick Carpenter

Chief Medical Officer: Jordan Pinsker, MD

Executive VP, Chief Legal, Privacy & Compliance Officer and Secretary: Shannon Hansen

Executive VP & Chief Administrative Officer: Susan Morrison

Chief Human Resources Officer: Tom Fox

Board of Directors

Chairman of the Board: Rebecca B. Robertson

Lead Independent Director: Dick Allen

Directors: Rajwant Sodhi, Edward Cahill, Peyton Howell, Kathleen McGroddy-Goetz, Christopher Twomey

Company Basic Information

Corporate Overview

Company Full Name: Tandem Diabetes Care, Inc.

Founded: January 27, 2006

Founder: Paul M. DiPerna

Headquarters: 12400 High Bluff Drive, San Diego, California 92130, USA

Stock Exchange: Nasdaq Global Market

Stock Ticker: TNDM

ISIN: US8753722037

Company Type: Public Listed Company

Industry: Medical Devices / Diabetes Technology / Insulin Delivery Systems

Employees: Approximately 2,500 to 2,650

Market Capitalization (April 2026): Approximately $1.3 to $1.7 billion (fluctuating; ~$1.43B as of early March 2026)

52-Week Range: $9.98 - $29.65 (as of April 2026)

Official Website: www.tandemdiabetes.com

Investor Relations: investor.tandemdiabetes.com

Email: media@tandemdiabetes.com / IR@tandemdiabetes.com

Telephone: +1-858-366-6900

Major Shareholders

- The Vanguard Group: Significant institutional holding

- BlackRock: Major institutional investor

- Insider Ownership: CEO John Sheridan holds beneficial ownership of approximately 79,009 shares (less than 1% of outstanding shares as of March 2025)

Market Position and Competition

Competitive Landscape

Tandem Diabetes Care competes in the global insulin delivery market alongside:

- Insulet Corporation (Omnipod): Patch pump competitor; recalled Omnipod 5 in March 2026

- Medtronic: Durable insulin pumps and closed-loop systems; diabetes division spun off as MiniMed (IPO filed December 2025)

- Ypsomed: European pump manufacturer

- Roche: Accu-Chek insulin pumps

Market Position

- U.S. Market Leadership: Tandem has been a leader in durable pump starts and expects to maintain that position

- Installed Base: Nearly 500,000 customers worldwide as of year-end 2025

- New Patient Growth: In Q4 2025, renewals accounted for more than half of U.S. shipments, and MDI (multiple daily injection) conversions made up about two-thirds of customers new to Tandem

- Type 2 Opportunity: Estimated 300,000-400,000 people with Type 1 diabetes in the U.S. use Libre but not pumps, representing significant white-space opportunity

2026 Outlook and Strategic Priorities

Strategic Focus Areas

- PayGo Transition: Execute the U.S. pharmacy channel transition to improve affordability and access, accepting short-term revenue headwinds for long-term predictable revenue

- Margin Expansion: Drive gross margin toward 60% target through product cost reductions, manufacturing efficiency, and pharmacy channel pricing benefits

- Pump Shipment Growth: Achieve double-digit worldwide pump shipment growth in 2026

- International Expansion: Continue scaling direct operations and distributor networks outside the U.S.

- Type 2 Diabetes: Capitalize on the newly cleared Control-IQ+ Type 2 indication to expand addressable market

- Product Pipeline: Advance development of tubeless systems (Tobi and Sigi) to compete in the patch pump segment

- CGM Partnerships: Deepen integration with Abbott FreeStyle Libre and Dexcom ecosystems

- Profitability: Target adjusted EBITDA margin of 5%-6% and progress toward sustained operating profitability

Risk Factors

- Device Safety: The April 2026 Mobi Class I recall highlights ongoing software quality and patient safety risks

- Competition: Intensifying competition from Insulet (Omnipod), Medtronic/MiniMed, and potential new market entrants

- PayGo Transition Risk: Revenue headwinds and execution challenges during the pharmacy channel transition

- Reimbursement: Medicare access for Type 2 diabetes remains a near-term gating factor

- Macroeconomic: Consumer spending sensitivity and insurance coverage dynamics may impact adoption

- Regulatory: FDA approval timelines for new products and software updates

Contact Information

Global Headquarters

Address: 12400 High Bluff Drive, San Diego, California 92130, USA
   Website: www.tandemdiabetes.com
   Investor Relations: investor.tandemdiabetes.com

Media and Investor Inquiries

Media: media@tandemdiabetes.com, +1-858-366-6900
   Investor Relations: IR@tandemdiabetes.com, +1-858-366-6900

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