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Tandem Diabetes Care, Inc.
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$1.4B
Market Cap
—
P/E
6.22
PEG
-5.1%
ROCE
-16.1%
ROE
5.67
D/E
-4.1%
OPM
-30.0%
% from 52W High
80
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for TNDM including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
📊 Peer Medians
About

Tandem Diabetes Care, Inc. designs, develops, and commercializes technology solutions for people living with diabetes in the United States and internationally. It’s flagship products are the t:slim X2 insulin delivery system; and Tandem Mobi insulin pump, an automated insulin delivery system. The company also sells single-use products, including cartridges for storing and delivering insulin, and infusion sets that connect the insulin pump to the user’s body. In addition, it offers Tandem Device Updater used to update the pump software from a personal computer; Tandem Source, a web-based data management platform, which provides a visual way to display diabetes therapy management data from the pumps, integrated CGMs; and Sugarmate, a mobile app used to help people visualize diabetes therapy data. The company has collaboration agreement with the University of Virginia Center for Diabetes Technology for research and development of fully automated closed-loop insulin delivery systems. The company was formerly known as Phluid Inc. and changed its name to Tandem Diabetes Care, Inc. in January 2008. Tandem Diabetes Care, Inc. was incorporated in 2006 and is headquartered in San Diego, California.

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⭐ Superinvestors Holding TNDM
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 420.5K $8.1M 0.01% Mar 2026
Steve Cohen Point72 Asset Management 7.50M $7.6M 0.01% Mar 2026
Jim Simons Renaissance Technologies LLC 58.2K $1.1M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Tandem Diabetes Care: Q1 2026 record 29,000+ pump shipments, $247M sales, pharmacy PayGo launch.
Revenue & Profitability
For Q1 2026, Tandem reported record quarterly sales of $247 million (non-GAAP), with U.S. sales of $161 million (up 7% year-over-year) and international sales of $86 million (up 3%). Gross margin was 55%, a nearly 5 percentage point improvement year-over-year. The company generated adjusted EBITDA of approximately 1% of sales and $5 million in free cash flow. It ended the quarter with $570 million in total cash and investments. Full-year 2026 guidance is reaffirmed: worldwide sales $1.065–$1.085 billion, gross margins 56%–57%, and adjusted EBITDA of 5%–6%.
Outlook
Management described the diabetes technology market as large and significantly under-penetrated, with type 2 diabetes representing a major growth opportunity. They see the market growing and are confident that new technology launches and business model changes (pharmacy PayGo) will drive MDI-to-pump conversions and competitive conversions. Tailwinds include expanding Medicare coverage and potential removal of C‑peptide testing requirements, though no specific timeline was given.
Growth Drivers
Key growth levers include the PayGo pharmacy model, which has already achieved ~40% formulary coverage; the international direct commercial operations in the UK, Switzerland, and Austria; and multiple product launches: Tandem Mobi for Android, Control-IQ+ for pregnancy, FreeStyle Libre 3 Plus integration, Dexcom G7 15-day sensor compatibility, and the upcoming Mobi Tubeless. Management expects U.S. new starts (predominantly MDI) to return to growth later in 2026, supported by these initiatives.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Gross margin in Q1 2026 was 55% (non-GAAP), the highest first‑quarter margin in company history, driven by pricing discipline and product cost improvements. For the full year, management expects gross margins of 56%–57%, with Q2 margins remaining consistent with Q1 due to product mix. The improvement trajectory is supported by scaling volumes, pharmacy pricing benefits, and increasing direct international sales. Operating expenses remained flat year-over-year at $154 million, demonstrating cost leverage.
Key Risks
Management flagged an infusion set supplier shortage affecting a small number of SKUs, which had a modest impact in Q1 and is expected to persist for another quarter or two. Other risks include the pace of PayGo adoption, reliance on FDA clearance timelines (e.g., for Mobi Tubeless), foreign exchange volatility (noted in international results), and the need to change physician and patient behaviors in the pharmacy channel.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Record Q2 with 10%+ pump shipment growth, 6% sales increase, and 57% gross margin. Pharmacy PayGo adoption reached 10% of U.S. sales, and Mobi Tubeless FDA submission sets up a major H2 launch. Guidance reaffirmed with highest margins expected in Q4.
Q1 2026 Q1 2026 2026-05-07
Record Q1 pump shipments and sales, margin expansion, and positive cash flow highlight strong execution. New product launches, pharmacy channel transition, and international expansion support reaffirmed 2026 guidance and long-term growth outlook.
Q4 2025 Q4 2025 2026-02-19
Achieved record 2025 results with over $1B in sales, double-digit growth, and margin expansion. 2026 guidance reflects a strategic shift to a pay-as-you-go pharmacy model, expected to drive long-term growth despite near-term headwinds, with new product launches and international expansion planned.
Q3 2025 Q3 2025 2025-11-06
Record Q3 sales and margin improvements were driven by higher pricing, pharmacy channel expansion, and strong international growth. Strategic initiatives in innovation, direct sales, and operational efficiency position the business for double-digit growth and margin expansion in 2025 and beyond.
Q2 2025 Q2 2025 2025-08-06
Record Q2 sales and margin expansion were driven by strong U.S. renewals, international growth, and pharmacy channel progress. 2025 guidance was updated to $1B in sales, with gross margin expected at 53%-54% and a return to positive free cash flow in H2.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Information Sources:
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