Tandem Diabetes Care develops, manufactures and supports automated insulin-delivery systems, principally Tandem Mobi and t:slim X2, together with recurring-use cartridges, infusion sets and connected software. It reports one segment, Insulin Pumps and Supplies, and serves nearly 500,000 people in more than 25 countries.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001438133-24-000028 | Feb 21, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001438133-25-000036 | Feb 26, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001438133-26-000010 | Feb 19, 2026 | 10-K | Open 10-Ksec.gov |
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Tandem's recurring-supplies business and improving gross margins are strengthening its operating economics, but neither sustained profitability nor operating self-funding is established. Revenue exceeded $1 billion in 2025, while acquisition-related development charges, a patent settlement and commercial investment widened the annual loss. First-half 2026 losses narrowed substantially, partly because those charges did not recur; operating cash flow nevertheless remained negative. The pharmacy transition reduces upfront pump reimbursement in exchange for higher-priced recurring supplies, making retention and uninterrupted supply availability more important. Actual infusion-set constraints complicate that transition. New convertible borrowing increased liquid resources, while a further CeQur investment committed capital without acquiring control. Management reaffirmed its 2026 outlook in August, but the expected lifetime benefits of the new commercial model remain conditional rather than demonstrated.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · 8-K · 2026-02-23
Tandem earns revenue from durable insulin pumps and supplies replaced every few days, supported by software and data services. Its 2025 sales comprised $464.139 million of pumps and $550.597 million of supplies and other products. Geographic categories are revenue breakdowns, not separate profit-reporting segments. Historically, pumps carried higher margins than supplies. The 2026 pharmacy model changes that relationship: separate upfront pump reimbursement disappears, while ongoing supplies receive premium pricing relative to durable-medical-equipment coverage. Accounting still allocates part of the initial supply order to the pump. Management expects lower patient entry costs and retained supply purchases to improve four-year customer revenue, but the offset is not assured.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
For the year ended December 31, 2025, revenue reached $1,014.736 million and gross profit $546.014 million, compared with $940.203 million and $489.574 million in 2024. Management attributed gross-margin improvement principally to better selling prices and lower non-manufacturing costs. Comparability matters: the completed Tandem Choice upgrade program contributed $30.249 million of revenue recognition in 2024 but had no 2025 effect. Operating loss nevertheless widened to $187.257 million. A $75.217 million acquired-development charge and $19.951 million litigation expense were important, but higher commercial spending also mattered. Net loss was $204.710 million. These results were reported in the February 19, 2026 annual filing.
Sources: 10-K · 2025-12-31
The June 30, 2026 quarterly report, filed August 6, showed first-half sales of $501.781 million and a $41.561 million net loss, versus $475.100 million and a $182.956 million loss. Gross margin improved to a rounded 56% from 51%, with management citing pharmacy and direct-international pricing and operating efficiencies. Much of the expense improvement reflected absent 2025 charges, not equivalent recurring cost reductions. International first-half sales were flat in constant currency and included an unquantified one-time Switzerland rental-transition benefit. A key infusion-set supplier's constraints had already reduced supply availability and sales; management expected constraints through 2026. International Mobi rollout began, while its tubeless application remained a submission rather than FDA clearance.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
Operating cash use was $9.721 million in 2025, versus $24.225 million generated in 2024. Receivables absorbed cash despite an inventory release; acquisition payments were separately classified as investing. First-half 2026 operating cash use remained $23.576 million, with a $37.8 million working-capital drag. After $10.318 million of cash capital expenditure, company-defined free cash flow was negative $33.894 million. At June 30, cash and equivalents were $62.818 million and short-term investments $393.178 million. Their combined increase from year-end was largely borrowing-supported, not internally generated cash. Some investments mature beyond one year despite their short-term classification.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
Tandem completed $300 million of zero-regular-interest convertible notes on February 27, 2026, including the fully exercised purchaser option. June 30 convertible principal totaled $616.250 million across maturities in 2029 and 2032; principal is distinct from the $602.577 million carrying amount. Capped calls provide limited, conditional dilution protection, not principal repayment funding. On May 22, Tandem invested another CHF64 million, reported as $81.4 million, in CeQur. Ownership remained below 50%, with equity-method accounting rather than consolidation. Its discretionary option to acquire the remaining shares no earlier than 2028 is not a committed acquisition or a disclosed fixed purchase price.
Sources: 8-K · 2026-02-23 · 10-Q · 2026-06-30
On August 6, management reaffirmed 2026 sales guidance of $1.065–$1.085 billion, gross margin of 56%–57% and non-GAAP adjusted EBITDA margin of 5%–6%. This is not a GAAP earnings forecast. Delivery depends on pharmacy adoption, recurring supply purchases, European direct operations, reimbursement and regulatory execution. Actual supply constraints, concentrated manufacturing, third-party sensor compatibility and competing devices remain material dependencies. Product corrections do not establish completed remediation, and reported effective controls do not eliminate the separately disclosed CEO/CFO relationship risk. The supplied current financial evidence ends June 30, with subsequent commentary through August 6; it does not establish later operating outcomes.
Sources: EX-99.1 · 2026-08-06 · 10-Q · 2026-06-30 · 10-K · 2025-12-31
USD 1.014736 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.014736 bn | 7.9% |
| 2024 | USD 940.203 m | 25.7% |
| 2023 | USD 747.718 m | — |
Consolidated net sales, including the applicable Tandem Choice recognition or deferral.
Sources: 10-K · 2025-12-31
USD -204.71 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -204.71 m | Loss widened |
| 2024 | USD -96.025 m | Loss narrowed |
| 2023 | USD -222.611 m | — |
Consolidated net income after income tax expense; negative values represent losses.
Sources: 10-K · 2025-12-31
USD -9.721 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -9.721 m | Turned negative |
| 2024 | USD 24.225 m | Turned positive |
| 2023 | USD -31.81 m | — |
Net cash provided by or used in operating activities; excludes acquisition payments classified as investing.
Sources: 10-K · 2025-12-31
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