Tandem Diabetes Care, Inc.

tandemdiabetes.com

What Do They Do?

Sells insulin pumps and disposable supplies, and provides diabetes apps and data tools for people with diabetes, caregivers and healthcare providers.

How Do They Make Money?

Tandem sells pumps, cartridges and infusion sets to individuals with third-party insurance and to distributors that resell them. Distributor sales are complete when goods ship; direct sales are complete when individuals receive the products.

revenue

Segment	Share	How money arrives
Pump Sold outright	46% FY2022: 54%	Sold outright
Supplies and other Sold outright	54% FY2022: 47%	Sold outright
Net sales recognized (deferred) for Tandem Choice program Sold outright	0.0% FY2022: −0.4%	Sold outright

Who Are Their Customers?

Tandem sells to people with diabetes through national and regional distributors in the United States and distribution partners internationally; it also has a direct sales force in the United States and Canada.

Do Revenues Turn Into Profits?

No. It lost $204.7M in FY2025.

Operating income, FY2025

−18% of revenue

▲ +89% (Loss) vs FY2024 (−$99.1M, −11%)

Net income, FY2025

−20% of revenue

▲ +113% (Loss) vs FY2024 (−$96M, −10%)

Free cash flow, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($5M, 1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +6%; vs $240.7M in Q2 FY2025
Net income: ▼ −60% (Loss); vs −$52.4M in Q2 FY2025

Supplies and other share of revenue vs 53.5% in Q2 FY2025

Aug 6, 2026 Reaffirmed sales and margin guidance Forecast sales of $1.065 billion to $1.085 billion and gross margin of 56% to 57%.

Growing. Revenue grew 44% in 4 years, from $702.8M in FY2021 to $1B in FY2025, about 10% a year.

A broader pump range The older report describes commercial efforts focused on the flagship pump; the latest describes an expanded pump portfolio that also includes Mobi.

Revenue over time

Pump Supplies and other Net sales recognized (deferred) for Tandem Choice program

$2B$1B$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Beta Bionics, Insulet, Medtronic, mylife, and Sequel

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