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TNDM · NASDAQ · Medical - Devices

Tandem Diabetes Care

Builds software-updatable insulin pumps, cartridges, and infusion sets for diabetes care.

$21.16

After-hours close−0.27 (−1.26%)

At close$21.43(+0.14%)

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Profile

Tandem Diabetes Care, Inc.TNDMHealth Care

Sells t:slim X2 and Tandem Mobi insulin pumps, related cartridges, and infusion sets through a single Insulin Pumps and Supplies segment. Revenue is concentrated in the United States, with international markets contributing a meaningful minority, and the portfolio depends on regulatory clearances, CGM integrations, and software-updatable automated insulin delivery.

Builds insulin-delivery systems around the t:slim X2 pump, Tandem Mobi, and Control-IQ+ automated insulin-delivery software. The product set also includes single-use cartridges, infusion sets, mobile applications, and cloud-based diabetes management tools.

Sales run through the Insulin Pumps and Supplies segment and are concentrated in the United States, with international markets as a meaningful minority. The company has expanded from touchscreen pump design into software updates, smartphone control, CGM integrations, and automated insulin adjustment.

Execution depends on regulatory clearances, durable-pump adoption, recurring supply use, and compatibility with external glucose-sensing ecosystems. Competition comes from insulin-delivery device makers and adjacent diabetes technologies.

Company facts

CEOJohn F. Sheridan

ListedNov 14, 2013

ExchangeNASDAQ

HeadquartersSan Diego, CA

CountryUnited States

Employees2,500

CIK0001438133

ISINUS8753722037

Key statistics

Market cap$1.47B

EPS (ttm)−$0.9287

P/E (ttm)−23.08

ROE-46.0%

P/B11.24

P/S1.41

Dividend yield—

Beta1.04vs XLV 1.19

Year to date −0.6% · Average volume (30d) 2.0M

Analysts

Price target, next 12 months$26.00+21.3%Median of 39 analysts · vs the Aug 28 close

ConsensusBuy24 of 39 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $21.43

High$55.00+156.6%

Median$26.00+21.3%

Low$15.50−27.7%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Aug 21, 2026	William Blair	Initiate	Outperform
Aug 7, 2026	RBC Capital	Reiterate	Outperform	$30	$26
Aug 7, 2026	Canaccord Genuity	Target		$35	$40
Jul 28, 2026	UBS	Target		$22	$18
Jun 23, 2026	Deutsche Bank	Initiate	Hold		$15.50

Earnings

EPS

Estimate−$0.26

ReportedDue Nov 5, 2026

Revenue

Estimate$266.1M

ReportedDue Nov 5, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 6, 2026Q2 FY26	−$0.32	−$0.31	+3.3%	$255.0M	$254.6M	−0.2%	+19.11%
May 7, 2026Q1 FY26	−$0.46	−$0.30	+34.8%	$240.4M	$247.2M	+2.8%	−16.19%
Feb 19, 2026Q4 FY25	−$0.05	−$0.01	+80.0%	$277.0M	$290.4M	+4.8%	+32.67%
Nov 6, 2025Q3 FY25	−$0.31	−$0.31	0.0%	$276.9M	$249.3M	−10.0%	+21.98%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$234.4M	$240.7M	$249.3M	$290.4M	$247.2M	$254.6M
Gross profit	$118.4M	$125.9M	$134.3M	$167.5M	$136.8M	$144.8M
Operating income	−$120.9M	−$51.8M	−$20.1M	$8.3M	−$17.4M	−$13.8M
Net income	−$130.6M	−$52.4M	−$21.2M	−$589.0K	−$20.4M	−$21.2M
Diluted EPS	−$1.97	−$0.78	−$0.31	−$0.01	−$0.30	−$0.31
Gross margin	50.5%	52.3%	53.9%	57.7%	55.3%	56.9%
Operating margin	-51.6%	-21.5%	-8.0%	2.9%	-7.1%	-5.4%

Fiscal years (4-quarter sums)FY21 $702.8M · FY22 $801.2M · FY23 $747.7M · FY24 $1.06B · FY25 $1.01B

Revenue by product · Q2 FY26

Supplies And Other$139.9M · 55%

Pump$114.7M · 45%

Revenue by geography · Q2 FY26

United States$179.3M · 70%

Non-US$75.3M · 30%

Balance sheet, Jun 30, 2026Cash & short-term investments $456.0M · Total debt $739.3M · Total assets $1.15B · Shareholders' equity $130.4M

Dividends

No dividends on record.

Ownership

Institutions 117.44%Insiders 0.96%

A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.

Shares outstanding 68.53M · Float 62.92M · 91.8% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
BlackRock, Inc.	11.58M	16.90%	13F	Aug 7, 2026
Sessa Capital Im, L.P.	5.10M	7.44%	13F	Aug 14, 2026
Voya Financial, Inc.	4.34M	6.30%	13G	May 5, 2026
Vanguard Portfolio Management LLC	4.30M	6.27%	13F	Aug 13, 2026
First Light Asset Management, LLC	3.38M	4.94%	13F	Aug 14, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Mar 17, 2026	Mark David Novara	officer: EVP & CHIEF COMMERCIAL OFFICER	−187	$23.05
Mar 5, 2026	Mark David Novara	officer: EVP & CHIEF COMMERCIAL OFFICER	−2	$22.81