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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.0B | $-177M | $-205M | $-108M | -131.9% | 7.9% | 113.2% |
| 2024 | $940M | $-70M | $-96M | $5M | -36.5% | 25.7% | -56.9% |
| 2023 | $748M | $-196M | $-223M | $-128M | -71.0% | -6.7% | 135.3% |
| 2022 | $801M | $-74M | $-95M | $16M | -21.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 801.22 | 747.72 | 940.20 | 1,014.74 |
| Operating Revenue | - | 801.22 | 747.72 | 940.20 | 1,014.74 |
| Cost Of Revenue | - | 388.23 | 380.03 | 450.63 | 468.72 |
| Gross Profit | - | 412.99 | 367.69 | 489.57 | 546.01 |
| Operating Expense | - | 505.83 | 600.92 | 588.70 | 713.32 |
| Research And Development | - | 170.15 | 248.42 | 198.88 | 268.33 |
| Selling General And Administration | - | 335.68 | 352.50 | 389.82 | 444.99 |
| Total Expenses | - | 894.06 | 980.95 | 1,039.33 | 1,182.04 |
| Operating Income | - | -92.85 | -233.23 | -99.13 | -167.31 |
| Total Operating Income As Reported | - | -92.85 | -233.23 | -99.13 | -187.26 |
| EBITDA | - | -74.21 | -196.46 | -69.75 | -176.56 |
| Normalized EBITDA | - | -74.36 | -196.46 | -68.49 | -156.61 |
| EBIT | - | -88.54 | -212.18 | -86.36 | -194.22 |
| Interest Income | - | 6.06 | 22.86 | 17.99 | 9.09 |
| Interest Expense | - | 4.31 | 8.08 | 5.51 | 6.05 |
| Net Interest Income | - | -0.15 | 12.98 | 10.58 | 1.18 |
| Other Income Expense | - | 0.15 | -78.75 | -3.32 | -34.15 |
| Interest Income Non Operating | - | 6.06 | 22.86 | 17.99 | 9.09 |
| Interest Expense Non Operating | - | 4.31 | 8.08 | 5.51 | 6.05 |
| Net Non Operating Interest Income Expense | - | -0.15 | 12.98 | 10.58 | 1.18 |
| Pretax Income | - | -92.85 | -220.25 | -91.87 | -200.27 |
| Tax Provision | - | 1.74 | 2.36 | 4.16 | 4.44 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.03 | 0 | -0.27 | -4.19 |
| Net Income Continuous Operations | - | -94.59 | -222.61 | -96.02 | -204.71 |
| Net Income From Continuing And Discontinued Operation | - | -94.59 | -222.61 | -96.02 | -204.71 |
| Net Income From Continuing Operation Net Minority Interest | - | -94.59 | -222.61 | -96.02 | -204.71 |
| Net Income | - | -94.59 | -222.61 | -96.02 | -204.71 |
| Net Income Common Stockholders | - | -94.59 | -222.61 | -96.02 | -204.71 |
| Net Income Including Noncontrolling Interests | - | -94.59 | -222.61 | -96.02 | -204.71 |
| Normalized Income | - | -94.71 | -222.61 | -95.02 | -188.95 |
| Diluted NI Availto Com Stockholders | - | -94.59 | -222.61 | -96.02 | -204.71 |
| Basic Average Shares | - | 64.15 | 64.97 | 65.45 | 67.28 |
| Diluted Average Shares | - | 64.15 | 64.97 | 65.45 | 67.28 |
| Reconciled Depreciation | - | 14.33 | 15.72 | 16.61 | 17.67 |
| Reconciled Cost Of Revenue | - | 388.23 | 380.03 | 450.63 | 468.72 |
| Total Unusual Items | - | 0.15 | 0 | -1.27 | -19.95 |
| Total Unusual Items Excluding Goodwill | - | 0.15 | 0 | -1.27 | -19.95 |
| Special Income Charges | - | 0 | 0 | -1.27 | -19.95 |
| Other Special Charges | - | 31.04 | 78.75 | 1.27 | 19.95 |
| Gain On Sale Of Security | -1.39 | 0.15 | - | - | - |
| Total Other Finance Cost | - | 1.90 | 1.80 | 1.91 | 1.86 |
| Earnings From Equity Interest | - | 0 | 0 | -2.05 | -14.19 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Tandem Diabetes Care, Inc.this co. | TNDM | $1.3B | -6.51 | 8.59 | -131.9% | -9.55 |
| UroGen Pharma Ltd. | URGN | $1.3B | -8.76 | -12.75 | 145.5% | -10.04 |
| Bicara Therapeutics Inc. | BCAX | $1.3B | -9.72 | 3.34 | -34.4% | -8.01 |
| Inhibrx Biosciences, Inc. | INBX | $1.3B | -9.56 | 167.49 | -1752.2% | -10.54 |
| Ardelyx, Inc. | ARDX | $1.3B |
| - |
| - |
| - |
| - |
| - |
| - |
| -21.66 |
| 7.99 |
| -36.9% |
| -50.52 |
| AdaptHealth Corp. | AHCO | $1.3B | -18.70 | 0.87 | -4.7% | 6.60 |
| BioLife Solutions, Inc. | BLFS | $1.3B | -288.04 | 3.56 | -1.2% | -109.81 |
| Teladoc Health, Inc. | TDOC | $1.3B | -6.59 | 0.95 | -14.5% | 9.83 |
| Enovis Corporation | ENOV | $1.3B | -1.11 | 0.88 | -79.5% | -3.20 |
| Peer Median | - | -9.64 | 2.15 | -24.4% | -9.03 | |