TNDM

MKT CAP:$1B

Tandem Diabetes Care, Inc.

Market Cap

$1B

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$20.68-$0.87 (-4.04%)

Apr 23, 2026

Company Details

Tandem Diabetes Care, Inc., a medical device company, designs, develops, and commercializes various products for people with insulin-dependent diabetes in the United States and internationally. The company's flagship product is the t:slim X...

CEO

John F. Sheridan

IPO Date

Nov 14, 2013

Website

www.tandemdiabetes.com

Key Metrics TTM

Revenue

$1.0B

-4.2% YoY

Net Income

-$205M

EPS (Diluted)

-$3.07

Free Cash Flow

-$30M

Revenue / Share

$14.92

Gross Margin

53.8%

Operating Margin

-18.2%

Net Margin

-20.2%

FCF Margin

-2.9%

P/S

1.4x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 19, 2026

$1.0B+7.9%EPS -$3.04

Q4 2025

Feb 19, 2026

$290M+2.7%EPS -$0.01

Q3 2025

Nov 6, 2025

$249M-31.4%EPS -$0.31

Q2 2025

Aug 6, 2025

$241M+8.5%EPS -$0.78

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$176M	$91M	-$15M
Q2 22	$200M	$102M	-$12M
Q3 22	$205M	$104M	-$47M
Q4 22	$221M	$116M	-$18M
Q1 23	$169M	$83M	-$128M
Q2 23	$196M	$102M	-$39M
Q3 23	$186M	$90M	-$32M
Q4 23	$197M	$93M	-$35M
Q1 24	$192M	$95M	-$42M
Q2 24	$222M	$113M	-$31M
Q3 24	$363M	$125M	-$26M
Q4 24	$283M	$157M	-$582.0K
Q1 25	$234M	$118M	-$121M
Q2 25	$241M	$126M	-$52M
Q3 25	$249M	$134M	-$20M
Q4 25	$290M	$167M	$8M

Valuation

Quarter	P/S	P/E
Q1 22	9.8x	1227.3x
Q2 22	5.1x	—
Q3 22	4.1x	—
Q4 22	3.6x	—
Q1 23	3.2x	—
Q2 23	2.0x	—
Q3 23	1.9x	—
Q4 23	2.5x	—
Q1 24	2.9x	—
Q2 24	3.2x	—
Q3 24	2.9x	—
Q4 24	2.3x	—
Q1 25	1.1x	—
Q2 25	1.1x	—
Q3 25	0.8x	—
Q4 25	1.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$14M	$11M
Q2 22	$7M	-$5M
Q3 22	$24M	$10M
Q4 22	$6M	$193.0K
Q1 23	-$18M	-$29M
Q2 23	-$6M	-$14M
Q3 23	$55.0K	-$5M
Q4 23	-$7M	-$35M
Q1 24	-$8M	-$12M
Q2 24	-$5M	-$12M
Q3 24	$27M	$22M
Q4 24	$11M	$8M
Q1 25	-$18M	-$21M
Q2 25	-$9M	-$16M
Q3 25	$8M	$4M
Q4 25	$10M	$3M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$12M
Q3 22	$14M
Q4 22	$6M
Q1 23	$11M
Q2 23	$8M
Q3 23	$5M
Q4 23	$27M
Q1 24	$4M
Q2 24	$6M
Q3 24	$5M
Q4 24	$3M
Q1 25	$3M
Q2 25	$6M
Q3 25	$4M
Q4 25	$7M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+24.7%	+32.6%
Q2 22	+16.3%	+27.5%
Q3 22	+13.9%	+46.6%
Q4 22	+5.0%	+20.8%
Q1 23	-3.7%	+55.4%
Q2 23	-2.2%	+10.5%
Q3 23	-9.3%	-13.8%
Q4 23	-10.8%	-2.7%
Q1 24	+13.2%	-21.5%
Q2 24	+13.3%	+7.7%
Q3 24	+95.7%	+79.3%
Q4 24	+43.6%	+22.2%
Q1 25	+22.3%	+52.3%
Q2 25	+8.5%	+15.8%
Q3 25	-31.4%	-30.8%
Q4 25	+2.7%	-0.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$18M	10.3%
Q2 22	$20M	10.1%
Q3 22	$22M	10.9%
Q4 22	$0	0.0%
Q1 23	$21M	12.5%
Q2 23	$23M	11.9%
Q3 23	$21M	11.2%
Q4 23	$23M	11.6%
Q1 24	$22M	11.5%
Q2 24	$25M	11.2%
Q3 24	$26M	7.2%
Q4 24	$28M	10.0%
Q1 25	$25M	10.9%
Q2 25	$26M	10.7%
Q3 25	$21M	8.5%
Q4 25	$20M	6.9%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$33M	$73M
Q2 22	$34M	$81M
Q3 22	$68M	$84M
Q4 22	$36M	$98M
Q1 23	$121M	$90M
Q2 23	$43M	$98M
Q3 23	$42M	$79M
Q4 23	$43M	$86M
Q1 24	$46M	$90M
Q2 24	$49M	$94M
Q3 24	$51M	$100M
Q4 24	$52M	$106M
Q1 25	$125M	$114M
Q2 25	$48M	$110M
Q3 25	$48M	$106M
Q4 25	$46M	$113M

Revenue Segments

Quarter	Pump	Supplies and Other
Q1 24	$87M	$106M
Q2 24	$108M	$114M
Q1 25	$102M	$132M
Q2 25	$112M	$129M
Q3 25	$110M	$139M
Q4 25	$140M	$150M

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$45M	$131M
Q2 22	$55M	$146M
Q3 22	$59M	$146M
Q4 22	$55M	$166M
Q1 23	$38M	$131M
Q2 23	$53M	$143M
Q3 23	$55M	$130M
Q4 23	$46M	$151M
Q1 24	$62M	$130M
Q2 24	$65M	$157M
Q4 24	$68M	$215M
Q1 25	$84M	$151M
Q2 25	$70M	$170M
Q3 25	$74M	$176M
Q4 25	$80M	$210M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$94M	$542M	$635M
Q2 22	$115M	$520M	$635M
Q3 22	$124M	$485M	$609M
Q4 22	$173M	$444M	$617M
Q1 23	$128M	$392M	$520M
Q2 23	$131M	$376M	$507M
Q3 23	$80M	$419M	$498M
Q4 23	$59M	$409M	$468M
Q1 24	$59M	$409M	$468M
Q2 24	$48M	$405M	$452M
Q3 24	$49M	$424M	$473M
Q4 24	$69M	$369M	$438M
Q1 25	$54M	$315M	$369M
Q2 25	$64M	$251M	$315M
Q3 25	$92M	$227M	$319M
Q4 25	$91M	$202M	$293M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	64M	-3.1%	+2.3%
Q2 22	64M	+0.3%	-2.4%
Q3 22	64M	+0.2%	-0.8%
Q4 22	64M	+0.2%	-2.3%
Q1 23	65M	+0.3%	+1.0%
Q2 23	65M	+0.4%	+1.2%
Q3 23	65M	+0.4%	+1.4%
Q4 23	65M	+0.4%	+1.5%
Q1 24	65M	-0.1%	+1.2%
Q2 24	65M	-0.5%	+0.3%
Q3 24	66M	+0.8%	+0.6%
Q4 24	66M	+0.9%	+1.2%
Q1 25	66M	+0.4%	+1.7%
Q2 25	67M	+1.0%	+3.2%
Q3 25	68M	+0.9%	+3.2%
Q4 25	68M	+0.5%	+2.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$88.0K	2K
Q2 22	$100.1K	2K
Q3 22	$102.3K	2K
Q4 22	$84.8K	3K
Q1 23	$65.1K	3K
Q2 23	$75.4K	3K
Q3 23	$71.4K	3K
Q4 23	$82.0K	2K
Q1 24	$79.9K	2K
Q2 24	$92.5K	2K
Q3 24	$151.4K	2K
Q4 24	$106.7K	3K
Q1 25	$88.5K	3K
Q2 25	$90.8K	3K
Q3 25	$94.1K	3K
Q4 25	$581	500K

Revenue / Employee