Tandem Diabetes Care, Inc., a medical technology firm, specializes in creating, developing, and marketing solutions for individuals globally who manage insulin-dependent diabetes. At the core of its offerings is the t:slim X2 insulin delivery system, an advanced pump platform that integrates the t:slim X2 pump, a disposable 300-unit insulin cartridge, and an infusion set. Tandem further enhances this platform with innovative features like Basal-IQ and Control-IQ technology, as well as G5 Integration capabilities. The company also provides the Tandem Device Updater, enabling users to easily update their pump's software. To facilitate therapy management, Tandem offers t:connect, a web-based application that visually presents diabetes data from the pump, continuous glucose monitoring (CGM) devices, and supported blood glucose meters to patients, their caregivers, and healthcare professionals. Additionally, the Sugarmate mobile application caters specifically to insulin users with diabetes. Tandem has strategic development and commercialization partnerships with leading companies such as Dexcom, Inc. and Abbott Laboratories. Established in 2006 and headquartered in San Diego, California, the company was initially known as Phluid Inc. before rebranding as Tandem Diabetes Care, Inc. in January 2008.
Price Overview
Last updated: Jul 8, 2026 7:24pm (just now)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): -3.04
Total Equity: $155.17M
Shares: 67,285,000
Total Debt: $310.04M
Cash: $90.63M
EBITDA: -$174.70M
Total Debt: $310.04M
Cash: $90.63M
Revenue: $1.01B
Shares: 67,285,000
Revenue: $1.01B
Revenue: $1.01B
Revenue: $1.01B
Total Equity: $155.17M
Tax Rate: -2.2%
Equity: $155.17M
Total Debt: $310.04M
Cash: $90.63M
Current Liabilities: $242.72M
Long-Term Debt: $310.04M
Total Debt: $310.04M
Total Equity: $155.17M
Shares: 67,285,000
Shares: 67,285,000
CapEx: -$19.95M
Shares: 67,285,000
Stock Price: $15.16
Net Income: -$204.71M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jul 8, 2026 7:24pm (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $702.8M | $801.2M | $747.7M | $940.2M | $1.0B |
| Cost of Revenue | $326.6M | $388.2M | $380.0M | $450.6M | $483.9M |
| Gross Profit | $376.2M | $413.0M | $367.7M | $489.6M | $530.8M |
| Operating Expenses | $353.6M | $505.8M | $600.9M | $588.7M | $609.0M |
| Operating Income | $22.7M | -$92.8M | -$233.2M | -$99.1M | -$78.1M |
| Net Income | $15.6M | -$94.6M | -$222.6M | -$96.0M | -$204.7M |
| EBITDA | $34.1M | -$74.2M | -$196.5M | -$99.1M | -$174.7M |
| EPS | $0.25 | $-1.47 | $-3.43 | $-1.47 | $-3.04 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 8, 2026 7:24pm (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $71.2M | $172.5M | $58.9M | $69.2M | $90.6M |
| Total Current Assets | $811.5M | $850.0M | $748.0M | $724.5M | $618.1M |
| Total Assets | $905.1M | $1.1B | $952.7M | $967.7M | $881.1M |
| Current Liabilities | $131.9M | $165.3M | $195.3M | $247.0M | $242.7M |
| Long-Term Debt | $281.5M | $283.2M | $285.0M | $308.3M | $310.0M |
| Total Liabilities | $472.0M | $612.8M | $639.0M | $704.6M | $725.9M |
| Total Equity | $433.1M | $439.9M | $313.6M | $263.1M | $155.2M |
| Retained Earnings | -$634.6M | -$729.2M | -$951.8M | -$1.0B | -$1.3B |
Cash Flow (Annual)
Last updated: Jul 8, 2026 7:24pm (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $111.4M | $50.5M | -$31.8M | $24.2M | -$9.7M |
| Capital Expenditure | -$23.5M | -$34.1M | -$26.8M | -$19.2M | -$19.9M |
| Free Cash Flow | $87.8M | $16.4M | -$58.6M | $5.0M | -$29.7M |
| Acquisitions (net) | $0 | -$25.7M | -$69.5M | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | -$30.0M | $0 |
| Net Change in Cash | -$23.4M | $101.3M | -$113.6M | $10.4M | $21.4M |
Analyst Estimates (Annual)
Last updated: Jul 8, 2026 7:24pm (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$1.2B $1.2B – $1.2B
|
$1.4B $1.4B – $1.4B
|
$1.6B $1.5B – $1.6B
|
$1.7B $1.7B – $1.8B
|
| EBITDA |
-$140.9M -$144.4M – -$136.1M
|
-$159.8M -$160.3M – -$159.4M
|
-$182.2M -$186.2M – -$177.5M
|
-$202.6M -$207.0M – -$197.4M
|
| Net Income |
$8.6M -$15.6M – $21.2M
|
$61.8M $31.8M – $119.1M
|
$93.9M $90.8M – $96.6M
|
$120.2M $116.2M – $123.6M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 8, 2026 7:24pm (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +14.0% | -6.7% | +25.7% | +7.9% |
| Gross Profit Growth | +9.8% | -11.0% | +33.1% | +8.4% |
| Operating Income Growth | -509.9% | -151.2% | +57.5% | +21.2% |
| Net Income Growth | -707.7% | -135.3% | +56.9% | -113.2% |
| EBITDA Growth | -317.9% | -164.7% | +49.5% | -76.2% |
Insider Trading (Recent)
All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-02 | Gasser Elizabeth Anne | G-Gift | 7,160.00 | $0.00 | $0 |
| 2026-06-02 | Gasser Elizabeth Anne | G-Gift | 7,160.00 | $0.00 | $0 |
| 2026-05-29 | Sheridan John F | A-Award | 191,103.00 | $0.00 | $0 |
| 2026-05-29 | Gasser Elizabeth Anne | A-Award | 29,136.00 | $0.00 | $0 |
| 2026-05-29 | Vosseller Leigh | A-Award | 62,657.00 | $0.00 | $0 |
| 2026-05-29 | Kyrillos Jean-Claude | A-Award | 29,136.00 | $0.00 | $0 |
| 2026-05-29 | Morrison Susan | A-Award | 29,136.00 | $0.00 | $0 |
| 2026-05-29 | Carpenter Rick | A-Award | 26,003.00 | $0.00 | $0 |
| 2026-05-29 | Hansen Shannon Marie | A-Award | 29,136.00 | $0.00 | $0 |
| 2026-05-21 | Allen Dick | M-Exempt | 8,759.00 | $0.00 | $0 |
| 2026-05-20 | Allen Dick | A-Award | 10,220.00 | $0.00 | $0 |
| 2026-05-21 | Allen Dick | M-Exempt | 8,759.00 | $0.00 | $0 |
| 2026-05-21 | Howell Peyton R | M-Exempt | 8,759.00 | $0.00 | $0 |
| 2026-05-20 | Howell Peyton R | A-Award | 10,220.00 | $0.00 | $0 |
| 2026-05-21 | Howell Peyton R | M-Exempt | 8,759.00 | $0.00 | $0 |
| 2026-05-21 | Malagueira Joao Paulo Falcao | M-Exempt | 8,759.00 | $0.00 | $0 |
| 2026-05-20 | Malagueira Joao Paulo Falcao | A-Award | 10,220.00 | $0.00 | $0 |
| 2026-05-21 | Malagueira Joao Paulo Falcao | M-Exempt | 8,759.00 | $0.00 | $0 |
| 2026-05-20 | Beaver Sandra | A-Award | 5,110.00 | $0.00 | $0 |
| 2026-05-21 | Sodhi Rajwant | M-Exempt | 8,759.00 | $0.00 | $0 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
Looking at the raw quarterly trajectory before reading the model verdicts: Q1'26 revenue of $247.2M is up only 5.5% YoY against Q1'25's $234.4M, and Q4'25's $290.4M was actually *down* 2.8% YoY from Q4'24's $282.6M. Annual revenue growth from $940M to $1,012M is 7.7% — a deceleration from the 25.7% jump in 2024. The "16.5% revenue CAGR" is backward-looking and masks that growth has roughly halved. Gross margin of 52.3% is decent for med-tech but not improving meaningfully — 2024 was 52.1%, 2023 was 49.2%, so we're talking ~100bps over two years while operating losses persist at -$78M. The 2024 numbers also have a suspicious Q3 spike ($363M) that looks like a stocking or revenue-recognition event distorting comps.
The synthesis and market-forces models are calling this "distressed" and pricing in bankruptcy risk — I think they're overreaching. The balance sheet tile shows total debt as "—" (unreported here), but Tandem's actual debt is ~$282M in convertible notes due 2029, and cash was $90.6M at YE25 against a -$29.7M annual FCF burn. That's not imminent insolvency — that's roughly 3 years of runway at current burn before refinancing pressure, and FCF burn has actually *narrowed* from prior years. The "existential debt crisis" framing in Market Forces is dramatic and not supported by the numbers in front of us. Current ratio of 2.55 is healthy. This is a slow-growth, sub-scale medical device company losing share to Insulet's Omnipod 5, not Lehman.
That said, the bull case the pre-flight model implies — margin expansion driving re-rating — has zero evidence in this data. Operating margin is *worse* in 2025 (-7.7%) than the synthesis implies turnarounds typically show, and Q1'26 NI of -$20.4M against $247M revenue is -8.2% — no inflection visible. The contrarian read is actually the opposite of the consensus models: this isn't binary bankruptcy-vs-acquisition; it's a mediocre business slowly bleeding share to a superior competitor (Omnipod's tubeless form factor is winning new starts) while burning $30M/year of cash. At 1.46x sales and 1.81x EV/revenue, you're paying a fair price for a no-growth, no-margin business — not a steal, not a disaster. Insider activity is overwhelmingly tax-related (M-Exempt option exercises with F-InKind withholding), with only trivial open-market sales of 187 and 2 shares — essentially zero signal, contra "Neutral" framing which implies meaningful flow.
Where the data is thin: we have no debt figure in the tile, no equity figure, and the 2024 quarterly pattern ($363M Q3, $282M Q4) suggests either a one-time pharmacy channel build or restatement that distorts the YoY comps everyone is anchoring to. The EV/EBITDA of -20.5 is uninformative. ROE of -68% reflects an eroded equity base, not operating reality. I'd want to see Mobi pump uptake numbers, new-patient-start share vs. Insulet, and the Q2'26 print before sizing anything. I disagree with the synthesis "High Conviction Required / distressed binary" framing — the more honest read is "low-conviction value trap with optionality." Fair value on 1.0-1.2x sales for a low-growth med-tech with stable gross margins is roughly $10-13; current $14.56 already embeds modest optionality on Mobi or M&A. Acquisition multiples in insulin pumps have historically been 2-3x sales, which would imply $20-30 in a takeout — that's the upside case, but it's a call option, not a thesis.
GPT Critique
Tandem Diabetes Care, Inc. presents a complex picture with its recent financial performance. Analyzing the raw data, the company shows a modest revenue growth trajectory, with quarterly revenues increasing from $234.4M in Q1 2025 to $247.2M in Q1 2026, marking only a 5.5% year-over-year growth. Despite a slight improvement in gross margins from 52.1% in 2024 to 52.3% in 2025, the company remains unprofitable, with a concerning net margin of -8.2% in Q1 2026. The annual operating cash flow in 2025 was negative at -$9.7M, and with a dwindling cash reserve of $90.6M against a free cash flow burn of -$29.7M, the financial runway appears limited to a few years unless the business model shifts towards profitability.
I agree with Opus's assessment that the company is not facing immediate insolvency, given the cash runway and manageable debt profile. However, I diverge from Opus's skepticism regarding the company's distressed nature. While the AI findings suggest an "existential debt crisis" is overblown, the negative cash flow and operational losses indicate significant financial strain, supporting a cautious approach. I also agree with Opus's dismissal of the "High Conviction Required" thesis, as Tandem's financials do not currently demonstrate pathways to substantial margin improvement or competitive recovery.
Opus posits that the market is pricing in a survival scenario rather than high growth, a view I endorse given the negative earnings and lack of margin improvement. However, I disagree with the notion that the business is merely a "low-conviction value trap with optionality." The fundamental challenges, such as competitive pressure from Insulet's Omnipod 5 and the lack of clear profitability pathways, suggest a more precarious position for Tandem than a typical value trap, which often implies stability with potential upside.
A careful skeptic might argue that both Opus and I underestimate the potential for strategic pivots or technological advancements that could alter Tandem's trajectory. They might highlight the potential impact of any new product lines or partnerships that could reinvigorate growth and profitability, although such outcomes remain speculative without concrete evidence.