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Tandem Diabetes Care
(NASDAQ:TNDM)
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Rating:54Neutral
Price Target:
$19.00
▲(10.98% Upside)
Action:Reiterated
Date:08/07/26
The score is held back primarily by below-average financial quality (still unprofitable, high leverage, and negative free cash flow). Partially offsetting this are moderately positive technical momentum and a generally constructive earnings call with reaffirmed guidance and improving margins/profitability, while valuation remains less supportive given negative earnings and no dividend data.
Positive Factors
Gross Margin Expansion
Tandem's 57% gross margin reflects structurally strong product-level profitability from device hardware plus recurring consumables. High gross margins provide a lasting cushion to absorb commercial investment and support sustainable progress toward overall profitability and cash generation.
Negative Factors
High Financial Leverage
A ~$739M debt load with a ~5.7x debt-to-equity ratio materially constrains financial flexibility. Elevated leverage increases refinancing and interest-rate risk, limiting the firm's ability to fund commercialization, supply diversification, or M&A without imposing further balance-sheet strain if growth or margins weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross Margin Expansion
Tandem's 57% gross margin reflects structurally strong product-level profitability from device hardware plus recurring consumables. High gross margins provide a lasting cushion to absorb commercial investment and support sustainable progress toward overall profitability and cash generation.
Read all positive factors
Tandem Diabetes Care (TNDM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.34B
Dividend YieldN/A
Average Volume (3M)1.77M
Price to Earnings (P/E)―
Beta (1Y)0.61
Revenue Growth4.54%
EPS Growth49.66%
CountryUS
Employees2,500
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.93
Shares Outstanding68,529,090
10 Day Avg. Volume1,671,389
30 Day Avg. Volume1,773,190
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)9.53
Price to Sales (P/S)1.46
P/FCF Ratio-49.85
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$28.09Price Target Upside64.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering17
EPS Forecast (FY)-0.67
Revenue Forecast (FY)$1.07B
Tandem Diabetes Care Business Overview & Revenue Model
Company Description
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 syst...
How the Company Makes Money
Tandem primarily makes money by selling (1) durable insulin pump hardware and (2) recurring consumables used with those pumps, plus smaller amounts from related software/service offerings where applicable.
Key revenue streams:
- Insulin pump hard...
Tandem Diabetes Care Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful operational and financial progress: record quarterly sales and shipments, strong international growth, notable gross margin expansion, improving profitability, and clear product and pipeline milestones (Mobi tubeless filing, AdaNet IDE). Near-term challenges include infusion set supplier constraints, a temporary revenue headwind and margin variability from the pharmacy PayGo transition, distributor destocking, and the need to accelerate U.S. new-starts in H2 to meet guidance. On balance, the positives — sizable revenue and margin improvements, product launches, and early PayGo traction — outweigh the near-term operational headwinds, with the company reiterating full-year guidance.Positive Updates
Strong International Growth
International shipments ~11k pumps in Q2, up 19% year-over-year; international sales $75M, up 7% year-over-year (6% in constant currency). Direct channel sales represented ≈13% of revenue, more than double prior year levels.
Negative Updates
Infusion Set Supplier Constraints
Key third-party infusion set supplier shortages had the greatest impact in Q2, causing timing issues and late shipments that limited distributor order fulfillment; resulted in softer supplies sales and is cited as the primary reason for Q2 supply weakness. Availability expected to improve through H2 but some impact may persist in near term.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong International Growth
International shipments ~11k pumps in Q2, up 19% year-over-year; international sales $75M, up 7% year-over-year (6% in constant currency). Direct channel sales represented ≈13% of revenue, more than double prior year levels.
Read all positive updates
Company Guidance
Tandem reaffirmed 2026 guidance for worldwide sales of $1.065–$1.085 billion (U.S. $730–$745M; international $305–$340M), gross margin of 56–57% and an adjusted EBITDA margin of 5–6% of sales. For Q3 they expect roughly $265M in worldwide sales (U.S. ~$180M; international ~$85M) with ~56% gross margin and ~2% adjusted EBITDA margin. Management said they still expect the highest margins in Q4 as pharmacy supply penetration, seasonality in U.S. DME pump sales and a larger direct European presence ramp, noting Q2 actuals of $255M in sales, ~33k pumps shipped (22k U.S., 11k international), 57% gross margin and a 3% adjusted EBITDA margin as support for the outlook.Tandem Diabetes Care Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
28
Negative
Cash Flow
36
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.04B | 1.01B | 940.20M | 747.72M | 801.22M | 702.80M |
| Gross Profit | 583.32M | 530.85M | 489.57M | 367.69M | 412.99M | 376.21M |
| EBITDA | -30.31M | -174.70M | -99.13M | -196.46M | -74.21M | 34.06M |
| Net Income | -63.31M | -204.71M | -96.03M | -222.61M | -94.59M | 15.57M |
Balance Sheet | ||||||
| Total Assets | 1.15B | 881.11M | 967.66M | 952.66M | 1.05B | 905.14M |
| Cash, Cash Equivalents and Short-Term Investments | 456.00M | 292.67M | 438.33M | 467.91M | 616.90M | 623.81M |
| Total Debt | 739.25M | 444.48M | 473.56M | 415.67M | 419.88M | 314.67M |
| Total Liabilities | 1.02B | 725.94M | 704.56M | 639.03M | 612.84M | 472.02M |
| Stockholders Equity | 130.39M | 155.17M | 263.10M | 313.63M | 439.95M | 433.11M |
Cash Flow | ||||||
| Free Cash Flow | -21.83M | -29.67M | 4.99M | -58.61M | 16.37M | 87.85M |
| Operating Cash Flow | 5.53M | -9.72M | 24.23M | -31.81M | 50.46M | 111.36M |
| Investing Cash Flow | -472.67M | 72.88M | -23.48M | -85.74M | 33.17M | -186.88M |
| Financing Cash Flow | 551.51M | -43.37M | 8.37M | 4.11M | 16.88M | 51.93M |
Tandem Diabetes Care Technical Analysis
Positive
17.12
Price Trends
17.04
Positive
18.05
Positive
19.14
Positive
Market Momentum
1.14
Negative
72.61
Negative
74.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TNDM, the sentiment is Positive. The current price of 17.12 is below the 20-day moving average (MA) of 18.01, above the 50-day MA of 17.04, and below the 200-day MA of 19.14, indicating a bullish trend. The MACD of 1.14 indicates Negative momentum. The RSI at 72.61 is Negative, neither overbought nor oversold. The STOCH value of 74.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TNDM.
Tandem Diabetes Care Risk Analysis
Tandem Diabetes Care disclosed 63 risk factors in its most recent earnings report. Tandem Diabetes Care reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Tandem Diabetes Care Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $31.49B | 32.22 | 36.19% | ― | 15.54% | 77.43% | |
73 Outperform | $49.56B | 49.47 | 9.69% | ― | 14.55% | 15.09% | |
68 Neutral | $109.30B | 22.77 | 9.85% | 3.43% | 8.43% | 3.17% | |
67 Neutral | $11.45B | 38.36 | 26.69% | ― | 31.93% | -24.86% | |
58 Neutral | $25.49B | 19.44 | 10.05% | 3.78% | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | $1.34B | -13.94 | -45.97% | ― | 4.54% | 49.66% |
* General Sector Average
TNDM
Tandem Diabetes Care
22.38
11.15
99.29%
DXCM
Dexcom
84.75
5.89
7.47%
EW
Edwards Lifesciences
89.72
11.37
14.51%
PODD
Insulet
141.17
-165.93
-54.03%
PHG
Koninklijke Philips
26.73
0.75
2.87%
MDT
Medtronic
87.16
-2.80
-3.11%
Tandem Diabetes Care Corporate Events
Business Operations and StrategyRegulatory Filings and ComplianceShareholder Meetings
Tandem Diabetes Shareholders Approve Governance and Incentive Changes
Positive
May 21, 2026
At its May 20, 2026 annual meeting, Tandem Diabetes Care stockholders approved amendments to the company’s certificate of incorporation to permit removal of directors with or without cause under Delaware law and to extend liability protectio...
Business Operations and StrategyExecutive/Board Changes
Tandem Diabetes Care Announces Leadership Change, Strategy Unchanged
Negative
May 15, 2026
On May 11, 2026, Tandem Diabetes Care, Inc. informed Executive Vice President and Chief Commercial Officer Mark Novara that his employment would be terminated without cause, with his last day set for May 18, 2026. Despite this senior leadership ch...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.