Tandem Diabetes Care (TNDM)
NASDAQ:TNDM
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Tandem Diabetes Care
(NASDAQ:TNDM)
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Rating:46Neutral
Price Target:
$14.50
▼(-29.65% Downside)
Action:Reiterated
Date:05/22/26
The score is held down primarily by weak financial quality (ongoing losses, slightly negative TTM free cash flow, and notably higher leverage) and bearish technicals (trading below major moving averages with negative momentum). Offsetting these are a constructive earnings-call outlook with reaffirmed 2026 guidance and improving margins/shipments, while valuation support is limited due to negative earnings and no stated dividend.
Positive Factors
Recurring consumables & installed base
A growing installed base with renewals accounting for over half of shipments builds durable, recurring consumables revenue. That recurring demand increases revenue visibility, supports higher lifetime value per customer, and underpins predictable cash flows and margin stability over the next several quarters.
Negative Factors
Elevated leverage
Substantially higher leverage and a thinner equity base reduce financial flexibility and elevate risk if revenue or cash generation falters. Heavy indebtedness limits capacity for M&A or large-scale commercial investment and increases sensitivity to refinancing needs or market disruptions over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables & installed base
A growing installed base with renewals accounting for over half of shipments builds durable, recurring consumables revenue. That recurring demand increases revenue visibility, supports higher lifetime value per customer, and underpins predictable cash flows and margin stability over the next several quarters.
Read all positive factors
Tandem Diabetes Care (TNDM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.02B
Dividend YieldN/A
Average Volume (3M)2.47M
Price to Earnings (P/E)―
Beta (1Y)0.80
Revenue Growth4.54%
EPS Growth49.66%
CountryUS
Employees2,650
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.40
Shares Outstanding68,529,090
10 Day Avg. Volume3,031,341
30 Day Avg. Volume2,465,142
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 Cap1.68
Enterprise Value/Revenue1.66
Enterprise Value/Gross Profit3.01
Enterprise Value/Ebitda-22.51
Forecast
1Y Price Target
$31.21Price Target Upside51.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
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 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 X2 insul...
How the Company Makes Money
Tandem primarily makes money by selling its insulin pump hardware and, more importantly, generating recurring revenue from ongoing consumables and supplies used with its pumps. Key revenue streams typically include: (1) Insulin pump sales: Revenue...
Tandem Diabetes Care Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational and financial momentum—record shipments and sales, meaningful margin expansion, positive cash generation, a strengthened balance sheet, international go‑direct progress, and multiple product and integration milestones (Android Mobi, pregnancy clearance, FreeStyle Libre 3+ and G7 compatibility, Mobi Tubeless filing). Management acknowledged manageable near‑term headwinds from infusion set supplier shortages and the early operational friction of the PayGo pharmacy transition, plus some international timing and one‑time effects. Overall, the positive results, clear roadmap for product launches, and reaffirmed FY guidance outweigh the disclosed challenges.Positive Updates
Record Quarterly Shipments and Sales
Delivered a company first-quarter record with more than 29,000 pump shipments worldwide and $247 million in sales. U.S. shipments exceeded 19,000 (approximately +10% year‑over‑year) and U.S. sales were $161 million (+7% year‑over‑year). Renewals accounted for >50% of shipments; new starts were ~two‑thirds MDI patients.
Negative Updates
Infusion Set Supplier Shortages
Capacity issues at a key infusion set supplier began in Q4 and continued into Q1, causing modest but material disruption for affected customers and slight pressure on infusion set sales. Management expects the issue to persist for a quarter or two with progress into the second half of the year.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Shipments and Sales
Delivered a company first-quarter record with more than 29,000 pump shipments worldwide and $247 million in sales. U.S. shipments exceeded 19,000 (approximately +10% year‑over‑year) and U.S. sales were $161 million (+7% year‑over‑year). Renewals accounted for >50% of shipments; new starts were ~two‑thirds MDI patients.
Read all positive updates
Company Guidance
Tandem reaffirmed 2026 guidance for worldwide sales of $1.065–$1.085 billion (U.S. $730–$745M; international $335–$340M) and expects Q2 worldwide sales of about $255M (Q2 U.S. ≈ $175M; Q2 international ≈ $80M), full‑year gross margins of 56–57% and adjusted EBITDA of 5–6% (Q2 margins expected consistent with Q1). The company reported Q1 records of >29,000 pump shipments and $247M in sales (U.S. >19,000 pumps, $161M; international >10,000 pumps, $86M), Q1 gross margin 55%, adjusted EBITDA ≈1%, operating margin -7%, operating expenses $154M, $5M free cash flow, $570M cash & investments and $276M net proceeds from convertible debt. Guidance assumptions/notes include international pump ASPs of $2,800–$2,900, pump shipment growth with a seasonal curve similar to 2025, ~40% pharmacy formulary coverage to date (pharmacy = 6% of U.S. sales in Q1; <5% of customers ordered pumps through pharmacy in early PayGo rollout), an estimated Q1 PayGo headwind of ~$1M, anticipated Q2 go‑direct headwinds of $3–$4M, and modest infusion‑set supply impacts.Tandem Diabetes Care Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
28
Negative
Cash Flow
40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.03B | 1.01B | 940.20M | 747.72M | 801.22M | 702.80M |
| Gross Profit | 564.39M | 530.85M | 489.57M | 367.69M | 412.99M | 376.21M |
| EBITDA | -75.58M | -174.70M | -99.13M | -196.46M | -74.21M | 34.06M |
| Net Income | -94.55M | -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 | 570.26M | 292.67M | 438.33M | 467.91M | 616.90M | 623.81M |
| Total Debt | 734.74M | 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 | 132.40M | 155.17M | 263.10M | 313.63M | 439.95M | 433.11M |
Cash Flow | ||||||
| Free Cash Flow | -3.64M | -29.67M | 4.99M | -58.61M | 16.37M | 87.85M |
| Operating Cash Flow | 19.61M | -9.72M | 24.23M | -31.81M | 50.46M | 111.36M |
| Investing Cash Flow | -131.76M | 72.88M | -23.48M | -85.74M | 33.17M | -186.88M |
| Financing Cash Flow | 235.48M | -43.37M | 8.37M | 4.11M | 16.88M | 51.93M |
Tandem Diabetes Care Technical Analysis
Neutral
20.61
Price Trends
18.91
Negative
20.19
Negative
18.09
Negative
Market Momentum
-1.14
Negative
50.58
Neutral
77.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TNDM, the sentiment is Neutral. The current price of 20.61 is above the 20-day moving average (MA) of 16.00, above the 50-day MA of 18.91, and above the 200-day MA of 18.09, indicating a neutral trend. The MACD of -1.14 indicates Negative momentum. The RSI at 50.58 is Neutral, neither overbought nor oversold. The STOCH value of 77.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $27.11B | 29.94 | 33.83% | ― | 16.15% | 76.15% | |
71 Outperform | $49.81B | 45.56 | 10.55% | ― | 13.81% | 22.90% | |
67 Neutral | $10.11B | 32.97 | 21.38% | ― | 31.93% | -24.86% | |
67 Neutral | $97.55B | 21.00 | 9.54% | 2.76% | 6.88% | 9.06% | |
62 Neutral | $25.47B | 22.36 | 8.96% | 3.30% | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $1.02B | -12.10 | -68.29% | ― | 4.54% | 49.66% |
* Healthcare Sector Average
TNDM
Tandem Diabetes Care
16.72
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-21.43%
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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...
Private Placements and Financing
Tandem Diabetes Care Announces Convertible Senior Notes Offering
Neutral
Feb 27, 2026
Tandem Diabetes Care, Inc. is a global insulin delivery and diabetes technology company that manufactures advanced automated insulin delivery systems, including the Tandem Mobi and t:slim X2 pumps with Control-IQ+ hybrid closed-loop technology. Ba...
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.