• "Apple of insulin pumps"
• "Tesla for automated diabetes management"

• t:slim X2 Insulin Pump: A durable, touchscreen insulin pump that integrates with continuous glucose monitoring (CGM) and features advanced insulin delivery algorithms.
• Control-IQ Technology: An advanced hybrid closed-loop system integrated into their insulin pumps that automatically adjusts insulin delivery based on CGM readings to help prevent high and low blood sugar.
• Mobi Insulin Pump: A small, wearable insulin pump controlled via a smartphone app, offering discreet and flexible insulin delivery.

Tandem Diabetes Care (TNDM) - Major Customers

Tandem Diabetes Care (TNDM) primarily sells its insulin pumps and related supplies to individuals living with diabetes, often facilitated by healthcare providers and insurance companies. Therefore, the company serves categories of individual customers rather than major corporate customers.

Customer Categories:

• Individuals with Type 1 Diabetes: This is Tandem's largest customer base, comprising adults and adolescents who are insulin-dependent and rely on insulin pumps for continuous insulin delivery and advanced glucose management.
• Individuals with Type 2 Diabetes Requiring Intensive Insulin Therapy: While less common than Type 1, a segment of individuals with Type 2 diabetes who require multiple daily insulin injections and struggle to achieve glycemic targets may also be prescribed insulin pump therapy.
• Parents and Caregivers of Children with Diabetes: For pediatric patients, parents or guardians are the primary decision-makers and purchasers of insulin pumps and supplies, managing their children's diabetes care in conjunction with healthcare professionals.

• Dexcom, Inc. (Symbol: DXCM)
• Abbott Laboratories (Symbol: ABT)

John Sheridan President and Chief Executive Officer

John Sheridan has served as President and Chief Executive Officer of Tandem Diabetes Care since March 2019 and as a member of its Board of Directors since June 2019. Prior to becoming CEO, he was the Executive Vice President and Chief Operating Officer from April 2013. His career includes leadership roles at various medical technology and security companies. He served as Chief Operating Officer of Rapiscan Systems, Inc. Before that, he was Executive Vice President of Research and Development and Operations for Volcano Corporation. Mr. Sheridan also held the position of Executive Vice President of Operations at CardioNet, Inc. (now BioTelemetry, Inc.). Earlier in his career, he was Vice President of Operations at Digirad Corporation. He previously served as a director of Acutus Medical, Inc.

Leigh Vosseller Executive Vice President and Chief Financial Officer

Leigh Vosseller has served as Executive Vice President and Chief Financial Officer of Tandem Diabetes Care since June 2018. She was promoted to this role from an annual base salary of $345,000 to $386,250.

Jean-Claude Kyrillos Executive Vice President and Chief Operating Officer

Jean-Claude Kyrillos joined Tandem Diabetes Care as Executive Vice President and Chief Operating Officer in June 2024. In this role, he is responsible for the company's manufacturing operations, supply chain, quality, regulatory, and program management functions. Before joining Tandem, he held operating company president roles at Envista Holdings from February 2020 to June 2023, most recently as President of Diagnostics and Digital Solutions. Prior to that, Mr. Kyrillos was Senior Vice President and General Manager at Qualcomm Life, the healthcare division at Qualcomm, from May 2016 to February 2019.

Elizabeth Gasser Executive Vice President and Chief Strategy and Product Officer

Elizabeth Gasser has served as Executive Vice President and Chief Strategy and Product Officer since November 2023. She joined Tandem Diabetes Care in January 2020 as Executive Vice President, Strategy and Corporate Development, and later served as Executive Vice President and Chief Strategy Officer from June 2021 to November 2023. Ms. Gasser oversees the company's strategy, corporate development, product management, behavioral sciences, and competitive intelligence functions.

Susan Morrison Executive Vice President and Chief Administrative Officer

Susan Morrison has served as Executive Vice President and Chief Administrative Officer since December 2017. She is responsible for investor relations, corporate communications, human resources, and facilities functions. Ms. Morrison has held various leadership positions at Tandem Diabetes Care since November 2007, and played a key role in the company's growth from a venture-backed startup to a global diabetes technology company. Before joining Tandem, she held positions in Corporate and Investor Relations at Biosite Inc. from August 2003 through November 2007.

Key Risks to Tandem Diabetes Care (TNDM)

Tandem Diabetes Care (TNDM) faces several significant risks that could impact its business performance and financial health. The most prominent challenges stem from intense competitive pressures, recent product-related issues leading to regulatory scrutiny and litigation, and ongoing profitability challenges compounded by soft product demand.

1. Intense Competitive Pressures and Market Share Erosion: Tandem Diabetes Care operates in a highly competitive insulin pump market, facing pressure from both established players and new entrants. The company has experienced quarter-over-quarter declines in market share in the U.S. market, with competitors potentially introducing more advanced technologies or employing aggressive pricing strategies. The ability to differentiate its products and maintain strong relationships with healthcare providers and patients is crucial for navigating this challenging environment.
2. Product-Related Issues, Regulatory Scrutiny, and Litigation: Recent device malfunctions and product recalls have led to heightened legal and operational risks for Tandem Diabetes Care. A voluntary medical device correction for select t:slim X2 insulin pumps, prompted by a speaker-related issue that could disrupt insulin delivery, resulted in 700 confirmed adverse events and 59 reported injuries. This issue, along with a Class I recall of its Mobi Insulin Pump in November 2025 due to software malfunctions, triggered legal investigations into potential federal securities law violations and underscored recurring quality control risks and regulatory scrutiny.
3. Profitability Challenges and Limited Financial Flexibility: Tandem Diabetes Care has consistently faced ongoing operating losses and a negative EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) profile, which restricts its financial flexibility. Despite some revenue growth, the company's financial outlook has been impacted by soft insulin pump demand, particularly for its Mobi pump, which has grappled with weak domestic adoption and flat renewal rates due to factors like inconsistent insurance coverage and patient education gaps. The company's low price-to-sales (P/S) ratio reflects market skepticism regarding its ability to overcome adoption hurdles and achieve sustainable profitability. Additionally, an Altman Z-Score of 0.07 places Tandem in a distress zone, indicating potential bankruptcy risk.

Two clear emerging threats for Tandem Diabetes Care (TNDM) are:

• The introduction and increasing adoption of the iLet Bionic Pancreas system from Beta Bionics. This system, cleared by the FDA in May 2023, represents a potentially more automated and simpler approach to insulin delivery compared to existing hybrid closed-loop systems like Tandem's t:slim X2. By aiming to significantly reduce the need for carb counting and user intervention, the iLet could appeal to patients seeking a more "hands-free" diabetes management solution, directly challenging Tandem's market share in the advanced automated insulin delivery segment.
• The growing market penetration of Insulet's Omnipod 5 Automated Insulin Delivery System. While Insulet has long been a competitor with its tubeless Omnipod pumps, the Omnipod 5 integrates advanced automation similar to Tandem's system into a tubeless patch pump. This combination offers a distinct form factor advantage for many users who prefer not to wear tubing, providing a strong alternative for patients seeking automated insulin delivery without the physical constraints of a traditional tubed pump, potentially diverting new users and current Tandem users seeking a different form factor.

Tandem Diabetes Care's main products include the t:slim X2 insulin pump, the Tandem Mobi system, and their Control-IQ automated insulin delivery technology, along with associated consumables like infusion sets and cartridges.

The addressable market for these products can be understood through the broader insulin pump market and Tandem's specific target populations:

• Global Insulin Pump Market: The global insulin pump market was valued at approximately USD 6.58 billion in 2024 and is projected to reach USD 14.54 billion by 2034, growing at a CAGR of 8.25% from 2025 to 2034. Other estimates place the global market at USD 6.05 billion in 2023, growing to USD 12.3 billion by 2032 at a CAGR of 8.2% from 2025-2032. Another report estimates the global insulin pump market at USD 5.90 billion in 2024, projected to reach USD 9.66 billion by 2030, with a CAGR of 8.42% from 2025 to 2030.

• U.S. Insulin Pump Market: The U.S. insulin pump market was valued at USD 3.50 billion in 2024, is estimated to reach USD 4.07 billion in 2025, and is projected to reach USD 13.73 billion by 2033, growing at a CAGR of 16.40% from 2025 to 2033. North America held the largest share of the global insulin pump market, accounting for over 47% in 2024.

• Tandem's Addressable Market for Type 1 Diabetes: Tandem Diabetes Care estimates there are approximately 5 million people with type 1 diabetes globally who require continuous insulin therapy in the countries where the company markets its products. Of these, about 1.9 million live in the U.S. Currently, only about 1.3 million people with type 1 diabetes worldwide (26% of the target market) use insulin pumps, with approximately 0.8 million (40% of the target market) in the U.S.

• Expansion into Type 2 Diabetes Market: Tandem Diabetes Care is actively expanding its addressable market to include people living with type 2 diabetes who require intensive insulin therapy. FDA clearance for Tandem's technology for type 2 diabetes more than doubled the addressable market in the United States.

Tandem Diabetes Care (TNDM) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and market opportunities:

1. New Product Introductions and Innovation: Tandem Diabetes Care's product pipeline, including new devices and enhancements to existing platforms, is a significant growth driver. Upcoming product launches, such as the Tubeless Mobi insulin pump and the SteadySet infusion set, are anticipated to expand the company's offerings and appeal to a broader customer base. The company is also working on a next-generation patch pump, the Sigi Patch Pump, and aims to achieve fully closed-loop technology through algorithm advancements and dual glucose-ketone sensor integration. These innovations are expected to strengthen Tandem's competitive position and drive user adoption.
2. Expansion into the Pharmacy Channel: Tandem is strategically expanding access to its insulin pumps and supplies through the pharmacy channel. This expansion is expected to enhance top-line growth and improve gross margins as more customers transition to this purchasing method. Optimal pharmacy coverage in the U.S. is projected within the next 2-3 years.
3. International Market Expansion and Direct Operations: A key focus for Tandem is expanding its international footprint, particularly by transitioning to a direct sales model in select European countries, beginning in 2026 with regions like the U.K., Switzerland, and Austria. This shift from distributor-based models to direct operations is expected to lead to higher average selling prices and improved margins, contributing to overall revenue growth. The company has already seen double-digit growth in end-user pump placements in international markets.
4. Entry into the Type 2 Diabetes Market: Tandem's expansion into the Type 2 diabetes market in the U.S., following FDA approval, represents a substantial opportunity to double its available market. This strategic move aims to address a larger patient population that requires insulin therapy, thereby driving significant future revenue growth.
5. Growth in Customer Base and Pump Placements: The company continues to see strong demand, with double-digit growth in end-user pump placements internationally. The overall diabetes device market is projected to grow significantly, from $45.1 billion to $118.6 billion between 2024 and 2032, at a compound annual growth rate of 11.4%. This broader market expansion, coupled with Tandem's focus on diversifying and improving its product offerings, creates an environment for sustained growth in its customer base and, consequently, its pump sales and recurring revenue from disposable supplies.

• Tandem Diabetes Care announced in March 2024 its intention to repurchase up to $30.0 million of its common stock.
• These share repurchases were planned to occur in privately negotiated transactions with purchasers of convertible notes.

• In March 2024, Tandem Diabetes Care proposed a private placement of $250.0 million aggregate principal amount of Convertible Senior Notes due 2029.
• The company had 65,631,041 shares of common stock outstanding as of February 16, 2024.
• As of November 4, 2025, the number of shares outstanding increased to 67,802,359.

• In Q3 2025, Tandem Diabetes Care entered into a cross-license agreement with Roche, involving a payment of $36.0 million over four years, with $13.3 million capitalized as an intangible asset.

• Tandem Diabetes Care defines Free Cash Flow as cash provided by operating activities less capital expenditures.
• The company is actively focused on developing new and improving existing products, including the integration of Tandem Mobi with Abbott's continuous glucose monitoring system and expanding its Android mobile device integration, implying ongoing investment in product development and related capital assets.