TANDEM DIABETES CARE INC TNDM
References within this Annual Report to "Tandem," "we," "our," "us," "management," or the "Company" refer to Tandem Diabetes Care, Inc., together with its wholly-owned subsidiaries.
Tandem Diabetes Care is a global leader in insulin delivery and diabetes technology, specializing in the design, development, and commercialization of advanced solutions that reduce the burden of diabetes management. We serve nearly 500,000 people living with diabetes in more than 25 countries worldwide. Our strategy is to offer flexibility and choice in intelligent insulin delivery systems through an accessible portfolio of market-leading pumps, applications and insights. In support of this strategy, our Tandem pump platforms include t:slim X2 and Tandem Mobi (Mobi), both of which feature Control-IQ+ advanced hybrid closed-loop technology.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.01B | $940.2M | $747.7M | $801.2M | $702.8M | $498.8M | $362.3M | $183.9M | $107.6M | $84.2M |
| Cost of revenue | $468.7M | $450.6M | $380.0M | $388.2M | $326.6M | $238.3M | $168.1M | $94.0M | $63.5M | $60.7M |
| Gross profit | $546.0M | $489.6M | $367.7M | $413.0M | $376.2M | $260.5M | $194.2M | $89.8M | $44.1M | $23.6M |
| R&D | — | — | — | — | $92.1M | $63.6M | $45.2M | $29.2M | $20.7M | $18.8M |
| SG&A | $445.0M | $389.8M | $352.5M | $335.7M | $261.5M | $204.9M | $165.7M | $105.2M | $86.4M | $82.8M |
| Total operating expenses | $733.3M | $588.7M | $600.9M | $505.8M | $353.6M | $268.5M | $210.9M | $134.5M | $107.0M | $101.6M |
| Operating income | -$187.3M | -$99.1M | -$233.2M | -$92.8M | $22.7M | -$8.0M | -$16.7M | -$44.6M | -$62.9M | -$78.1M |
| Interest expense | $7.9M | $7.4M | $9.9M | $6.2M | — | — | — | — | — | — |
| Pre-tax income | -$200.3M | -$91.9M | -$220.3M | -$92.9M | $15.9M | -$36.3M | -$24.6M | -$122.6M | -$73.0M | -$83.5M |
| Income tax | $4.4M | $4.2M | $2.4M | $1.7M | $335.0K | $1.9M | $149.0K | $51.0K | $8.0K | $15.0K |
| Net income | -$204.7M | -$96.0M | -$222.6M | -$94.6M | $15.6M | -$34.4M | -$24.8M | -$122.6M | -$73.0M | -$83.4M |
| EPS, basic | -3.04 | -1.47 | -3.43 | -1.47 | 0.25 | -0.56 | -0.42 | — | — | — |
| EPS, diluted | -3.04 | -1.47 | -3.43 | -1.47 | 0.24 | -0.56 | -0.42 | -2.55 | -12.87 | -27.30 |
| Shares, diluted (wtd. avg.) | $67.3M | $65.5M | $65.0M | $64.1M | $64.3M | $61.0M | $58.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $90.6M | $69.2M | $58.9M | $172.5M | $71.2M | $94.6M | $51.2M | $41.8M | $23.7M | $46.7M |
| Short-term investments | $202.0M | $369.1M | $409.0M | $444.4M | $552.6M | $390.3M | $125.3M | $87.2M | $479.0K | $8.9M |
| Receivables | $165.5M | $114.6M | $105.6M | $114.7M | $110.7M | $82.2M | $46.6M | $35.2M | $20.8M | $11.2M |
| Inventory | $128.8M | $149.6M | $157.9M | $111.1M | $68.6M | $63.7M | $49.1M | $19.9M | $27.0M | $21.2M |
| Total current assets | $618.1M | $724.5M | $748.0M | $850.0M | $811.5M | $637.2M | $276.1M | $187.9M | $64.2M | $92.1M |
| Property, plant and equipment | $83.6M | $78.2M | $76.5M | $68.6M | $50.4M | $50.0M | $32.9M | $17.2M | $19.6M | $18.4M |
| Other intangibles | $11.7M | $925.0K | $2.8M | $4.6M | $6.6M | — | — | — | — | — |
| Total assets | $881.1M | $967.7M | $952.7M | $1.05B | $905.1M | $716.4M | $326.1M | $206.3M | $95.3M | $112.4M |
| Accounts payable | $47.1M | $44.7M | $49.6M | $55.7M | $28.0M | $17.8M | $17.7M | $6.8M | $5.2M | $7.5M |
| Short-term debt | — | $40.7M | $0 | — | — | — | — | — | — | — |
| Total current liabilities | $242.7M | $247.0M | $195.3M | $165.3M | $131.9M | $103.9M | $99.4M | $66.3M | $36.1M | $31.5M |
| Long-term debt | $310.0M | $308.3M | $285.0M | — | — | — | — | — | $82.7M | $81.1M |
| Total liabilities | $725.9M | $704.6M | $639.0M | $612.8M | $472.0M | $350.1M | $131.1M | $75.0M | $124.5M | $118.3M |
| Retained earnings | -$1.25B | -$1.05B | -$951.8M | -$729.2M | -$634.6M | -$659.2M | -$624.8M | -$600.1M | -$477.6M | -$404.6M |
| Total equity | $155.2M | $263.1M | $313.6M | $439.9M | $433.1M | $366.3M | $195.0M | $131.3M | -$29.1M | -$5.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$9.7M | $24.2M | -$31.8M | $50.5M | $111.4M | $24.7M | $41.9M | -$8.3M | -$66.1M | -$61.2M |
| Depreciation and amortisation | $17.7M | $16.6M | $15.7M | $14.3M | $13.8M | $10.5M | $6.1M | $5.8M | $6.9M | $5.5M |
| Stock-based compensation | $92.4M | $101.4M | $88.1M | $84.9M | $60.8M | $58.4M | $58.1M | $23.7M | $12.6M | $11.7M |
| Capital expenditure | $19.9M | $19.2M | $26.8M | $34.1M | $14.2M | $27.4M | $19.5M | $3.0M | $5.7M | $8.9M |
| Investing cash flow | $72.9M | -$23.5M | -$85.7M | $33.2M | -$186.9M | -$296.1M | -$57.0M | -$90.7M | $2.8M | $10.4M |
| Financing cash flow | -$43.4M | $8.4M | $4.1M | $16.9M | $51.9M | $314.4M | $24.2M | $117.2M | $40.4M | $52.3M |
| Buybacks | $0 | $30.0M | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001438133-26-000034.
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