TANDEM DIABETES CARE INC
For the period ended Aug 6, 2025. Filed Aug 6, 2025.
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Aug 6, 2025 · Filed Aug 6, 2025
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Contents
EX-99.1 · Forward-Looking Statements
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that concern matters that involve risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in the forward-looking statements. These forward-looking statements include statements regarding, among other things, the Company’s projected financial results and the ability to achieve other operational and commercial goals. The Company’s actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties. For instance, the Company’s ability to achieve projected financial results will be impacted by market acceptance of the Company’s products; products marketed and sold or under development by competitors; the Company’s ability to establish and sustain operations to support international sales, including expanding into additional geographies; changes in reimbursement rates or insurance coverage for the Company’s products; the Company’s ability to meet increasing operational and infrastructure requirements from higher customer interest and a larger base of existing customers; the Company’s ability to successfully commercialize its products; the Company’s ability to develop and launch new products; risks associated with the regulatory approval process outside the United States for new products; the potential that newer products, or other technological breakthroughs for the monitoring, treatment or prevention of diabetes, may render the Company’s products obsolete or less desirable, or may otherwise negatively impact the purchasing trends of customers; reliance on third-party relationships, such as outsourcing and supplier arrangements; global economic conditions; and other risks identified in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and other documents that the Company files with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Tandem undertakes no obligation to update or review any forward-looking statement in this press release because of new information, future events or other factors.
| TANDEM DIABETES CARE, INC. | ||
|---|---|---|
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| Table A | ||
| (in thousands) | ||
| (Unaudited) | ||
| June 30, | December 31, | |
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash, cash equivalents and short-term investments | $315,361 | $438,329 |
| Accounts receivable, net | 128,443 | 114,585 |
| Inventories | 142,573 | 149,612 |
| Other current assets | 28,440 | 21,965 |
| Total current assets | 614,817 | 724,491 |
| Property and equipment, net | 77,513 | 78,150 |
| Operating lease right-of-use assets | 98,436 | 85,306 |
| Equity method investment | 67,628 | 74,545 |
| Other long-term assets | 17,342 | 5,166 |
| Total assets | $875,736 | $967,658 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable, accrued expenses and employee-related liabilities | $121,293 | $127,028 |
| Current portion of convertible senior notes, net | — | 40,670 |
| Operating lease liabilities | 19,888 | 18,208 |
| Deferred revenue | 10,516 | 11,831 |
| Other current liabilities | 99,993 | 49,312 |
| Total current liabilities | 251,690 | 247,049 |
| Convertible senior notes, net - long-term | 309,146 | 308,266 |
| Operating lease liabilities - long-term | 119,974 | 106,421 |
| Deferred revenue - long-term | 9,575 | 10,455 |
| Other long-term liabilities | 52,068 | 32,369 |
| Total liabilities | 742,453 | 704,560 |
| Total stockholders’ equity | 133,283 | 263,098 |
| Total liabilities and stockholders’ equity | $875,736 | $967,658 |
| TANDEM DIABETES CARE, INC. | ||||
|---|---|---|---|---|
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| Table B | ||||
| (in thousands, except per share data) | ||||
| (Unaudited) | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Sales | $240,678 | $221,910 | $475,100 | $413,584 |
| Cost of sales | 114,823 | 109,116 | 230,838 | 206,118 |
| Gross profit | 125,855 | 112,794 | 244,262 | 207,466 |
| Operating expenses: | ||||
| Selling, general and administrative | 109,596 | 94,242 | 223,449 | 184,348 |
| Litigation and settlement expense | 19,951 | — | 19,951 | — |
| Research and development | 48,118 | 49,326 | 98,333 | 95,570 |
| Acquired in-process research and development expenses | — | — | 75,217 | — |
| Total operating expenses | 177,665 | 143,568 | 416,950 | 279,918 |
| Operating loss | (51,810) | (30,774) | (172,688) | (72,452) |
| Total other income (expense), net | (5,912) | 1,031 | (7,123) | 3,180 |
| Loss before income taxes | (57,722) | (29,743) | (179,811) | (69,272) |
| Income tax expense (benefit) | (5,322) | 1,071 | 3,145 | 4,257 |
| Net loss | $(52,400) | $(30,814) | $(182,956) | $(73,529) |
| Net loss per share - basic and diluted | $(0.78) | $(0.47) | $(2.74) | $(1.13) |
| Weighted average shares used to compute basic and diluted net loss per share | 67,050 | 64,994 | 66,729 | 65,160 |
| TANDEM DIABETES CARE, INC. | ||||||
|---|---|---|---|---|---|---|
| SALES BY GEOGRAPHY | ||||||
| Table C(1) | ||||||
| (Unaudited) | ||||||
| ($'s in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |
| United States: | ||||||
| Pump | $85,467 | $81,745 | 5% | $157,608 | $143,465 | 10% |
| Supplies and other | 84,742 | 74,812 | 13% | 163,233 | 143,999 | 13% |
| Adjustment for Tandem Choice | — | 154 | (100)% | — | (992) | 100% |
| Total GAAP Sales in the United States | $170,209 | $156,711 | 9% | $320,841 | $286,472 | 12% |
| Adjustment for Tandem Choice | — | (154) | 100% | — | 992 | (100)% |
| Total Non-GAAP Sales in the United States | $170,209 | $156,557 | 9% | $320,841 | $287,464 | 12% |
| Outside the United States: | ||||||
| Pump | $26,404 | $26,130 | 1% | $56,354 | $51,697 | 9% |
| Supplies and other | 44,065 | 39,069 | 13% | 97,905 | 75,415 | 30% |
| Total Sales Outside the United States | $70,469 | $65,199 | 8% | $154,259 | $127,112 | 21% |
| Total GAAP Worldwide Sales | $240,678 | $221,910 | 8% | $475,100 | $413,584 | 15% |
| Adjustment for Tandem Choice | — | (154) | 100% | — | 992 | (100)% |
| Total Non-GAAP Worldwide Sales | $240,678 | $221,756 | 9% | $475,100 | $414,576 | 15% |
(1) The Tandem Choice program concluded in 2024, and there was no impact to sales for this program in 2025. Areconciliation of non-GAAP financial measures to their closest GAAP equivalent and additional information can be found in Table D and under the heading “Non-GAAP Financial Measures.”
| TANDEM DIABETES CARE, INC. | ||||
|---|---|---|---|---|
| Reconciliation of GAAP versus Non-GAAP Financial Results | ||||
| Table D | ||||
| (Unaudited) | ||||
| ($'s in thousands) · Three Months Ended June 30, · Six Months Ended June 30, | ||||
| 2025 | 2024 | 2025(5) | 2024 | |
| GAAP sales | $240,678 | $221,910 | $475,100 | $413,584 |
| Adjustment for Tandem Choice (1) | — | (154) | — | 992 |
| Non-GAAP sales | $240,678 | $221,756 | $475,100 | $414,576 |
| GAAP gross profit | $125,855 | $112,794 | $244,262 | $207,466 |
| Adjustment for Tandem Choice(1) | — | (127) | — | 1,019 |
| Non-GAAP gross profit | $125,855 | $112,667 | $244,262 | $208,485 |
| GAAP gross margin(2) | 52% | 51% | 51% | 50% |
| Non-GAAP gross margin(2) | 52% | 51% | 51% | 50% |
| GAAP operating loss | $(51,810) | $(30,774) | $(172,688) | $(72,452) |
| Litigation and settlement expense | 19,951 | — | 19,951 | — |
| Non-recurring facility impairment costs(3) | — | — | 6,697 | — |
| Restructuring costs(4) | — | — | 4,470 | — |
| Adjustment for Tandem Choice(1) | — | (127) | — | 1,019 |
| Non-GAAP operating loss | $(31,859) | $(30,901) | $(141,570) | $(71,433) |
| GAAP operating margin(2) | (22)% | (14)% | (36)% | (18)% |
| Non-GAAP operating margin(2) | (13)% | (14)% | (30)% | (17)% |
| GAAP net loss | $(52,400) | $(30,814) | $(182,956) | $(73,529) |
| Income tax expense | (5,322) | 1,071 | 3,145 | 4,257 |
| Interest income, interest expense and other, net | 5,912 | (1,031) | 7,123 | (3,180) |
| Depreciation and amortization | 4,367 | 4,108 | 8,678 | 8,151 |
| Litigation and settlement expense | 19,951 | — | 19,951 | — |
| Stock-based compensation expense | 25,641 | 24,897 | 51,130 | 46,936 |
| Non-recurring facility impairment costs(3) | — | — | 6,697 | — |
| Restructuring costs(4) | — | — | 4,470 | — |
| Adjustment for Tandem Choice(1) | — | (127) | — | 1,019 |
| Adjusted EBITDA | $(1,851) | $(1,896) | $(81,762) | $(16,346) |
| Adjusted EBITDA margin(2) | (1)% | (1)% | (17)% | (4)% |
| GAAP net loss | $(52,400) | $(30,814) | $(182,956) | $(73,529) |
| Litigation and settlement expense | 19,951 | — | 19,951 | — |
| Non-recurring facility impairment costs(3) | — | — | 6,697 | — |
| Restructuring costs(4) | — | — | 4,470 | — |
| Adjustment for Tandem Choice(1) | — | (127) | — | 1,019 |
| Non-GAAP net loss | $(32,449) | $(30,941) | $(151,838) | $(72,510) |
(1) The accounting treatment for Tandem Choice had a high degree of complexity. The Tandem Choice program concluded in 2024, and there was no impact to sales for this program in 2025. Additional information can be found under the heading “Non-GAAP Financial Measures.”
(2) GAAP margins including GAAP gross margin and GAAP operating margin are calculated using GAAP sales. Non-GAAP margins including non-GAAP gross margin, non-GAAP operating margin, and adjusted EBITDA margin are calculated using non-GAAP sales.
(3) The Company recorded $6.7 million in impairment charges related to its operating lease right-of-use assets for certain facilities in the U.S. and Switzerland.
(4) The Company recorded $4.3 million in severance and other restructuring costs associated with the relocation of certain research and development activities.
(5) In the first quarter of 2025, the Company included an adjustment for IPR&D expense in its non-GAAP financials and provided guidance based on this practice. Beginning in the second quarter of 2025, the Company no longer included an adjustment for IPR&D expense in its non-GAAP results to align with views expressed by the staff of the U.S. Securities and Exchange Commission and 2025 results and guidance have been revised accordingly.
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