TNDM | Market Cap: $1.1B (07/13/26)
Industry:
Healthcare Equipment, Supplies, & Technology

DESCRIPTION

Tandem Diabetes Care makes insulin pumps and automated insulin delivery (AID) systems for people with insulin-dependent diabetes. Tandem's two pump platforms are the t:slim X2, a durable pump with a color touchscreen and 300-unit insulin reservoir, and the Tandem Mobi, a smaller, more discreet pump controlled via smartphone app. Both run Tandem's Control-IQ+ algorithm, a hybrid closed-loop AID system that uses continuous glucose monitor (CGM) data to automatically adjust insulin dosing. Control-IQ+ is approved for type 1 patients ages 2+ and, as of early 2025, type 2 adults ages 18+. Tandem generates revenue from pump sales and from recurring single-use supplies — cartridges and infusion sets replaced every few days — tied to an installed base exceeding 300,000 U.S. customers. Renewals, which occur at the four-year warranty expiration, represent more than half of U.S. pump shipments, and Tandem retains over 70% of eligible customers within 18 months of expiration. Tandem sells directly to patients in the U.S. and Canada and is transitioning from distributors to direct operations internationally, starting with the U.K., Austria, and Switzerland. Tandem is also expanding into the pharmacy benefit channel, which carries a pricing premium over the traditional durable medical equipment channel and lowers patient out-of-pocket costs. Key growth initiatives include scaling into the type 2 market, launching a tubeless version of Mobi, and developing a fully closed-loop algorithm in collaboration with the University of Virginia.

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