Tandem Diabetes Care, Inc. · NASDAQ:TNDM
Tandem Diabetes Care — Q4 2025 Earnings Presentation
16 slides from Tandem Diabetes Care's earnings presentation, Feb 19, 2026
Slide 1: Earnings 2025 FY & Q4
Earnings 2025 FY & Q4 February 19, 2026 ››› Page 1 © 2025 Tandem Diabetes Care, Inc. All Rights Reserved
Slide 2: Disclaimers & Safe Harbor
Disclaimers & Safe Harbor CAUTIONARY NOTES REGARDING FORWARD LOOKING-STATEMENTS Certain statements in this presentation constitute forward-looking statements, including, without limitation, statements about: the perceived advantages of our products relative to competitive products and technologies;
Slide 3: Summary Results: Q4 and Full Year 2025
Summary Results: Q4 and Full Year 2025 Q4 2025 Q4 Strategic Highlights Highlights Milestones Record sales of $290M Surpassed Launched t:slim X2 with ($210M in U.S.) $1 billion Abbott’s FreeStyle Libre in 2025 sales 3 Plus CGM Pump shipments of 38,000 (27,000 in U.S.) Initiated launch of Installed ba
Slide 4: Sales & Gross Margin Progression
Sales & Gross Margin Progression Q4 Worldwide Sales ($ in M) Annual Worldwide Sales ($ in M) $1,200 $400 $1,014.7 $1,000 $910.0 $290.4 $772.8 $300 $252.5 $800 $209.4 $600 $200 $400 +12% +15% $100 $200 $0 $0 2023 2024 2025 Q4 2023 Q4 2024 Q4 2025 Q4 Gross Margin Annual Gross Margin 80% 80% 58% 54% 60
Slide 5: In 2026, pump shipments are the best indicator of U.S. market expansion
U.S. Pump Shipments 10% - 11% Growth In 2026, pump shipments are the best indicator of 94,000 to 95,000 U.S. market expansion 74,000 81,000 86,000 while transitioning to PayGo. 2023 2024 2025 2026 Guidance (as of 2/19/26) February 19, 2026 ››› Page 5 © 2026 Tandem Diabetes Care, Inc. All Rights Rese
Slide 6: PayGo: Enhanced Benefit & Value Creation
PayGo: Enhanced Benefit & Value Creation Payors benefit from Healthcare Providers improved member benefit from streamlined outcomes with prescription process enhanced data visibility Pharmacy Channel PayGo reimbursement structure Customers benefit from lower out of pocket cost Manufacturers receive
Slide 7: U.S. PayGo Transition Assumptions
U.S. PayGo Transition Assumptions STRENGTHENING OUR BUSINESS MODEL & CREATING LONG-TERM VALUE 2026 U.S. MODELING ASSUMPTIONS DME Pharmacy Moving to PayGo pharmacy reimbursement ~$4,000 Pump ASP Upfront $0 structure, from upfront model Upfront payment payment • PayGo structure, $0 upfront for all pum
Slide 8: International Direct Transition Assumptions
International Direct Transition Assumptions ENHANCING PRESCRIBER RELATIONSHIPS WHILE IMPROVING PRICE AND MARGINS Transition to direct commercial operations 2026 INTERNATIONAL MODELING ASSUMPTIONS timeline Blended Pricing in $USD • 2025 – preparation for transition in select European Countries • Q1 2
Slide 9: 2026 Guidance
2026 Guidance DOUBLE-DIGIT WORLDWIDE PUMP SHIPMENT GROWTH YoY 2026 Growth Worldwide Sales $1.065B - $1.085B 5% - 7% ($236M - $240M in Q1) U.S. Shipments 94K - 95K 10% - 11% U.S. Sales $730M - $745M 3% - 5% (PayGo Assumption) (Includes $70M - $80M Headwind) International Sales $335M - $340M 9% - 10%
Slide 10: Longer-Term Assumptions
Longer-Term Assumptions DRIVING TO SUSTAINED DOUBLE-DIGIT GROWTH & PROFITABILITY U.S. Sales & Channel Mix Profitability Goals International Timing to be informed by pace of 2026 (2-3 years) U.S. pharmacy transition ~80% of pump shipments through ASPs are anticipated to pharmacy be at least 30% highe
Slide 11: Appendix
Appendix Sales Data and Reconciliations February 19, 2026 ››› Page 11 © 2025 Tandem Diabetes Care, Inc. All Rights Reserved
Slide 12: Sales by Geography Sales Information, EBITDA Trends & Non-GAAP Financial Measures
Sales by Geography Sales Information, EBITDA Trends & Non-GAAP Financial Measures QUARTERLY AND ANNUAL SALES INFORMATION The financial data presented in slides 13- 15 for the years ended December 31, 2025 and December 31, 2024 have been derived from our audited consolidated financial statements incl
Slide 13: Reconciliation
Reconciliation GAAP versus Non-GAAP Financial Results Three Months Ended Years Ended Three Months Ended Years Ended ($'s in thousands) December 31, ($'s in thousands) December 31, December 31, December 31, 2025 2024 2025 2024 2025 2024 2025 2024 GAAP sales $ 290,383 $ 282,648 $ 1,014,736 $940,203 GA
Slide 14: Sales by Geography
Sales by Geography Sales in the US - by Product: ($ in thousands) Quarter Ended Year Ended Quarter Ended Year Ended March 31, June 30, September December December March 31, June 30, September December December 2024 2024 30, 2024 31, 2024 31, 2024 2025 2025 30, 2025 31, 2025 31, 2025 Pump $ 61,720 $
Slide 15: EBITDA Trends
EBITDA Trends ($ in thousands) Quarter Ended Year Ended Quarter Ended Year Ended March 31, June 30, September December December March 31, June 30, September December December 2024 2024 30, 2024 31, 2024 31, 2024 2025 2025 30, 2025 31, 2025 31, 2025 GAAP net income (loss) $ (42,715) $ (30,814) $ (23,
Slide 16: Investor Relations
Investor Relations: 858-366-6900 IR@tandemdiabetes.com TRADEMARKS ©2026 Tandem Diabetes Care, Inc. All rights reserved. Tandem Diabetes Care, Tandem Diabetes, Tandem, Tandem Mobi, Tandem Source, t:slim X2, Control-IQ, Control-IQ+ and our logos are trademarks, registered trademarks, and/or the subjec