Tandem Diabetes Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Tandem Diabetes has an operating margin of -10.5%, meaning the company retains $-11 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -31.2% the prior year.
Tandem Diabetes's revenue surged 25.7% year-over-year to $940.2M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Tandem Diabetes carries a low D/E ratio of 1.17, meaning only $1.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 68/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.93, Tandem Diabetes holds $2.93 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 97/100.
While Tandem Diabetes generated $24.2M in operating cash flow, capex of $19.2M consumed most of it, leaving $5.0M in free cash flow. This results in a low score of 3/100, reflecting heavy capital investment rather than weak cash generation.
Tandem Diabetes passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Tandem Diabetes generates $-0.25 in operating cash flow ($24.2M OCF vs -$96.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Tandem Diabetes earns $-13.4 in operating income for every $1 of interest expense (-$99.1M vs $7.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Tandem Diabetes (TNDM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Tandem Diabetes generated $940.2M in revenue in fiscal year 2024. This represents an increase of 25.7% from the prior year.
Tandem Diabetes's EBITDA was -$82.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 62.1% from the prior year.
Tandem Diabetes generated $5.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 108.5% from the prior year.
Tandem Diabetes reported -$96.0M in net income in fiscal year 2024. This represents an increase of 56.9% from the prior year.
Tandem Diabetes earned $-1.47 per diluted share (EPS) in fiscal year 2024. This represents an increase of 57.1% from the prior year.
Tandem Diabetes held $69.2M in cash against $308.3M in long-term debt as of fiscal year 2024.
Tandem Diabetes had 66M shares outstanding in fiscal year 2024. This represents an increase of 1.1% from the prior year.
Tandem Diabetes's gross margin was 52.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.9 percentage points from the prior year.
Tandem Diabetes's operating margin was -10.5% in fiscal year 2024, reflecting core business profitability. This is up 20.7 percentage points from the prior year.
Tandem Diabetes's net profit margin was -10.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 19.6 percentage points from the prior year.
Tandem Diabetes invested $198.9M in research and development in fiscal year 2024. This represents an increase of 17.2% from the prior year.
Tandem Diabetes spent $30.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
Tandem Diabetes invested $19.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 28.3% from the prior year.
TNDM Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $249.3M+3.6% | $240.7M+2.7% | $234.4M-17.1% | $282.6M+15.9% | $244.0M+9.9% | $221.9M+15.8% | $191.7M-2.6% | $196.8M |
| Cost of Revenue | $115.0M+0.1% | $114.8M-1.0% | $116.0M-7.3% | $125.2M+4.9% | $119.3M+9.3% | $109.1M+12.5% | $97.0M-6.3% | $103.5M |
| Gross Profit | $134.3M+6.7% | $125.9M+6.3% | $118.4M-24.8% | $157.5M+26.3% | $124.7M+10.5% | $112.8M+19.1% | $94.7M+1.5% | $93.3M |
| R&D Expenses | $48.7M+1.2% | $48.1M-4.2% | $50.2M-3.8% | $52.2M+2.1% | $51.1M+3.6% | $49.3M+6.7% | $46.2M+8.5% | $42.6M |
| SG&A Expenses | $108.4M-1.1% | $109.6M-3.7% | $113.9M+7.6% | $105.8M+6.2% | $99.6M+5.7% | $94.2M+4.6% | $90.1M+5.1% | $85.8M |
| Operating Income | -$22.9M+55.9% | -$51.8M+57.1% | -$120.9M-20705.2% | -$581K+97.8% | -$26.1M+15.2% | -$30.8M+26.2% | -$41.7M-18.9% | -$35.1M |
| Interest Expense | $2.1M+8.4% | $1.9M+2.3% | $1.9M+0.1% | $1.9M-0.3% | $1.9M+4.0% | $1.8M-5.5% | $1.9M | N/A |
| Income Tax | -$4.0M+25.3% | -$5.3M-162.9% | $8.5M+1245.7% | -$739K-216.0% | $637K-40.5% | $1.1M-66.4% | $3.2M+343.6% | -$1.3M |
| Net Income | -$21.2M+59.6% | -$52.4M+59.9% | -$130.6M-17392.2% | $755K+103.2% | -$23.3M+24.5% | -$30.8M+27.9% | -$42.7M-42.4% | -$30.0M |
| EPS (Diluted) | $-0.31+60.3% | $-0.78+60.4% | $-1.97-19800.0% | $0.01+102.9% | $-0.35+25.5% | $-0.47+27.7% | $-0.65-41.3% | $-0.46 |
TNDM Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $874.7M-0.1% | $875.7M-5.0% | $922.1M-4.7% | $967.7M+1.0% | $957.7M+2.2% | $937.5M-0.4% | $941.0M-1.2% | $952.7M |
| Current Assets | $616.9M+0.3% | $614.8M-7.3% | $663.4M-8.4% | $724.5M-3.8% | $752.8M+2.7% | $733.4M-0.2% | $735.2M-1.7% | $748.0M |
| Cash & Equivalents | $91.9M+43.4% | $64.1M+19.7% | $53.6M-22.6% | $69.2M+41.2% | $49.0M+2.8% | $47.7M-19.1% | $59.0M+0.2% | $58.9M |
| Inventory | $137.3M-3.7% | $142.6M+1.0% | $141.2M-5.6% | $149.6M-1.9% | $152.4M-5.7% | $161.7M+5.0% | $153.9M-2.6% | $157.9M |
| Accounts Receivable | $125.9M-1.9% | $128.4M+1.5% | $126.6M+10.5% | $114.6M+6.9% | $107.2M+9.2% | $98.1M+5.5% | $93.0M-11.9% | $105.6M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $741.7M-0.1% | $742.5M-3.2% | $766.9M+8.8% | $704.6M-2.1% | $720.0M+2.3% | $703.6M+0.8% | $698.0M+9.2% | $639.0M |
| Current Liabilities | $252.5M+0.3% | $251.7M-12.7% | $288.2M+16.6% | $247.0M-4.7% | $259.3M+7.8% | $240.6M+24.7% | $193.0M-1.2% | $195.3M |
| Long-Term Debt | $309.6M+0.1% | $309.1M+0.1% | $308.7M+0.1% | $308.3M+0.1% | $307.8M+0.1% | $307.4M | N/A | $285.0M |
| Total Equity | $133.0M-0.2% | $133.3M-14.2% | $155.3M-41.0% | $263.1M+10.7% | $237.7M+1.6% | $233.9M-3.8% | $243.1M-22.5% | $313.6M |
| Retained Earnings | -$1.3B-1.7% | -$1.2B-4.4% | -$1.2B-12.5% | -$1.0B+0.1% | -$1.0B-2.3% | -$1.0B-3.1% | -$994.5M-4.5% | -$951.8M |
TNDM Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.3M+187.0% | -$9.5M+48.0% | -$18.3M-270.6% | $10.7M-60.0% | $26.8M+607.7% | -$5.3M+34.0% | -$8.0M-10.8% | -$7.2M |
| Capital Expenditures | $4.1M-34.1% | $6.2M+109.3% | $3.0M-3.4% | $3.1M-41.4% | $5.2M-19.0% | $6.5M+45.1% | $4.5M-14.3% | $5.2M |
| Free Cash Flow | $4.2M+126.6% | -$15.7M+26.1% | -$21.2M-377.8% | $7.6M-64.5% | $21.5M+283.5% | -$11.7M+5.7% | -$12.5M-0.3% | -$12.4M |
| Investing Cash Flow | $20.5M-64.7% | $58.1M+532.8% | $9.2M+83.4% | $5.0M+125.2% | -$19.9M-462.0% | -$3.5M+30.0% | -$5.1M+69.5% | -$16.6M |
| Financing Cash Flow | -$1.6M+96.0% | -$39.7M-747.1% | -$4.7M-303.6% | $2.3M+150.9% | -$4.5M-50.5% | -$3.0M-122.1% | $13.6M+419.1% | $2.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $30.0M | N/A |
TNDM Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.9%+1.6pp | 52.3%+1.8pp | 50.5%-5.2pp | 55.7%+4.6pp | 51.1%+0.3pp | 50.8%+1.4pp | 49.4%+2.0pp | 47.4% |
| Operating Margin | -9.2%+12.4pp | -21.5%+30.0pp | -51.6%-51.3pp | -0.2%+10.5pp | -10.7%+3.2pp | -13.9%+7.9pp | -21.7%-3.9pp | -17.8% |
| Net Margin | -8.5%+13.3pp | -21.8%+33.9pp | -55.7%-56.0pp | 0.3%+9.8pp | -9.5%+4.4pp | -13.9%+8.4pp | -22.3%-7.0pp | -15.3% |
| Return on Equity | N/A | N/A | N/A | 0.3% | N/A | N/A | N/A | N/A |
| Return on Assets | -2.4%+3.6pp | -6.0%+8.2pp | -14.2%-14.2pp | 0.1%+2.5pp | -2.4%+0.9pp | -3.3%+1.3pp | -4.5%-1.4pp | -3.1% |
| Current Ratio | 2.440.0 | 2.44+0.1 | 2.30-0.6 | 2.93+0.0 | 2.90-0.1 | 3.05-0.8 | 3.81-0.0 | 3.83 |
| Debt-to-Equity | 2.330.0 | 2.32+0.3 | 1.99+0.8 | 1.17-0.1 | 1.29-0.0 | 1.31-1.6 | 2.87+2.0 | 0.91 |
| FCF Margin | 1.7%+8.2pp | -6.5%+2.5pp | -9.1%-11.8pp | 2.7%-6.1pp | 8.8%+14.1pp | -5.3%+1.2pp | -6.5%-0.2pp | -6.3% |
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Frequently Asked Questions
What is Tandem Diabetes's annual revenue?
Tandem Diabetes (TNDM) reported $940.2M in total revenue for fiscal year 2024. This represents a 25.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Tandem Diabetes's revenue growing?
Tandem Diabetes (TNDM) revenue grew by 25.7% year-over-year, from $747.7M to $940.2M in fiscal year 2024.
Is Tandem Diabetes profitable?
No, Tandem Diabetes (TNDM) reported a net income of -$96.0M in fiscal year 2024, with a net profit margin of -10.2%.
What is Tandem Diabetes's earnings per share (EPS)?
Tandem Diabetes (TNDM) reported diluted earnings per share of $-1.47 for fiscal year 2024. This represents a 57.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Tandem Diabetes's EBITDA?
Tandem Diabetes (TNDM) had EBITDA of -$82.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Tandem Diabetes have?
As of fiscal year 2024, Tandem Diabetes (TNDM) had $69.2M in cash and equivalents against $308.3M in long-term debt.
What is Tandem Diabetes's gross margin?
Tandem Diabetes (TNDM) had a gross margin of 52.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Tandem Diabetes's operating margin?
Tandem Diabetes (TNDM) had an operating margin of -10.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Tandem Diabetes's net profit margin?
Tandem Diabetes (TNDM) had a net profit margin of -10.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Tandem Diabetes's free cash flow?
Tandem Diabetes (TNDM) generated $5.0M in free cash flow during fiscal year 2024. This represents a 108.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Tandem Diabetes's operating cash flow?
Tandem Diabetes (TNDM) generated $24.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Tandem Diabetes's total assets?
Tandem Diabetes (TNDM) had $967.7M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Tandem Diabetes's capital expenditures?
Tandem Diabetes (TNDM) invested $19.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Tandem Diabetes spend on research and development?
Tandem Diabetes (TNDM) invested $198.9M in research and development during fiscal year 2024.
Does Tandem Diabetes buy back shares?
Yes, Tandem Diabetes (TNDM) spent $30.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Tandem Diabetes have outstanding?
Tandem Diabetes (TNDM) had 66M shares outstanding as of fiscal year 2024.
What is Tandem Diabetes's current ratio?
Tandem Diabetes (TNDM) had a current ratio of 2.93 as of fiscal year 2024, which is generally considered healthy.
What is Tandem Diabetes's debt-to-equity ratio?
Tandem Diabetes (TNDM) had a debt-to-equity ratio of 1.17 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tandem Diabetes's return on assets (ROA)?
Tandem Diabetes (TNDM) had a return on assets of -9.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Tandem Diabetes's Piotroski F-Score?
Tandem Diabetes (TNDM) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tandem Diabetes's earnings high quality?
Tandem Diabetes (TNDM) has an earnings quality ratio of -0.25x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Tandem Diabetes cover its interest payments?
Tandem Diabetes (TNDM) has an interest coverage ratio of -13.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Tandem Diabetes?
Tandem Diabetes (TNDM) scores 54 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.