- **Q3 Record Performance**: $249M revenue (+15% YoY), 54% gross margin, and return to positive EBITDA. 
- **Strategic Growth Drivers**: 2026 targets include 60%+ gross margin, 15% direct intl. sales, and Mobi Tubeless launch. 
- **Innovation Momentum**: Mobi Android, t:slim Libre 3 integration, and Type 2 diabetes expansion driving pipeline. 
- **Pharmacy Channel Acceleration**: 5% Q3 pharmacy sales, with t:slim supplies now available and 40% U.S. coverage. 
- **Operational Efficiency**: $3M Q3 restructuring costs to support 2026 margin expansion. 


**【CEO Summary Section】**
- **Record Q3 Sales**: Achieved $249 million, driven by U.S. ASP increases and international growth. Pump shipments met expectations, with September as the strongest month. 
- **Commercial Transformation**: U.S. sales productivity improving; direct European operations launching in 2026 (UK, Switzerland, Austria). 
- **Innovation Highlights**: 
  - Mobi Android app awaiting FDA clearance to expand global addressable market. 
  - t:slim X2 with Abbott FreeStyle Libre 3 Plus integration now fully available in the U.S. 
  - Mobi Tubeless (extended wear patch pump) in final testing stages for 2026 launch. 
- **Type 2 Diabetes Expansion**: Full commercial launch of Control-IQ+ for Type 2 patients, doubling U.S. addressable market. 
- **Pharmacy Channel Growth**: 5% of U.S. sales via pharmacy in Q3, with t:slim supplies now available. Early uptake driven by affordability and convenience. 

**【CFO Financial Commentary】**
- **Q3 Financials**: 
  - Revenue: $249 million (+15% YoY). 
  - Gross Margin: 54% (+3ppt YoY). 
  - Adjusted EBITDA: Returned to positive. 
  - Free Cash Flow: Positive for the quarter. 
- **2025 Guidance**: 
  - Full-year revenue: ~$1 billion (U.S. $700M, international $300M). 
  - Gross margin: 53-54% (Q4 expected to be all-time high in mid-50s). 
  - Adjusted EBITDA: -5% of sales. 
- **2026 Outlook**: 
  - Gross margin target: ≥60% in Q4 2026. 
  - Direct international sales to contribute ~15% of international revenue. 
  - Cost optimization initiatives (e.g., $3M restructuring costs in Q3) expected to yield savings. 

**【Q&A Highlights】**
- **Mobi Tubeless Priority**: 510(k) submission nearing completion; expected to launch ahead of SteadySet. 
- **Pharmacy Channel Dynamics**: 40% of U.S. lives covered by Mobi pharmacy benefit; 2026 focus on scaling supply revenue via t:slim. 
- **Gross Margin Drivers**: ASP increases (+5% YoY in Q3), Mobi cost scaling, and pharmacy channel expansion. 
- **Competitive Position**: Leading in U.S. pump market with >70% renewal capture rate; international end-user placements growing double-digit YoY. 
- **Fully Closed-Loop Progress**: Pivotal study for UVA-developed algorithm planned for 2026. 


Tandem Diabetes Care, Inc. (TNDM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

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Income Tax Expense

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Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

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Basic EPS from Discontinued Operations

Diluted EPS

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Diluted EPS from Discontinued Operations

TNDM

TNDM fundamentals

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