Tandem Diabetes Care (TNDM) Citi’s 2026 Unplugged MedTech and Life Sciences Access Day summary

Key business highlights

• Achieved record sales, shipments, and margins in Q4, driven by commercial transformation and expanded sales force productivity.

• Launched new products including FreeStyle Libre 3 with t:slim and Mobi with Android, expanding addressable markets.

• Transitioned t:slim X2 supplies into the pharmacy channel, setting a baseline for 2026 growth.

• Demonstrated significant margin expansion, addressing previous criticisms.

• Revenue growth underpinned by both new product launches and a shift to recurring revenue streams.

International (OUS) strategy and impact

• Completed transition to direct sales in Switzerland, Austria, and the UK, with more markets planned.

• Direct sales model increases ASP by at least 30% per market and brings closer customer engagement.

• OUS transition caused a $7M headwind in 2025, with $15M expected in 2026, mostly resolved by early 2027.

• Direct sales currently represent 15% of OUS sales, with significant growth potential as more markets convert.

• Focus remains on markets with strong reimbursement and business opportunity.

U.S. product and channel evolution

• Rolling out multiple new technologies, including Dexcom 15-day and Mobi Android, to broaden market reach.

• Launching Toby, a tubeless patch pump, in the second half of the year, pending FDA approval.

• Portfolio approach maintained, with ongoing evaluation based on market demand.

• Sigi technology integrated into Mobi, optimizing manufacturing and brand equity.

• Dual glucose-ketone CGM integration in partnership with Abbott is in development.