Tandem Diabetes Care (TNDM) Goldman Sachs 46th Annual Global Healthcare Conference summary

Recent performance and business evolution

• Achieved 18% growth in 2024, surpassing initial 10% guidance, with Q1 2025 growth over 20% driven by supply sales and Mobi-fueled MDI starts.

• Q4 2024 saw unexpected demand softening, but Q1 2025 rebounded strongly, reflecting underlying business strength.

• Type II approval expected to drive meaningful growth over the next few years, with a pilot phase underway to optimize market access and physician training.

• U.S. growth guidance for 2025 is about 13%, with international direct sales transition causing temporary headwinds.

• Conservative guidance philosophy prioritizes proven trends, with upside potential not yet included in forecasts.

Product pipeline and innovation

• Mobi device has driven four consecutive quarters of double-digit MDI growth and is less expensive to build, supporting margin expansion.

• Tubeless Mobi is in validation testing, with design completed and manufacturing capacity being built; launch expected soon.

• Sigi patch pump is in design phase, with risk reduction efforts completed and focus shifting to implementation.

• Portfolio approach includes t:slim, Mobi, and Sigi, with integration of leading CGM technologies and interoperable algorithms.

• Partnership with Abbott to integrate ketone-measuring sensors aims to improve hyperglycemia management.

Market strategy and channel expansion

• Pharmacy channel expansion accelerated by Mobi approval, with 30% of covered lives under contract and higher ASPs than DME.

• Hybrid DME-pharmacy distributor models allow flexible channel selection for patient benefit.

• International direct sales transition expected to improve margins and customer service, with full readiness targeted for January 2026.

• Type II market is underpenetrated, with long-term growth expected as awareness and technology adoption increase.

• Sales force expansion and pilot programs underway to optimize go-to-market strategy for both endos and high-prescribing PCPs.