Tandem Diabetes Care, Inc. Q4 FY2025 earnings call

Key initiatives in 2025 included modernizing commercial operations, delivering new technology, and reshaping the business model. In commercial operations, the U.S. expanded the sales team, updated processes, and began implementing new systems; internationally, transitioned to direct operations in the U.K., Switzerland, and Austria. New technology included launching Control-IQ+, FreeStyle Libre 3 Plus for t:slim, Android Control for Mobi, and planning multiple product launches in 2026. Business model reshaping involved accelerating pharmacy strategy with a pay-as-you-go reimbursement structure.

2025 was a record year for Tandem. Worldwide sales grew 12% to over $1 billion. In the U.S., sales grew 10% to $707 million, with Q4 sales up 14% to $210 million and over 27,000 pump shipments. Internationally, sales grew 15% to $308 million, with Q4 sales up 17% to $80 million. Gross margin expanded by 3 percentage points to 54% for the full year and was 58% in Q4.

2026 worldwide sales expected to be in the range of $1.065 billion to $1.085 billion. U.S. sales expected to be $730 million to $745 million with 10% to 11% pump shipment growth. International sales expected to be $335 million to $340 million. Gross margin expected to be 56% to 57% for the full year, starting at 54% in Q1 and scaling to 60% in Q4. Adjusted EBITDA expected to demonstrate leverage of 5% to 6% for the full year, negative 2% to negative 1% in Q1.

No specific risks detailed in the provided transcript beyond general forward-looking statement risks mentioned initially.

Includes questions and answers about pharmacy coverage, transition timing, leverage, Tubeless Mobi, international transition, revenue headwinds cadence, renewal shipments, type 2 progress, and cash flow.