Short answer
TANDEM DIABETES CARE INC (TNDM) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $1.0B (+7.9% year over year) and net income of −$205M.
- Top risk flagged: Cybersecurity risk managed by dedicated Incident Management Team led by VP, Cybersecurity with 20+ years industry experience
FY2025 key financial metrics · XBRL
- Revenue
- $1.0B
- +7.9% YoY
- Net income
- −$205M
- −113.2% YoY
- Operating margin
- -18.5%
- −7.9 pp YoY
- Gross margin
- 53.8%
- +1.7 pp YoY
- EPS (diluted)
- −$3.04
- −106.8% YoY
- ROE
- -131.9%
- −95.4 pp YoY
- Operating cash flow
- −$10M
- −140.1% YoY
Source: XBRL data from the TANDEM DIABETES CARE INC (TNDM) FY2025 10-K on SEC EDGAR. USD.
TANDEM DIABETES CARE INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Design, development, and commercialization of advanced insulin delivery and diabetes technology with AID systems featuring Control-IQ+ hybrid closed-loop technology
- New product emphasis: Expanded commercial availability of Tandem Mobi with Android control (2025) and Control-IQ+ algorithm cleared for type 2 diabetes (18+ years) in 2025
- Strategic shift: Beginning direct sales, training, and support in UK, Austria, Switzerland (2026), transitioning from distributor model internationally
- Quantitative highlight: Serving nearly 500,000 people in 25+ countries with estimated addressable market expansion to type 2 insulin-dependent diabetes patients beginning 2025
- Noteworthy fact: Launch of next-generation Mobi patch pump and extended-wear infusion set pipeline targeting fully closed-loop technology and device miniaturization
Management Discussion & Analysis
- Revenue $1.015B in 2025, up 8% YoY from $940.2M in 2024; U.S. sales $706.9M (+5%), international $307.8M (+15%)
- Gross margin 54% in 2025 vs 52% in 2024; operating loss $(187.3M) vs $(99.1M) reflecting higher operating expenses ($733.3M vs $588.7M)
- Best segment: International sales growth +$40.3M to $307.8M driven by volumes, price, and FX; worst: U.S. pumps with slower shipment growth (~81K to 86K units)
- Cash flow: Operating cash used $(9.7M) vs provided $24.2M; investing cash provided $72.9M due to short-term investment maturities; financing used $43.4M mainly for debt repayment
- Outlook: Transition to pharmacy benefit "pay as you go" reimbursement in 2026 may reduce upfront pump sales, increase supply sales; regulatory, reimbursement, and macroeconomic risks noted
Risk Factors
- Cybersecurity risk managed by dedicated Incident Management Team led by VP, Cybersecurity with 20+ years industry experience
- Escalation protocols include disclosure committee and Cybersecurity and Data Privacy Oversight Committee to address significant incidents
- Regular detailed cybersecurity threat and mitigation reports reviewed by Cybersecurity and Data Privacy Oversight Committee and full Board
- Integration of cybersecurity risk considerations into overall risk management and budgeting controlled by VP, Cybersecurity
- Cross-departmental leadership on cybersecurity includes Chief HR Officer, VP Privacy, legal, finance, and business unit personnel
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