Tandem mobile app ‘recall’ a ‘non-event,’ says Stifel

Stifel analyst Mathew Blackman notes that the FDA announced a Class I “recall” of Tandem Diabetes’ iOS t:connect Mobile App used with t:slim X2 and the Control-IQ algorithm, but after speaking with the company the firm learned Tandem has already resolved the issue across the near-entirety of the affected population, with “no financial or adoption-related ramifications.” Currently, 98% of affected patients have installed the new iOS remote software update, which the company began on March 18, says the analyst, who adds that “no recall is a positive event, but this seems minor in scale” and that “the issue seems to have been more-than-sufficiently addressed at this point.” Stifel maintains a Buy rating and $45 price target on Tandem shares.