Tandem Diabetes Care (TNDM) Q3 2026 Earnings Report
MX:TNDM Q3 2026 EPS Results
- Actual EPS
- -MXN 1.91
- Consensus EPS
- -MXN 4.59
- Beat/Miss
- Beat by +MXN 2.68
- One Year Ago EPS
- -MXN 5.86
MX:TNDM Q3 2026 Revenue Results
- Actual Revenue
- MXN 5.30B
- Expected Revenue
- MXN 4.98B
- Beat/Miss
- Beat by +MXN 321.82M
- YoY Revenue Growth
- +13.55%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- After Close
- Conference Call
- Thursday, November 5, 2026
Tandem Diabetes Care's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive, supported by record third-quarter revenue and pump shipments, improving U.S. customer starts, international growth, gross-margin expansion, positive adjusted EBITDA for the fifth consecutive quarter, reaffirmed 2026 guidance and progress across the Mobi Tubeless and fully closed-loop pipelines. The main cautions were slower-than-expected pharmacy adoption, related revenue headwinds extending into 2027, infusion-set supply constraints, direct-market transition costs and the unresolved C-peptide requirement for type 2 access.
For 2026, worldwide sales are expected to be in the range of $1.065 billion to $1.085 billion, including U.S. sales in the range of $730 million to $745 million and international sales in the range of $335 million to $340 million; gross margins are expected in the range of 56% to 57% and adjusted EBITDA margin of 5% to 6% of annual sales. In the fourth quarter, Tandem anticipates shipping approximately 15% to 20% of pumps and 8% to 10% of installed base supplies through pharmacy, representing nearly 15% of U.S. sales; for the year, PayGo pumps will be more like 10% to 12% and pharmacy as a percent of sales will probably average something more in the low teens, like also 10% to 12%. For 2027, a mid- to high-single digit increase year-over-year is a fair starting point, Mobi Tubeless is expected to reach full commercial availability in the first half of 2027, and direct operations are expected to expand to approximately half of the installed base by the end of next year.
- Record Third-Quarter Revenue and Pump ShipmentsWorldwide revenue grew 14% year-over-year to $284 million, while pump shipments increased 12% to approximately 33,000 pumps. Both sales and pump shipments reached third-quarter records.
- U.S. Sales and Customer Starts Returned to GrowthU.S. sales increased 9% year-over-year to $191 million, driven by increased pump demand, pharmacy pricing and pharmacy adoption. U.S. pump shipments increased 11% to nearly 23,000, and new customer starts returned to year-over-year growth in the quarter.
- Strong MDI Conversion and Renewal TrendsMDI conversions represented approximately 70% of new customers, MDI conversions grew nearly 10% in the quarter, and renewals grew at a double-digit rate.
- Pharmacy Access and Recurring Supply Economics ExpandedPharmacy sales reached 15% of U.S. sales after two full quarters under the PayGo reimbursement model. Approximately 50% of U.S. covered lives were on formulary, achieving the high end of the full-year target early. Net supply ASPs exceeded $350 per month and were averaging closer to $400, ahead of the $350 baseline expectation.
- International Revenue Reached a RecordInternational sales reached a record $93 million, increasing 26% year-over-year, or 27% in constant currency. International pump shipments were nearly 11,000, supported primarily by new product launches, strong execution in direct markets and supply orders deferred from the second quarter.
- Direct International Operations Gained MomentumDirect-market shipments increased 30% sequentially at meaningfully improved pricing. Direct channel sales represented approximately 18% of international revenue in the quarter and 14% year-to-date, keeping the company on track for its full-year expectation of 15%. Tandem launched direct operations in the U.K., Switzerland and Austria, remained on track to launch in France, and expects to serve more than 30% of its international installed base directly.
- Gross Margin and Operating Leverage ImprovedGross margin was 57%, improving nearly 3 percentage points year-over-year. Supply margins improved by more than 10 percentage points over the last two years, and operating margin improved by 8 percentage points. Adjusted EBITDA margin improved by 5 percentage points to 6% of sales, marking the fifth consecutive quarter of positive adjusted EBITDA.
- Disciplined Expense Management with Continued Strategic InvestmentOperating expenses increased only 4% year-over-year to $163 million while Tandem continued investing in strategic growth priorities. SG&A increased because of worldwide commercial investments, R&D was flat, and a $5 million decline in stock-based compensation expense largely offset those increases.
- Strong Cash and Investment PositionTandem ended the quarter with $443 million in cash and investments. Free cash flow included continued investment to rebuild infusion-set inventory to desired stocking levels and investment in capital equipment to support upcoming product launches.
- 2026 Financial Guidance ReaffirmedThe company maintained confidence in its 2026 guidance: worldwide sales of $1.065 billion to $1.085 billion, U.S. sales of $730 million to $745 million, international sales of $335 million to $340 million, gross margins of 56% to 57%, and adjusted EBITDA margin of 5% to 6% of annual sales.
- Mobi Tubeless Advanced Toward Commercial LaunchTandem Mobi Tubeless was described as being in the late stages of FDA review, with the company expecting approval in the fourth quarter. The product is designed to be the first and only tubeless AID system offering up to 7 days of wear, and Tandem is preparing for limited customer use followed by full commercial availability in the first half of 2027.
- Broader Mobi Tubeless and Infusion-Set PipelineTandem plans to add more Mobi Tubeless wear locations and insulin types through mechanisms discussed with the FDA. The company initiated a global launch of AutoSoft+, which is designed to improve ease of use with reliable one-hand insertion, and plans to expand it to additional geographies in early 2027. SteadiSet, an FDA-cleared proprietary infusion-set technology for wear up to 7 days, is planned to launch following Mobi Tubeless.
- Fully Closed-Loop AID Program ProgressedTandem is developing UVA's next-generation AIDANET algorithm into a fully closed-loop system for people with type 1 and type 2 diabetes. The company said it had high confidence in beginning a pivotal study in the fourth quarter, with more than 300 and potentially 400 participants, including adolescents. The study is expected to take 3 to 4 quarters, with enough data for an FDA submission by the end of 2027 and the product expected to reach the market in 2028.
- Planned CEO Succession and Leadership ContinuityJohn Sheridan plans to retire at the end of 2026, and Jeannette Bankes will become President and CEO on November 16. The Board cited her more than 30 years of global operating experience and record of scaling medical technology businesses, while management stated that the leadership team remains focused on Tandem's strategic priorities.
- Growing Global User Base and Market OpportunityTandem stated that 0.5 million people worldwide now benefit from its technology. Management said pump penetration could increase from approximately 40% currently to 65%, and that innovation and ease of use are expected to provide new growth opportunities in the market.
MX:TNDM Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | 2.28- | -0.17 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | -4.59-1.91 | -5.86 | 67.41% (+3.95) | |
| Aug 06, 2026 | 2026 (Q2) | -6.01-5.75 | -9.03 | 36.31% (+3.28) | |
| May 07, 2026 | 2026 (Q1) | -8.31-5.58 | -12.53 | 55.46% (+6.95) | |
| Feb 19, 2026 | 2025 (Q4) | -1.74-0.17 | 0.19 | -190.00% (-0.36) | |
| Nov 06, 2025 | 2025 (Q3) | -6.16-5.86 | -6.55 | 10.57% (+0.69) | |
| Aug 06, 2025 | 2025 (Q2) | -7.47-9.03 | -8.8 | -2.55% (-0.22) | |
| Apr 30, 2025 | 2025 (Q1) | -11.33-12.53 | -12.17 | -2.92% (-0.36) | |
| Feb 26, 2025 | 2024 (Q4) | ―0.19 | -8.61 | 102.17% (+8.80) | |
| Nov 06, 2024 | 2024 (Q3) | -7.55-6.55 | -9.55 | 31.37% (+3.00) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
