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# Tandem Diabetes Care Nears Operating Break-Even — But U.S. Pump Sales Fall 2%
- URL: https://www.bullished.co/tandem-diabetes-care-nears-operating-break-even-but-u-s-pump-sales-fall-2-5104e5a2/
- Published: 2026-11-06T14:41:56.000Z
- Updated: 2026-11-06T14:41:56.000Z
- Description: Worldwide sales rose 14% on both reported and currency-neutral bases, while Tandem kept its annual forecast unchanged.
- Author: Matteo Parrino
- Tags: SEC Filings, TNDM, Industry: Healthcare

[Tandem Diabetes Care](https://www.bullished.co/tag/tndm/), which designs and sells insulin pumps and related software, brought its third-quarter [operating loss down](https://www.businesswire.com/news/home/20261105913082/en/Tandem-Diabetes-Care-Announces-Third-Quarter-2026-Financial-Results?ref=bullished.co) to $2.4 million from $22.9 million a year earlier, according to Thursday’s [earnings release](https://www.sec.gov/Archives/edgar/data/0001438133/000143813326000143/tndm-20261105.htm?ref=bullished.co) accompanying its SEC filing. U.S. pump sales fell 2%, however, even as worldwide revenue grew 14% on both reported and currency-neutral bases to $283.7 million.

## Supplies Outgrow U.S. Pump Sales

Worldwide sales compared with [$249.3 million](https://www.businesswire.com/news/home/20261105913082/en/Tandem-Diabetes-Care-Announces-Third-Quarter-2026-Financial-Results?ref=bullished.co) in the year-earlier quarter. U.S. revenue reached $191.0 million, up 9% from $175.6 million on both reported and currency-neutral bases; international revenue reached $92.6 million from $73.6 million, growing 26% as reported and 27% excluding currency effects.

The domestic split was sharper: [supplies and other](https://www.sec.gov/Archives/edgar/data/0001438133/000143813326000143/ex991-q3earningsrelease2026.htm?ref=bullished.co) sales grew 19%, while pump revenue declined 2%. Internationally, pump sales grew 25% and supplies and other revenue rose 26%.

Tandem shipped approximately 33,000 pumps worldwide. U.S. shipments were nearly 23,000, compared with more than 20,000 a year earlier, and international shipments were nearly 11,000, versus more than 9,000.

TNDM shares plunged about 11% to $15.96 in Friday trading, as of 9:36 a.m. ET.

## Smaller Losses, Negative Free Cash Flow

Gross profit increased to $160.4 million from $134.3 million. Tandem retained 57% of revenue after product costs, compared with 54% a year earlier, while its operating loss represented 1% of sales versus 9%.

The net loss narrowed to $7.1 million from $21.2 million, and the loss per share fell to $0.10 from $0.31\. Adjusted earnings before interest, taxes, depreciation and amortization reached $18.0 million, or 6% of sales, compared with $2.8 million, or 1%.

That adjusted measure adds back costs including stock-based pay and depreciation. Quarterly free cash flow—operating cash flow less capital spending—was negative $5.506 million, compared with positive $4.172 million a year earlier.

## Pharmacies And International Access Expand

Tandem’s t:slim X2 and Tandem Mobi pumps pair with continuous glucose sensors and its Control-IQ+ algorithm to adjust insulin dosing automatically. The company also sells disposable cartridges and infusion sets, making supplies a separate revenue stream from pump sales.

Pharmacies generated 15% of U.S. revenue through Tandem’s pay-as-you-go reimbursement model. Pharmacy coverage reached approximately 50% of U.S. lives. Tandem announced Mobi availability in 12 countries and expanded t:slim X2 compatibility with Abbott’s FreeStyle Libre 3 Plus Sensor to 11 international markets.

“We are expanding access to Tandem’s life-changing technology,” said John Sheridan, Tandem’s president and chief executive officer, in the [earnings statement](https://www.sec.gov/Archives/edgar/data/0001438133/000143813326000143/ex991-q3earningsrelease2026.htm?ref=bullished.co).

Tandem reaffirmed its 2026 sales outlook of approximately $1.065 billion to $1.085 billion. The forecast includes approximately $730 million to $745 million in U.S. sales and $335 million to $340 million internationally.

Management also maintained its forecast to retain approximately 56% to 57% of sales after product costs, with an adjusted earnings-before-interest-taxes-depreciation-and-amortization margin of approximately 5% to 6%. Expected non-cash costs total approximately $85 million, including approximately $65 million in stock-based pay and $20 million in depreciation and amortization.

Tandem’s quarter ended close to operating break-even, but its annual sales and margin targets stayed unchanged.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — TANDEM DIABETES CARE INC (TNDM)](https://www.sec.gov/Archives/edgar/data/0001438133/000143813326000143/tndm-20261105.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ex991-q3earningsrelease2026.htm — TANDEM DIABETES CARE INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001438133/000143813326000143/ex991-q3earningsrelease2026.htm?ref=bullished.co) — SEC EDGAR
- [Tandem Diabetes Care Announces Third Quarter 2026 Financial Results](https://www.businesswire.com/news/home/20261105913082/en/Tandem-Diabetes-Care-Announces-Third-Quarter-2026-Financial-Results?ref=bullished.co) — businesswire.com

### More on Tandem Diabetes Care

- [Tandem Diabetes CFO Tells Analysts To 'Recalibrate' 2027 Models As Pharmacy Rollout Lags](https://www.bullished.co/tandem-diabetes-cfo-tells-analysts-to-recalibrate-2027-models-as-pharmacy-rollout-lags-1d39b22f/)

[All Tandem Diabetes Care (TNDM) coverage →](https://www.bullished.co/tag/tndm/)