Tandem Diabetes Care (TNDM) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with worldwide sales of $254.6–$255 million, up 6% year-over-year, and over 33,000 pump shipments globally, including 22,000 in the U.S.

• U.S. sales reached $179.3 million, with strong new start trends and PayGo pharmacy model adoption now at 10% of sales; international sales were $75.3 million, with direct channel sales more than doubling year-over-year.

• Gross margin improved to 57%, up 5 percentage points year-over-year, marking the second highest in company history.

• Advanced strategic priorities: FDA submissions and clearances for new products, expanded product compatibility, and international rollout of Tandem Mobi.

• Net loss for Q2 2026 was $21.2 million, a significant improvement from $52.4 million in Q2 2025, due to lower operating expenses and absence of prior year one-time charges.

Financial highlights

• Q2 2026 worldwide sales totaled $254.6–$255 million, up 5.8–6% year-over-year; U.S. sales were $179.3 million, international sales $75.3 million.

• Gross margin reached 57%, up from 52% in Q2 2025; gross profit for Q2 2026 was $144.8 million.

• Adjusted EBITDA margin improved to 3% of sales, positive for the fourth consecutive quarter.

• Operating expenses were $158.6–$159 million, flat or down year-over-year due to absence of prior year charges.

• Ended Q2 with $456 million in cash and investments.

Outlook and guidance

• 2026 sales guidance reaffirmed at $1.065–$1.085 billion; U.S. $730–$745 million; international $335–$340 million.

• Gross margin expected at 56–57% for the year; adjusted EBITDA margin 5–6%.

• Q3 sales expected at $265 million (U.S. $180 million, international $85 million), with gross margin ~56% and adjusted EBITDA margin ~2%.

• Highest margins anticipated in Q4, driven by increased pharmacy supply orders and seasonality.

• Non-cash charges for 2026 reduced to $85 million, including $65 million in stock-based compensation.