Washington, D.C. 20549

Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 3, 2022
Tandem Diabetes Care, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
of incorporation)
File Number)
(I.R.S. Employer
 Identification No.)
11075 Roselle Street92121
San Diego California
(Zip Code)
(Address of principal executive offices)
Registrant’s telephone number, including area code: (858366-6900
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.001 per shareTNDMNASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Item 2.02 Results of Operations and Financial Condition.

On August 3, 2022, we issued a press release reporting our financial results for the quarter ended June 30, 2022. This press release has been furnished as Exhibit 99.1 to this report and is incorporated herein by this reference.

The information under this Item 2.02 and Exhibit 99.1 hereto is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.
(d)     Exhibits.

104Cover Page Interactive Data File (embedded within the Inline XBRL document).


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Tandem Diabetes Care, Inc.
Shannon M. Hansen
Senior Vice President, General Counsel, Corporate Secretary & Chief Compliance Officer
Date: August 3, 2022
Exhibit 99.1
Media Contact:
Steve Sabicer

Investor Contact:
Susan Morrison


Tandem Diabetes Care Announces Second Quarter 2022 Financial Results
and Updated Full Year 2022 Financial Guidance

San Diego, August 3, 2022 - Tandem Diabetes Care, Inc. (NASDAQ: TNDM), a global insulin delivery and diabetes technology company, today reported its financial results for the quarter ended June 30, 2022 and updated its financial guidance for the year ending December 31, 2022.

Second Quarter 2022 Financial Highlights Compared to Second Quarter 2021:

Worldwide installed base increased 40 percent to more than 375,000 customers.
Sales in the United States increased 14 percent to $145.7 million.
Renewal pump sales increased 40 percent.
Sales through direct reimbursement channels increased to 35 percent of sales from 32 percent.
Sales outside the United States increased 23 percent to $54.6 million.
Cash, cash equivalents & short-term investments increased to $635.3 million.

Recent Strategic Highlights:

Launched the t:slim X2 insulin pump to bolus using the t:connect mobile app on iOS and Android operating systems in the United States.
Completed enrollment for the first feasibility study for people living with type 2 diabetes using Control-IQ.
Initiated a study to expand the insulin indications for the t:slim X2 with Control-IQ technology.
Established the commercial and operational framework to begin distribution through a European third-party logistics provider in support of sales outside the United States.
Acquired infusion set developer Capillary Biomedical.

“We demonstrated record sales in the second quarter, while navigating new and increasing economic headwinds,” said John Sheridan, president and chief executive officer. “The fundamentals of our business remain strong, and we are confident that we can achieve our long-term growth and profitability objectives by continuing to provide new innovations and best-in-class customer care.”

Second Quarter 2022 Financial Results Compared to Second Quarter 2021

Sales: Worldwide sales increased 16 percent to $200.3 million, which included sales outside the United States of $54.6 million. This is compared to worldwide sales of $172.1 million, which included sales of $44.6 million outside the United States.

Exhibit 99.1

Gross profit: Gross profit increased 10 percent to $101.9 million, compared to $92.5 million. Gross margin was 51 percent, compared to 54 percent.

Operating loss: Operating loss totaled $12.2 million, or negative 6 percent of sales, compared to operating income of $5.4 million, or 3 percent of sales. Adjusted EBITDA(1) was $11.4 million, compared to $23.8 million, or 6 percent and 14 percent of sales, respectively.

Net loss: Net loss was $15.1 million, compared to net income of $4.0 million.

See tables for additional financial information.

2022 Annual Guidance Update

For the year ending December 31, 2022, the Company is updating its financial guidance as follows:

Sales are estimated to be in the range of $835 million to $845 million, which represents an annual sales growth of 19 percent to 20 percent compared to 2021. The Company’s prior sales guidance for 2022 was estimated to be in the range of $850 million to $865 million.
Sales inside the United States of approximately $620 million to $625 million, compared to the prior guidance of $635 million to $645 million.
Sales outside the United States of approximately $215 million to $220 million.
Gross margin is estimated to be approximately 52 percent to 53 percent, compared to the prior guidance of 54 percent.
Adjusted EBITDA(1) is estimated to be approximately 11 percent of sales, compared to the prior guidance of 14 percent to 15 percent of sales.
Non-cash charges included in cost of goods sold and operating expenses are estimated to be approximately $100 million, an increase from the Company’s prior guidance. This includes:

Approximately $85 million non-cash, stock-based compensation expense, compared to the prior guidance of $80 million.
Approximately $15 million depreciation and amortization expense.
(1) See "Non-GAAP Financial Measures" below. EBITDA is a non-GAAP financial measure defined as net income (loss) excluding income taxes, interest and other non-operating items and depreciation and amortization. Adjusted EBITDA further adjusts for the change in fair value of common stock warrants and non-cash stock-based compensation expense. This definition of Adjusted EBITDA may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Adjusted EBITDA is a key measure used by the Company to evaluate operating performance, generate future operating plans and make strategic decisions for the allocation of capital. The Company presents Adjusted EBITDA to provide information that may assist investors in understanding its financial results. However, Adjusted EBITDA is not intended to be a substitute for net income (loss).


Exhibit 99.1
Non-GAAP Financial Measures

Certain non-GAAP financial measures are presented in this press release, including adjusted EBITDA(1), to provide information that may assist investors in understanding the Company’s financial results and assessing its prospects for future performance. We believe these non-GAAP financial measures are important indicators of our operating performance because they exclude items that are unrelated to, and may not be indicative of, our core operating results. These non-GAAP financial measures, as we calculate them, may not necessarily be comparable to similarly titled measures of other companies and may not be appropriate measures for comparing the performance of other companies relative to the Company. These non-GAAP financial results are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP. To the extent we utilize such non-GAAP financial measures in the future, we expect to calculate them using a consistent method from period to period. A reconciliation of each of the GAAP financial measures to the most directly comparable non-GAAP financial measures has been provided under the heading “Reconciliation of GAAP versus Non-GAAP Financial Results” in the financial statement tables attached to this press release. Consistent with SEC regulations, we have not provided a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in reliance on the “unreasonable efforts” exception set forth in the applicable regulations, because there is substantial uncertainty associated with predicting any future adjustments that we may make to our GAAP financial measures in calculating our non-GAAP financial measures.

Conference Call

The Company will hold a conference call and simultaneous webcast today at 4:30pm Eastern Time (1:30pm Pacific Time). The link to the webcast will be available by accessing the Events & Presentations tab in the Investor Center of the Tandem Diabetes Care website at, and will be archived for 30 days. To access the call by phone, please use this link (Registration Link) and you will be provided with dial-in details, including a personal pin.

About Tandem Diabetes Care, Inc.

Tandem Diabetes Care, Inc., a global insulin delivery and diabetes technology company based in San Diego, California, creates new possibilities for people living with diabetes, their loved ones, and healthcare providers through a positively different experience. The Company’s human-centered approach to design, development, and support delivers innovative products and services for people who use insulin. Tandem manufactures and sells the t:slim X2 insulin pump with Control-IQ technology. For more information, visit

Tandem Diabetes Care is a registered trademark and t:slim X2 and Control-IQ are trademarks of Tandem Diabetes Care, Inc.

Follow Tandem Diabetes Care on Twitter @tandemdiabetes; use #tslimX2 and $TNDM.
Follow Tandem Diabetes Care on Facebook at
Follow Tandem Diabetes Care on LinkedIn at


Exhibit 99.1
Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that concern matters that involve risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in the forward-looking statements. These forward-looking statements include statements regarding, among other things, the Company’s projected financial results. The Company’s actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties. For instance, the Company’s ability to achieve projected financial results will be impacted by market acceptance of the Company’s existing products and products under development by physicians and people with diabetes; the Company’s ability to establish and sustain operations to support international sales, including expansion into additional geographies; changes in reimbursement rates or insurance coverage for the Company’s products; the Company’s ability to meet increasing operational and infrastructure requirements from higher customer interest and a larger base of existing customers; the Company’s ability to complete the development and launch of new products when anticipated; the potential that newer products, or other technological breakthroughs for the monitoring, treatment or prevention of diabetes, may render the Company’s products obsolete or less desirable; the depth and duration of the evolving COVID-19 pandemic, and the global response thereto; reliance on third-party relationships, such as outsourcing and supplier arrangements; global economic conditions; and other risks identified in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents that the Company files with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Tandem undertakes no obligation to update or review any forward-looking statement in this press release because of new information, future events or other factors.

# # #


Exhibit 99.1
Table A
(in thousands)
June 30,December 31,
Current assets:
Cash, cash equivalents and short-term investments$635,331 $623,811 
Accounts receivable, net103,763 110,725 
Inventories88,098 68,551 
Other current assets7,852 8,433 
Total current assets835,044 811,520 
Property and equipment, net58,901 50,386 
Operating lease right-of-use assets126,672 27,503 
Other long-term assets15,958 15,728 
Total assets$1,036,575 $905,137 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable, accrued expenses and employee-related liabilities$93,700 $89,007 
Operating lease liabilities9,925 9,279 
Deferred revenue11,713 10,182 
Other current liabilities23,921 23,388 
Total current liabilities139,259 131,856 
Convertible senior notes, net - long-term282,345 281,467 
Operating lease liabilities - long-term129,802 23,922 
Deferred revenue - long-term18,343 16,940 
Other long-term liabilities17,242 17,840 
Total liabilities586,991 472,025 
Total stockholders’ equity449,584 433,112 
Total liabilities and stockholders’ equity$1,036,575 $905,137 

Exhibit 99.1
Table B
(in thousands, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
Sales$200,262 $172,139 $376,169 $313,176 
Cost of sales98,316 79,685 183,130 147,435 
Gross profit101,946 92,454 193,039 165,741 
Operating expenses:
Selling, general and administrative80,614 66,523 153,885 125,086 
Research and development33,571 20,499 66,731 38,460 
Total operating expenses114,185 87,022 220,616 163,546 
Operating income (loss)(12,239)5,432 (27,577)2,195 
Total other expense, net(711)(1,363)(1,812)(3,287)
Income (loss) before income taxes(12,950)4,069 (29,389)(1,092)
Income tax expense (benefit)2,106 61 382 (56)
Net income (loss)$(15,056)$4,008 $(29,771)$(1,036)
Net income (loss) per share, basic$(0.23)$0.06 $(0.47)$(0.02)
Net income (loss) per share, diluted$(0.24)$0.06 $(0.47)$(0.02)
Weighted average shares used to compute basic net income (loss) per share64,077 62,717 63,979 62,583 
Weighted average shares used to compute diluted net income (loss) per share64,078 65,663 63,980 62,583 


Exhibit 99.1

Table C
($'s in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
20222021% Change20222021% Change
United States:
Pump$81,656 $80,041 2%$155,153 $142,953 9%
Infusion sets43,910 32,134 37%83,651 59,526 41%
Cartridges19,703 15,082 31%37,380 27,847 34%
Other398 323 23%766 593 29%
Total Sales in the United States$145,667 $127,580 14%$276,950 $230,919 20%
Outside the United States:
Pump$25,798 $27,630 (7)%$48,130 $46,538 3%
Infusion sets20,295 12,165 67%35,294 24,899 42%
Cartridges8,366 4,660 80%15,543 10,609 47%
Other136 104 31%252 211 19%
Total Sales Outside the United States$54,595 $44,559 23%$99,219 $82,257 21%
Total Worldwide Sales$200,262 $172,139 16%$376,169 $313,176 20%

Table D
Three Months Ended June 30,
Six Months Ended June 30,
20222021% Change20222021% Change
Pumps Shipped:
United States20,818 20,665 1%39,476 37,309 6%
Outside the United States11,296 13,152 (14)%20,733 21,860 (5)%
Total Pumps Shipped32,11433,817(5)%60,20959,1692%


Exhibit 99.1

Reconciliation of GAAP versus Non-GAAP Financial Results (Unaudited)
Table E
(in thousands)Three Months Ended June 30,
Six Months Ended June 30,
GAAP net income (loss)$(15,056)$4,008 $(29,771)$(1,036)
Income tax expense (benefit)2,106 61 382 (56)
Interest income and other, net(769)(418)(1,150)(690)
Interest expense1,537 1,509 3,053 3,015 
Depreciation and amortization3,553 3,440 7,181 6,925 
EBITDA(8,629)8,600 (20,305)8,158 
Change in fair value of common stock warrants(57)272 (91)962 
Stock-based compensation expense20,131 14,977 38,241 27,924 
Adjusted EBITDA(1)
$11,445 $23,849 $17,845 $37,044