0001438133-24-000201 | 10-Q | XBRL Viewer

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders’ Equity

Shares Reserved for Future Issuance

The following shares of the Company's common stock were reserved for future issuance at September 30, 2024 (in thousands):


Shares reserved for issuance upon conversion of Convertible Senior Notes			9,513
Shares underlying outstanding warrants			194
Shares underlying outstanding stock options			3,583
Shares underlying unvested restricted stock units			4,020
Shares authorized for issuance pursuant to awards granted under the ESPP			3,052
Shares authorized for future equity award grants			1,879
Total			22,241

Common Stock Warrants

Warrants outstanding to purchase shares of the Company's common stock as of September 30, 2024 were as follows:

Issue Date

Exercise Price Per Share

Warrants Outstanding

Expiration Date of Warrants Outstanding

March 2017

$23.50

193,788

March 2027

Each warrant allows the holder to purchase one share of common stock at the per share exercise price of the warrant.

Stock Incentive Plans

In May 2023, the Company’s stockholders approved the 2023 Long-Term Incentive Plan (2023 Plan), under which 2,602,184 shares of common stock were initially reserved for issuance. Under the 2023 Plan, the Company may grant stock options, stock appreciation rights, restricted stock and restricted stock units to individuals who are then employees, officers, directors or consultants of the Company. The 2023 Plan replaced the Company’s Amended and Restated 2013 Stock Incentive Plan (2013 Plan), and no further equity awards will be granted under the 2013 Plan. In May 2024, the Company’s stockholders approved the 2023 Long-Term Incentive Plan, as amended, to increase the number of shares authorized for issuance under the plan by 3,000,000 shares.

Stock-Based Compensation

The following table summarizes the allocation of stock-based compensation expense included in the condensed consolidated statements of operations for all stock-based compensation arrangements (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of sales	$	1,675	$	1,812	$	5,506	$	5,154
Selling, general and administrative	16,395		12,466		45,200		41,448
Research and development	8,211		6,463		22,511		18,733
Total stock-based compensation expense	$	26,281	$	20,741	$	73,217	$	65,335

The total stock-based compensation expense capitalized as part of the cost of the Company’s inventories was $1.8 million at September 30, 2024, and $2.0 million at December 31, 2023.

Restricted Stock Units

Restricted stock units (RSUs) have a grant value equal to the closing price of the Company’s common stock on the award date.

The total number of RSUs granted and the respective weighted average grant date fair value were as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
RSUs granted	140,806		208,082		2,193,104		1,997,907
Weighted average grant date fair value (per share)	$	45.66	$	29.19	$	45.29	$	28.94

Employee Stock Purchase Plan

In May 2024, the Company's stockholders approved the 2013 Employee Stock Purchase Plan, as amended, to increase the number of shares authorized for issuance under the plan by 3,000,000 shares. The Company records stock-based compensation expense associated with the ESPP using the Black-Scholes option pricing model. Valuations are performed on the grant date at the beginning of the purchase period, which generally occurs in May and November of each year. The assumptions used in the Black-Scholes option pricing model for the ESPP were as follows:


	Nine Months Ended September 30,
		2024			2023
Weighted average grant date fair value (per share)		$	21.45		$	12.52
Risk-free interest rate		5.1		%	4.7		%
Dividend yield		0.0		%	0.0		%
Expected volatility		70.2		%	60.9		%
Expected term (in years)		1.3			1.3

- Definition

The entire disclosure for equity.

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+ Details

Composition of Certain Financial Statement Items (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable

Accounts receivable, net consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):


	September 30,		December 31,
	2024		2023

Accounts receivable	$	113,249	$	110,453
Less: allowance for credit losses	(6,061)		(4,898)
Accounts receivable, net	$	107,188	$	105,555

Schedule of Reconciliation of Changes in the Allowance for Estimated Accounts Receivable Credit Losses

The following table provides a reconciliation of the changes in the allowance for estimated accounts receivable credit losses for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Balance at beginning of the period	$	5,225	$	4,842	$	4,898	$	4,327
Provision for expected credit losses	3,579		1,308		7,302		4,066
Write-offs and adjustments, net of recoveries	(2,743)		(795)		(6,139)		(3,038)
Balance at end of the period	$	6,061	$	5,355	$	6,061	$	5,355

Schedule of Inventories

Inventories consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):


	September 30,		December 31,
	2024		2023

Raw materials	$	35,933	$	42,783
Work-in-process	35,829		44,026
Finished goods	80,679		71,128
Total inventories	$	152,441	$	157,937

Stockholders' Equity - Allocation of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 26,281	$ 20,741	$ 73,217	$ 65,335
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,675	1,812	5,506	5,154
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	16,395	12,466	45,200	41,448
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 8,211	$ 6,463	$ 22,511	$ 18,733

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Business Segment and Geographic Information - Geographical Markets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Sales	$ 243,971	$ 185,622	$ 657,555	$ 550,922
United States
Disaggregation of Revenue [Line Items]
Total Sales	171,650	130,222	458,122	403,964
Outside the United States
Disaggregation of Revenue [Line Items]
Total Sales	$ 72,321	$ 55,400	$ 199,433	$ 146,958

- Definition

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+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net loss	$ (96,780)	$ (192,609)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense	12,362	11,684
Amortization of debt issuance costs	1,587	1,711
Provision for expected credit losses	7,302	4,066
Operating lease termination and other impairment charges	2,000	14,099
Accretion (amortization) of discount or premium on short-term investments	(595)	3,177
Stock-based compensation expense	73,217	65,335
Loss on extinguishment of debt	1,268	0
Acquired in-process research and development expenses	0	78,750
Other	1,610	(1,437)
Changes in operating assets and liabilities:
Accounts receivable, net	(8,712)	9,872
Inventories	5,215	(32,714)
Prepaid and other current assets	(3,427)	(7,296)
Other long-term assets	440	(1,216)
Accounts payable and accrued expenses	(952)	(4,574)
Employee-related liabilities	15,300	5,571
Deferred revenue	(3,589)	10,042
Operating leases and other current liabilities	6,898	10,745
Other long-term liabilities	364	200
Net cash used in operating activities	13,508	(24,594)
Investing Activities
Purchases of short-term investments	(251,361)	(391,025)
Proceeds from maturities and redemptions of short-term investments	239,031	415,485
Purchases of property and equipment	(16,162)	(21,605)
Acquisitions, including in-process research and development, net of cash acquired	0	(69,496)
Purchases of intangible assets and strategic investments	0	(2,515)
Net cash used in investing activities	(28,492)	(69,156)
Financing Activities
Proceeds from issuance of convertible senior notes due 2029, net of $9,400 debt issuance costs	306,850	0
Repurchase of $246,740 principal amount of convertible senior notes due 2025	(246,123)	0
Payment for capped call transactions related to convertible senior notes due 2029	(15,813)	0
Repurchase and retirement of common stock	(30,000)
Proceeds from issuance of common stock under Company stock plans, net of cash used to settle withholding taxes on vested restricted stock	(9,032)	1,567
Other financing activities	183	(71)
Net cash provided by (used in) financing activities	6,065	1,496
Effect of foreign exchange rate changes on cash	(910)	(652)
Net increase (decrease) in cash and cash equivalents	(9,829)	(92,906)
Cash and cash equivalents at beginning of period	58,868	172,517
Cash and cash equivalents at end of period	49,039	79,611
Supplemental disclosures of cash flow information
Income taxes paid	1,298	1,771
Supplemental schedule of non-cash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease obligations	4,659	0
Purchases of property and equipment included in accounts payable	$ 2,641	$ 3,224

Organization and Basis of Presentation (Policies)	9 Months Ended
Organization and Basis of Presentation (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	The Company Tandem Diabetes Care, Inc. is a medical device company focused on the design, development and commercialization of technology solutions for people living with diabetes. Tandem Diabetes Care, Inc. is incorporated in the state of Delaware. Unless the context requires otherwise, the terms the “Company” or “Tandem” refer to Tandem Diabetes Care, Inc., together with its wholly-owned subsidiaries. The Company manufactures, sells, and supports insulin pump products that are designed to address the evolving needs and preferences of differentiated segments of the insulin-dependent diabetes market. The Company recently expanded its insulin pump portfolio, which now includes both the t:slim X2 and the Tandem Mobi. Both pumps feature Control-IQ technology, which is the Company’s advanced algorithm for managing insulin delivery, using information received from integrated continuous glucose monitoring (CGM) sensors. New software for the insulin pumps may be updated remotely by the individual users as new advancements become available and are compatible with other complementary digital health offerings, such as the mobile application and cloud-based diabetes management applications. The Company’s insulin pump systems products are generally considered durable medical equipment and have an expected lifespan of at least four years. In addition to insulin pumps, the Company sells single-use components that are used together with the pumps and are replaced every few days, including cartridges for storing and delivering insulin, and infusion sets that connect the insulin pump to a user’s body.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments which are of a normal and recurring nature and considered necessary for a fair presentation of the financial information contained herein, have been included. Interim financial results are not necessarily indicative of results anticipated for the full year or any other period(s). These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (Annual Report), from which the consolidated balance sheet presented as of December 31, 2023 herein was derived. The condensed consolidated financial statements include the accounts of Tandem Diabetes Care, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The functional currency of the Company’s foreign subsidiaries is their respective local currency. The Company translates the financial statements of its foreign subsidiaries into U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for each period for revenue, costs and expenses. Translation related adjustments are included in other comprehensive income (loss) in the condensed consolidated statements of operations, and in accumulated other comprehensive income (loss) in the stockholders’ equity section of the Company’s condensed consolidated balance sheets. Foreign exchange gains or losses resulting from balances denominated in a currency other than the functional currency are recognized in interest income and other, net in the Company’s condensed consolidated statements of operations.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes as of the date of the condensed consolidated financial statements. Some of those judgments can be subjective and complex, and therefore, actual results could differ materially from those estimates under different assumptions or conditions.
Accounts Receivable	Accounts Receivable The Company grants credit to various customers in the ordinary course of business and is paid directly by customers who use its products, distributors and third-party insurance payors. The Company maintains an allowance for its current estimate of expected credit losses. Provisions for expected credit losses are estimated based on historical experience, assessment of specific customer-related risks, review of outstanding invoices, forecasts about the future, and various other assumptions and estimates that are believed to be reasonable under the circumstances, including changes to credit risks as a result of recessionary concerns, changes in discretionary spending, increased interest rates, and other macroeconomic factors. Uncollectible accounts are written off against the allowance after appropriate collection efforts have been exhausted and when it is deemed that a balance is uncollectible.
Operating Lease Right-of-Use Assets and Liabilities	Operating Lease Right-of-Use Assets and Liabilities Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized when the Company takes possession of the leased property (Commencement Date) based on the present value of lease payments over the lease term. For lease agreements that contain lease and non-lease components, the Company accounts for both of those components as a single lease component. Rent expense on noncancelable leases containing known future scheduled rent increases is recorded on a straight-line basis over the term of the respective leases beginning on the Commencement Date. The difference between rent expense and rent paid is accounted for as a component of operating lease right-of-use assets on the Company’s condensed consolidated balance sheets. Landlord improvement allowances and other similar lease incentives are recorded as a reduction of the right-of-use leased assets, and are amortized on a straight-line basis as a reduction to operating lease costs.
Intangible Assets Subject to Amortization	Intangible Assets Subject to Amortization Finite-lived intangible assets are recorded at cost, net of accumulated amortization and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recognized over their estimated useful lives on a straight-line basis. The Company did not recognize any intangible asset impairment losses during the three and nine months ended September 30, 2024 and 2023.
Strategic Investments	Strategic Investments The Company held equity investments totaling $30.4 million and $10.1 million in private companies at September 30, 2024 and December 31, 2023, respectively. The investments were included as a component of other long-term assets on the condensed consolidated balance sheets at September 30, 2024 and December 31, 2023. The investments were carried at cost minus impairment, if any, adjusted for changes in observable prices. The Company monitors these investments to evaluate whether any increase or decline in its value has occurred, based on the implied value of recent company financings, public market prices of comparable companies and general market conditions. In November 2024, the Company signed an investment agreement with one of its private company investees. Per the agreement, the Company will invest an additional $46.4 million. The investment is expected to close in the fourth quarter of 2024, and represent a cumulative investment of more than 20% of the private company’s outstanding equity. The investment will be recorded using the equity method and will be included in long-term assets on the Company’s consolidated balance sheet. The Company did not record any impairment charges related to its strategic investments in the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company recorded an impairment charge of $2.0 million related to one of its investments in a private company. The Company did not record any impairment charges related to its strategic investments in the three and nine months ended September 30, 2023. Approximately $22.2 million of the total strategic investments balance was previously held in the form of subordinated convertible notes of one private investee company. The subordinated notes were converted into equity of the private company at final maturity, which occurred in June 2024. As a result of the note conversion, the Company received shares of the private investee company. As of September 30, 2024, and December 31, 2023, each of the Company’s equity investments in private companies represented less than 15% of the outstanding equity of the respective private company.
Revenue Recognition	Revenue Recognition Revenue is generated primarily from sales of insulin pumps, single-use insulin cartridges and infusion sets to individual customers with third-party insurance coverage and through a network of distributors that resell the products to insulin-dependent diabetes customers. The Company recognizes revenue when it transfers control of the promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services, net of estimated rebates and returns. Revenue Recognition for Arrangements with Multiple Performance Obligations The Company considers the individual deliverables in its product offerings to be separate performance obligations. The transaction price is determined based on the consideration expected to be received, based either on the stated value in contractual arrangements or the estimated cash to be collected in non-contracted arrangements. The Company allocates the consideration to the individual performance obligations and recognizes the consideration based on when the performance obligation is satisfied, considering whether or not this occurs at a point in time or over time. Generally, insulin pumps, cartridges, infusion sets, and accessories are deemed performance obligations that are satisfied at a point in time when the customer obtains control of the promised good, which typically is upon shipment for our distributor arrangements and upon receipt for sales directly to individual customers. Complementary products, such as the Company’s data management and software update platforms, are considered distinct performance obligations that are satisfied over time, as access and support for these products is provided throughout the typical four-year warranty period of the insulin pumps. Accordingly, revenue related to the complementary products is deferred and recognized over a four-year period. Where there is no standalone value for the complementary product, the Company determines its value by applying the expected cost plus a margin approach and then allocates the residual to the insulin pumps. Revenue Recognition for Tandem Choice Program In September 2022, the Company launched a new technology access program referred to as Tandem Choice, that provides eligible, in-warranty t:slim X2 customers in the United States with the flexibility to obtain the newest hardware platform, Tandem Mobi, when commercially available. Participating customers have the right to purchase the alternative Tandem pump for a fee, referred to as a choice right. The program was determined to create a material right for which a portion of each t:slim X2 pump transaction price was allocated and deferred. The Company determined that the ability for a customer to upgrade to a new technology represents a material right because the pricing inherent in such option provides the customer with a discount that is incremental to the range of discounts that would otherwise be granted for the related goods and services to comparable customers. The standalone selling price for the choice right was estimated based on the adjusted market assessment approach and contemplated the likelihood that the respective option will be exercised. The Company began selling Tandem Mobi insulin pumps in the first quarter of 2024 and eligibility for the Tandem Choice program ended in February 2024. Consequently, the Company ceased to allocate and defer a portion of the transaction price for the material right for pumps sold after that date. Eligible customers who purchased a t:slim X2 insulin pump during the program period will have until December 31, 2024 to exercise the option to switch to the Tandem Mobi for a stated fee. The Company will recognize the deferred sales when the obligations under the Tandem Choice program are satisfied. If a customer elects to participate in the program, the Company will recognize upgrade fees received, and the associated cost of goods sold at the time of fulfilling the obligation. Any remaining deferrals will be recognized at program expiration on December 31, 2024, provided all obligations under the Tandem Choice program are satisfied. For the nine months ended September 30, 2024, the net effect of Tandem Choice deferrals and fulfillments was negligible. Sales Rebates The Company is subject to certain rebates on pricing programs with managed care organizations, such as governmental and third-party commercial payors. The Company estimates provisions for rebates based on contractual arrangements, estimates of products sold subject to rebate, known events or trends and channel inventory data. Estimated sales rebates included in other long-term liabilities have an estimated payment due date beyond twelve months from the balance sheet date. Accordingly, actual rebates paid may differ from estimated amounts recorded in the accompanying condensed consolidated financial statements.
Warranty Reserve	Warranty Reserve The Company generally provides a four-year warranty on its insulin pumps to end-user customers and may replace any pumps that do not function as intended in accordance with the product specifications within the warranty period. Additionally, the Company offers a six-month warranty on single-use insulin cartridges and infusion sets. Estimated warranty costs are recorded at the time of shipment, and the Company reevaluates the estimate of the warranty reserve obligation at each reporting period. Warranty costs are estimated primarily based on the current expected product replacement cost and expected replacement rates using historical experience. Insulin pumps returned to the Company may be refurbished and redeployed. Experience has shown that initial data for any given pump version or pump platform may be insufficient. Therefore, the Company’s process relies on long-term historical averages of existing platforms until sufficient data are available. As actual experience becomes available, the Company uses the data to update the historical averages. The Company may make further adjustments to the warranty reserve when deemed appropriate, giving additional consideration to revised future expectations of performance based on enhanced hardware components, or new features and capabilities that may become available through Tandem Device Updater. Warranty expense is recorded as a component of cost of sales in the condensed consolidated statements of operations.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the estimated fair value of the award, and the portion that is ultimately expected to vest is recognized as compensation expense over the requisite service period on a straight-line basis. The Company estimates the fair value of stock options issued under the Company’s stock incentive plans, and the fair value of the employees’ purchase rights under the Company’s Employee Stock Purchase Plan (ESPP) using the Black-Scholes option pricing model on the date of grant. The Black-Scholes option pricing model requires the use of assumptions about a number of variables, including stock price volatility, expected term, dividend yield and risk-free interest rate (see Note 8, “Stockholders’ Equity”). The fair value of restricted stock unit (RSU) awards issued under the Company’s stock incentive plans that vest solely based on service, is estimated based on the fair market value of the underlying stock on the date of grant. The fair value of RSU awards that vest based upon the Company’s actual performance relative to predefined performance metrics and the awardee’s continuing service through the measurement date is generally estimated based on the fair market value of the underlying stock on the date of grant and the probability that the specified performance criteria will be met. At each reporting period, the Company reassesses the probability of the achievement of such performance metrics. Any expense change resulting from an adjustment in the estimated shares to be released is recorded in the period of adjustment.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing the net income or loss by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net income (loss) per share reflects the potential dilution that would occur if securities exercisable for or convertible into common stock were exercised for or converted into common stock. Dilutive common share equivalents are comprised of stock options and unvested RSUs outstanding under the Company’s stock incentive plans, potential awards to be granted pursuant to the ESPP, and common stock warrants, each calculated using the treasury stock method, and shares issuable upon conversion of the convertible senior notes calculated using the if-converted method.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 to improve the information that a public entity discloses about reportable segments and to address investor requests for more information about reportable segment expenses. The pronouncement requires a public entity to report a measure of segment profit or loss that the chief operating decision maker (CODM) uses to assess segment performance and make decisions about allocating resources. ASU 2023-07 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively. The Company is currently evaluating the effect of adoption of ASU 2023-07 on the Company’s consolidated financial statements or disclosures.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and employee-related liabilities are reasonable estimates of their fair values because of the short-term nature of these assets and liabilities. Short-term investments are carried at fair value.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company is organized based on its current product portfolio, which consists primarily of insulin pumps, single-use insulin cartridges and infusion sets for the storage and delivery of insulin. The Company views its operations and manages its business as one segment and a single reporting unit because key operating decisions and resource allocations are made by the CODM using consolidated financial data.

Stockholders' Equity - Restricted Stock Units (RSUs) (Details) - Restricted Stock Units (RSUs) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
RSU granted (in shares)	140,806	208,082	2,193,104	1,997,907
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value (in dollars per share)	$ 45.66	$ 29.19	$ 45.29	$ 28.94

Summary of Significant Accounting Policies - Anti-Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	14,744	5,986	11,223	4,974
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	781	135	125	135
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3,964	2,930	2,995	2,011
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	194	194	194	194
Awards granted under the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	292	173	147	80
Convertible senior notes (if-converted)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	9,513	2,554	7,762	2,554

Business Segment and Geographic Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business Segment and Geographic Information

Segment Reporting

Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company is organized based on its current product portfolio, which consists primarily of insulin pumps, single-use insulin cartridges and infusion sets for the storage and delivery of insulin. The Company views its operations and manages its business as one segment and a single reporting unit because key operating decisions and resource allocations are made by the CODM using consolidated financial data.

Disaggregation of Revenue

The Company primarily sells its products through national and regional distributors in the United States on a non-exclusive basis, and through distribution partners outside the United States. In the United States and Canada, the Company also uses a direct sales force. The Company disaggregates its revenue by geography, major sales channel and product as management believes these categories best depict how the nature, amount and timing of revenues and cash flows are affected by economic factors.

Revenues by Geographic Region and Customer Sales Channel

During the three and nine months ended September 30, 2024 and 2023, no individual country outside the United States generated revenue that represented more than 10% of total revenue. The table below sets forth revenues for the Company’s two primary geographical markets, based on the geographic location to which its products are shipped (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
United States	$	171,650	$	130,222	$	458,122	$	403,964
Outside the United States	72,321		55,400		199,433		146,958
Total Sales	$	243,971	$	185,622	$	657,555	$	550,922

Sales to distributors accounted for 61% and 62% of the Company’s United States sales for the three and nine months ended September 30, 2024, respectively, and 64% and 64% of the Company’s United States sales for the three and nine months ended September 30, 2023, respectively. Sales to distributors accounted for the vast majority of the Company’s sales outside the United States for the three and nine-month periods ended September 30, 2024 and 2023.

Revenues by Product

During the three and nine months ended September 30, 2024 and 2023, sales by product were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Pump	$	114,799	$	88,037	$	309,961	$	274,415



Supplies and other	128,133		105,821		347,547		289,075
Net revenue recognized (deferred) for Tandem Choice program	1,039		(8,236)		47		(12,568)
Total Sales	$	243,971	$	185,622	657,555		550,922

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Fair Value Measurements - Estimated the Fair Value (Details) - Level 2 - Convertible Senior Notes - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Convertible Senior Notes due 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible senior notes, fair value	$ 39,130	$ 271,688
Convertible Senior Notes due 2029
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible senior notes, fair value	458,043
Convertible Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible senior notes, fair value	$ 497,173	$ 271,688

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Convertible Senior Notes Due 2029

On March 8, 2024, the Company completed an offering of $316.3 million aggregate principal amount of 1.50% Convertible Senior Notes due 2029 (the 2029 Notes). The proceeds from the issuance of the 2029 Notes were $306.8 million, net of debt issuance costs. The Company used approximately $246.1 million of the net proceeds to repurchase approximately $246.7 million in aggregate principal amount of its Convertible Senior Notes Due 2025 (the 2025 Notes) concurrently with the pricing of the 2029 Notes in privately negotiated transactions.

The Company also paid $1.3 million of accrued interest due at time of the note repurchase. As a result of the repurchase, the Company recognized a $1.3 million loss on extinguishment of debt in the condensed consolidated statement of operations for the nine months ended September 30, 2024. The loss on extinguishment of debt included the unamortized debt issuance costs related to the portion of the 2025 Notes repurchased.

The Company used $30.0 million of the net proceeds to repurchase shares of the Company’s common stock from certain purchasers of the 2029 Notes at a purchase price equal to the last reported sale price per share of the Company’s common stock on March 5, 2024, which was $27.105 per share. In addition, the Company used $15.8 million of the net proceeds to pay the cost of the capped call transactions (2029 Capped Call Transactions) discussed below.

The 2029 Notes are the Company’s senior unsecured obligations. Interest is payable in cash semi-annually in arrears on March 15 and September 15 of each year beginning on September 15, 2024, at a rate of 1.50% per year. The 2029 Notes mature on March 15, 2029 unless repurchased, redeemed, or converted in accordance with their terms prior to the maturity date.

The initial conversion rate for the 2029 Notes is 28.9361 shares of common stock per $1,000 principal amount of the 2029 Notes, which is equivalent to an initial conversion price of approximately $34.56 per share of the Company’s common stock (2029 Notes Conversion Price). The conversion rate is subject to customary adjustments for certain events as described in the indenture governing the 2029 Notes.

The Company may not redeem the 2029 Notes before March 22, 2027. The Company has the option to redeem for cash all or any portion of the 2029 Notes on or after March 22, 2027 if the last reported sale price of the Company’s common stock has been at least 130% of the 2029 Notes Conversion Price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period, at a redemption price equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest. No sinking fund is provided for the 2029 Notes.

Holders of the 2029 Notes may convert all or a portion of their 2029 Notes at their option before December 15, 2028, in multiples of $1,000 principal amounts, only under the following circumstances:

•during any calendar quarter commencing after the quarter ending on June 30, 2024 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the 2029 Notes Conversion Price on each applicable trading day;

•during the five business day period after any ten consecutive trading day period (the measurement period) in which the trading price per $1,000 principal amount of the 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate of the 2029 Notes on such trading day;

•if the Company calls such 2029 Notes for redemption, at any time before the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the 2029 Notes called (or deemed called) for redemption; or

•on the occurrence of specified corporate events.

On or after December 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2029 Notes, in integral multiples of $1,000 principal amount, at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the indenture governing the 2029 Notes.

Convertible Senior Notes Due 2025

In May 2020, the Company completed an offering of $287.5 million aggregate principal amount of 1.50% Convertible Senior Notes due 2025 (the 2025 Notes). The proceeds from the issuance of the Notes were $244.6 million, net of debt issuance costs and cash used to pay the cost of the capped call transactions (Capped Call Transactions) discussed below.

In March 2024, the Company repurchased for cash $246.7 million in aggregate principal amount of the 2025 Notes, concurrently with the pricing of the 2029 Notes in privately negotiated transactions.

The 2025 Notes are the Company’s senior unsecured obligations. Interest is payable in cash semi-annually in arrears beginning on November 1, 2020 at a rate of 1.50% per year. The 2025 Notes mature on May 1, 2025 unless repurchased, redeemed, or converted in accordance with their terms before the maturity date. As of September 30, 2024 the outstanding balance of the 2025 Notes was classified in current liabilities on the Company’s condensed consolidated balance sheets.

The 2025 Notes are convertible into cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at the Company’s election, at an initial conversion rate of 8.8836 shares of common stock per $1,000 principal amount of the 2025 Notes, which is equivalent to an initial conversion price of $112.57 (2025 Notes Conversion Price) per share of the Company’s common stock. The conversion rate is subject to customary adjustments for certain events as described in the indenture governing the 2025 Notes.

The Company has the option to redeem for cash all or any portion of the 2025 Notes on or after May 6, 2023 if the last reported sale price of the Company’s common stock has been at least 130% of the 2025 Notes Conversion Price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period, at a redemption price equal to 100% of the principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest. No sinking fund is provided for the 2025 Notes.

Holders of the 2025 Notes had the right to convert all or a portion of their 2025 Notes at their option before November 1, 2024, in multiples of $1,000 principal amounts, under certain circumstances outlined in the offering agreement.

On or after November 1, 2024, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the indenture governing the 2025 Notes.

Holders of the 2025 Notes who convert in connection with a make-whole fundamental change or in connection with a redemption are entitled to an increase in the conversion rate. Additionally, in the event of a fundamental change, holders of the 2025 Notes may require us to repurchase all or a portion of the 2025 Notes at a price equal to 100% of the principal amount of the Notes, plus any accrued and unpaid interest.

The net carrying amount of the Company’s convertible senior notes on the condensed consolidated balance sheets consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Principal amount:
Convertible Senior Notes Due 2025	$	40,760	$	287,500
Convertible Senior Notes Due 2029	316,250		*
Total principal amount	357,010		287,500
Unamortized debt issuance costs	(8,576)		(2,465)
Total debt, net	$	348,434	$	285,035
Less: current portion	(40,605)		—
Long-term senior convertible notes	$	307,829	$	285,035

* Not applicable as no notes were outstanding at this date.

As of September 30, 2024 and December 31, 2023, the if-converted value of the 2025 Notes did not exceed the principal amount. As of September 30, 2024, the if-converted value of the 2029 Notes exceeded the principal amount by $71.8 million.

In October 2023, the Company was notified that additional interest beyond the 1.50% per annum had been accruing on the 2025 Notes since May 2021, under the terms of the indenture. This additional interest accrued at a rate of 0.50% per annum on the outstanding principal amount of the Notes, and as of September 30, 2023 amounted to about $3.1 million in the aggregate. The additional accrued interest was fully paid in November 2023.

The following table summarizes the effective interest rates for each of our convertible senior notes for the periods shown:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Effective interest rate:
Convertible Senior Notes Due 2025	2.1	%	2.2	%	2.1	%	2.2	%
Convertible Senior Notes Due 2029	2.1	%	*		2.1	%	*

* Not applicable as no notes were outstanding at this date.

The following table details interest expense related to the Notes recognized for the three and nine months ended September 30, 2024, and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Contractual interest expense(1)	$	1,339	$	4,138	$	3,823	$	6,368
Amortization of debt issuance costs	502		702		1,404		1,711

Total interest expense	$	1,841	$	4,840	$	5,227	$	8,079

(1) Contractual interest expense for the three and nine months ended September 30, 2023 includes $3.1 million of additional interest as discussed above.

2029 Capped Call Transactions

In connection with the issuance of the 2029 Notes, the Company entered into Capped Call Transactions in March 2024 with certain counterparties at a net cost of $15.8 million (2029 Capped Call Transactions). The 2029 Capped Call Transactions are expected generally to reduce potential dilution to the Common Stock upon any conversion of the 2029 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2029 Notes, as the case may be, with such reduction and/or offset subject to a cap based on a cap price initially equal to $42.0128 per share, and is subject to certain adjustments under the terms of the 2029 Capped Call Transactions.

2025 Capped Call Transactions

In connection with the issuance of the 2025 Notes, the Company entered into Capped Call Transactions in May 2020 with certain counterparties at a net cost of $34.1 million (2025 Capped Call Transactions). The 2025 Capped Call Transactions are expected generally to reduce potential dilution to the Common Stock upon any conversion of the 2025 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2025 Notes, as the case may be, with such reduction or offset subject to a cap. The cap price of the 2025 Capped Call Transactions is initially $173.18 per share of the Company’s common stock, and is subject to certain adjustments under the terms of the 2025 Capped Call Transactions.

In connection with the repurchase of certain 2025 Notes, the Company entered into unwind agreements with the existing option counterparties on March 5, 2024 to terminate a portion of the existing 2025 Capped Call Transactions in a notional amount corresponding to the amount of 2025 Notes repurchased (the Unwind Transactions). In connection with the Unwind Transactions, the Company received $0.2 million in cash as a termination payment in respect of the portion of the existing 2025 Capped Call Transactions that were unwound. The amount received was based generally on the termination values of the unwound portions of the existing 2025 Capped Call Transactions.

For accounting purposes, each of the capped call transactions described above are separate transactions, and not part of the terms of the 2029 Notes or the 2025 Notes. As these transactions met certain criteria under the applicable accounting guidance, each of the capped call transactions were recorded in stockholders' equity and were not accounted for as derivatives. The cost of the transactions was recorded as a reduction of the Company’s additional paid-in capital in the Company’s condensed consolidated balance sheet and will not be remeasured.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	May 31, 2024	Sep. 30, 2024	Dec. 31, 2023	May 31, 2023
Equity [Abstract]
Number of shares issued by each warrant (in shares)		1
Common stock reserved for future issuance (in shares)		22,241,000		2,602,184
Increase in common stock reserve for issuance (in shares)	3,000,000
Total stock-based compensation expense capitalized as part of cost of inventory		$ 1.8	$ 2.0

Organization and Basis of Presentation (Details)	9 Months Ended
Organization and Basis of Presentation (Details)	Sep. 30, 2024
Insulin Pump \| Minimum
Organization And Basis Of Presentation [Line Items]
Expected life span term	4 years

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Convertible Senior Notes

The Company estimated the fair value of its convertible senior notes based on Level 2 quoted market prices as follows (in thousands):


	Fair Value Measurements at
	September 30, 2024		December 31, 2023
Convertible Senior Notes due 2025	$	39,130	$	271,688
Convertible Senior Notes due 2029	458,043		*
Total fair value of outstanding convertible senior notes	$	497,173	$	271,688

* Not applicable as no notes were outstanding at this date.

The net carrying amount of the Company’s convertible senior notes on the condensed consolidated balance sheets consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Principal amount:
Convertible Senior Notes Due 2025	$	40,760	$	287,500
Convertible Senior Notes Due 2029	316,250		*
Total principal amount	357,010		287,500
Unamortized debt issuance costs	(8,576)		(2,465)
Total debt, net	$	348,434	$	285,035
Less: current portion	(40,605)		—
Long-term senior convertible notes	$	307,829	$	285,035

* Not applicable as no notes were outstanding at this date.

The following table summarizes the effective interest rates for each of our convertible senior notes for the periods shown:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Effective interest rate:
Convertible Senior Notes Due 2025	2.1	%	2.2	%	2.1	%	2.2	%
Convertible Senior Notes Due 2029	2.1	%	*		2.1	%	*

* Not applicable as no notes were outstanding at this date.

Schedule of Interest Expense Recognized

The following table details interest expense related to the Notes recognized for the three and nine months ended September 30, 2024, and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Contractual interest expense(1)	$	1,339	$	4,138	$	3,823	$	6,368
Amortization of debt issuance costs	502		702		1,404		1,711

Total interest expense	$	1,841	$	4,840	$	5,227	$	8,079

(1) Contractual interest expense for the three and nine months ended September 30, 2023 includes $3.1 million of additional interest as discussed above.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2024, as compared to those disclosed in the Annual Report.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes as of the date of the condensed consolidated financial statements. Some of those judgments can be subjective and complex, and therefore, actual results could differ materially from those estimates under different assumptions or conditions.

Accounts Receivable

The Company grants credit to various customers in the ordinary course of business and is paid directly by customers who use its products, distributors and third-party insurance payors. The Company maintains an allowance for its current estimate of expected credit losses. Provisions for expected credit losses are estimated based on historical experience, assessment of specific customer-related risks, review of outstanding invoices, forecasts about the future, and various other assumptions and estimates that are believed to be reasonable under the circumstances, including changes to credit risks as a result of recessionary concerns, changes in discretionary spending, increased interest rates, and other macroeconomic factors. Uncollectible accounts are written off against the allowance after appropriate collection efforts have been exhausted and when it is deemed that a balance is uncollectible.

Operating Lease Right-of-Use Assets and Liabilities

Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized when the Company takes possession of the leased property (Commencement Date) based on the present value of lease payments over the lease term. For lease agreements that contain lease and non-lease components, the Company accounts for both of those components as a single lease component. Rent expense on noncancelable leases containing known future scheduled rent increases is recorded on a straight-line basis over the term of the respective leases beginning on the Commencement Date. The difference between rent expense and rent paid is accounted for as a component of operating lease right-of-use assets on the Company’s condensed consolidated balance sheets. Landlord improvement allowances and other similar lease incentives are recorded as a reduction of the right-of-use leased assets, and are amortized on a straight-line basis as a reduction to operating lease costs.

Intangible Assets Subject to Amortization

Finite-lived intangible assets are recorded at cost, net of accumulated amortization and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recognized over their estimated useful lives on a straight-line basis. The Company did not recognize any intangible asset impairment losses during the three and nine months ended September 30, 2024 and 2023.

Strategic Investments

The Company held equity investments totaling $30.4 million and $10.1 million in private companies at September 30, 2024 and December 31, 2023, respectively. The investments were included as a component of other long-term assets on the condensed consolidated balance sheets at September 30, 2024 and December 31, 2023. The investments were carried at cost minus impairment, if any, adjusted for changes in observable prices. The Company monitors these investments to evaluate whether any increase or decline in its value has occurred, based on the implied value of recent company financings, public market prices of comparable companies and general market conditions.

In November 2024, the Company signed an investment agreement with one of its private company investees. Per the agreement, the Company will invest an additional $46.4 million. The investment is expected to close in the fourth quarter of 2024, and represent a cumulative investment of more than 20% of the private company’s outstanding equity. The investment will be recorded using the equity method and will be included in long-term assets on the Company’s consolidated balance sheet.

The Company did not record any impairment charges related to its strategic investments in the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company recorded an impairment charge of $2.0 million related to one of its investments in a private company. The Company did not record any impairment charges related to its strategic investments in the three and nine months ended September 30, 2023.

Approximately $22.2 million of the total strategic investments balance was previously held in the form of subordinated convertible notes of one private investee company. The subordinated notes were converted into equity of the private company at final maturity, which occurred in June 2024. As a result of the note conversion, the Company received shares of the private investee company. As of September 30, 2024, and December 31, 2023, each of the Company’s equity investments in private companies represented less than 15% of the outstanding equity of the respective private company.

Revenue Recognition

Revenue is generated primarily from sales of insulin pumps, single-use insulin cartridges and infusion sets to individual customers with third-party insurance coverage and through a network of distributors that resell the products to insulin-dependent diabetes customers. The Company recognizes revenue when it transfers control of the promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services, net of estimated rebates and returns.

Revenue Recognition for Arrangements with Multiple Performance Obligations

The Company considers the individual deliverables in its product offerings to be separate performance obligations. The transaction price is determined based on the consideration expected to be received, based either on the stated value in contractual arrangements or the estimated cash to be collected in non-contracted arrangements. The Company allocates the consideration to the individual performance obligations and recognizes the consideration based on when the performance obligation is satisfied, considering whether or not this occurs at a point in time or over time. Generally, insulin pumps, cartridges, infusion sets, and accessories are deemed performance obligations that are satisfied at a point in time when the customer obtains control of the promised good, which typically is upon shipment for our distributor arrangements and upon receipt for sales directly to individual customers. Complementary products, such as the Company’s data management and software update platforms, are considered distinct performance obligations that are satisfied over time, as access and support for these products is provided throughout the typical four-year warranty period of the insulin pumps. Accordingly, revenue related to the complementary products is deferred and recognized over a four-year period. Where there is no standalone value for the complementary product, the Company determines its value by applying the expected cost plus a margin approach and then allocates the residual to the insulin pumps.

Revenue Recognition for Tandem Choice Program

In September 2022, the Company launched a new technology access program referred to as Tandem Choice, that provides eligible, in-warranty t:slim X2 customers in the United States with the flexibility to obtain the newest hardware platform, Tandem Mobi, when commercially available. Participating customers have the right to purchase the alternative Tandem pump for a fee, referred to as a choice right. The program was determined to create a material right for which a portion of each t:slim X2 pump transaction price was allocated and deferred.

The Company determined that the ability for a customer to upgrade to a new technology represents a material right because the pricing inherent in such option provides the customer with a discount that is incremental to the range of discounts that would otherwise be granted for the related goods and services to comparable customers. The standalone selling price for the choice right was estimated based on the adjusted market assessment approach and contemplated the likelihood that the respective option will be exercised.

The Company began selling Tandem Mobi insulin pumps in the first quarter of 2024 and eligibility for the Tandem Choice program ended in February 2024. Consequently, the Company ceased to allocate and defer a portion of the transaction price for the material right for pumps sold after that date. Eligible customers who purchased a t:slim X2 insulin pump during the program period will have until December 31, 2024 to exercise the option to switch to the Tandem Mobi for a stated fee.

The Company will recognize the deferred sales when the obligations under the Tandem Choice program are satisfied. If a customer elects to participate in the program, the Company will recognize upgrade fees received, and the associated cost of goods sold at the time of fulfilling the obligation. Any remaining deferrals will be recognized at program expiration on December 31, 2024, provided all obligations under the Tandem Choice program are satisfied. For the nine months ended September 30, 2024, the net effect of Tandem Choice deferrals and fulfillments was negligible.

At September 30, 2024 and December 31, 2023, current deferred revenue balance was $30.1 million and $30.6 million, respectively, related to the Tandem Choice program.

Sales Rebates

The Company is subject to certain rebates on pricing programs with managed care organizations, such as governmental and third-party commercial payors. The Company estimates provisions for rebates based on contractual arrangements, estimates of products sold subject to rebate, known events or trends and channel inventory data. Estimated sales rebates included in other long-term liabilities have an estimated payment due date beyond twelve months from the balance sheet date. Accordingly, actual rebates paid may differ from estimated amounts recorded in the accompanying condensed consolidated financial statements.

As of September 30, 2024 and December 31, 2023, total estimated sales rebates were included in the following condensed consolidated balance sheet accounts (in thousands):


	September 30, 2024		December 31, 2023
Other current liabilities	$	3,012	$	505
Other long-term liabilities	6,503		8,042
Total sales rebate	$	9,515	$	8,547

Warranty Reserve

The Company generally provides a four-year warranty on its insulin pumps to end-user customers and may replace any pumps that do not function as intended in accordance with the product specifications within the warranty period. Additionally, the Company offers a six-month warranty on single-use insulin cartridges and infusion sets. Estimated warranty costs are recorded at the time of shipment, and the Company reevaluates the estimate of the warranty reserve obligation at each reporting period. Warranty costs are estimated primarily based on the current expected product replacement cost and expected replacement rates using historical experience. Insulin pumps returned to the Company may be refurbished and redeployed. Experience has shown that initial data for any given pump version or pump platform may be insufficient. Therefore, the Company’s process relies on long-term historical averages of existing platforms until sufficient data are available. As actual experience becomes available, the Company uses the data to update the historical averages. The Company may make further adjustments to the warranty reserve when deemed appropriate, giving additional consideration to revised future expectations of performance based on enhanced hardware components, or new features and capabilities that may become available through Tandem Device Updater. Warranty expense is recorded as a component of cost of sales in the condensed consolidated statements of operations.

The following table provides a reconciliation of the changes in product warranty liabilities for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Balance at beginning of the period	$	37,356	$	38,917	$	37,173	$	36,537
Provision for warranties issued during the period	11,084		9,601		31,074		26,889
Settlements made during the period	(9,576)		(8,986)		(27,675)		(24,054)
Increases (decreases) in warranty estimates	1,882		(1,775)		174		(1,615)
Balance at end of the period	$	40,746	$	37,757	$	40,746	$	37,757

As of September 30, 2024 and December 31, 2023, total product warranty reserves were included in the following condensed consolidated balance sheet accounts (in thousands):


	September 30, 2024		December 31, 2023

Other current liabilities	$	19,832	$	18,135
Other long-term liabilities	20,914		19,038
Total warranty reserve	$	40,746	$	37,173

Stock-Based Compensation

Stock-based compensation cost is measured at the grant date based on the estimated fair value of the award, and the portion that is ultimately expected to vest is recognized as compensation expense over the requisite service period on a straight-line basis. The Company estimates the fair value of stock options issued under the Company’s stock incentive plans, and the fair value of the employees’ purchase rights under the Company’s Employee Stock Purchase Plan (ESPP) using the Black-Scholes option pricing model on the date of grant. The Black-Scholes option pricing model requires the use of assumptions about a number of variables, including stock price volatility, expected term, dividend yield and risk-free interest rate (see Note 8, “Stockholders’ Equity”). The fair value of restricted stock unit (RSU) awards issued under the Company’s stock incentive plans that vest solely based on service, is estimated based on the fair market value of the underlying stock on the date of grant. The fair value of RSU awards that vest based upon the Company’s actual performance relative to predefined performance metrics and the awardee’s continuing service through the measurement date is generally estimated based on the fair market value of the underlying stock on the date of grant and the probability that the specified performance criteria will be met. At each reporting period, the Company reassesses the probability of the achievement of such performance metrics. Any expense change resulting from an adjustment in the estimated shares to be released is recorded in the period of adjustment.

Net Income (Loss) Per Share

Basic net income (loss) per share is calculated by dividing the net income or loss by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net income (loss) per share reflects the potential dilution that would occur if securities exercisable for or convertible into common stock were exercised for or converted into common stock. Dilutive common share equivalents are comprised of stock options and unvested RSUs outstanding under the Company’s stock incentive plans, potential awards to be granted pursuant to the ESPP, and common stock warrants, each calculated using the treasury stock method, and shares issuable upon conversion of the convertible senior notes calculated using the if-converted method.

For the three and nine months ended September 30, 2024 and 2023, there was no difference in the weighted average number of shares used to calculate basic and diluted net loss per share due to the Company’s net loss position for each of the periods presented.

Potentially dilutive securities outstanding and not included in the calculation of diluted net loss per share (because inclusion would be anti-dilutive) are as follows (in thousands, in common stock equivalent shares):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Options to purchase common stock	781	135	125	135
Unvested restricted stock units	3,964	2,930	2,995	2,011
Warrants to purchase common stock	194	194	194	194
Awards granted under the ESPP	292	173	147	80
Convertible senior notes (if-converted)	9,513	2,554	7,762	2,554
	14,744	5,986	11,223	4,974

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07 to improve the information that a public entity discloses about reportable segments and to address investor requests for more information about reportable segment expenses. The pronouncement requires a public entity to report a measure of segment profit or loss that the chief operating decision maker (CODM) uses to assess segment performance and make decisions about allocating resources. ASU 2023-07 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively. The Company is currently evaluating the effect of adoption of ASU 2023-07 on the Company’s consolidated financial statements or disclosures.

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 3,603	$ 3,528	$ 10,684	$ 12,457
Short-term lease cost	22	22	65	87
Loss on lease termination and right-of-use asset impairment charges	0	0	0	11,224
Total lease cost	$ 3,625	$ 3,550	$ 10,749	$ 23,768

Business Segment and Geographic Information - Revenues by Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Sales	$ 243,971	$ 185,622	$ 657,555	$ 550,922
Pump
Disaggregation of Revenue [Line Items]
Total Sales	114,799	88,037	309,961	274,415
Supplies and other
Disaggregation of Revenue [Line Items]
Total Sales	128,133	105,821	347,547	289,075
Net revenue recognized (deferred) for Tandem Choice program
Disaggregation of Revenue [Line Items]
Total Sales	$ 1,039	$ (8,236)	$ 47	$ (12,568)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Short-Term Investments - Estimated Fair Value of Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash Cash Equivalents And Short Term Investments [Line Items]
Amortized Cost	$ 421,328	$ 408,295
Gross Unrealized Gain	2,956	1,025
Gross Unrealized Loss	(18)	(276)
Estimated Fair Value	424,266	409,044
United States Government-sponsored enterprises
Cash Cash Equivalents And Short Term Investments [Line Items]
Amortized Cost	166,401	181,851
Gross Unrealized Gain	1,718	518
Gross Unrealized Loss	(9)	(215)
Estimated Fair Value	168,110	182,154
United States Treasury securities
Cash Cash Equivalents And Short Term Investments [Line Items]
Amortized Cost	112,169	114,714
Gross Unrealized Gain	448	318
Gross Unrealized Loss	(8)	(28)
Estimated Fair Value	112,609	115,004
Commercial paper
Cash Cash Equivalents And Short Term Investments [Line Items]
Amortized Cost	23,431	72,505
Gross Unrealized Gain	82	33
Gross Unrealized Loss	0	(27)
Estimated Fair Value	23,513	72,511
Corporate debt securities
Cash Cash Equivalents And Short Term Investments [Line Items]
Amortized Cost	116,314	39,225
Gross Unrealized Gain	653	156
Gross Unrealized Loss	(1)	(6)
Estimated Fair Value	116,966	$ 39,375
Foreign government bonds
Cash Cash Equivalents And Short Term Investments [Line Items]
Amortized Cost	3,013
Gross Unrealized Gain	55
Gross Unrealized Loss	0
Estimated Fair Value	$ 3,068

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2024	Mar. 31, 2024	Mar. 08, 2024	Dec. 31, 2023	May 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Repurchased face amount	$ 246,740,000
Convertible Senior Notes Due 2029 \| Convertible Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Principal amount:	316,250,000	$ 316,300,000	$ 316,300,000
Convertible Senior Notes due 2025 \| Convertible Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Principal amount:	40,760,000			$ 287,500,000	$ 287,500,000
Repurchased face amount	$ 246,700,000	$ 246,700,000

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Shares of Common Stock Reserved for Future Issuance

The following shares of the Company's common stock were reserved for future issuance at September 30, 2024 (in thousands):


Shares reserved for issuance upon conversion of Convertible Senior Notes			9,513
Shares underlying outstanding warrants			194
Shares underlying outstanding stock options			3,583
Shares underlying unvested restricted stock units			4,020
Shares authorized for issuance pursuant to awards granted under the ESPP			3,052
Shares authorized for future equity award grants			1,879
Total			22,241

Schedule of Stockholders' Equity Common Stock Warrants

Warrants outstanding to purchase shares of the Company's common stock as of September 30, 2024 were as follows:

Issue Date

Exercise Price Per Share

Warrants Outstanding

Expiration Date of Warrants Outstanding

March 2017

$23.50

193,788

March 2027

Schedule of Compensation Cost Included in Consolidated Statement of Operations


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of sales	$	1,675	$	1,812	$	5,506	$	5,154
Selling, general and administrative	16,395		12,466		45,200		41,448
Research and development	8,211		6,463		22,511		18,733
Total stock-based compensation expense	$	26,281	$	20,741	$	73,217	$	65,335

Schedule of Restricted Stock Units

The total number of RSUs granted and the respective weighted average grant date fair value were as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
RSUs granted	140,806		208,082		2,193,104		1,997,907
Weighted average grant date fair value (per share)	$	45.66	$	29.19	$	45.29	$	28.94

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The assumptions used in the Black-Scholes option pricing model for the ESPP were as follows:


	Nine Months Ended September 30,
		2024			2023
Weighted average grant date fair value (per share)		$	21.45		$	12.52
Risk-free interest rate		5.1		%	4.7		%
Dividend yield		0.0		%	0.0		%
Expected volatility		70.2		%	60.9		%
Expected term (in years)		1.3			1.3

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in thousands):


	Fair Value Measurements at September 30, 2024
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents(1)	$	38,830	$	38,830	$	—	$	—
United States Government-sponsored enterprises	168,110		—		168,110		—
United States Treasury securities	112,609		112,609		—		—
Commercial paper	23,513		—		23,513		—
Corporate debt securities	116,966		—		116,966		—
Foreign government bonds	3,068		—		3,068		—

Total assets	$	463,096	$	151,439	$	311,657	$	—


	Fair Value Measurements at December 31, 2023
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents(1)	$	48,033	$	48,033	$	—	$	—
United States Government-sponsored enterprises	182,154		—		182,154		—
United States Treasury securities	115,004		115,004		—		—
Commercial paper	72,511		—		72,511		—
Corporate debt securities	39,375		—		39,375		—

Total assets	$	457,077	$	163,037	$	294,040	$	—

(1)Generally, cash equivalents include money market funds and investments with a maturity of three months or less from the date of purchase.

The Company’s Level 1 financial instruments, which are in active markets, are valued using unadjusted quoted market prices for identical instruments.

The Company’s Level 2 financial instruments are valued using market prices on less active markets with observable valuation inputs such as interest rates and yield curves. The Company obtains the fair value of Level 2 financial instruments from quoted market prices, calculated prices or quotes from third-party pricing services. The Company validates these prices through independent valuation testing and review of portfolio valuations provided by the Company’s investment managers.

There were no transfers into or out of Level 3 assets during the three months ended September 30, 2024 and 2023, respectively.

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and employee-related liabilities are reasonable estimates of their fair values because of the short-term nature of these assets and liabilities. Short-term investments are carried at fair value.

The Company’s convertible senior notes are carried at amortized cost on the condensed consolidated balance sheets (see Note 7, “Debt”). The Company estimated the fair value of its convertible senior notes based on Level 2 quoted market prices as follows (in thousands):


	Fair Value Measurements at
	September 30, 2024		December 31, 2023
Convertible Senior Notes due 2025	$	39,130	$	271,688
Convertible Senior Notes due 2029	458,043		*
Total fair value of outstanding convertible senior notes	$	497,173	$	271,688

* Not applicable as no notes were outstanding at this date.

In March 2024, the Company issued $316.3 million aggregate principal amount of the Company’s Convertible Senior Notes Due 2029, and repurchased $246.7 million of principal of the Company’s Convertible Senior Notes due 2025 (see Note 7, “Debt”).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Investment owned at cost		$ 30,400,000		$ 30,400,000		$ 10,100,000
Impairment charges		$ 0	$ 0	$ 2,000,000	$ 0
Ownership interest of investment owned (less than)		15.00%		15.00%		15.00%
Guarantee liability current		$ 30,100,000		$ 30,100,000		$ 30,600,000
Forecast \| Private Company Investees
Summary Of Significant Accounting Policies [Line Items]
Invest an additional amount	$ 46,400,000
Outstanding equity percentage (more than)	20.00%
Convertible Senior Notes
Summary Of Significant Accounting Policies [Line Items]
Payments to acquire investments				$ 22,200,000
Insulin Pump
Summary Of Significant Accounting Policies [Line Items]
Warranty period offered				4 years
Slim cartridges and infusion sets
Summary Of Significant Accounting Policies [Line Items]
Warranty period offered				6 months

Debt - Components of Convertible Note (Details) - USD ($)	Sep. 30, 2024	Mar. 31, 2024	Mar. 08, 2024	Dec. 31, 2023	May 31, 2020
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (9,400,000)
Less: current portion	(40,605,000)			$ 0
Long-term senior convertible notes	307,829,000			285,035,000
Convertible Senior Notes \| Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Principal amount:	40,760,000			287,500,000	$ 287,500,000
Convertible Senior Notes \| Convertible Senior Notes Due 2029
Debt Instrument [Line Items]
Principal amount:	316,250,000	$ 316,300,000	$ 316,300,000
Convertible Senior Notes \| Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount:	357,010,000			287,500,000
Unamortized debt issuance costs	(8,576,000)			(2,465,000)
Total debt, net	$ 348,434,000			$ 285,035,000

Business Segment and Geographic Information - Additional Information (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Major Customer [Line Items]
Number of operating segments			1
United States \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Customers accounted for 10% or more	61.00%	64.00%	62.00%	64.00%

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Estimated Sales Rebates

As of September 30, 2024 and December 31, 2023, total estimated sales rebates were included in the following condensed consolidated balance sheet accounts (in thousands):


	September 30, 2024		December 31, 2023
Other current liabilities	$	3,012	$	505
Other long-term liabilities	6,503		8,042
Total sales rebate	$	9,515	$	8,547

Schedule of Reconciliation of Change in Estimated Warranty Liabilities

The following table provides a reconciliation of the changes in product warranty liabilities for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Balance at beginning of the period	$	37,356	$	38,917	$	37,173	$	36,537
Provision for warranties issued during the period	11,084		9,601		31,074		26,889
Settlements made during the period	(9,576)		(8,986)		(27,675)		(24,054)
Increases (decreases) in warranty estimates	1,882		(1,775)		174		(1,615)
Balance at end of the period	$	40,746	$	37,757	$	40,746	$	37,757

As of September 30, 2024 and December 31, 2023, total product warranty reserves were included in the following condensed consolidated balance sheet accounts (in thousands):


	September 30, 2024		December 31, 2023

Other current liabilities	$	19,832	$	18,135
Other long-term liabilities	20,914		19,038
Total warranty reserve	$	40,746	$	37,173

Schedule of Anti-Dilutive Securities


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Options to purchase common stock	781	135	125	135
Unvested restricted stock units	3,964	2,930	2,995	2,011
Warrants to purchase common stock	194	194	194	194
Awards granted under the ESPP	292	173	147	80
Convertible senior notes (if-converted)	9,513	2,554	7,762	2,554
	14,744	5,986	11,223	4,974

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	65,646,000	65,552,000
Common stock, shares outstanding (in shares)	65,646,000	65,552,000

Stockholders' Equity -Shares of Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2024	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	22,241,000	2,602,184
Shares reserved for issuance upon conversion of Convertible Senior Notes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	9,513,000
Shares underlying outstanding warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	194,000
Shares underlying outstanding stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	3,583,000
Shares underlying unvested restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	4,020,000
Shares authorized for issuance pursuant to awards granted under the ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	3,052,000
Shares authorized for future equity award grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	1,879,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Sales	$ 243,971	$ 185,622	$ 657,555	$ 550,922
Cost of sales	119,318	95,869	325,436	276,527
Gross profit	124,653	89,753	332,119	274,395
Operating expenses:
Selling, general and administrative	99,639	79,328	283,987	266,752
Research and development	51,107	41,970	146,677	127,063
Acquired in-process research and development expenses	0	0	0	78,750
Total operating expenses	150,746	121,298	430,664	472,565
Operating loss	(26,093)	(31,545)	(98,545)	(198,170)
Other income (expense), net:
Interest income and other, net	5,344	5,656	13,482	17,305
Interest expense	(1,865)	(4,840)	(5,555)	(8,079)
Loss on extinguishment of debt	0	0	(1,268)	0
Total other income (expense), net	3,479	816	6,659	9,226
Loss before income taxes	(22,614)	(30,729)	(91,886)	(188,944)
Income tax expense	637	2,232	4,894	3,665
Net loss	(23,251)	(32,961)	(96,780)	(192,609)
Other comprehensive income (loss):
Unrealized gain on short-term investments	3,948	349	2,189	1,800
Foreign currency translation gains (losses)	1,175	(1,362)	312	(2,189)
Comprehensive loss	$ (18,128)	$ (33,974)	$ (94,279)	$ (192,998)
Net loss per share - basic (in dollars per share)	$ (0.35)	$ (0.51)	$ (1.48)	$ (2.97)
Net loss per share - diluted (in dollars per share)	$ (0.35)	$ (0.51)	$ (1.48)	$ (2.97)
Weighted average shares used to compute basic net loss per share (in shares)	65,538	65,117	65,287	64,834
Weighted average shares used to compute diluted net loss per share (in shares)	65,538	65,117	65,287	64,834

Debt - Additional Information (Details)			1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
Debt - Additional Information (Details)	Mar. 08, 2024 USD ($) trading_day $ / shares	Mar. 05, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	May 31, 2020 USD ($) trading_day $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Proceeds from convertible senior notes							$ 306,850,000	$ 0
Repurchased face amount					$ 246,740,000		246,740,000
Loss on extinguishment of debt					0	$ 0	1,268,000	0
Net proceeds to repurchase of common shares							30,000,000
Convertible Senior Notes Due 2029 \| Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 316,300,000		$ 316,300,000		316,250,000		316,250,000
Interest rate	1.50%
Net proceeds from issuance of convertible notes	$ 306,800,000
Proceeds from convertible senior notes	246,100,000
Net proceeds to repurchase of common shares	30,000,000
Average cost per share (in dollars per share) \| $ / shares		$ 27.105
Net proceeds to pay for capped call transactions	$ 15,800,000
Debt instrument, convertible, conversion ratio	0.0289361
Conversion price (in dollars per share) \| $ / shares	$ 34.56
Debt instrument, convertible, threshold trading days \| trading_day	20
Debt instrument, convertible, threshold trading days consecutive trading days \| trading_day	30
Redemption price percentage	100.00%
Principal amount							71,800,000
Capped call transactions net cost			$ 15,800,000
Debt instrument, initial cap price per share (in dollars per share) \| $ / shares			$ 42.0128
Convertible Senior Notes Due 2029 \| Convertible Senior Notes \| Conversion Instance, 130%
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| trading_day	20
Debt instrument, convertible, threshold trading days consecutive trading days \| trading_day	30
Convertible Senior Notes Due 2029 \| Convertible Senior Notes \| Conversion Instance, 98%
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| trading_day	5
Debt instrument, convertible, threshold trading days consecutive trading days \| trading_day	10
Convertible Senior Notes Due 2029 \| Convertible Senior Notes \| Minimum
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Convertible Senior Notes Due 2029 \| Convertible Senior Notes \| Minimum \| Conversion Instance, 130%
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Convertible Senior Notes Due 2029 \| Convertible Senior Notes \| Minimum \| Conversion Instance, 98%
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger	98.00%
Convertible Senior Notes Due 2025 \| Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount				$ 287,500,000	40,760,000		40,760,000		$ 287,500,000
Interest rate				1.50%
Net proceeds from issuance of convertible notes				$ 244,600,000
Repurchased face amount			$ 246,700,000		$ 246,700,000		246,700,000
Interest expense	$ 1,300,000
Loss on extinguishment of debt							1,300,000
Debt instrument, convertible, conversion ratio				0.0088836
Conversion price (in dollars per share) \| $ / shares				$ 112.57
Debt instrument, convertible, threshold trading days \| trading_day				20
Debt instrument, convertible, threshold trading days consecutive trading days \| trading_day				30
Redemption price percentage				100.00%
Principal amount							$ 0		$ 0
Additional interest accrual rate				0.0050
Additional interest								$ 3,100,000
Capped call transactions net cost				$ 34,100,000
Debt instrument, initial cap price per share (in dollars per share) \| $ / shares				$ 173.18
Proceeds from capped call termination		$ 200,000
Convertible Senior Notes Due 2025 \| Convertible Senior Notes \| Minimum
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger				130.00%

Summary of Significant Accounting Policies - Total Estimated Sales Rebates (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Other current liabilities	$ 3,012	$ 505
Other long-term liabilities	6,503	8,042
Total sales rebate	$ 9,515	$ 8,547

Commitments and Contingencies (Details) $ in Millions	1 Months Ended
Commitments and Contingencies (Details) $ in Millions	Apr. 23, 2024 lawsuit	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits \| lawsuit	2
Unsecured letter of credit outstanding \| $		$ 4.9

Composition of Certain Financial Statement Items - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 113,249		$ 110,453
Less: allowance for credit losses	(6,061)	$ (5,225)	(4,898)	$ (5,355)	$ (4,842)	$ (4,327)
Accounts receivable, net	$ 107,188		$ 105,555

Debt - Interest Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs			$ 1,587	$ 1,711
Convertible Senior Notes \| Convertible Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	$ 1,339	$ 4,138	3,823	6,368
Amortization of debt issuance costs	502	702	1,404	1,711
Total interest expense	$ 1,841	4,840	$ 5,227	8,079
Additional interest		$ 3,100		$ 3,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36189
Entity Registrant Name	Tandem Diabetes Care, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-4327508
Entity Address, Address Line One	12400 High Bluff Drive
Entity Address, City or Town	San Diego,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	366-6900
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	TNDM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		65,676,532
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001438133
Current Fiscal Year End Date	--12-31

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal and Regulatory Matters On September 8, 2023, a purported stockholder of the Company filed a putative securities class action complaint (captioned Lowe v. Tandem Diabetes Care, Inc., et al., Case No. 23-cv-1657 (“Lowe”)) in the United States District Court for the Southern District of California against the Company and certain of the Company’s current executive officers (“defendants”). On December 6, 2023, the court appointed Mason Raines, Thomas O. Martel, and Linna Rae Martel to serve as co-lead plaintiffs (“plaintiffs”). On February 1, 2024, the plaintiffs filed their amended complaint. In the amended complaint, the plaintiffs alleged violations of the Securities Exchange Act of 1934, as amended, based on alleged materially false and misleading statements relating to our sales trends and financial forecasts. The plaintiffs sought to represent a class of persons who purchased or otherwise acquired Tandem common stock during the period between August 3, 2022, and November 2, 2022, inclusive. The plaintiffs also sought unspecified monetary damages, pre- and post-judgment interest, costs and fees, including attorneys’ fees and expert fees, and other relief. The defendants filed their motion to dismiss the amended complaint on March 11, 2024. The plaintiffs filed a response in opposition to defendants’ motion to dismiss on March 27, 2024, and on April 10, 2024, defendants filed their reply. On April 29, 2024, the court granted defendants’ motion to dismiss with leave to file a second amended complaint within 30 days. The plaintiffs did not file a second amended complaint within 30 days. On June 4, 2024, the Court entered final judgment dismissing the action in its entirety with prejudice. On July 5, 2024, the plaintiffs’ deadline to appeal the final judgment expired. Two shareholder derivative cases were filed in the United States District Court for the Southern District of California on March 29, 2024 (captioned Bushansky v. John F. Sheridan et al., Case No. 24-cv-608) and on April 23, 2024 (captioned Amersi v. John F. Sheridan et al., Case No. 24-cv-726) against the individual members of Tandem’s Board of Directors and the Company. These shareholder derivative lawsuits piggybacked on the Lowe case, and alleged that Tandem’s Board breached its fiduciary duties by failing to properly oversee and monitor the risks affecting the Company’s business, which resulted in reduced guidance, an associated stock drop, and the Lowe case. On May 16, 2024, the parties in the derivative actions filed a joint motion regarding consolidation and appointment of counsel. On June 13, 2024, the joint motion was granted and the derivative actions were consolidated. On July 12, 2024, the parties filed a joint request for voluntary dismissal of the consolidated derivative actions without prejudice. On the same day, July 12, 2024, the court granted the parties’ joint request and dismissed the consolidated derivative actions without prejudice. From time to time, the Company is involved in various other legal proceedings, regulatory matters, and other disputes or claims arising from or related to claims incident to the normal course of the Company’s business activities, including actions with respect to intellectual property, data privacy, employment, regulatory, product liability and contractual matters. Although the results of such legal proceedings and claims cannot be predicted with certainty, as of September 30, 2024 the Company believes it is not currently a party to any legal proceedings, regulatory matters, or other disputes or claims for which a material loss was considered probable or for which the amount (or range) of loss was reasonably estimable. However, regardless of the merit of the claims raised or the outcome, legal proceedings may have an adverse impact on the Company as a result of defense and settlement costs, diversion of management time and resources, and other factors. Letters of Credit As of September 30, 2024, in connection with one of the Company’s operating leases (see Note 6, “Leases”), the Company had a $4.9 million unsecured irrevocable standby letter of credit arrangement with a bank, under which the landlord of the building is the beneficiary. The Company is required to maintain the standby letter of credit throughout the term of the lease, which expires in April 2035.

Employee Benefits	9 Months Ended
Employee Benefits	Sep. 30, 2024
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits Employee 401(k) Plan The Company has a defined contribution 401(k) plan for employees in the United States who are at least 18 years of age. Employees are eligible to participate in the plan beginning on the first day of the calendar month following their date of hire. Unless they affirmatively elect otherwise, employees are automatically enrolled in the plan following 30 days from date of hire or entry date. Under the terms of the plan, employees may make voluntary contributions as a percent of compensation and the Company may elect to match a discretionary percentage of employee contributions

Short-Term Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Estimated Fair Value of Short-Term Investments

The following represents a summary of the estimated fair value of short-term investments at September 30, 2024 and December 31, 2023 (in thousands):


At September 30, 2024	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Available-for-sale securities:
United States Government-sponsored enterprises	$	166,401	$	1,718	$	(9)	$	168,110
United States Treasury securities	112,169		448		(8)		112,609
Commercial paper	23,431		82		—		23,513
Corporate debt securities	116,314		653		(1)		116,966
Foreign government bonds	3,013		55		—		3,068

Total	$	421,328	$	2,956	$	(18)	$	424,266


At December 31, 2023	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Available-for-sale securities:
United States Government-sponsored enterprises	$	181,851	$	518	$	(215)	$	182,154
United States Treasury securities	114,714		318		(28)		115,004
Commercial paper	72,505		33		(27)		72,511
Corporate debt securities	39,225		156		(6)		39,375

Total	$	408,295	$	1,025	$	(276)	$	409,044

Schedule of Contractual Maturities of Available -For-Sale Debt Securities

The contractual maturities of available-for-sale debt securities as of September 30, 2024, were as follows (in thousands):


	Years to Maturity
At September 30, 2024	Within One Year		One to Two Years		Two to Three Years		Estimated Fair Value
United States Government-sponsored enterprises	$	60,575	$	24,215	$	83,320	$	168,110
United States Treasury securities	71,407		40,194		1,008		112,609
Commercial paper	23,513		—		—		23,513
Corporate debt securities	62,532		54,434		—		116,966
Foreign government bonds	—		—		3,068		3,068

Total	$	218,027	$	118,843	$	87,396	$	424,266

Stockholders' Equity - Assumptions Used in Black-Scholes Option-Pricing Model (Details) - Awards to be granted under the ESPP - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 21.45	$ 12.52
Risk-free interest rate	5.10%	4.70%
Dividend yield	0.00%	0.00%
Expected volatility	70.20%	60.90%
Expected term (in years)	1 year 3 months 18 days	1 year 3 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) $ in Thousands	Sep. 30, 2024 USD ($)
Statement of Cash Flows [Abstract]
Unamortized debt issuance costs	$ 9,400
Repurchased face amount	$ 246,740

Debt - Effective Interest Rates of Convertible Senior Notes (Details) - Convertible Senior Notes	Sep. 30, 2024	Sep. 30, 2023
Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Effective interest rate	2.10%	2.20%
Convertible Senior Notes Due 2029
Debt Instrument [Line Items]
Effective interest rate	2.10%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Employee Benefits (Details)	9 Months Ended
Employee Benefits (Details)	Sep. 30, 2024
Retirement Benefits [Abstract]
Minimum age of employees for defined contribution plan	18 years

Leases - Future Minimum Payments Under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024	$ 4,433
2025	18,188
2026	18,146
2027	18,449
2028	14,934
Thereafter	90,326
Total undiscounted lease payments	164,476
Less: amount representing interest	(36,964)
Present value of operating lease liabilities	127,512
Less: current portion of operating lease liabilities	(18,033)	$ (17,060)
Operating lease liabilities - long-term	$ 109,479	$ 113,572

Short-Term Investments - Contractual Maturities of Available - For- Sale Debt Securities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Cash Cash Equivalents And Short Term Investments [Line Items]
Within One Year	$ 218,027
One to Two Years	118,843
Two to Three Years	87,396
Estimated Fair Value	424,266
United States Government-sponsored enterprises
Cash Cash Equivalents And Short Term Investments [Line Items]
Within One Year	60,575
One to Two Years	24,215
Two to Three Years	83,320
Estimated Fair Value	168,110
United States Treasury securities
Cash Cash Equivalents And Short Term Investments [Line Items]
Within One Year	71,407
One to Two Years	40,194
Two to Three Years	1,008
Estimated Fair Value	112,609
Commercial paper
Cash Cash Equivalents And Short Term Investments [Line Items]
Within One Year	23,513
One to Two Years	0
Two to Three Years	0
Estimated Fair Value	23,513
Corporate debt securities
Cash Cash Equivalents And Short Term Investments [Line Items]
Within One Year	62,532
One to Two Years	54,434
Two to Three Years	0
Estimated Fair Value	116,966
Foreign government bonds
Cash Cash Equivalents And Short Term Investments [Line Items]
Within One Year	0
One to Two Years	0
Two to Three Years	3,068
Estimated Fair Value	$ 3,068

Summary of Significant Accounting Policies - Reconciliation of Change in Estimated Warranty Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of the period	$ 37,356	$ 38,917	$ 37,173	$ 36,537
Provision for warranties issued during the period	11,084	9,601	31,074	26,889
Settlements made during the period	(9,576)	(8,986)	(27,675)	(24,054)
Increases (decreases) in warranty estimates	1,882	(1,775)	174	(1,615)
Balance at end of the period	40,746	37,757	40,746	37,757
Other current liabilities	19,832		19,832		$ 18,135
Other long-term liabilities	20,914		20,914		19,038
Total warranty reserve	$ 40,746	$ 37,757	$ 40,746	$ 37,757	$ 37,173

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 49,039	$ 58,868
Short-term investments	424,266	409,044
Accounts receivable, net	107,188	105,555
Inventories	152,441	157,937
Prepaid and other current assets	19,892	16,585
Total current assets	752,826	747,989
Property and equipment, net	81,064	76,542
Operating lease right-of-use assets	87,393	87,791
Other long-term assets	36,447	40,336
Total assets	957,730	952,658
Current liabilities:
Accounts payable	48,754	49,586
Accrued expenses	12,280	12,726
Employee-related liabilities	58,718	43,430
Current portion of convertible senior notes, net	40,605	0
Operating lease liabilities	18,033	17,060
Deferred revenue	42,567	43,994
Other current liabilities	38,319	28,462
Total current liabilities	259,276	195,258
Convertible senior notes, net - long-term	307,829	285,035
Operating lease liabilities - long-term	109,479	113,572
Deferred revenue - long-term	11,196	13,331
Other long-term liabilities	32,240	31,830
Total liabilities	720,020	639,026
Commitments and contingencies (Note 13)	0	0
Stockholders’ equity:
Common stock, $0.001 par value; 200,000 shares authorized, 65,646 and 65,552 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively.	66	66
Additional paid-in capital	1,282,354	1,263,997
Accumulated other comprehensive income	3,870	1,369
Accumulated deficit	(1,048,580)	(951,800)
Total stockholders’ equity	237,710	313,632
Total liabilities and stockholders’ equity	$ 957,730	$ 952,658

Leases - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease cash payments	$ 13.3	$ 9.2
Lease Agreements \| Vista Sorrento Lease
Lessee, Lease, Description [Line Items]
Operating lease impairment charge			$ 14.1
Operating lease, impairment loss			11.2
Write-off of fixed assets			$ 2.9
Minimum
Lessee, Lease, Description [Line Items]
Lease term	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lease term	13 years

Composition of Certain Financial Statement Items - Reconciliation of Change in Estimated Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Allowance for doubtful accounts
Balance at beginning of the period	$ 5,225	$ 4,842	$ 4,898	$ 4,327
Provision for expected credit losses	3,579	1,308	7,302	4,066
Write-offs and adjustments, net of recoveries	(2,743)	(795)	(6,139)	(3,038)
Balance at end of the period	$ 6,061	$ 5,355	$ 6,061	$ 5,355

Leases - Operating Leases Weighted-Average Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (in years)	9 years 4 months 24 days	10 years 2 months 12 days
Weighted-average discount rate used to determine operating lease liabilities	5.30%	5.40%

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

The Company's leases consist of operating leases for general office space, research and development, manufacturing and warehouse facilities, and equipment. These noncancellable operating leases have initial lease terms from two years to thirteen years. Certain leases include an option to renew, with renewal terms that can extend the lease term for additional periods at the Company’s sole discretion. The Company includes the renewal option period in the lease term for those leases reasonably expected to be extended at the time of lease commencement.

Operating Lease Impairment Charge

In 2023, the Company consolidated facilities by moving the administrative functions and other operations from the leased space on Vista Sorrento Parkway in San Diego, California (Vista Sorrento Lease) to the Company’s new headquarters, located on High Bluff Drive in San Diego, California. In connection with permanently ceasing use of the Vista Sorrento Lease, the Company recorded a $14.1 million impairment charge as the carrying amount of the assets related to the Vista Sorrento Lease exceeded its fair value based on the Company’s estimate of future discounted cash flows related to the leased facility. The $14.1 million charge was comprised of an $11.2 million impairment of operating lease right-of-use assets and a $2.9 million write-off of fixed assets, and was recorded as a component of selling, general and administrative expenses in the condensed consolidated statements of operations.

Supplemental Lease Disclosure Information

The Company’s lease costs recorded in the condensed consolidated statements of operations were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	3,603	$	3,528	$	10,684	$	12,457
Short-term lease cost	22		22		65		87
Loss on lease termination and right-of-use asset impairment charges	—		—		—		11,224
Total lease cost	$	3,625	$	3,550	$	10,749	$	23,768

Maturities of operating lease liabilities at September 30, 2024 were as follows (in thousands):


Years Ending December 31,
2024	$	4,433
2025	18,188
2026	18,146
2027	18,449
2028	14,934
Thereafter	90,326
Total undiscounted lease payments	164,476
Less: amount representing interest	(36,964)
Present value of operating lease liabilities	127,512
Less: current portion of operating lease liabilities	(18,033)
Operating lease liabilities - long-term	$	109,479

The weighted-average remaining lease term and weighted-average discount rate for operating leases were as follows:


	September 30, 2024		December 31, 2023
Weighted-average remaining lease term (in years)	9.4		10.2
Weighted-average discount rate used to determine operating lease liabilities	5.3	%	5.4	%

Cash amounts paid included in the measurement of lease liabilities, representing operating cash flows, were $13.3 million and $9.2 million for the nine months ended September 30, 2024 and 2023, respectively.

Stockholders' Equity - Common Stock Warrants (Details) - Common Stock Warrant Expiring March 2027	Sep. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants exercise price (in dollars per share) \| $ / shares	$ 23.50
Warrants outstanding (in shares) \| shares	193,788

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 637	$ 2,232	$ 4,894	$ 3,665
Income (loss) before taxes	$ (22,614)	$ (30,729)	$ (91,886)	$ (188,944)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease Cost

The Company’s lease costs recorded in the condensed consolidated statements of operations were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	3,603	$	3,528	$	10,684	$	12,457
Short-term lease cost	22		22		65		87
Loss on lease termination and right-of-use asset impairment charges	—		—		—		11,224
Total lease cost	$	3,625	$	3,550	$	10,749	$	23,768

The weighted-average remaining lease term and weighted-average discount rate for operating leases were as follows:


	September 30, 2024		December 31, 2023
Weighted-average remaining lease term (in years)	9.4		10.2
Weighted-average discount rate used to determine operating lease liabilities	5.3	%	5.4	%

Schedule of Future Minimum Payments Under Non-cancellable Operating Leases

Maturities of operating lease liabilities at September 30, 2024 were as follows (in thousands):


Years Ending December 31,
2024	$	4,433
2025	18,188
2026	18,146
2027	18,449
2028	14,934
Thereafter	90,326
Total undiscounted lease payments	164,476
Less: amount representing interest	(36,964)
Present value of operating lease liabilities	127,512
Less: current portion of operating lease liabilities	(18,033)
Operating lease liabilities - long-term	$	109,479

Composition of Certain Financial Statement Items - Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 35,933	$ 42,783
Work-in-process	35,829	44,026
Finished goods	80,679	71,128
Total inventories	$ 152,441	$ 157,937

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	$ 424,266	$ 409,044
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents maturity term	3 months	3 months
United States Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	$ 112,609	$ 115,004
Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	23,513	72,511
Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	116,966	39,375
Foreign government bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	3,068
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	463,096	457,077
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	151,439	163,037
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	311,657	294,040
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Fair Value, Measurements, Recurring \| Cash equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	38,830	48,033
Fair Value, Measurements, Recurring \| Cash equivalents \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	38,830	48,033
Fair Value, Measurements, Recurring \| Cash equivalents \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Fair Value, Measurements, Recurring \| Cash equivalents \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Fair Value, Measurements, Recurring \| United States Government-sponsored enterprises
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	168,110	182,154
Fair Value, Measurements, Recurring \| United States Government-sponsored enterprises \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	0	0
Fair Value, Measurements, Recurring \| United States Government-sponsored enterprises \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	168,110	182,154
Fair Value, Measurements, Recurring \| United States Government-sponsored enterprises \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	0	0
Fair Value, Measurements, Recurring \| United States Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	112,609	115,004
Fair Value, Measurements, Recurring \| United States Treasury securities \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	112,609	115,004
Fair Value, Measurements, Recurring \| United States Treasury securities \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	0	0
Fair Value, Measurements, Recurring \| United States Treasury securities \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	0	0
Fair Value, Measurements, Recurring \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	23,513	72,511
Fair Value, Measurements, Recurring \| Commercial paper \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Fair Value, Measurements, Recurring \| Commercial paper \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	23,513	72,511
Fair Value, Measurements, Recurring \| Commercial paper \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Fair Value, Measurements, Recurring \| Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	116,966	39,375
Fair Value, Measurements, Recurring \| Corporate debt securities \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	0	0
Fair Value, Measurements, Recurring \| Corporate debt securities \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	116,966	39,375
Fair Value, Measurements, Recurring \| Corporate debt securities \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	0	$ 0
Fair Value, Measurements, Recurring \| Foreign government bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	3,068
Fair Value, Measurements, Recurring \| Foreign government bonds \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	0
Fair Value, Measurements, Recurring \| Foreign government bonds \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	3,068
Fair Value, Measurements, Recurring \| Foreign government bonds \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available for sale	$ 0

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation The Company Tandem Diabetes Care, Inc. is a medical device company focused on the design, development and commercialization of technology solutions for people living with diabetes. Tandem Diabetes Care, Inc. is incorporated in the state of Delaware. Unless the context requires otherwise, the terms the “Company” or “Tandem” refer to Tandem Diabetes Care, Inc., together with its wholly-owned subsidiaries. The Company manufactures, sells, and supports insulin pump products that are designed to address the evolving needs and preferences of differentiated segments of the insulin-dependent diabetes market. The Company recently expanded its insulin pump portfolio, which now includes both the t:slim X2 and the Tandem Mobi. Both pumps feature Control-IQ technology, which is the Company’s advanced algorithm for managing insulin delivery, using information received from integrated continuous glucose monitoring (CGM) sensors. New software for the insulin pumps may be updated remotely by the individual users as new advancements become available and are compatible with other complementary digital health offerings, such as the mobile application and cloud-based diabetes management applications. The Company’s insulin pump systems products are generally considered durable medical equipment and have an expected lifespan of at least four years. In addition to insulin pumps, the Company sells single-use components that are used together with the pumps and are replaced every few days, including cartridges for storing and delivering insulin, and infusion sets that connect the insulin pump to a user’s body. Basis of Presentation and Principles of Consolidation The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments which are of a normal and recurring nature and considered necessary for a fair presentation of the financial information contained herein, have been included. Interim financial results are not necessarily indicative of results anticipated for the full year or any other period(s). These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (Annual Report), from which the consolidated balance sheet presented as of December 31, 2023 herein was derived. The condensed consolidated financial statements include the accounts of Tandem Diabetes Care, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The functional currency of the Company’s foreign subsidiaries is their respective local currency. The Company translates the financial statements of its foreign subsidiaries into U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for each period for revenue, costs and expenses. Translation related adjustments are included in other comprehensive income (loss) in the condensed consolidated statements of operations, and in accumulated other comprehensive income (loss) in the stockholders’ equity section of the Company’s condensed consolidated balance sheets. Foreign exchange gains or losses resulting from balances denominated in a currency other than the functional currency are recognized in interest income and other, net in the Company’s condensed consolidated statements of operations.

Acquisitions (Details) $ in Thousands, SFr in Millions			3 Months Ended		9 Months Ended
Acquisitions (Details) $ in Thousands, SFr in Millions	Jan. 19, 2023 USD ($)	Jan. 19, 2023 CHF (SFr)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 CHF (SFr)
Business Acquisition [Line Items]
Equity securities without readily determinable fair value, amount							SFr 8.0
Acquired in-process research and development expenses \| $			$ 0	$ 0	$ 0	$ 78,750
AMF Medical Acquisition
Business Acquisition [Line Items]
Payments of cash		SFr 62.4
Additional earnout payment		SFr 129.6
Milestone period	2 years	2 years
Acquired in-process research and development expenses \| $	$ 78,800
AMF Medical Acquisition \| Development Milestones
Business Acquisition [Line Items]
Additional earnout payment		SFr 38.4
AMF Medical Acquisition \| Regulatory Clearance Milestone
Business Acquisition [Line Items]
Additional earnout payment		SFr 91.2

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis


	Fair Value Measurements at September 30, 2024
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents(1)	$	38,830	$	38,830	$	—	$	—
United States Government-sponsored enterprises	168,110		—		168,110		—
United States Treasury securities	112,609		112,609		—		—
Commercial paper	23,513		—		23,513		—
Corporate debt securities	116,966		—		116,966		—
Foreign government bonds	3,068		—		3,068		—

Total assets	$	463,096	$	151,439	$	311,657	$	—


	Fair Value Measurements at December 31, 2023
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents(1)	$	48,033	$	48,033	$	—	$	—
United States Government-sponsored enterprises	182,154		—		182,154		—
United States Treasury securities	115,004		115,004		—		—
Commercial paper	72,511		—		72,511		—
Corporate debt securities	39,375		—		39,375		—

Total assets	$	457,077	$	163,037	$	294,040	$	—

(1)Generally, cash equivalents include money market funds and investments with a maturity of three months or less from the date of purchase.

Schedule of Convertible Senior Notes

The Company estimated the fair value of its convertible senior notes based on Level 2 quoted market prices as follows (in thousands):


	Fair Value Measurements at
	September 30, 2024		December 31, 2023
Convertible Senior Notes due 2025	$	39,130	$	271,688
Convertible Senior Notes due 2029	458,043		*
Total fair value of outstanding convertible senior notes	$	497,173	$	271,688

* Not applicable as no notes were outstanding at this date.

The net carrying amount of the Company’s convertible senior notes on the condensed consolidated balance sheets consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Principal amount:
Convertible Senior Notes Due 2025	$	40,760	$	287,500
Convertible Senior Notes Due 2029	316,250		*
Total principal amount	357,010		287,500
Unamortized debt issuance costs	(8,576)		(2,465)
Total debt, net	$	348,434	$	285,035
Less: current portion	(40,605)		—
Long-term senior convertible notes	$	307,829	$	285,035

* Not applicable as no notes were outstanding at this date.

The following table summarizes the effective interest rates for each of our convertible senior notes for the periods shown:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Effective interest rate:
Convertible Senior Notes Due 2025	2.1	%	2.2	%	2.1	%	2.2	%
Convertible Senior Notes Due 2029	2.1	%	*		2.1	%	*

* Not applicable as no notes were outstanding at this date.

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions AMF Medical Acquisition On December 10, 2022, the Company entered into a Share Purchase Agreement (Purchase Agreement) with AMF Medical SA, a corporation organized and existing under the laws of Switzerland (AMF Medical), and its shareholders to acquire all of the registered shares of AMF Medical (Transaction). AMF Medical is the developer of the Sigi Patch Pump, which is designed to be an ergonomic, rechargeable patch pump that reduces the burden of managing diabetes through its use of pre-filled insulin cartridges. The Sigi Patch Pump is under development and not commercially available. On January 19, 2023, the Company completed the acquisition of AMF Medical under the terms of the Purchase Agreement. The total aggregate consideration for the Transaction included a previous strategic investment of Swiss Francs (CHF) 8.0 million made in the third quarter of 2022, a cash payment of CHF 62.4 million paid at the closing of the Transaction, and additional contingent earnout payments of up to CHF 129.6 million. The contingent earnout payments become payable upon the achievement of certain milestones, and are comprised of a payment of up to CHF 38.4 million upon the successful completion of key development milestones over the two years following the closing date of the Transaction, and a payment of up to CHF 91.2 million upon obtaining regulatory clearance from the FDA of an automated controller enabled (ACE) pump. The contingent consideration will be recognized as each contingency is resolved and the respective consideration is paid or becomes payable. As of September 30, 2024, the contingencies related to the earnout milestones were not yet resolved and, therefore, the related amounts were not included in the fair value of the asset acquired and were not recognized as a liability on the consolidated balance sheet at September 30, 2024. The Company funded the initial closing payment using existing cash balances. The transaction was accounted for as an asset acquisition as substantially all the value of the gross assets was concentrated in a single asset. The Company recorded a $78.8 million charge in 2023 representing the value of acquired in-process research and development assets with no alternative future use, and acquisition related expenses, on its condensed consolidated statements of operations in acquired in-process research and development expenses. The Company’s results of operations included the operating results of AMF Medical since the date of acquisition.

Business Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Disaggregation of Revenue

The table below sets forth revenues for the Company’s two primary geographical markets, based on the geographic location to which its products are shipped (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
United States	$	171,650	$	130,222	$	458,122	$	403,964
Outside the United States	72,321		55,400		199,433		146,958
Total Sales	$	243,971	$	185,622	$	657,555	$	550,922

During the three and nine months ended September 30, 2024 and 2023, sales by product were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Pump	$	114,799	$	88,037	$	309,961	$	274,415



Supplies and other	128,133		105,821		347,547		289,075
Net revenue recognized (deferred) for Tandem Choice program	1,039		(8,236)		47		(12,568)
Total Sales	$	243,971	$	185,622	657,555		550,922

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		64,513
Beginning balance at Dec. 31, 2022	$ 439,947	$ 65	$ 1,170,888	$ (1,817)	$ (729,189)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		71
Exercise of stock options	1,267		1,267
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		358
Vesting of restricted stock units, net of shares withheld for taxes	(6,505)		(6,505)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		249
Issuance of common stock under Employee Stock Purchase Plan	6,804		6,804
Exercise of common stock warrants (in shares)		0
Exercise of common stock warrants	0		0
Stock-based compensation expense	65,485		65,485
Unrealized gain on short-term investments	1,800			1,800
Foreign currency translation gains (losses)	(2,189)			(2,189)
Net loss	(192,609)				(192,609)
Ending balance (in shares) at Sep. 30, 2023		65,191
Ending Balance at Sep. 30, 2023	314,000	$ 65	1,237,939	(2,206)	(921,798)
Beginning balance (in shares) at Jun. 30, 2023		65,062
Beginning balance at Jun. 30, 2023	329,234	$ 65	1,219,199	(1,193)	(888,837)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		8
Exercise of stock options	106		106
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		121
Vesting of restricted stock units, net of shares withheld for taxes	(1,945)		(1,945)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		0
Issuance of common stock under Employee Stock Purchase Plan	0		0
Stock-based compensation expense	20,579		20,579
Unrealized gain on short-term investments	349			349
Foreign currency translation gains (losses)	(1,362)			(1,362)
Net loss	(32,961)				(32,961)
Ending balance (in shares) at Sep. 30, 2023		65,191
Ending Balance at Sep. 30, 2023	314,000	$ 65	1,237,939	(2,206)	(921,798)
Beginning balance (in shares) at Dec. 31, 2023		65,552
Beginning balance at Dec. 31, 2023	313,632	$ 66	1,263,997	1,369	(951,800)
Increase (Decrease) in Stockholders' Equity
Stock repurchase and retirement of shares (in shares)		(1,107)
Stock repurchase and retirement of shares	(30,000)	$ (1)	(29,999)
Exercise of stock options (in shares)		94
Exercise of stock options	1,806		1,806
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		705
Vesting of restricted stock units, net of shares withheld for taxes	(17,124)	$ 1	(17,125)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		402
Issuance of common stock under Employee Stock Purchase Plan	6,286		6,286
Stock-based compensation expense	73,018		73,018
Purchase of capped call options related to convertible notes due 2029	(15,813)		(15,813)
Unwind of capped call options related to convertible notes due 2025	184		184
Unrealized gain on short-term investments	2,189			2,189
Foreign currency translation gains (losses)	312			312
Net loss	(96,780)				(96,780)
Ending balance (in shares) at Sep. 30, 2024		65,646
Ending Balance at Sep. 30, 2024	237,710	$ 66	1,282,354	3,870	(1,048,580)
Beginning balance (in shares) at Jun. 30, 2024		65,435
Beginning balance at Jun. 30, 2024	233,875	$ 65	1,260,392	(1,253)	(1,025,329)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		24
Exercise of stock options	409		409
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		187
Vesting of restricted stock units, net of shares withheld for taxes	(4,927)	$ 1	(4,928)
Stock-based compensation expense	26,481		26,481
Unrealized gain on short-term investments	3,948			3,948
Foreign currency translation gains (losses)	1,175			1,175
Net loss	(23,251)				(23,251)
Ending balance (in shares) at Sep. 30, 2024		65,646
Ending Balance at Sep. 30, 2024	$ 237,710	$ 66	$ 1,282,354	$ 3,870	$ (1,048,580)

Short-Term Investments

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Short-Term Investments

The Company invests in marketable securities primarily consisting of debt instruments of the United States Government, United States Government-sponsored enterprises, and financial institutions and corporations with strong credit ratings. The following represents a summary of the estimated fair value of short-term investments at September 30, 2024 and December 31, 2023 (in thousands):


At September 30, 2024	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Available-for-sale securities:
United States Government-sponsored enterprises	$	166,401	$	1,718	$	(9)	$	168,110
United States Treasury securities	112,169		448		(8)		112,609
Commercial paper	23,431		82		—		23,513
Corporate debt securities	116,314		653		(1)		116,966
Foreign government bonds	3,013		55		—		3,068

Total	$	421,328	$	2,956	$	(18)	$	424,266


At December 31, 2023	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Available-for-sale securities:
United States Government-sponsored enterprises	$	181,851	$	518	$	(215)	$	182,154
United States Treasury securities	114,714		318		(28)		115,004
Commercial paper	72,505		33		(27)		72,511
Corporate debt securities	39,225		156		(6)		39,375

Total	$	408,295	$	1,025	$	(276)	$	409,044

The contractual maturities of available-for-sale debt securities as of September 30, 2024, were as follows (in thousands):


	Years to Maturity
At September 30, 2024	Within One Year		One to Two Years		Two to Three Years		Estimated Fair Value
United States Government-sponsored enterprises	$	60,575	$	24,215	$	83,320	$	168,110
United States Treasury securities	71,407		40,194		1,008		112,609
Commercial paper	23,513		—		—		23,513
Corporate debt securities	62,532		54,434		—		116,966
Foreign government bonds	—		—		3,068		3,068

Total	$	218,027	$	118,843	$	87,396	$	424,266

The Company has classified all marketable securities, regardless of maturity, as short-term investments based upon the Company’s ability and intent to use any of those marketable securities to satisfy the Company’s liquidity requirements.

The Company reviews the portfolio of available-for-sale debt securities quarterly to determine if any investment is impaired due to changes in credit risk or other potential valuation concerns. Unrealized losses on available-for-sale debt securities at September 30, 2024 were primarily due to an increase in market interest rates after certain debt securities were purchased, and the balance was not material to the Company’s quarterly results.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and nine months ended September 30, 2024, the Company recognized income tax expense of $0.6 million and $4.9 million, respectively, on a pre-tax loss of $22.6 million and $91.9 million, respectively. The Company calculated the provision for income taxes for the three and nine months ended September 30, 2024 by applying an estimate of the annual effective tax rate for the full year to ordinary income (loss) adjusted by the tax impact of discrete items. Income tax expense for the three and nine months ended September 30, 2024 was primarily attributable to federal, state and foreign income tax expense as a result of current taxable income in certain jurisdictions. For the three and nine months ended September 30, 2023, the Company recognized income tax expense of $2.2 million and $3.7 million, respectively, on a pre-tax loss of $30.7 million and $188.9 million, respectively. Income tax expense for the three and nine months ended September 30, 2023 was primarily attributable to federal, state and foreign income tax expense as a result of current taxable income in certain jurisdictions. The Company calculated the provision for three and nine months ended September 30, 2023 by applying an estimate of the annual effective tax rate for the full year to ordinary income (loss) adjusted by the tax impact of discrete items. The Company continues to maintain a full valuation allowance against its net deferred tax assets as of September 30, 2024, based on the current assessment that it is not more likely than not these future benefits will be realized before expiration.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Composition of Certain Financial Statement Items

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Items

Accounts Receivable

Accounts receivable, net consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):


	September 30,		December 31,
	2024		2023

Accounts receivable	$	113,249	$	110,453
Less: allowance for credit losses	(6,061)		(4,898)
Accounts receivable, net	$	107,188	$	105,555

Allowance for Credit Losses


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Balance at beginning of the period	$	5,225	$	4,842	$	4,898	$	4,327
Provision for expected credit losses	3,579		1,308		7,302		4,066
Write-offs and adjustments, net of recoveries	(2,743)		(795)		(6,139)		(3,038)
Balance at end of the period	$	6,061	$	5,355	$	6,061	$	5,355

Inventories

Inventories consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):


	September 30,		December 31,
	2024		2023

Raw materials	$	35,933	$	42,783
Work-in-process	35,829		44,026
Finished goods	80,679		71,128
Total inventories	$	152,441	$	157,937