Slides
Page 1
T TANDEM Diabetes Care Earnings Q2 2026
Page 2
August 6, 2026 ››› Page 2 © 2026 Tandem Diabetes Care, Inc. All Rights Reserved Disclaimers & Safe Harbor CAUTIONARY NOTES REGARDING FORWARD LOOKING-STATEMENTS Certain statements in this presentation constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of theSecurities Exchange Act of 1934, as amended, regarding, among other things:the Company’s plans, strategies, operations, prospects and financial performance; the perceived advantages of our products relative to competitive products and technologies; our anticipated growth and other measures of future operating results and financial performance; the development and commercialization of new products; our multichannel strategy; our market opportunities; the expansion of direct sales in Europe and U.S. pharmacy channel access and other anticipated market expansion catalysts; 2026 financial guidance and underlying assumptions; growth and profitability goals; and our ability to secure and maintain necessary regulatory approvals and reimbursement for our existing products and new products under development. All statements other than statements of historical fact are forward-looking and, in some cases, may beidentifiedby the words “believe,” “expect,” “anticipate,” “estimate,” “project,” “will,” “should,” “intend,” or similar expressions. These statements are based on currently available information and our management’s current beliefs and assumptions and expectations of future events and trends.Although we believe our beliefs, assumptions and expectations are reasonable, we cannot assure you that the Company will achieve or realize the plans, expectations, or other outcomes reflected in or suggested by these forward-looking statements. Forward-looking statements are subject to substantial risks and uncertainties, many of which are beyond the Company’s control, and which may cause the Company’s actual results or outcomes to differ materially from those expressed or in implied in such forward-looking statements, including, but not limited to: market acceptance of the Company’s products; products marketed and sold or under development by competitors; foreign currency exchange rates; the Company’s ability to establish and sustain operations to support international sales, including expanding into additional geographies and going direct in certain markets; changes in reimbursement rates or insurance coverage for the Company’s products; the expected near-term impact of the pay-as-you-go (PAYGO) strategy; the Company’s ability to meet increasing operational and infrastructure requirements from higher customer interest and a larger base of existing customers; the Company’s ability to successfully commercialize its products; the Company’s ability to develop and launch new products; the potential that newer products, or other technological breakthroughs for the monitoring, treatment or prevention of diabetes, may render the Company’s products obsolete or less desirable, or may otherwise negatively impact the purchasing trends of customers; reliance on third-party relationships, such as outsourcing and supplier arrangements; the potential impacts of global macroeconomic conditions; and other factors included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and in the other reports we file with the Securities and Exchange Commission.In addition, new risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.Accordingly, you should not place undue reliance on such statements. Estimates and forward-looking statements speak only as of the date they were made, and, except to the extent required by law, we undertake no obligation to update or review any estimate and forward-looking statement because ofnew information, futureeventsor other factors. Non-GAAP Financial Information This presentation includes financial measures that are calculated and presentedin accordance withgenerally acceptedaccounting principlesin the United States (“GAAP”), such as adjusted EBITDA, adjusted EBITDA margin, free cash flow, and constant currency sales growth. Such non-GAAP financial information should be considered supplemental to, and not a substitute for or superior to, financial measures calculatedin accordance withGAAP. There area number oflimitations related to the use of these non-GAAP financial measures and their nearest GAAP equivalents. For example, the Company’s definitions of non-GAAP financial measures may differ from similarly titled non-GAAP financial measures used by other companies. EBITDA is a non-GAAP financial measure defined as net income (loss) excluding interest, income taxes, depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure that further adjusts EBITDA for non-cash stock-based compensation expense,acquiredin-process research and development,revenue adjustments for the Tandem Choice technology access program,and certain other non-recurringexpenses. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of non-GAAP sales, which we calculate as GAAP sales adjusted for the Tandem Choice technology access program. Free cash flow is a non-GAAP financial measure that we define as cash provided by operating activitiesless capital expenditures. Constant currency sales growth is a non-GAAP measure that represents the change in sales between current and prior year periods using the exchange rate in effect during the applicable prior year period.For reconciliations of these measures to the most directly comparable GAAP measure, see the appendix to this presentation.
Page 3
August 6, 2026 ››› Page 3 © 2026 Tandem Diabetes Care, Inc. All Rights Reserved Q2 2026 Results Record Second Quarter Performance WW Financials United States Highlights International Highlights Sales of $255M* Pump shipments of 33,000 or 10% YoY Growth* 57% Gross margin* Sales of $75M* Pump shipments of 11,000 Multiple commercial launches Sales of $179M* Pump shipments of 22,000* Advanced PAYGO model in pharmacy * Represents record second quarter results.
Page 4
August 6, 2026 ››› Page 4 © 2026 Tandem Diabetes Care, Inc. All Rights Reserved 30,000 30,000 33,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Q2'24 Q2'25 Q2'26 Q2 Worldwide Shipments Second Quarter Performance $222 $241 $255 $200 $250 $300 Q2'24 Q2'25 Q2'26 Q2 Worldwide Sales ($ in M) 51% 52% 57% 0% 20% 40% 60% 80% Q2'24 Q2'25 Q2'26 Q2 Gross Margin +6%1 +10% +4.6 pts 1. +5% on a constant currency basis. Constant currency is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable GAAP financial measure. 2. Adjusted EBITDA margin is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable GAAP financial measure. -1% -1% 3% -5% 5% Q2'24 Q2'25 Q2'26 Q2 Adjusted EBITDA Margin2 +3.3 pts
Page 5
August 6, 2026 ››› Page 5 © 2026 Tandem Diabetes Care, Inc. All Rights Reserved Manufacturers receive greater economics for technology benefits PayGo: Enhanced Benefit & Value Creation Healthcare Providers benefit from streamlined prescription process Payors benefit from improved member outcomes with enhanced data visibility Customers benefit from lower out of pocket cost with easier onboarding Pharmacy Channel PayGo reimbursement structure
Page 6
August 6, 2026 ››› Page 6 © 2026 Tandem Diabetes Care, Inc. All Rights Reserved DME Pharmacy Pump ASP ~$4,000 Upfront payment $0 Upfront payment Supplies ASP per year ~$1,000 (~$83/month) ~$4,200 (~$350/month) 4-year sales per patient ~$8,000 ~$17,000 Pump shipments1 ~80% ~20% (~10% in Q2 2026) Total install base source of supplies1, 2 ~90% ~10% (~6% in Q2 2026) >2X U.S. PayGo Transition Assumptions Intact >4X 2026 U.S. MODELING ASSUMPTIONS No updates to modeling assumptions provided in February 2026 Began moving to PayGo pharmacy reimbursement structure in March 2026 • PayGo structure, $0 upfront for all pumps, ongoing reimbursement for supplies • 2026 U.S. sales pricing headwind of $70 to $80 million reflecting PayGo model adoption (~$8M headwind in Q2’26) ~15% of 2026 U.S. sales through pharmacy (10% in Q2’26) 2026 blended (DME and Pharmacy) annual supplies sales per customer of $1,300 - $1,400 1. Percent of volume through pharmacy represents average for the full year; actual percent expected to be lowest in Q1 with contracts effective late in the quarter, scaling up across the year. 2. U.S. installed base as of 12/31/25 was 324,000 customers as calculated based on rolling 4-year shipments. STRENGTHENING OUR BUSINESS MODEL & CREATING LONG-TERM VALUE
Page 7
August 6, 2026 ››› Page 7 © 2026 Tandem Diabetes Care, Inc. All Rights Reserved Blended Pricing in $USD Pump ASP (Once every 4 years) $2,800 - $2,900 Supplies ASP per year $1,300 - $1,400 ($108 - $117/month) 4-year sales per patient $8,000 - $8,500 International Direct Transition Assumptions 2026 INTERNATIONAL MODELING ASSUMPTIONS Transition to direct commercial operations timeline • Q1’26 – Direct sales began in UK, Switzerland and Austria • Plan tocontinueexpandingdirect operationslater in 2H’26 (France) andin 2027 Direct sales to average ~15% of international sales (13% in Q2’26 ) Anticipate destocking and inventory buyback sales impact in transitioning countries • 2026: ~$15M • Q2’26: ~$3M ENHANCING PRESCRIBER RELATIONSHIPS WHILE IMPROVING PRICE AND MARGINS
Page 8
August 6, 2026 ››› Page 8 © 2026 Tandem Diabetes Care, Inc. All Rights Reserved 2026 Guidance 2026 Q3’26 Worldwide Sales $1.065B - $1.085B ~$265M U.S. Shipments 94K - 95K - U.S. Sales (PayGo Assumption) $730M - $745M (Includes $70M - $80M Headwind) ~$180M International Sales (Direct Transition Assumption) $335M - $340M (Includes $15M Headwind) ~$85M Gross Margin 56% - 57% (Scaling from 55% in Q1’26 to ~60% in Q4’26) ~56% Adjusted EBITDA Margin2 5% - 6% ~2% REAFFIRMING SALES AND MARGIN 2026 GUIDANCE1 1. Guidance as of August 6th, 2026. This presentation is not a reaffirmation or update of such previously provided guidance. 2. Adjusted EBITDA is a non-GAAP financial measure. The Company has not reconciled adjusted EBITDA margin outlook to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot reasonably be predicted with the level of precision required, the Company is unable to provide outlook for the comparable GAAP measure (net income (loss) as a percentage of sales). Forward-looking estimates of adjusted EBITDA margin are made in a manner consistent with relevant calculations and assumptions noted herein.
Page 9
August 6, 2026 ››› Page 9 © 2026 Tandem Diabetes Care, Inc. All Rights Reserved Longer-Term Assumptions* * Longer term assumptions provided February 19, 2026. U.S. Sales & Channel Mix (2-3 years) ~80% of pump shipments through pharmacy ~70% of sales through pharmacy International ASPs are anticipated to be at least 30% higher in individual direct markets (varies by geography) Profitability Goals 65%+ gross margin 25%+ operating margin DRIVING TO SUSTAINED DOUBLE-DIGIT GROWTH & PROFITABILITY
Page 10
February 19, 2026 ››› Page 10 © 2025 Tandem Diabetes Care, Inc. All Rights Reserved Appendix Sales Data and GAAP Reconciliations
Page 11
August 6, 2026 ››› Page 11 © 2026 Tandem Diabetes Care, Inc. All Rights Reserved Sales by Geography and Product, Adjusted EBITDA Trends & Non-GAAP Financial Measures QUARTERLY AND ANNUAL SALES INFORMATION The financial data presented in the following slides has been derived from our audited consolidated financial statements. The financial data presented in the tables for the quarters ended March 31, 2026 and 2025, June 30, 2025, and September 30, 2025, have been derived from our unaudited financial statements included in our Quarterly Reports on Form 10-Q for the respective periods (the Quarterly Reports), as filed with the SEC. The financial data presented should be read in conjunction with the other information included in our Annual Reports and Quarterly Reports. Copies of our filings with the SEC are available free of charge on our website within the “Investor Center” section. Our historical results for any prior period are not necessarily indicative of results to be expected in any future period. NON-GAAP FINANCIAL MEASURES Non-GAAP financial measures and quarterly trends are presented to provide information that may assist investors in understanding the Company's financial results and assessing its prospects for future performance, but should not be read as a guarantee of future performance or results. We believe these non-GAAP financial measures are important indicators of our operating performance because they exclude items that are unrelated to, and may not be indicative of, our core operating results. These non-GAAP financial measures, as we calculate them, may not necessarily be comparable to similarly titled measures of other companies and may not be appropriate measures for comparing the performance of other companies relative to the Company. These non-GAAP financial results are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP. Investors are referred to the Company's filings with the SEC for additional information regarding limitations of these non-GAAP financial measures. A reconciliation of each of the historical GAAP financial measures to the most directly comparable historical non-GAAP financial measures has been provided within this appendix to the presentation.
Page 12
August 6, 2026 ››› Page 12 © 2026 Tandem Diabetes Care, Inc. All Rights Reserved Sales by Geography and Product International Sales- by Product: ($ in thousands) Quarter Ended Year Ended Quarter Ended Six Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2026 Pump $ 29,950 $ 26,404 $ 25,329 $ 28,577 $ 110,260 $ 32,485 $ 31,650 $ 64,135 Supplies and other 53,840 44,065 48,293 51,342 197,540 53,893 43,618 97,511 Total International Sales $ 83,790 $ 70,469 $ 73,622 $ 79,919 $ 307,800 $ 86,378 $ 75,268 $ 161,646 Worldwide Sales- by Product: ($ in thousands) Quarter Ended Year Ended Quarter Ended Six Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2026 Pump $ 102,091 $ 111,871 $ 110,114 $ 140,063 $ 464,139 $ 110,426 $ 114,652 $ 225,078 Supplies and other 132,331 128,807 139,139 150,320 550,597 136,795 139,908 276,703 Total Worldwide Sales $ 234,422 $ 240,678 $ 249,253 $ 290,383 $ 1,014,736 $ 247,221 $ 254,560 $ 501,781 Sales in the US - by Product: ($ in thousands) Quarter Ended Year Ended Quarter Ended Six Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2026 Pump $ 72,141 $ 85,467 $ 84,785 $ 111,486 $ 353,879 $ 77,941 $ 83,002 $ 160,943 Supplies and other 78,491 84,742 90,846 98,978 353,057 82,902 96,290 179,192 Total Sales in the US $ 150,632 $ 170,209 $ 175,631 $ 210,464 $ 706,936 $ 160,843 $ 179,292 $ 340,135 See non-GAAP financial measures slide at the beginning of this appendix.
Page 13
August 6, 2026 ››› Page 13 © 2026 Tandem Diabetes Care, Inc. All Rights Reserved Adjusted EBITDA Trends ($ in thousands) Quarter Ended Year Ended Quarter Ended Six Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2026 GAAP net loss $ (130,556) $ (52,400) $ (21,165) $ (589) $ (204,710) $ (20,393) $ (21,168) $ (41,561) Income tax expense (benefit) 8,467 (5,322) (3,978) 5,271 4,438 516 510 1,026 Interest income, interest expense, and other, net 1,211 5,912 2,280 3,612 13,015 2,443 6,866 9,309 Depreciation and amortization 4,311 4,367 4,493 4,495 17,666 4,504 4,470 8,974 Stock-based compensation expense 25,489 25,641 21,141 20,110 92,381 15,660 15,740 31,400 Non-recurring facility impairment and restructuring costs 11,167 — — — 11,167 — — — Litigation and settlement expense — 19,951 — — 19,951 — — — Adjusted EBITDA $ (79,911) $ (1,851) $ 2,771 $ 32,899 $ (46,092) $ 2,730 $ 6,418 $ 9,148 See non-GAAP financial measures slide at the beginning of this appendix.
Page 14
August 6, 2026 ››› Page 14 © 2026 Tandem Diabetes Care, Inc. All Rights Reserved Reconciliation GAAP versus Non-GAAP Financial Results ($'s in thousands) Three Months Ended June 30, 2026 2025 2024 GAAP sales $254,560 $240,678 $221,910 Adjustment for Tandem Choice(1) — — (154) Non-GAAP sales $254,560 $240,678 $221,756 GAAP gross profit $144,780 $125,855 $112,794 Adjustment for Tandem Choice(1) — — (127) Non-GAAP gross profit $144,780 $125,855 $112,667 GAAP gross margin(2) 57% 52% 51% Non-GAAP gross margin(2) 57% 52% 51% GAAP net loss $(21,168) $(52,400) $(30,814) Income tax expense 510 (5,322) 1,071 Interest income, interest expense and other, net 6,866 5,912 (1,031) Depreciation and amortization 4,470 4,367 4,108 Stock-based compensation expense 15,740 25,641 24,897 Non-recurring facility impairment and restructuring costs(3) — 11,167 — Litigation and settlement expense — 19,951 — Adjustment for Tandem Choice(1) — — (127) Adjusted EBITDA $6,418 $(1,851) $(1,896) Adjusted EBITDA margin(2) 3% (1)% (1)% GAAP cash provided by (used in) operating activities $(34,623) $(9,495) $(5,275) Less: capital expenditures (4,050) (6,207) (6,466) Non-GAAP free cash flow(4) $(38,673) $(15,702) $(11,741) 1. The accounting treatment for Tandem Choice had a high degree of complexity. The Tandem Choice program concluded in 2024, and ther e was no impact to sales for this program in 2026 and 2025. 2. GAAP gross margin is calculated using GAAP sales. Non-GAAP gross margin and adjusted EBITDA margin are calculated using non -GAAP sales. 3. In the first quarter of 2025, the Company recorded $11.2 million in impairment charges related to its operating lease right -of-use assets, and severance and other restructuring costs associated with the relocation of certain research and development activities. 4. Free Cash Flow is a non-GAAP financial measure that we define as cash provided by operating activities less capital expenditures. See non-GAAP financial measures slide at the beginning of this appendix. ($'s in thousands) Six Months Ended June 30, 2026 2025 2024 GAAP sales $501,781 $475,100 $413,584 Adjustment for Tandem Choice(1) — — 992 Non-GAAP sales $501,781 $475,100 $414,576 GAAP gross profit $281,568 $244,262 $207,466 Adjustment for Tandem Choice(1) — — (1,019 Non-GAAP gross profit $281,568 $244,262 $208,485 GAAP gross margin(2) 56% 51% 50% Non-GAAP gross margin(2) 56% 51% 50% GAAP net loss $(41,561) $(182,956) $(73,529) Income tax expense 1,026 3,145 4,257 Interest income, interest expense and other, net 9,309 7,123 (3,180) Depreciation and amortization 8,974 8,678 8,151 Stock-based compensation expense 31,400 51,130 46,936 Non-recurring facility impairment and restructuring costs(3) — 11,167 — Litigation and settlement expense — 19,951 — Adjustment for Tandem Choice(1) — — 1,019 Adjusted EBITDA $9,148 $(81,762) $(16,346) Adjusted EBITDA margin(2) 2% (1)% (4)% GAAP cash provided by (used in) operating activities $(23,576) $(27,774) $(13,271) Less: capital expenditures (10,318) (9,171) (10,923) Non-GAAP free cash flow (4) $(33,894) $(36,945) $(24,194)
Page 15
August 6, 2026 ››› Page 15 © 2026 Tandem Diabetes Care, Inc. All Rights Reserved Reconciliation GAAP Reconciliation of Constant Currency Sales Growth ($'s in thousands) Three Months Ended June 30, 2026 2025 % Change Currency Impact % Change Constant Currency United States: Pump $83,002 $85,467 (3)% Supplies and other 96,290 84,742 14% Total Sales in the United States $179,292 $170,209 5% —% 5% International: Pump $31,650 $26,404 20% Supplies and other 43,618 44,065 (1)% Total International Sales $75,268 $70,469 7% 1% 6% Total Worldwide Sales(1) $254,560 $240,678 6% 1% 5% 1. The Constant currency sales growth is a non-GAAP measure that represents the change in sales between current and prior year p eriods using the exchange rate in effect during the applicable prior year period. The Company presents constant currency growth because management believes it provides meaningful information regarding the Company’s resu lts on a consistent and comparable basis. The Company uses this non -GAAP measure to evaluate the Company’s operating results. ($'s in thousands) Six Months Ended June 30, 2026 2025 % Change Currency Impact % Change Constant Currency United States: Pump $160,943 $157,608 2% Supplies and other 179,192 163,233 10% Total Sales in the United States $340,135 $320,841 6% —% 6% International: Pump $64,135 $56,354 14% Supplies and other 97,511 97,905 —% Total International Sales $161,646 $154,259 5% 5% —% Total Worldwide Sales (1) $501,781 $475,100 6% 2% 4%
Page 16
February 19, 2026 ››› Page 16 © 2025 Tandem Diabetes Care, Inc. All Rights Reserved Investor Relations: 858-366-6900 IR@tandemdiabetes.com TRADEMARKS ©2026 Tandem Diabetes Care, Inc. All rights reserved. Tandem Diabetes Care, Tandem Diabetes, Tandem, Tandem Mobi, Tandem Source, t:slim X2, Control-IQ, Control-IQ+ and our logos are trademarks, registered trademarks, and/or the subject of a pending trademark application in the U.S. and/or other territories worldwide. FreeStyle, Libre and related brand marks are marks of Abbott Laboratories. All other trademarks are the property of their respective owners.