Topic: 2026 growth cadence and product pipeline catalysts
Key points:
Mobi Android approval expected before end of 2025; 2026 plans include moving Mobi to O-U.S. countries, implementing FreeStyle Libre 3, and launching tubeless Mobi version.
Pharmacy progress and U.S. commercial transformation showing "green shoots" in productivity; benefits build across 2026.
Margin and EBITDA leverage expected to improve as revenue grows, with normal seasonality.
Mgmt stance: Bullish — confident pipeline will "significantly change competitive dynamic" and drive market effect.
Q2 — Larry Biegelsen
Topic: Pricing uplift from pharmacy channel and supply revenue per user
Key points:
Q3 price benefit of 5% shifted from DME-driven (H1) to pharmacy-driven (Q3); Q4 pricing benefit on supplies can be inferred from Q3–Q4 trend as baseline for 2026.
t:slim supplies launching in pharmacy this quarter; more color on coverage and pricing uplift will come at year-end earnings call.
Current supply revenue per user ~$1,000; no specific forward number given.
Mgmt stance: Neutral — provides baseline but defers detailed 2026 guidance to year-end.
Q3 — Christopher Pasquale
Topic: Q4 seasonality assumptions vs. 2024 miss
Key points:
2025 Q4 seasonal curve factored in 2024 experience; last year ~30% of full-year shipments landed in Q4, used as starting point for 2025.
Renewals expected to be slightly more than half of Q4 shipments; step-up from Q3 driven by new renewal opportunities.
Overall Q4 pattern "very similar to what we saw in 2024."
Mgmt stance: Neutral — acknowledges prior miss but assumes similar cadence without overpromising.
Q4 — Danielle Antalffy
Topic: New patient vs. renewal mix and MDI conversion trends
Key points:
Renewals have been slightly more than half of shipments each quarter in 2025; new starts (MDI conversions) ~2/3 of new start population.
Q3 continued pressure on new starts; Q4 expected similar, factored into guidance (slight year-over-year decline).
Expects turnaround in new starts and return to growth in 2026, driven by new products, pharmacy access, and commercial transformation.
Mgmt stance: Bullish — sees "return to growth" in 2026 despite current pressure.
Q5 — Unknown Analyst (Jamie for David)
Topic: MDI conversion growth drivers and competitive dynamics
Key points:
Form factor and market access key to competition; pharmacy channel reduces patient out-of-pocket and eases physician prescribing.
FreeStyle Libre 3 approval just received in U.S.; Mobi Android approval expected shortly; additional product feature enhancements planned.
Combination of pharmacy access and innovation expected to drive MDI growth and return company to "double-digit growth like in the past."
Mgmt stance: Bullish — confident in returning to double-digit growth via pharmacy and product pipeline.
Q&A Batch (6-10 of 16)
Q6 — Michael Kratky
Topic: Pharmacy coverage for Mobi and path to scale
Key points:
40% pharmacy coverage refers to payer lines attached to existing PBM contracts; access varies by plan.
2025 focus: improving access within existing plans, expanding pull-through, and operational readiness (order/fulfillment/communication).
2026 plan: push pharmacy at a much larger scale.
Mgmt stance: Neutral — measured approach in 2025 to prepare for scaling in 2026.
Q7 — Unknown Analyst (Anna)
Topic: Gross margin guidance and Q4 step-up
Key points:
Q4 2025 gross margin expected to be all-time high in mid- to high 50s.
By end of 2026, gross margin expected to reach 60% in Q4.
Main driver: U.S. pump volumes (biggest contributor); international has distributor pricing pressure; supplies are smallest contributor.
New factor: pharmacy channel for t:slim supplies (installed base price appreciation) contributes to Q4 step-up.
Mgmt stance: Bullish — excited about pharmacy’s measurable benefit even at small volumes.
Q8 — Unknown Analyst (Filipe)
Topic: Competitive rebating and pricing in pharmacy channel
Key points:
Near-term: significant step-up opportunity vs. DME base business; lower out-of-pocket cost for patients.
Long-term: potential pricing pressure, but Tandem aims to build stable business and mitigate risk.
John Sheridan: current pump competitors have very low pharmacy volume; Tandem expects to be one of the large entities with meaningful volume.
Mgmt stance: Neutral — acknowledges long-term pricing risk but sees near-term opportunity worth pursuing.
Q9 — Joanne Wuensch
Topic: Sigi as next-generation Mobi and launch strategy
Key points:
Mobi Tubeless will be first extended-wear patch pump; research shows high preference for tubeless wear + Control-IQ, further increased by extended wear.
Company believes only one tubeless product needed at a time; Sigi will be next-generation Mobi product within that family.
Plan: give Mobi room to run; continue investing in Sigi development.
Mgmt stance: Bullish — high enthusiasm for Mobi Tubeless; confident in market performance.
Q10 — Suraj Kalia
Topic: Fully closed-loop system CGM integration and U.S. pump unit trends
Key points:
Fully closed-loop system will work with all currently integrated CGMs (interoperable); algorithm is key.
Collaboration with UVA (Center for Diabetes Technology) for fully closed-loop algorithm; UVA has most clinical data and FDA familiarity.
Pivotal study planned for next year.
U.S. pump revenue down 2% YoY; price benefit 5%; units implied down ~7%.
Q3 pump shipments roughly flat vs. Q2 (normalizing for Q2 stocking); renewal pumps strong; new pumps slightly pressured.
New pump headwinds driven by competitive conversions (one primary competitor retaining more customers); focus on MDI conversions.
Mgmt stance: Neutral — new pumps pressured but MDI conversion focus and pipeline (fully closed-loop) provide future growth levers.
Topic: Q4 revenue step-up, EBITDA margin guidance, and drop-through bridge
Key points:
Analyst calculates ~100% incremental EBITDA drop-through to reach negative 5% EBITDA margin on ~$1B revenue; Q3 drop-through was 50–60%.
Mgmt explains Q3→Q4 revenue step-up mostly from U.S. business, with pump shipments increasing seasonally and price improvement on supplies from introducing t:slim into pharmacy channel (boosts gross margin).
Incremental bottom-line benefit from spending leverage: Q3 restructuring initiated, plus commercial transformation (streamlining processes for patient engagement, pump/supply orders).
Benefits expected to be visible exiting 2025 and build into 2026.
Mgmt stance: bullish — “very excited about what the future holds,” looking forward to demonstrating profitability improvement that everyone has been waiting for.