Tandem Diabetes Care (TNDM) FY2024 results: revenue $940 million, up 25.7% on the year

Tandem Diabetes Care Inc. (TNDM) reported revenue of $940 million for fiscal 2024, the year ended 31 December 2024, up 25.7% on the year before. Net income was -$96 million, and diluted earnings per share $-1.47. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2025.

Revenue

$940 million

+25.7% on the year

FY2017FY2024

Operating margin

-10.5%

-31.2% a year earlier

FY2017FY2024

Net income

-$96 million

FY2017FY2024

Diluted EPS

-$1.47

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	940	748	801	+25.7%
Cost of revenue	451	380	388	+18.6%
Gross profit	490	368	413	+33.1%
Gross margin	52.1%	49.2%	51.5%
Research and development	199	170	139	+17.2%
Selling, general and administrative	390	353	336	+10.6%
Operating income	-99.1	-233	-92.8
Operating margin	-10.5%	-31.2%	-11.6%
Interest expense	7.4	9.9	6.2	-25.0%
Pre-tax income	-91.9	-220	-92.9
Income tax	4.2	2.4	1.7	+76.3%
Net income	-96.0	-223	-94.6
Net margin	-10.2%	-29.8%	-11.8%
Diluted EPS	-$1.47	-$3.43	-$1.47

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	24.2	-31.8	50.5
Capital expenditure	19.2	26.8	34.1	-28.3%
Free cash flow	5.0	-58.6	16.4
Free cash flow margin	0.5%	-7.8%	2.0%
Cash from investing	-23.5	-85.7	33.2
Cash from financing	8.4	4.1	16.9	+103.4%
Depreciation and amortisation	16.6	15.7	14.3	+5.7%
Share-based compensation	101	88.1	84.9	+15.1%
Buybacks	30.0	0.0	0.0
Diluted shares, weighted	65m	65m	64m	+0.7%
Shares outstanding at period end	66m	66m	65m	+1.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	263	314	440	-16.1%
Debt	349	285	283	+22.4%
Operating lease liabilities	106	114	124	-6.3%
Other liabilities	249	240	206	+3.7%
Total liabilities and equity	968	953	1,053	+1.6%
Fixed assets	78.2	76.5	68.6	+2.1%
Intangible assets	0.9	2.8	4.6	-66.7%
Investments	369	409	444	-9.8%
Cash and equivalents	69.2	58.9	173	+17.6%
Receivables	115	106	115	+8.6%
Inventory	150	158	111	-5.3%
Other assets	186	142	137	+31.1%
Total assets	968	953	1,053	+1.6%

10-K for the year ended 31 December 2024, filed 26 February 2025: the filing.