Tandem Diabetes Care Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Tandem Diabetes Care Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023, providing a comprehensive overview of its financial performance and business operations.</b>

AI Summary

TANDEM DIABETES CARE INC (TNDM) filed a Annual Report (10-K) with the SEC on February 21, 2024. Tandem Diabetes Care Inc. filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 12400 High Bluff Drive, San Diego, CA 92130. The Standard Industrial Classification code for the company is 3841 (Surgical & Medical Instruments & Apparatus). The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking TANDEM DIABETES CARE INC, this filing contains several important signals. This 10-K filing provides investors with the latest audited financial statements and management's discussion and analysis, crucial for evaluating the company's performance and future prospects. The detailed information within the report, including risk factors and financial metrics, is essential for investors to make informed decisions regarding their investment in Tandem Diabetes Care.

Risk Assessment

Risk Level: medium — TANDEM DIABETES CARE INC shows moderate risk based on this filing. The company's reliance on key distributors, such as Distributor B, presents a concentration risk, as highlighted in the filing, which could impact revenue if these relationships are disrupted.

Analyst Insight

Investors should closely examine the company's revenue streams, particularly its dependence on specific distributors, and assess the strategies in place to mitigate potential concentration risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of Report)
• 2024-02-21 — Filing Date (Date Filed)
• 001-36189 — SEC File Number (SEC Filing Details)
• 24660204 — Film Number (SEC Filing Details)

Key Players & Entities

• TANDEM DIABETES CARE INC (company) — Filer name
• 0001438133 (company) — Central Index Key
• 3841 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• San Diego (company) — Business Address City
• CA (company) — Business Address State
• 92130 (company) — Business Address ZIP
• Distributor B (company) — Customer Concentration Risk

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces risk due to significant sales to a limited number of distributors, including Distributor B, which could adversely affect revenue if these relationships are terminated or altered.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-21: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.001 — ich Registered Common Stock, par value $0.001 per share TNDM Nasdaq Global Market S
• $24.54 — e closing price for the common stock of $24.54 on that date. Shares of common stock he

Filing Documents

• tndm-20231231.htm (10-K) — 2048KB
• ex42descriptionofcapitalst.htm (EX-4.2) — 16KB
• exhibit1025employeeofferle.htm (EX-10.25) — 27KB
• ex211subsidiariesoftheregi.htm (EX-21.1) — 4KB
• tndm-20231231xex231consent.htm (EX-23.1) — 5KB
• tndm-20231231xex311.htm (EX-31.1) — 9KB
• tndm-20231231xex312.htm (EX-31.2) — 9KB
• tndm-20231231xex321.htm (EX-32.1) — 5KB
• tndm-20231231xex322.htm (EX-32.2) — 5KB
• tandemdiabetescareincclawb.htm (EX-97) — 38KB
• tndm-20231231_g1.jpg (GRAPHIC) — 83KB
• tndm-20231231_g2.jpg (GRAPHIC) — 83KB
• tndm-20231231_g3.jpg (GRAPHIC) — 160KB
• tndm_logo.jpg (GRAPHIC) — 9KB
• 0001438133-24-000028.txt (&nbsp;) — 10911KB
• tndm-20231231.xsd (EX-101.SCH) — 61KB
• tndm-20231231_cal.xml (EX-101.CAL) — 107KB
• tndm-20231231_def.xml (EX-101.DEF) — 286KB
• tndm-20231231_lab.xml (EX-101.LAB) — 820KB
• tndm-20231231_pre.xml (EX-101.PRE) — 542KB
• tndm-20231231_htm.xml (XML) — 1504KB

Business

Business 5 Item 1A

Risk Factors

Risk Factors 17 Item 1B Unresolved Staff Comments 55

Cybersecurity

Item 1C Cybersecurity 55 Item 2

Properties

Properties 57 Item 3

Legal Proceedings

Legal Proceedings 57 Item 4 Mine Safety Disclosures 57 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59 Item 6 [Reserved] 60 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 61 Item 7A Quantitative and Qualitative Disclosure About Market Risk 73 Item 8 Consolidated Financial Statements and Supplementary Data 74 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 105 Item 9A

Controls and Procedures

Controls and Procedures 105 Item 9B Other Information 108 Part III Item 10 Directors, Executive Officers and Corporate Governance 109 Item 11

Executive Compensation

Executive Compensation 109 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 109 Item 13 Certain Relationships and Related Transactions, and Director Independence 109 Item 14 Principal Accountant Fees and Services 109 Part IV Item 15 Exhibits and Financial Statement Schedules 110

Form 10-K Summary

Item 16 Form 10-K Summary 113

Signatures

Signatures 114 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K for the fiscal year ended December 31, 2023, or this Annual Report, contains "forward-looking statements" within the meaning of the federal securities laws, which statements are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements included or incorporated by reference in this Annual Report, other than statements of historical fact, are forward-looking statements. You can identify forward-looking statements by the use of words such as "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue" or the negative of such terms, or other comparable terminology. Forward-looking statements also include the assumptions underlying or relating to such statements. In particular, forward-looking statements contained in this Annual Report relate to, among other things, our future or assumed financial condition, results of operations, liquidity, trends impacting our financial results, including business forecasts and plans, research and product development plans, manufacturing plans, strategic plans and objectives, capital needs and financing plans, product launches, regulatory approvals, the impact of changes in the competitive environment, cybersecurity threats, macroeconomic pressures or uncertainties and the application of accounting guidance. We caution you that the foregoing list may not include all of the forward-looking statements made in this Annual Report. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Annual Report on Form 10-K, and while we believe such information forms a reasonable basis for such statements, such inform

Business

Item 1. Business References within this Annual Report to "Tandem," "we," "our," "us," "management," or the "Company" refer to Tandem Diabetes Care, Inc., together with its wholly-owned subsidiaries in the United States, Canada, the Netherlands, and Switzerland. Overview Tandem Diabetes Care, a global insulin delivery and diabetes technology company, manufactures and sells advanced automated insulin delivery systems that reduce the burden of diabetes management, while creating new possibilities for patients, their loved ones, and healthcare providers. Our pump portfolio features the Tandem Mobi system and the t:slim X2 insulin pump, both of which feature Control-IQ advanced hybrid closed-loop technology. We are based in San Diego, California. We consider our primary addressable market to be people who live with type 1 diabetes. Through our product development efforts, we are seeking to expand our addressable market to include people living with type 2 diabetes who require intensive insulin therapy. Diabetes management can vary greatly from person to person, creating multiple market segments based on clinical needs and personal preferences. Our goal is to address the individual needs of people with insulin-dependent diabetes and their care team flexibility and choice in intelligent insulin delivery systems through an accessible portfolio of market-leading pumps, applications, and insights. The t:slim X2 Insulin Delivery System has been our flagship technology solution. In February 2024, we expanded our pump portfolio with the U.S. launch of Tandem Mobi. Both pumps feature our Control-IQ advanced hybrid closed loop technology, with an automated insulin delivery (AID) feature designed to help increase a user's time in targeted glycemic range. Our t:slim X2 and Tandem Mobi pumps can be used with a variety of infusion sets to offer patients choice in how and where their pump is worn. In addition, they are software updatable from a personal computer and compatible wit

View Full Filing

View this 10-K filing on SEC EDGAR