TNDM at ADA: Tubeless Mobi Showcased; Pharmacy & Pipeline TWs

研报英文原文证据摘录

TNDM at ADA: Tubeless Mobi Showcased; Pharmacy & Pipeline TWs

USA | Medical Supplies & Devices

Tandem EquityJuneResearch7, 2026

FLASH NOTETNDM at ADA: Tubeless Mobi Showcased;

RATING BUYPharmacy & Pipeline TWs

PRICE $19.34^

We met with TNDM's mgmt team at ADA, where Mobi Tubeless was

showcased. Key takes: 1) Mobi Tubeless designed to expand pump mkt by PRICE TARGET | % TO PT $48.00 | +148%

attracting MDI users in T1D/T2D; 2) Control-IQ only US pregnancy-approved 52W HIGH-LOW $29.65 - $9.98

pump (12-13% higher TIR); 3) Pharmacy channel ~15% of US sales this yr, FLOAT (%) | ADV MM (USD) 93.1% | 54.18

targeting ~70% in 2-3 yrs; 4) CMS Aug NCE decision could unlock T2D pump MARKET CAP $1.3B

mkt; 5) Softer Q1 seasonal, not structural; mgmt bullish on pipeline. TICKER TNDM ^Prior trading day's closing price unless otherwise

noted.

TNDM showcased Mobi Tubeless, which offers up to 7 days of extended wear with flexible

cartridge replacement and only one needle insertion per week, built on a steel-reinforced, four-

port (cannula designed to minimize kinking and improve insulin distribution). The system retains

full Control-IQ algorithm integration, iOS/Android smartphone control, & multi-CGM compatibility,

while differentiating from fully disposable patch pumps by allowing disconnection for activities and

utilizing a durable, rechargeable design to reduce electronic waste. Mgmt expects Mobi Tubeless

to meaningfully expand the pump market by attracting new users, including those on injections

across both T1D and T2D, given its discreetness, flexibility, and ease of transition from tubed

to tubeless.

TNDM's Control-IQ is now the only system approved and available in the US for use during

pregnancy, with recent CE Mark approval unlocking international markets, and clinical data