Bull case
Tandem Diabetes Care is supported by improving execution and a growing installed base, with record Q2 shipments of 22K pumps, new starts up 20%+ sequentially, and MDI conversions growing mid-single digits y/y, while Mobi already represents more than half of new customer shipments. The company’s PayGo pharmacy transition is gaining traction, with 10% of U.S. sales through pharmacy, 45% formulary coverage, and pharmacy supply ASPs above the $350/month modeling assumption, which improves lifetime revenue per patient and should support better long-term economics despite a roughly $8MM Q2 pump headwind. Its outlook is further strengthened by a large under-penetrated global market, strong Control-IQ differentiation, and catalysts including Mobi Tubeless FDA review and a targeted 2H'26 launch that could drive meaningful revenue acceleration and margin expansion.