Tandem Diabetes at RBC Conference: Growth and Strategic Expansion

On Tuesday, 20 May 2025, Tandem Diabetes Care (NASDAQ:TNDM) presented at the RBC Capital Markets Global Healthcare Conference 2025, showcasing a strong Q1 performance and strategic growth plans. The company reported a 6.5% earnings surprise, driven by robust pump sales and a focus on expanding its market within the type 2 diabetes segment. However, Tandem also highlighted challenges, including a $15-20 million sales headwind expected in 2025 due to international distributor changes.

Key Takeaways

• Tandem reported a 6.5% earnings surprise with 22% year-over-year growth in Q1 2025.
• The company shipped 28,000 new pumps, with a strong focus on the type 2 diabetes market.
• Tandem aims for 25% operating margins with 1 million customers and 60% gross margins by 2026.
• Expansion into the pharmacy channel is underway, covering 30% of U.S. lives.
• A $15-20 million sales headwind is anticipated in 2025 due to changes in international distribution.

Financial Results

• Q1 2025 showed a 6.5% upside surprise in earnings with 22% year-over-year revenue growth.
• Tandem shipped 28,000 new pumps, with a 50/50 split between new and renewal customers.
• Type 2 diabetes patients account for 5-10% of new pump starts each quarter.
• Supply revenue makes up approximately 55% of total revenue.
• The Mobi pump contributes to gross margin expansion, with a 10-15% lower manufacturing cost than the t:slim model.

Operational Updates

• Tandem is focusing on MDI conversions, with the Mobi pump resonating well with the pediatric community.
• The company is educating healthcare providers on pump therapy for type 2 diabetes patients.
• Customer retention and utilization have improved significantly in Q1 2025.
• Expansion into the pharmacy channel aims to improve access and reduce costs, with contracts resembling DME agreements.

Future Outlook

• Tandem plans a cautious rollout in the type 2 market, emphasizing education and candidate identification.
• The company is preparing to go direct in international markets in 2026, impacting 2025 sales.
• Potential growth from CGM integration with Dexcom and Abbott is anticipated.
• Automation and system improvements are expected to drive margin expansion.

Q&A Highlights

• Mobi is a primary contributor to MDI conversions and growth.
• The type 2 market focus is on the 2.3 million insulin-dependent individuals.
• GLP-1 drugs and Control-IQ technology are seen as synergistic for type 2 diabetes management.
• Tandem maintains a conservative guidance approach, focusing on potential risks.

For a deeper dive into Tandem Diabetes Care’s strategic insights, refer to the full conference call transcript below.

Full transcript - RBC Capital Markets Global Healthcare Conference 2025:

Shagun Singh, Senior Research Analyst, RBC: Morning, everyone. Thank you for being here today. I’m Shagun Singh, senior research analyst at RBC, and I’m very pleased to have Tandem Diabetes here with us for RBC’s twenty twenty five Global Healthcare Conference. Joining us from the company is Lee Wassler, Executive Vice President, CFO and Treasurer, as well as Susan Morrison, chief administrative officer. Thank you so much for being here, Lee and Susan.

Really appreciate it. Yeah. Thanks for having us here today. Great. So before we kick it off, maybe, Lee, I’ll hand it over to you for any opening comments.

Sure. I mean, I

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: guess what I’ll say is we’re really excited about how we started 2025. It was a really strong first quarter with great demand for our pumps worldwide, so pump sales were strong. Supplies were particularly strong with high utilization, also strong retention of our customers, and we saw price improvement in The US mostly from our DME initiative but also even some from our pharmacy initiative. And I think what’s important about this year, there’s a lot of things going on that are very exciting for the business and we often have talked about how products new products, new product innovations are important to our growth. This year, we’re also demonstrating there are other ways to see a pathway to growth for Tandem, which includes expansion of our markets.

So doubling the size of our market in The US with the type two indication that we have, as well as business model opportunities when you think about the pharmacy where we’re building access and preparing for going direct outside The US in future years. So I think q one is a demonstration of of the building blocks or the steps towards those taking advantage of those initiatives and underscores what opportunities exist for the business.

Shagun Singh, Senior Research Analyst, RBC: Great. Thank you so much. Maybe we can kick it off with Q1 earnings, you know, 6.5% upside surprise, you know, like you indicated, very strong quarter, 22% year over year growth and 28,000 new pump shipments, and so just maybe we can kick it off with US pump shipments. You know, what I noticed was that new starts were on a stack to your basis, to your growth basis. It was down year over year, but renewals were up year over year.

So can you maybe walk through some of the dynamics between new starts as well as renewals in the quarter?

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: Sure. So what we saw and what we expect to see this year is that first of all the breakdown for pump shipments between new and renewal in The US is going to be roughly fiftyfifty. And our business has really evolved in the last couple of years where we used to talk about it on a new start basis that half were coming from MDI conversions, half from competitive conversions. What we’re seeing now is with our Mobi product in particular, we’re really driving growth with the MDI conversion opportunity. The competitive conversion opportunity has been declining for us.

And it was something that we anticipated in our models, and so that’s a bit of shift in dynamics that we expect to see going forward. And so right now we’re seeing that continued growth in MDI really more than offsetting the decline in competitive conversions.

Shagun Singh, Senior Research Analyst, RBC: Got it. Maybe can you elaborate on the MDI opportunity? And, you know, again, you saw double digit growth for the fourth quarter in a row, so, you know, really strong trends there. Can you maybe elaborate on the opportunity? How many folks are out there to be converted?

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: Yes, yes, it’s a great question. It speaks to the market being so under penetrated. So let’s call it roughly a million people living with type one diabetes in The US, only about forty percent use pumps which means sixty percent of people are the opportunity for us to continue to grow the business. Mobi has really been doing its job. It has been the primary contributor to returning to that double digit growth with MDI conversions.

But we also, as I mentioned earlier, focus on things like pharmacy as an opportunity to drive that expansion. One of the number one barriers to adopting pump therapy is cost, and so particularly with a DME pump it’s very costly upfront. With pharmacy we can help overcome that by using the way we negotiate our contracts but also using copay assistance to help patients with that out of pocket costs that they have.

Shagun Singh, Senior Research Analyst, RBC: Got it, and can you maybe I don’t know what you’re willing to share between the mix of Mobi versus tSlim. You did call out that Mobi is driving MDI conversion, so any further color you can provide on that mix would be helpful.

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: Yeah. I know everyone wants to know, but we aren’t sharing that breakdown between Mobi and tSlim, and mostly because we want people to think about us, it’s a portfolio sell. And so it’s not necessarily one product or other that brings people to the table. It’s the tandem brand, and then we give people that choice. Mobi has been gaining traction.

As we just discussed, it really is a driver behind MDI expansion, resonates well in the pediatric community. It also has resonated well with the patch configuration. And so we did see a noticeable increase in competitive conversions when we launched Mobi at that time, but mostly for the MDI population.

Shagun Singh, Senior Research Analyst, RBC: And then just in type two, anything on mix you can share? I know you guys are just getting started on that,

Susan Morrison, Chief Administrative Officer, Tandem Diabetes: but what is the mix in q one? Sure. It’s pretty consistently been about five to 10% of our new pump starts each quarter, so that’s been the number historically, and then we are just kicking off our commercial efforts associated with type two now, and so we’ll see what that looks and how that increases on the go forward.

Shagun Singh, Senior Research Analyst, RBC: Got it. Supplies, you know it’s about 55% of your mix and I don’t wanna it’s recurring revenue, so, you know, that’s a very important part of the business. Can you maybe talk about trends in retention and utilization?

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: Yes. So worldwide, we have close to 500,000 people on our product, so it does create a very strong supply stream for us. And what we’ve seen is we’ve seen really great retention of our customers, so both within warranty, people that try our product and stay with us all the way through their warranty cycle, and many people who outside of warranty just stay on the product. And so the product is so reliable that they can use it for years beyond their warranty expiration. So those retention trends have been very strong.

We also, in the first quarter of this year, saw a noticeable improvement customer utilization, so that just means consistency with using the product and the ordering of supplies, which benefited us in the first quarter in particular.

Shagun Singh, Senior Research Analyst, RBC: Got it. And then you have provided guidance for q two. Are you tracking, you know, towards that? Anything you can share on April,

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: May trends? We’re not sharing any intra quarter trends, but we still are very confident in the guidance that we put out there. I think one thing I can highlight, there are the usual parts that move in the business. So we have the normal seasonality where you see pump shipments step up from q one to q two in The US as more people start meeting their deductible. The other element that’s driving the scale of the business this year, as we step out of q one, we did a Salesforce expansion at the beginning of the year, and we’ll start to see those new territories build in productivity.

We don’t expect they’ll reach full productivity for nine to twelve months, but that’s contributing to some of the q one to q two dynamics. Got it.

Shagun Singh, Senior Research Analyst, RBC: So we should expect a sequential step up from q one to q two. Yes. That’s correct. Fair enough. Let’s talk about some of the catalysts because you have multiple catalysts at play starting with the type two opportunity.

You know, it does double the addressable market, so it’s it’s a massive opportunity. Can you maybe talk about what you are trying to accomplish in the initial phase? I think you also said it’s going to be a cautious and measured rollout approach for the type two market, you know, what does that mean in terms of timings for a full launch?

Susan Morrison, Chief Administrative Officer, Tandem Diabetes: Sure, maybe to start with some numbers, on the type one side there’s actually nearly two million people living with type one diabetes in The US. There’s just over two million people living with type two diabetes in The US who are insulin dependent. So there’s a much higher number that use some sort of insulin, five to six million, but our target market is more of that two point three million living with type two. Of that population, only five percent use a pump today. So the opportunity is incredible.

It is a different population, though, than marketing to someone living with type one. There’s a different level of history with the disease. There’s a different level of numeral literacy because people aren’t as familiar with describing insulin to carb ratio or what are your blood glucose levels the same way that someone who grew up with the disease may. And so it’s a different population, and so how we market to that group, how we train that group, how we work with the health care providers to educate them on who are the appropriate qualified candidates basically for pump therapy, those are what we’re focusing our commercial efforts on now. And we’re doing it at a smaller scale to better understand and inform what should the investment be and what should our efforts be behind those going forward.

The thing that really benefits us is we had the recent publication in the New England Journal of Medicine, and that’s actually the fourth time that our Control IQ algorithm has been featured in the New England Journal, which is incredible. But this time, it focused on type two. And with that, we were able to show that you could use fixed dosing, and so it was requiring less from the patient to get those same levels of outcomes. It was also doing things like the startup time, this ease of onboarding, allowing people to only enter their weight and their totally daily insulin use. So those are all features that really help us as we work to penetrate the type two market, and it’s going to build over time.

Shagun Singh, Senior Research Analyst, RBC: And any color on timing for the full launch?

Susan Morrison, Chief Administrative Officer, Tandem Diabetes: That’s what we’re gonna use this information to inform us on, so stay tuned.

Shagun Singh, Senior Research Analyst, RBC: Alright. Got it. And then, you know, I think you’ve alluded to the fact that there is something factored into the 2025 guidance for the type two opportunity, you know, any final point you can put out there?

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: What I can say is this, not just the type two opportunity but the pharmacy expansion and new product introductions, we only included a modest benefit this year. We like to see the data, we like to develop the trends before we think about how to further inform guidance. So initially for at this point, just a modest amount and mostly back half of the year.

Shagun Singh, Senior Research Analyst, RBC: Got it. And, you know, as we think about the type two opportunity, you know, any sense of, you know, where you could get to in terms of penetration and also, you know, thinking about GLP ones, you’ve actually indicated that GLP ones and Control IQ is synergistic, you know, yet there seems to be a cap on the type two market opportunity, so can you parse that out for us?

Susan Morrison, Chief Administrative Officer, Tandem Diabetes: Sure. So back to that breakdown of who are really our pump therapy candidates, that two point three million, those are folks who are insulin dependent. And so they are often using a GLP one today, and they can be using hundreds of units of insulin today. And that New England study that I mentioned, they actually demonstrated that people have the best a one c when they’re using a GLP one in combination with Control IQ. So they’re really synergistic.

I wouldn’t think of them as independent therapies. And when someone gets to that stage of the disease, they need to have multiple layers within their therapy management, and we’re seeing the combination really give the best outcomes.

Shagun Singh, Senior Research Analyst, RBC: So do you think you can get to the entire two point three million patients?

Susan Morrison, Chief Administrative Officer, Tandem Diabetes: No. I’d say that there’s gonna be steps along the way. There’s always gonna be barriers for adoption, but, again, it starts at five percent today. So even in our market research, when we ask people, are you considering pump therapy? More like twenty five percent say yes.

And so I think that’s a big step up from what we’ve seen in historical years, and I attribute that to adoption of CGM. As people are getting greater information about their blood glucose and their blood glucose trends, then what are you going to do about it? And that’s where pump therapy comes into place, and I think the ease of use of the technology is at a stage that it’s really opening up the opportunity for greater adoption.

Shagun Singh, Senior Research Analyst, RBC: Got it. I guess moving on to Mobi and the pharmacy channel, that was a big upside surprise in terms of the mix in the pharmacy channel that you guys talked about at 30% versus 20% previously. You know, can you maybe just elaborate on the approach to getting customers on boarded, you know, how should we think about the economics on sales and margins, I think that’s a big question for investors to think about DME versus pharmacy, so if you can parse that out that would

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: be helpful. Sure. So I’ll start by saying we’re very pleased with our pharmacy progress so far. We only put very small volumes through in the first quarter, but to have 30% of U. S.

Lives covered is a great starting point for us this year. And so as we’re looking ahead to what this can do from a business perspective, think what’s really good is we’ve answered the question of can a durable pump be sold through the pharmacy channel. So we can put that behind us now and people can understand there’s a real opportunity here. We also feel really good about the contracts that we’ve negotiated. So the pharmacy channel offers a new opportunity to think about a different business model, if you will.

Our contracts to date very much look like a DME contract with reimbursement for the pump separate from the ongoing reimbursement for the supplies. And so no disruption as you think about us stepping into the pharmacy channel. And it does provide us price benefit versus what we see in DME. We haven’t quantified it, but it does give us that opportunity to have price premium improve gross margins and operating margins as well. And so this year it’s about really expanding into that space.

It’s how do we identify the patients? How do we steer them towards the pharmacy channel? So everyone with a Mobi order that comes in the door, we check their benefits. We make sure we pick the channel that’s the most beneficial to the patient. And even though we had only small volumes in the first quarter, we’re just getting going.

It’s more about operationalizing than it was about driving really the volumes through it. We still did see a meaningful price benefit that came from that. And so while the majority of our price increase in The US was from DME, those small volumes of pharmacy did contribute as well. And you’re not willing

Shagun Singh, Senior Research Analyst, RBC: to quantify that? None at

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: this time.

Shagun Singh, Senior Research Analyst, RBC: Okay, alright. As you think about your 65 gross margin target, you have indicated that Mobi is going to get you half the way there, so that’s about 700 basis points. How much

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: of that benefit do you expect in 2025 from Mobi? So this year, as we set the guidance for this year, you’re seeing gross margin expansion. In 2025 that’s mostly coming from the Mobi pump. And keeping in mind the Mobi pump compared to t:slim has a 10 to 15% lower manufacturing cost. So we’re starting to realize that this year.

The cartridge has about a 20 lower cost than t slim, which we’ll begin to realize in 2026. And so it’s gonna be a multiyear getting Mobi up to scale to start to realize its full potential. But to your point, it does get us more than halfway to the 65% mark. And then I’ll bring pharmacy back into the conversation. With Mobi and the pharmacy channel, that gives us incremental opportunity.

So when we looked at those together and we saw the traction and that early information that we have from the first quarter from pharmacy, that gave us the confidence to share a milestone towards our 65% target, which is we could see a path to 60% gross margins as early as 2026. And so I think that’s pretty meaningful because people were believing it was many years away, it’s much closer than I

Shagun Singh, Senior Research Analyst, RBC: think people anticipated. Yeah, no, absolutely. With respect to CGM integration, can you maybe, you know, I guess firstly talk about the fifteen day sensor for g seven, you know, when is that integration, and do you expect that to drive incremental, you know, adoption?

Susan Morrison, Chief Administrative Officer, Tandem Diabetes: Sure, so we’re working very closely with DexCom so that we can have that sensor available when it launches, and so as adoption is gained by the sensor driven by DexCom, we do benefit and we do draft off of that, and so looking forward to more people adopting their technology and that we can have more people adopt pumps also.

Shagun Singh, Senior Research Analyst, RBC: And how should we think about this step up, so you know, I mean if you add the opportunity here it’s almost like 10,000,000 patients you know, globally that are that are either with Abbott or Dexcom on the CGM side, that’s a huge opportunity for you. As you do the integration and you’ve called out, you know, certain quarters where you’re looking for that integration, how should we think about the step up in growth? Is there a step up in growth post those integrations?

Susan Morrison, Chief Administrative Officer, Tandem Diabetes: Yeah. The opportunity is meaningful. We just touched on Dexcom, I’d highlight with Abbott, there’s even fewer of their sensor using patients who use pump therapy today, So that’s a very large and underpenetrated market also. But as we think about it on the go forward and how this is factored into our guidance, to Lee’s point, we still include very little catalyst assumptions there, and we’re leaving that for upside and for longer term growth.

Shagun Singh, Senior Research Analyst, RBC: But historically have you seen a step up when you do get integration in a certain quarter, when do you see that benefit or is it more gradual?

Susan Morrison, Chief Administrative Officer, Tandem Diabetes: It’s something that builds over time.

Shagun Singh, Senior Research Analyst, RBC: Okay, understood. I guess on renewals, I just wanted to get your sense of, do you think the Street is factoring in the factoring in the renewal opportunity appropriately, especially internationally as we go into 2026 as well? Yeah, I

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: think that for The US, let’s start there for a second, I think we have some pretty well established trends that people are understanding, and that’s that we get to about a 70% capture rate within about eighteen months of when people’s warranties expire. It did take many years to build up to get to that point where it became, I would say, a more reliable trend in that regard. As we look ahead for our OUS business, we haven’t seen really much contribution from renewals. And so I think people are trying to understand, well, when does that start? And what we can say is in 2025, it’s starting to become a more meaningful piece of the business and so where most of our shipments outside The U.

Have been to new patients, this year we’re starting to really see those trends emerge. It will take time to build to that routine that we see in The U. S. But we’re beginning now.

Shagun Singh, Senior Research Analyst, RBC: Got it. I guess just moving on to guidance, you know, obviously, I’ve asked you this question many times. You have a very different guidance philosophy. You guys provide a base case and then you add up to it. Q one was a great quarter.

You know, why didn’t you at least raise the guidance by the amount of the Q1 beat, are you building in a cushion somewhere, like how should we think about it? And then also as I look at the outperformance, I think if I look at 2024 as well as Q1, it seems like you’ve, you know, outperformed expectations by, you know, at least about 700 basis points, so is that how we should think about upside to ’25 guidance?

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: So I would say it’s not that formulaic, I’ll start with that. When we set guidance expectations, we really lay out all of the opportunities and the risks, and so at the beginning of the year we have many months ahead of us, so we definitely air more on the side of the risks. We want to see how things play out before we build in too much of the opportunity piece of it. Q1 was really strong and we were very pleased with that performance, but this year one of the risks in the market is really outside of our control. It’s what’s going on in the macro environment and how that may or may not impact customer purchasing decisions.

And so we thought at this time, even with the strong performance, we still feel very confident in the guidance we had already set that it didn’t make sense right now to raise. We wanna just make sure we we monitor what’s going on in the markets, again, with the pieces that are more outside of our control and see how things play out in the coming quarters.

Shagun Singh, Senior Research Analyst, RBC: But I mean, there’s a pretty significant step down in growth from Q2 to Q4, it’s about 7% versus almost 22% that you did in Q1, so you know, guess just from a messaging standpoint, you know, it could appear to investors that you may have low visibility versus just being conservative. So how do you walk that line?

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: Yeah. Great question. What I should explain are a couple of the factors that are built into the back half of the year more so, and so I’ll point to our markets outside The US. First of all, the first quarter benefited by about 5,000,000 in sales that our distributors had originally forecasted for the second quarter. So that was a timing shift into q one, which contributed to that higher growth rate.

Also outside The US, as we’re preparing to go direct in certain markets in 2026, we factored in a 15 to $20,000,000 sales headwind this year that will come to fruition in the later part of the year. And what that does is it it assumes as we get closer and closer to going direct, our distributors are going to be winding down their inventories. And so it’s gonna create a sales headwind in the interim until we take over the business ourselves, and so we factor that in. So those are two big pieces that contribute to why the growth rate looks lower in the later part of the year. The other piece I’ll add is that in The US we were launching Mobi last year, so it wasn’t on the market for a full quarter until the second quarter.

We launched it with G7 in June, so we were seeing some scale up there as well which contributes a stronger baseline I would say when comparing growth rates.

Shagun Singh, Senior Research Analyst, RBC: Got it. Just I guess longer term you’ve talked about getting to 25% operating margins at 1,000,000 customers, is that outlook still intact? And it’s interesting, I think at some point you guys indicated you could get there in 2027 and then obviously a lot moved, but consensus doesn’t even have you there through the end of the decade, through 02/1930,

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: so do you think that could prove conservative? So when we set those guidelines, we said at about a million customers we could get to 65% gross margins and 25% operating margins. Since then with some of the elements of the business as we talked earlier about Mobi, the complement of pharmacy, we see a path to getting to 60% as early as 2026. But and and so that that gross margin we’ve we’ve said now, we can get there earlier than a million customers. We haven’t given a new time point yet, But that’s the biggest contributing factor to the operating margin improvement as well.

So when you think about that piece, as gross margin moves, we’re gonna see nice benefit on the bottom line. The other piece of that unrelated, I would say, to the sales growth trajectory and the gross margin improvements would be some initiatives that we have underway to make our operating base more efficient. So up until the last few years, as we’ve grown our installed base, we’ve ratably added employees to support them. So in terms of taking customer orders, in terms of taking customer calls for technical support, ongoing supply orders, it takes a large amount of people to maintain that high customer satisfaction with some of our more manual processes. What we’re going through right now is we’re automating more of our processes than we had in the past, also looking at how we can enhance and improve our systems to support.

And saying all that, what I’m pointing to is the fact that we should see great leverage from how we support our customer base, which will also contribute to that margin expansion.

Shagun Singh, Senior Research Analyst, RBC: Okay. It it does seem like consensus is pretty conservative through the end of the decade. Is that fair? That’s fair. Okay.

Just on pipeline, we have about two minutes left. You know, can you know, anything you can share in terms of the progress you’re making to I know you’re not giving specific timing, but just on t:slim x MobiPatch, then SIGI, it seems like you brought it back into The US, so you’re making progress there, but just where are you in terms of each of those initiatives?

Susan Morrison, Chief Administrative Officer, Tandem Diabetes: Sure, well I’d say we have the most exciting portfolio in diabetes and we are advancing all of these projects. So for t:slim x three, I wouldn’t think of it as bright of a line between x two and x three the way that we used to look at it. Think of that about it as a commitment or a continuation to the t:slim platform. And so we’re excited about that. We just launched Control IQ plus on it.

Especially with its 300 unit cartridge, it makes it particularly well suited for people living with type two diabetes. And so just think about that as we’re gonna continue to enhance that platform. For the tubeless feature for Mobi, for anyone not familiar with it, it uses the same Mobi pump that’s available today, but it has a different cartridge so that people don’t use an infusion set and can wear it as a true patch but still have the ability to take it off. And so that is actually in the verification testing stage and manufacturing build out. The information from those two pieces are used in a five ten ks filing, so stay tuned on that.

So we’re moving that forward. SIGI, as you commented to, we’re moving the development efforts to San Diego, which is great because we’re leveraging R and D from an experience perspective. The same folks who designed and built t:slim are also who did Mobi are now working on SIGI. So we’re leveraging R and D dollars as well as that expertise as we look to bring that product to market.

Shagun Singh, Senior Research Analyst, RBC: Okay. Perfect. So the Tandem stock has rebounded lately, you guys obviously posted strong Q1, we talked about that, the stock is still pretty cheap, so Lee I just wanted to guess hand the floor over to you, any key messages for investors, where do you see the most significant upside?

Lee Wassler, Executive Vice President, CFO and Treasurer, Tandem Diabetes: Sure. I would say when you you know, we’ve laid out so many opportunities that we have for the business. I think that’s the most important thing, many shots on goal. It’s not all relying on one thing to occur positively in a really big way. And so we have more opportunities, I would say, than most of the other companies that you see out there in our space, and it goes back to not only in new products but also business model and market expansion for us.

And so when you look at that, I think people aren’t yet factoring in those opportunities for us, and when we look at when I look at them and I think, Well, what’s the biggest one? It’s really hard to pick one versus another, but I would say the type two market opportunity, as Susan described, the penetration that we could get there, as well as the pharmacy opportunity and the price benefit we can get there. I think those are two that I would say excite me as much as anything else.

Shagun Singh, Senior Research Analyst, RBC: Great, very exciting. Thank you so much for being here.

Susan Morrison, Chief Administrative Officer, Tandem Diabetes: Appreciate it. Thanks for having us.

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