TNDMTandem Diabetes Care, Inc.

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

1. Tier 1 · stable

   The chief financial officer reports to the chief executive, and they share a home

   The proxy states that Sheridan and Vosseller "are involved in a personal relationship and share a primary residence", that the board knew before his 2019 appointment, and that "Ms. Vosseller reports directly to Mr. Sheridan". Neither sets the other's pay — the compensation committee does — and the audit committee "implemented certain additional internal controls and procedures" after his promotion, which the proxy does not describe. She has been chief financial officer since June 2018 and spoke every guidance figure in this page's record.

2. Tier 1 · live

   $456M of cash against $616M of converts struck 2.2x above the price

   $316.3M of 1.50% notes due 2029 at $34.56 and $300M of 0% notes due 2032 at $36.99, carried at $602.6M, against $456.0M of cash and investments. Neither converts at $15.92, so both are cash obligations. Free cash flow is -$26.6M, about -$99M after stock pay; Altman Z is 0.42 and Piotroski 3 of 9. No shelf, no at-the-market programme and no live buyback were found, so an equity raise would be a new decision — and the 2032 notes were already marked at 79% of par four months after issue.

3. Tier 2 · worsening

   The commercial chief was dismissed without cause four days after the Q1 call

   Mark Novara, chief commercial officer since November 2023 and named in the proxy filed five weeks earlier, was notified on 2026-05-11 and left on 05-18; the Q1 call was 05-07. The 8-K gives no reason, names no successor and adds only that the strategy and 2026 goals are unchanged. He ran the organisation that has to deliver the pharmacy transition. In the same two quarters management twice refused the type 2 share of new pump starts — "we are not gonna talk specifically about the numbers today" — to three different askers.

4. Tier 2 · stable

   The long-term award is paid on adjusted EBITDA, and adjusted EBITDA was redefined when it was missed

   Performance shares are earned on relative shareholder return and adjusted EBITDA margin. The FY2025 adjusted EBITDA guide of about +3% became -5% when $75.2M of acquired IPR&D was moved inside the measure, and one-offs were added back in both of the last two years ($20.0M of litigation, $11.2M of restructuring). Stock pay of $72.7M is itself the largest add-back inside the metric, and five years of it came to $427.6M against $144.6M of operating cash flow.

5. Tier 3 · stable

   A thirteen-year audit chair, and officers' liability just limited

   Christopher Twomey has chaired the audit committee since joining in 2013 and was at Ernst & Young, now the auditor, from 1981 to 1990; 15.2% then 12.8% of the vote went against him, against 0.2-2.0% on every other item either year. At the 2026 meeting holders also approved limiting officers' personal liability to the Delaware maximum, with 16.5% against — the largest protest on any item. His brother-in-law has been a manufacturing engineer at the company since 2019, paid about $169,000 in 2025.