Group 1 - The account is managed by Noah's Arc Capital Management, focusing on providing Wall Street level insights to main street investors [1] - The research primarily targets 20th century stocks undergoing transformation in the 21st century, while also covering companies that facilitate these transformations [1] - The emphasis is on identifying innovations in business models that could lead to significant stock price changes [1] Group 2 - The managing partner of Noah's Arc Capital Management is Noah Cox, whose views may not necessarily reflect those of the firm [3] - The article is intended solely for informational purposes and does not constitute investment advice [3]

Core Insights - The account is managed by Noah's Arc Capital Management, focusing on providing Wall Street-level insights to main street investors [1] - The research primarily targets 20th-century stocks undergoing transformation in the 21st century, while also covering companies that facilitate these transformations [1] Group 1 - The firm seeks innovations in business models that can lead to significant stock changes [1] Group 2 - Noah Cox is the managing partner of Noah's Arc Capital Management, and his views may not necessarily reflect those of the firm [3]

Core Insights - The account is managed by Noah's Arc Capital Management, focusing on providing Wall Street-level insights to main street investors [1] - The research primarily targets 20th-century stocks undergoing transformation in the 21st century, while also covering companies that facilitate these transformations [1] Group 1 - The firm seeks innovations in business models that can lead to dramatic changes in stock performance [1]

Group 1 - The account is managed by Noah's Arc Capital Management, focusing on 20th-century stocks undergoing transformation in the 21st century [1] - The research aims to identify innovations in business models that could lead to significant stock changes [1] - The article is associated with SA contributor Elijah Buell, indicating collaboration in research efforts [1] Group 2 - The managing partner of Noah's Arc Capital Management is Noah Cox, whose views may not necessarily reflect the firm's overall stance [3] - The content is intended solely for informational purposes and does not constitute investment advice [3] - The article emphasizes that past performance is not indicative of future results, highlighting the speculative nature of investments [4]

Tandem Diabetes Conference Call Summary Company Overview - **Company**: Tandem Diabetes - **Event**: RBC's 2025 Global Healthcare Conference - **Key Speakers**: Lee Wassler (CFO), Susan Morrison (Chief Administrative Officer) Key Points Industry and Market Dynamics - **Strong Q1 Performance**: Tandem Diabetes reported a strong first quarter with a 6.5% upside surprise and 22% year-over-year growth, shipping 28,000 new pumps [4][1] - **Market Expansion**: The company is focused on doubling its market size in the U.S. with type two diabetes indications and exploring direct sales outside the U.S. in future years [3][2] - **Under-Penetrated Market**: Approximately 1 million people in the U.S. live with type one diabetes, with only 40% using pumps, indicating significant growth potential [8][2] Product Performance - **Pump Shipments**: The breakdown of pump shipments is expected to be roughly 50% new starts and 50% renewals, with a notable shift towards MDI (Multiple Daily Injections) conversions driving growth [5][6] - **MDI Conversion Growth**: Mobi product has been a key driver for MDI conversions, contributing to double-digit growth for four consecutive quarters [7][8] - **Retention and Utilization**: Strong customer retention trends were noted, with close to 500,000 users worldwide and improved customer utilization in Q1 [14][15] Type Two Diabetes Opportunity - **Market Size**: There are approximately 2.3 million insulin-dependent type two diabetes patients in the U.S., with only 5% currently using pumps, presenting a substantial growth opportunity [20][21] - **Cautious Rollout**: The company is taking a measured approach to marketing and training for the type two market, focusing on understanding the population's needs [21][22] - **Synergistic Therapies**: The combination of GLP-1 medications and Control IQ technology has shown to improve patient outcomes, indicating a synergistic relationship [26][27] Financial Guidance and Projections - **2025 Guidance**: The company has included a modest benefit from type two opportunities and pharmacy expansion in its 2025 guidance, with expectations for significant growth in the back half of the year [25][48] - **Gross Margin Targets**: Tandem Diabetes aims for 60% gross margins by 2026, driven by Mobi and pharmacy channel expansion [38][39] - **Operating Margins**: The company is targeting 25% operating margins at 1 million customers, with potential to achieve this sooner than previously anticipated [53][54] Pipeline and Future Initiatives - **Product Development**: Tandem is advancing multiple projects, including t:slim x MobiPatch and SIGI, leveraging R&D expertise from previous product developments [56][59] - **Integration with CGM**: The integration with DexCom and Abbott's CGM technologies is expected to drive incremental adoption of pump therapy [40][41] Investor Insights - **Opportunities for Growth**: The company highlighted multiple growth opportunities, including type two market penetration and pharmacy channel expansion, which are not fully factored into current market valuations [60][61] - **Market Positioning**: Tandem Diabetes believes it has more opportunities than many competitors in the diabetes space, positioning itself for significant upside potential [61][62]

Group 1 - The account is managed by Noah's Arc Capital Management, focusing on providing Wall Street-level insights to main street investors [1] - The research primarily targets 20th-century stocks undergoing transformation in the 21st century, while also covering companies that facilitate these transformations [1] - The emphasis is on identifying innovations in business models that could lead to significant stock price changes [1] Group 2 - Noah Cox is the managing partner of Noah's Arc Capital Management, and his views may not necessarily reflect those of the firm [3] - The content is intended solely for informational purposes and does not constitute investment advice [3]

Group 1 - The account is managed by Noah's Arc Capital Management, focusing on 20th century stocks undergoing transformation in the 21st century [1] - The research aims to identify innovations in business models that could lead to significant stock changes [1] Group 2 - The managing partner of Noah's Arc Capital Management is Noah Cox, whose views may not reflect the firm's overall stance [3] - The article is intended solely for informational purposes and does not constitute investment advice [3]