Insulet (PODD) investor relations material

Business performance and growth trends

• Q1 saw pronounced seasonality in new patient starts due to insurance changes and higher deductibles, especially impacting Medicare populations.

• U.S. revenue grew 28% in Q1, with normalized growth at 26% after adjusting for order timing; Q2 is expected to see a step-up in dollar terms despite a lower growth rate percentage.

• Growth cadence is not linear; innovation launches like Omnipod 5 and Type 2 indication have historically driven spikes, with overall CAGR guidance at 20% through 2027.

• International business is robust, with over 40% growth in recent quarters, strong new patient starts in the UK, and expansion into new markets like Spain.

• Margins remain strong internationally and in the U.S., supporting continued investments and margin expansion.

Innovation and competitive positioning

• Omnipod 5 enhancements and Libre 3 sensor integration in 2024 will expand the addressable U.S. market by 550,000 people.

• Omnipod 6 launches in 2025 with new hardware, improved wearability, connectivity, and advanced personalization.

• Fully closed loop system for Type 2 diabetes launches in 2028, requiring no settings or meal announcements, aiming to unlock significant market potential among primary care-managed patients.

• Competitors entering the pharmacy channel and patch pump market have not led to significant price discounting; product differentiation and innovation remain key to maintaining leadership.

• Pipeline differentiation is reinforced by ongoing algorithm improvements and positive clinical data, such as a 24-point increase in time-in-range for fully closed loop users.

Commercial strategy and sales force expansion

• Sales force is expanding for the second time in 12 months, targeting increased reach among key prescribers and driving category penetration, especially from MDI to AID.

• Expansion will increase coverage from 25% to 30% of high-volume prescribers, reaching an additional 1,500 physicians and 150,000 eligible patients.

• Commercial expansion is driven by growth opportunity rather than competitive threats, with a focus on category growth rather than share shifts.