Nov 20, 2025 12:30 PM Eastern Standard Time "Insulet's clear leadership in diabetes care is supported by a strong balance sheet, operational scale, and a robust innovation pipeline that position us to deliver continued top-tier growth,†said Flavia Pease, Executive Vice President and Chief Financial Officer. "Our consistent cash-flow generation provides the flexibility to invest in innovation and scale, sustaining our momentum and creating long-term value for our stakeholders.†Insulet Outlines Long-Term St ...

Insulet (NasdaqGS:PODD) 2025 Investor Day November 20, 2025 09:00 AM ET Company ParticipantsCarolyn Sleeth - Head of US BusinessDavid Roman - Managing DirectorNone - Unknown Speaker 9None - Unknown Speaker 3None - Unknown Speaker 7None - Unknown Speaker 11Eric Benjamin - COOClaire Trachtman - VP of Investor RelationsNone - Unknown Speaker 4None - Unknown Speaker 5Manoj Raghunandanan - Chief Growth OfficerTrang Ly - Chief Medical OfficerNone - Unknown Speaker 8None - Unknown Speaker 6None - Unknown Speaker 2 ...

Introduction & Opening Remarks Clare Trachtman VP, Investor Relations Safe Harbor Statement This presentation contains forward-looking statements regarding, among other things, future operating and financial performance, product success and efficacy, the outcome of studies and trials, and the approval of products by regulatory bodies. These forward-looking statements are based on management's current beliefs, assumptions, and estimates and are not intended to be a guarantee of future events or performance. ...

Core Insights - Insulet Corporation (PODD) reported a strong performance in Q3 2025, with adjusted earnings per share (EPS) of $1.24, reflecting a year-over-year increase of 37.8% and surpassing the Zacks Consensus Estimate by 9.73% [1] - Total revenues reached $706.3 million, exceeding the Zacks Consensus Estimate by 4.42% and showing a year-over-year growth of 29.9% [2] - The company raised its revenue growth outlook for 2025, now expecting a constant exchange rate (CER) growth of 28%-29% [7] Q3 Financial Performance - Adjusted EPS was $1.24, up 37.8% from the previous year, with GAAP EPS also at $1.24, marking a 14.8% increase [1] - Revenues totaled $706.3 million, a 29.9% increase year over year, with CER growth at 28.2%, surpassing the company's guidance range of 22%-25% [2] - Gross profit was $510.1 million, up 35.3% year over year, with a gross margin of 72.2%, expanding by 289 basis points [4] Segment Performance - Total Omnipod revenues were $699.2 million, reflecting a 31% year-over-year increase [3] - International Omnipod revenues rose 46.5% to $202.1 million, while U.S. Omnipod revenues grew 25.6% to $497.1 million [3] - The Drug Delivery business reported revenues of $7.1 million, down 31.4% year over year [3] Margin and Operating Performance - Operating profit for the quarter was $117.7 million, up 33.6% from the previous year, with an operating margin of 16.7%, expanding by 47 basis points [5] - Selling, general, and administrative expenses increased by 34.6% to $315.2 million, while research and development expenses rose by 40.6% to $77.2 million [4] Cash Position - Insulet ended Q3 2025 with cash and cash equivalents of $757.4 million, down from $1.12 billion at the end of Q2 [6] - Cumulative net cash provided by operating activities was $386 million, compared to $282.7 million in the same period last year [6] Future Outlook - For 2025, Insulet expects CER revenue growth of 28%-29% and total Omnipod revenue growth of 29%-30% [7] - The company projects Q4 revenue growth of 25%-28%, with total Omnipod revenues anticipated to grow 27%-30% [8] - The Zacks Consensus Estimate for 2025 revenues stands at $2.69 billion, with Q4 revenue consensus at $767.7 million [8] Market Developments - Insulet announced a partnership with Pantone to launch Omnipod Mango and secured reimbursement for Omnipod 5 with various CGM sensors in Norway [10] - The company has shown strong retention and growth in new Pod users, particularly in the Type 2 diabetes segment [9]

Insulet (NasdaqGS:PODD) Q3 2025 Earnings Call November 06, 2025 08:00 AM ET Company ParticipantsAshley McEvoy - President and CEOClare Trachtman - VP of Investor RelationsFlavia Pease - CFOEric Benjamin - COOConference Call ParticipantsRobbie Marcus - AnalystBill Plovanic - AnalystJeff Johnson - AnalystDavid Roman - AnalystMichael Polark - AnalystNone - AnalystNone - AnalystTravis Steed - AnalystNone - AnalystDanielle Antalffy - AnalystJohn Block - AnalystMatthew O'Brien - AnalystJoanne Wuensch - AnalystOpe ...

Financial Data and Key Metrics Changes - The company achieved over $700 million in quarterly revenue for the first time, reflecting a 28% year-over-year growth at constant currency rates and a 30% growth at reported rates [7][17] - Operating margins expanded by 90 basis points year-over-year to 17.1%, indicating improved profitability [7][22] - Gross margin reached 72.2%, reflecting a 290 basis point expansion year-over-year, driven by strong top-line growth and manufacturing productivity [20][21] Business Line Data and Key Metrics Changes - Total Omnipod revenue grew 29% year-over-year on a constant currency basis, with new customer starts increasing both year-over-year and sequentially in U.S. Type 1, U.S. Type 2, and international Type 1 markets [17][19] - U.S. Omnipod revenue grew 25.6%, driven by demand for Omnipod 5, particularly among Type 2 customers [19] - International Omnipod revenue grew 46.5% on a reported basis and 39.9% on a constant currency basis, crossing $200 million for the first time [20] Market Data and Key Metrics Changes - In the U.S. Type 1 market, the prescriber base expanded to over 27,000 healthcare professionals, contributing to sequential and year-over-year growth [8] - New customer starts in U.S. Type 2 more than doubled year-over-year, indicating strong momentum in this segment [8][9] - Internationally, revenue grew 40% year-over-year on a constant currency basis, driven by the rollout of Omnipod 5 [9][10] Company Strategy and Development Direction - The company aims to deepen its competitive advantage and drive penetration in both Type 1 and Type 2 markets through strategic investments in innovation and market development [11][12] - The focus on integrating new sensors and enhancing customer experience through app-based control is expected to drive future growth [12][13] - The company plans to continue investing in demand generation and expanding access to underserved populations [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing broad-based and durable growth across various markets [14][29] - The outlook for the fourth quarter and full year 2025 includes total Omnipod revenue growth expectations of 27%-30% and total company growth of 25%-28% [24][25] - The company raised its full year 2025 revenue growth guidance for total Omnipod to 29%-30% from 25%-28% [25][26] Other Important Information - The company successfully eliminated all convertible debt, enhancing its financial flexibility [23] - Cash and liquidity at the end of the quarter stood at approximately $760 million, with $500 million available under the credit facility [22][23] - The company plans to increase capital expenditures in the fourth quarter to support long-term growth [29] Q&A Session Summary Question: Insights on Omnipod 5's success in the market - Management highlighted broad-based growth driven by strong science, a beloved brand, differentiated access, and a resilient supply chain [35] Question: Adoption of Type 2 indication and DTC advertising impact - Management noted a significant increase in prescribers for Type 2, with DTC investments yielding strong leads and new customer starts [39][40] Question: Strategy for maintaining momentum with new leadership - The new leadership team plans to build on a strong foundation, focusing on market development and demand generation to sustain growth [44][46] Question: Competitive landscape and patch pump market - Management emphasized the importance of expanding the market and leveraging existing relationships with prescribers to maintain a competitive edge [57] Question: International performance and volume dynamics - Management confirmed robust growth in international markets, primarily driven by volume and the transition from DASH to Omnipod 5 [64][65] Question: U.S. Omnipod growth expectations - Management indicated that both Type 1 and Type 2 markets have significant upside potential, with ongoing education efforts to increase prescribing behavior [70][71]

Company Overview - Insulet's 2024 revenue reached $2.1 billion[21] - The company has over 500,000 active Podders globally[21] - Approximately 365,000 users are utilizing Omnipod 5[21] Financial Performance and Growth - The company is growing revenue beyond $2.5 billion[25] - The company anticipates approximately 24% compound annual growth rate (CAGR)[25] - The company is experiencing greater than 660 basis points (bps) expansion in leading gross margin[25] - The company is experiencing approximately 1,010 bps expansion in adjusted operating margin[25] Omnipod 5 Impact and Market - Omnipod 5 demonstrated a 20%-23% increase in time in range for adults with Type 1 and Type 2 diabetes, respectively[28] - The company estimates a total addressable market of approximately 14 million patients[41] - U S Type 1 Diabetes market penetration is approximately 40%[40]

Core Insights - Insulet (PODD) has experienced a significant share price increase of 37.4% over the past year, outperforming the industry decline of 0.5% and the S&P 500's gain of 17.5% [1][8] - The company is enhancing its leadership in the diabetes market through the Omnipod 5, which is driving strong adoption and market growth [1][3] Company Overview - Insulet, based in Acton, MA, specializes in manufacturing and selling continuous insulin delivery systems for insulin-dependent diabetes [2] - The Omnipod platform offers a unique, tubeless insulin delivery system and is available in 25 countries [2] Growth Drivers - The share price rally is attributed to the strong momentum of Omnipod 5, the only FDA-cleared, fully disposable pod-based automated insulin delivery system [3] - Key product features such as on-body wearability and ease of use are contributing to rapid adoption [3] - Recent milestones include the U.S. launch of the Omnipod 5 App integrated with Dexcom G7 CGM system [3][4] Market Expansion - Omnipod DASH is gaining traction in the U.S. type 2 diabetes market, accounting for approximately 30% of new starts [4] - Insulet has received FDA clearance for type 2 label expansion for Omnipod 5, further enhancing its market position [4] - The company is expanding its market presence in Europe and has launched Omnipod Discover, a digital platform for personalized data management [5] Market Potential - The diabetes market remains underpenetrated, with only about 40% of the Type 1 diabetes population in the U.S. using insulin pump therapy [6] - Insulet is focusing on commercial expansion and market access, including salesforce growth and targeted pediatric center entry [9] Financial Estimates - The Zacks Consensus Estimate projects Insulet's earnings per share (EPS) to increase by 42.9% in 2025 and 24.3% in 2026, reaching $4.63 and $5.76 respectively [11] - Revenues are expected to grow by 26.4% in 2025 to $2.62 billion and by 18.1% in 2026 to $3.09 billion [11]

Market Overview - The second quarter saw significant volatility for small and mid-cap (SMID) stocks, with the Russell 2500 Index returning 8.6%, while the Russell 2000 Index matched this but lagged behind the Russell 1000 Index's return of 11.1% [2] - The Russell 2500 Growth Index outperformed the Value Index, returning 11.3%, indicating a preference for growth stocks during this period [2] Economic and Market Sentiment - Recent months have been characterized by reversals in trade policy and legislative priorities, with the market adapting to trade threats and pricing in more favorable outcomes [3] - Macroeconomic indicators such as unemployment, inflation, and spending trends remain stable, suggesting manageable operating conditions for businesses and consumers [4] Sector Performance - The ClearBridge SMID Growth Strategy outperformed its benchmark due to strong contributions from the health care and consumer staples sectors [5] - In health care, companies like Insmed saw stock price increases due to positive clinical results and improved earnings estimates [5] - Insulet, a medical device company, also performed well, driven by strong earnings and product launches [6] - Consumer staples companies like e.l.f. Beauty and Casey's General Stores benefited from strategic acquisitions and reinvestments, respectively [7] Detractors and Challenges - The information technology sector was a significant detractor, with companies like Wix.com and Globant facing challenges due to uneven demand [8] - The exit from Ashland was due to persistent headwinds and management turnover, impacting long-term confidence [11] Portfolio Positioning and Transactions - New positions were initiated in Ryan Specialty Holdings and Duolingo, both showing strong growth potential in their respective markets [9][10] - The portfolio also saw exits from several positions, including Ashland and Tradeweb Markets, reflecting a strategic shift in response to market conditions [11][19] Outlook - Despite recent market performance, there remains uncertainty regarding macroeconomic policies and geopolitical factors, with a focus on companies with unique growth drivers [12] - The potential for faster earnings growth in SMID stocks is highlighted, suggesting a favorable outlook for this segment [12]

Financial Data and Key Metrics Changes - The company has achieved 20% revenue growth for 10 consecutive years, with an acceleration to 70% gross profit this year, while expanding operating margins and maintaining cash flow positivity [11][68]. - The balance sheet shows nearly $1 billion available for investment, indicating a strong financial position [11][68]. Business Line Data and Key Metrics Changes - The company is focusing on type one diabetes in the U.S. with low penetration and plans to leverage its first mover advantage in type two diabetes [5][60]. - New customer starts for type two diabetes have accelerated significantly, with a reported 43% year-over-year increase in the second quarter [24][60]. Market Data and Key Metrics Changes - International markets have shown strong growth, with a 39% increase in constant currency in the second quarter, driven by demand for Omnipod 5 [30][31]. - The company has a significant opportunity in international markets, with only 20% penetration among the 3.5 million people with type 1 diabetes [30]. Company Strategy and Development Direction - The company aims to evolve from being a disruptor to a market leader, focusing on innovation, geographic expansion, and enhancing brand awareness [7][60]. - There is a commitment to investing in manufacturing excellence and maintaining a competitive edge through differentiated technology and strong clinical evidence [4][50]. Management's Comments on Operating Environment and Future Outlook - Management acknowledges the complexities of the type two diabetes market and the need to educate clinicians to reduce biases against insulin therapy [23][60]. - The company plans to host an Investor Day on November 20th to discuss long-range plans and growth algorithms [9][36]. Other Important Information - The company has invested over $1 billion in manufacturing over the past decade, ensuring high production capacity and quality [4]. - The company has developed a robust pharmacy access model, covering 300 million lives in the U.S. and ensuring affordability for patients [52][53]. Q&A Session Summary Question: What are the strategic priorities over the next 12 to 24 months? - The company will continue to lead in type one diabetes while expanding into type two diabetes and investing in platform innovation and geographic expansion [7]. Question: How do you see the sustainability of strong new start growth? - The company is confident in its growth trajectory due to the vast market opportunity and low penetration rates [24]. Question: What are your thoughts on capital allocation and M&A? - The company prioritizes investing in itself and exploring M&A opportunities that enhance capabilities, but currently has no plans for vertical integration [11][13]. Question: How is the type two launch trajectory looking? - The company is applying its experience from type one to type two, with strong adoption and a focus on educating healthcare professionals [17][60]. Question: How do you sustain your first mover advantage? - The company has created durable competitive moats through technology, clinical evidence, and pharmacy access, making it difficult for competitors to replicate its success [50][52].