| Metric [USD Millions] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Total Revenue**     | 369.7  **[0001145197-23-000019_podd202212-31ex991.htm:0]**  | 358.1  **[0001145197-23-000037_podd2023-03x31ex991.htm:0]**  | 396.5  **[0001145197-23-000058_podd2023-06x30ex991.htm:0]**  | 432.7  **[0001145197-23-000073_podd2023-09x30ex991.htm:0]**  | 509.8  **[0001145197-24-000010_podd202312-31ex991.htm:1]**  | 441.7  **[0001145197-24-000021_podd2024-03x31ex991.htm:0]**  | 488.5  **[0001145197-24-000037_podd2024-06x30ex991.htm:0]**  | 543.9  **[0001145197-24-000045_podd-20240930.htm:6]**  |
| **Total Omnipod**     | 366.4  **[0001145197-23-000019_podd202212-31ex991.htm:0]**  | 357.6  **[0001145197-23-000037_podd2023-03x31ex991.htm:0]**  | 380.5  **[0001145197-23-000058_podd2023-06x30ex991.htm:0]**  | 422.0  **[0001145197-23-000073_podd2023-09x30ex991.htm:0]**  | 501.0  **[0001145197-24-000010_podd202312-31ex991.htm:1]**  | 433.0  **[0001145197-24-000021_podd2024-03x31ex991.htm:0]**  | 480.4  **[0001145197-24-000037_podd2024-06x30ex991.htm:0]**  | 533.6  **[0001145197-24-000043_podd2024-09x30ex991.htm:0]**  |
| **Drug Delivery**     | 3.3  **[0001145197-23-000019_podd202212-31ex991.htm:0]**    | 0.5  **[0001145197-23-000037_podd2023-03x31ex991.htm:0]**    | 16.0  **[0001145197-23-000058_podd2023-06x30ex991.htm:0]**  | 10.7  **[0001145197-23-000073_podd2023-09x30ex991.htm:0]**  | 8.8  **[0001145197-24-000010_podd202312-31ex991.htm:1]**    | 8.7  **[0001145197-24-000021_podd2024-03x31ex991.htm:0]**    | 8.1  **[0001145197-24-000037_podd2024-06x30ex991.htm:0]**    | 10.3  **[0001145197-24-000043_podd2024-09x30ex991.htm:0]**  |

7a3b68783b3d44cf066bc15e68af8558545b950f900e398551a06a1f0be9e847

e3dcc28b1479b7ab761c42d04789939ed64031c3205817e3750e0c93e6d4f545

81d387854fecb51df3136a7f16bc32991ce26076ac89857776289bc9c5821862

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

43d3243056115cec456616a59677adddc684b9b57938f65cb5a973197e51d039

Insulet Corporation, headquartered in Massachusetts, is a medical device company focused on developing, manufacturing, and selling continuous insulin delivery systems for individuals with insulin-dependent diabetes. The company's primary product line is the Omnipod platform, which includes the Omnipod Insulin Management System, Omnipod DASH, and Omnipod 5 Automated Insulin Delivery System, all featuring a tubeless, wearable design for up to three days of continuous insulin delivery controlled via a smartphone or dedicated controller **[0001145197-24-000029_exhibit101crmsd2024-05x30.htm:0]** **[0001145197-24-000011_podd-20231231.htm:83]** **[0001145197-24-000021_podd2024-03x31ex991.htm:2]**. Insulet also engages in the sale of a modified version of the Pod for drug delivery to pharmaceutical and biotechnology companies, and is expanding its offerings to include non-insulin subcutaneous drug delivery across other therapeutic areas **[0001145197-24-000021_podd2024-03x31ex991.htm:2]** **[0001145197-24-000011_podd-20231231.htm:73]**.

1. **Omnipod Platform** - Develops and sells a range of continuous insulin delivery systems, including the Omnipod Insulin Management System, Omnipod DASH, and Omnipod 5 Automated Insulin Delivery System, all designed for tubeless, wearable insulin delivery.
2. **Drug Delivery** - Provides a modified version of the Pod to pharmaceutical and biotechnology companies for drug delivery applications.

77732720c7f81f86ed37850e6bdf847cf7eea66c85d9865b47ae76a3f9365b28

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| U.S. Omnipod Revenue | **276.2**  **[0001145197-23-000019_podd202212-31ex991.htm:0]**  | **259.0**  **[0001145197-23-000037_podd2023-03x31ex991.htm:0]**  | **276.8**  **[0001145197-23-000058_podd2023-06x30ex991.htm:0]**  | **320.6**  **[0001145197-23-000073_podd2023-09x30ex991.htm:0]**  | **394.6**  **[0001145197-24-000010_podd202312-31ex991.htm:1]**  | **317.7**  **[0001145197-24-000021_podd2024-03x31ex991.htm:0]**  | **352.3**  **[0001145197-24-000037_podd2024-06x30ex991.htm:0]**  | **395.6**  **[0001145197-24-000043_podd2024-09x30ex991.htm:0]**  |
| International Omnipod Revenue | **90.2**  **[0001145197-23-000019_podd202212-31ex991.htm:0]**  | **98.6**  **[0001145197-23-000037_podd2023-03x31ex991.htm:0]**  | **103.7**  **[0001145197-23-000058_podd2023-06x30ex991.htm:0]**  | **101.4**  **[0001145197-23-000073_podd2023-09x30ex991.htm:0]**  | **106.4**  **[0001145197-24-000010_podd202312-31ex991.htm:1]**  | **115.3**  **[0001145197-24-000021_podd2024-03x31ex991.htm:0]**  | **128.1**  **[0001145197-24-000037_podd2024-06x30ex991.htm:0]**  | **138.0**  **[0001145197-24-000043_podd2024-09x30ex991.htm:0]**  |

f7952c12fa89da7e3e83a5c2ca96d351e45f96897ac4ef89078f9717480a4f0b

b9342091051bcd1956fb0e77b631dd1640507fefaf2de582783107298c096446

1. Given that over 85% of your U.S. new customer starts came from people previously on multiple daily injections (MDI), how do you plan to sustain this growth trajectory, and what strategies are in place to continue converting MDI users to Omnipod therapy in a market that may become increasingly saturated?  **[PODD_3406732_4]** 

2. With competitors entering the pharmacy channel and pushing on pricing, how confident are you in your ability to defend your pricing and margins in this channel, and what measures are you taking to mitigate potential pricing pressures from these competitors?  **[PODD_3406732_18]** 

3. You mentioned that retention rates among type 2 patients might be lower due to comorbidities and other factors; how do you plan to address potential retention challenges in the type 2 segment to ensure sustained growth and customer loyalty?  **[PODD_3406732_14]** 

4. As you expand internationally, particularly in Europe where patients are on longer contract cycles, what challenges do you anticipate in accelerating the adoption of Omnipod 5, and how will these contract structures impact your growth strategy and market penetration in these markets?  **[PODD_3406732_16]** **[PODD_3406732_7]** 

5. While your customer service has scaled since the overwhelming demand at the launch of Omnipod 5, how are you ensuring that service quality remains high as you continue to grow rapidly, and what steps are you taking to prevent service issues from impacting patient satisfaction and retention?  **[PODD_3406732_22]** 

a086880a6a674b7a4fdb702d7cd72110a654ad7e7a644c8c82565e45e7f95859

Omnipod

- U.S. Omnipod

- International Omnipod

Drug Delivery

Neighborhood Diabetes

Total Revenue

3785692618107cd20c14907ebcddcb94f2fed9cbb8f49993e56761d5e37fd9e7

a272dac3dbb7173b4e86ea40977124ecda2ab56cbcbb1fc98095975d994079fd

- Medtronic: A large, well-capitalized company with more resources than PODD, offering competitive advantages such as greater name recognition and established relations with healthcare professionals, customers, and third-party payors  **[0001145197-24-000011_podd-20231231.htm:28]** .
- Tandem: Competes in the insulin pump market  **[0001145197-24-000011_podd-20231231.htm:28]** .
- The Ypsomed Group: Competes in the insulin pump market  **[0001145197-24-000011_podd-20231231.htm:28]** .
- Roche Diabetes Care, Inc ("Roche"): A large, well-capitalized company with more resources than PODD, offering competitive advantages such as greater name recognition and established relations with healthcare professionals, customers, and third-party payors  **[0001145197-24-000011_podd-20231231.htm:28]** .

ca76a273fc08962a036be1709ca54fa57e7bbb1e3178b35e7f332eea084f3dda

U.S.

- Omnipod

International

634cda234fc32de527d55ef33e7f41b36b2fa5a124d713324f810cffe515928e

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024 and FY 2024
- **Guidance**:
  - **Q4 2024 Revenue**:
    - Total Omnipod revenue growth: **13% to 16%**.
    - Total company growth: **12% to 15%**.
    - U.S. Omnipod growth: **9% to 12%**.
    - International Omnipod growth: **30% to 33%**.
    - Drug delivery revenue: Approximately **$7 million to $8 million**  **[PODD_3406732_6]** .
  - **FY 2024 Revenue**:
    - Total Omnipod revenue growth: **21% to 22%**.
    - Total company revenue growth: **20% to 21%**, exceeding **$2 billion** in total revenue.
    - U.S. Omnipod growth: **19% to 21%**.
    - International Omnipod growth: **25% to 27%**  **[PODD_3406732_6]** .
  - **Foreign Currency Impact**: Favorable impact of **100 basis points** for Q4  **[PODD_3406732_6]** .
  - **Margins**:
    - Gross margin: Approximately **69%**.
    - Operating margin: Raised by **50 basis points** to approximately **14.5%**  **[PODD_3406732_6]** .
  - **Tax Rate**: Non-GAAP effective tax rate: **20% to 25%**  **[PODD_3406732_5]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024 and FY 2024
- **Guidance**:
  - **Q3 2024**:
    - Total Omnipod growth: **21% to 24%**.
    - Total company growth: **18% to 21%**.
    - U.S. Omnipod growth: **21% to 24%**.
    - International Omnipod growth: **21% to 24%**, no foreign currency impact  **[PODD_3397540_9]** **[PODD_3397540_8]** .
    - Drug delivery revenue: Approximately **$3 million to $4 million**  **[PODD_3397540_9]** .
  - **FY 2024**:
    - Total Omnipod revenue growth: **18% to 21%**.
    - Total company revenue growth: **16% to 19%**.
    - International Omnipod revenue growth: **18% to 21%**  **[PODD_3397540_7]** **[PODD_3397540_8]** .
  - **Margins**:
    - Gross margin: High end of **68% to 69%** range  **[PODD_3397540_8]** .
    - Operating margin: Approximately **14%**  **[PODD_3397540_9]** .
  - **Tax Rate**: Effective tax rate: **20% to 25%**  **[PODD_3397540_7]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024 and FY 2024
- **Guidance**:
  - **Q2 2024**:
    - Total Omnipod growth: **18% to 21%**.
    - Total company growth: **15% to 18%**.
    - U.S. Omnipod growth: **21% to 24%**.
    - International Omnipod growth: **12% to 15%**, with a 200 basis points foreign currency impact.
    - Drug delivery revenue: Approximately **$4 million to $5 million**  **[PODD_3388427_9]** .
  - **FY 2024**:
    - Total Omnipod revenue growth: **15% to 19%**.
    - Total company revenue growth: **14% to 18%**.
    - U.S. Omnipod revenue growth: **17% to 21%**.
    - International Omnipod revenue growth: **12% to 15%**, with a 100 basis points foreign currency impact  **[PODD_3388427_7]** .
  - **Margins**:
    - Gross margin: **68% to 69%**  **[PODD_3388427_7]** .
    - Operating margin: Approximately **13.5%**  **[PODD_3388427_7]** .
  - **Drug Delivery Revenue**: Decline by **50% to 60%** for FY 2024  **[PODD_3388427_7]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: Q1 2024 and FY 2024
- **Guidance**:
  - **Q1 2024**:
    - Total Omnipod growth: **15% to 18%**.
    - Total company growth: **17% to 20%**, excluding 6 points of growth due to order shifts.
    - U.S. Omnipod growth: **19% to 22%**, excluding over 8 points of growth due to order shifts.
    - International Omnipod growth: **5% to 8%**  **[PODD_3374598_8]** .
  - **FY 2024**:
    - Total company revenue growth: **12% to 17%**, excluding 3 points due to order shifts.
    - Total Omnipod revenue growth: **13% to 18%**.
    - U.S. Omnipod revenue growth: **16% to 21%**.
    - International Omnipod revenue growth: **7% to 10%**.
    - Drug Delivery revenue: Decline by **50% to 60%**  **[PODD_3374598_7]** **[PODD_3374598_8]** .
  - **Margins**:
    - Gross margin: **68% to 69%**  **[PODD_3374598_8]** .
    - Operating margin: Approximately **13%**  **[PODD_3374598_8]** .
  - **Capital Expenditures**: Expected to almost double due to investments  **[PODD_3374598_8]** .

762b6c7e6f978e87928fe71927253e18538f0f78f7b9b32318b79202bdfdcdc3

| Name               | Position                                                                 | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                 |
|--------------------|--------------------------------------------------------------------------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| James R. Hollingshead | President and Chief Executive Officer                                    | June 1, 2022     | James R. Hollingshead has been serving as the President and CEO of Insulet Corporation since June 1, 2022. He has been a member of the Board of Directors since July 2019. Previously, he was the President of the Sleep and Respiratory Care business at ResMed, Inc.  **[0001140361-24-018846_ny20016889x1_def14a.htm:18]** **[0001140361-23-017011_ny20006748x1_def14a.htm:22]** .                                                                 |
| Lauren Budden      | Interim Chief Financial Officer and Treasurer, Group Vice President, Chief Accounting Officer, and Controller | October 20, 2023 | Lauren Budden has been serving as the Interim CFO and Treasurer since October 20, 2023. She joined Insulet in April 2019 and has held various financial roles. She is a Certified Public Accountant with previous experience at Gulf Oil, Medtronic, and Covidien plc  **[0001140361-24-018846_ny20016889x1_def14a.htm:37]** **[0001140361-24-018846_ny20016889x1_def14a.htm:51]** **[0001140361-24-018846_ny20016889x1_def14a.htm:39]** .                                                          |
| Eric Benjamin      | Executive Vice President, Chief Product and Customer Experience Officer   | July 2023        | Eric Benjamin joined Insulet in 2015 and has served as the Chief Product and Customer Experience Officer since July 2023. He has held various roles within the company and previously worked at Abbott Laboratories  **[0001140361-24-018846_ny20016889x1_def14a.htm:37]** **[0001140361-24-018846_ny20016889x1_def14a.htm:39]** .                                                                                                               |
| Laetitia Cousin    | Senior Vice President, Regulatory Affairs, Quality Assurance and Compliance | December 2022    | Laetitia Cousin joined Insulet in 2022 and has been serving as the Senior Vice President, Regulatory Affairs, Quality Assurance and Compliance since December 2022. She has over 25 years of experience in the medical device industry  **[0001140361-24-018846_ny20016889x1_def14a.htm:38]** **[0001140361-23-017011_ny20006748x1_def14a.htm:44]** .                                                                                           |
| John Kapples       | Senior Vice President and General Counsel                                 | March 2019       | John Kapples has served as the Senior Vice President and General Counsel at Insulet Corporation since March 2019. He previously held legal roles at GCP Applied Technologies, Inc., Medtronic plc, and Covidien  **[0001140361-24-018846_ny20016889x1_def14a.htm:38]** **[0001140361-23-017011_ny20006748x1_def14a.htm:44]** .                                                                                                                  |
| Dan Manea          | Senior Vice President and Chief Human Resources Officer                   | May 2020         | Dan Manea has been the Senior Vice President and Chief Human Resources Officer at Insulet Corporation since May 2020. He has extensive HR experience from his previous roles at Novartis and Eli Lilly  **[0001140361-24-018846_ny20016889x1_def14a.htm:39]** **[0001140361-23-017011_ny20006748x1_def14a.htm:44]** .                                                                                                                           |
| Prem Singh         | Senior Vice President, Global Operations                                  | January 2023     | Prem Singh joined Insulet in 2021 and has served as the Senior Vice President, Global Operations since January 2023. He has extensive experience in global operations and supply chain management from his previous roles at Thermo Fisher Scientific Inc. and General Electric  **[0001140361-24-018846_ny20016889x1_def14a.htm:39]** **[0001140361-23-017011_ny20006748x1_def14a.htm:45]** .                                                   |
| Ana Maria Chadwick | Executive Vice President, Chief Financial Officer, and Treasurer          | April 22, 2024   | Ana Maria Chadwick was appointed as the Executive Vice President, Chief Financial Officer, and Treasurer of Insulet Corporation, effective April 22, 2024  **[0001127602-24-013391_xslF345X02/form3.xml:0]** .                                                                                                                                                                          |

4e3906d033443f8b94b9ca80592e6c96fbfa08b85e15ada3c76dfcd264f47d95

**Quarterly guidance for Q4 2024:**
- **Total Omnipod revenue growth**: 13% to 16%  **[PODD_3406732_6]**  (lowered from 21% to 24%  **[PODD_3397540_9]** **[PODD_3397540_8]** )  
- **Total company growth**: 12% to 15%  **[PODD_3406732_6]**  (lowered from 18% to 21%  **[PODD_3397540_9]** **[PODD_3397540_8]** )  
- **U.S. Omnipod growth**: 9% to 12%  **[PODD_3406732_6]**  (lowered from 21% to 24%  **[PODD_3397540_9]** **[PODD_3397540_8]** )  
- **International Omnipod growth**: 30% to 33%  **[PODD_3406732_6]**  (raised from 21% to 24%  **[PODD_3397540_9]** **[PODD_3397540_8]** )  
- **Drug delivery revenue**: $7 million to $8 million  **[PODD_3406732_6]**  (raised from $3 million to $4 million  **[PODD_3397540_9]** )  
- **Foreign currency impact**: Favorable impact of 100 basis points  **[PODD_3406732_6]**  (no prior guidance)

**Annual guidance for FY 2024:**
- **Total Omnipod revenue growth**: 21% to 22%  **[PODD_3406732_6]**  (raised from 18% to 21%  **[PODD_3397540_9]** **[PODD_3397540_8]** )  
- **Total company revenue growth**: 20% to 21%  **[PODD_3406732_6]**  (raised from 16% to 19%  **[PODD_3397540_9]** **[PODD_3397540_8]** )  
- **U.S. Omnipod growth**: 19% to 21%  **[PODD_3406732_6]**  (no prior guidance)  
- **International Omnipod growth**: 25% to 27%  **[PODD_3406732_6]**  (raised from 18% to 21%  **[PODD_3397540_7]** **[PODD_3397540_8]** )  
- **Gross margin**: 69%  **[PODD_3406732_6]**  (no change from prior guidance  **[PODD_3397540_8]** )  
- **Operating margin**: 14.5%  **[PODD_3406732_6]**  (raised from 14%  **[PODD_3397540_9]** )  
- **Tax rate**: 20% to 25%  **[PODD_3406732_5]**  (no change from prior guidance  **[PODD_3397540_7]** )

6a96182e78b24c347804dfc89f792459b3ed59b2bbd7d505f14ef7fc4bd2605c

| Name               | Start Date   | End Date   | Reason for Change                                                                 |
|--------------------|--------------|------------|----------------------------------------------------------------------------------|
| Grant Thornton LLP | June 16, 2016  **[0001157523-16-005911_a51365179.htm:1]**  | Present | Current auditor.                                                            |
| Ernst & Young LLP  | N/A          | June 16, 2016  **[0001157523-16-005911_a51365179.htm:1]**  | The change was made following a competitive process and approval by the Audit Committee.  **[0001157523-16-005911_a51365179.htm:1]**  |

ceec2704904ce2cfafd0d2c41eb98570f3ca1429a55daad293529ecf039eaa04

90dc3de939b0055a69a203c26d2498b16b2957ddec338d8648c58174272114f5

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $543.9 million (+26% YoY)  **[0001145197-24-000045_podd-20240930.htm:2]** **[0001145197-23-000076_podd-20230930.htm:2]**   
- Omnipod Revenue: $533.6 million (+26% YoY)  **[0001145197-24-000045_podd-20240930.htm:2]** **[0001145197-24-000045_podd-20240930.htm:6]** **[0001145197-23-000076_podd-20230930.htm:7]**   
  - U.S. Omnipod: $395.6 million (+23% YoY)  **[0001145197-24-000045_podd-20240930.htm:2]** **[0001145197-24-000045_podd-20240930.htm:6]** **[0001145197-23-000076_podd-20230930.htm:18]**   
  - International Omnipod: $138.0 million (+36% YoY)  **[0001145197-24-000045_podd-20240930.htm:2]** **[0001145197-24-000045_podd-20240930.htm:6]** **[0001145197-23-000076_podd-20230930.htm:18]**   
- Operating Income (EBIT): $88.1 million (+**61%** YoY)  **[0001145197-24-000045_podd-20240930.htm:2]** **[0001145197-23-000076_podd-20230930.htm:2]**   
- Net Income: $77.5 million (+49% YoY)  **[0001145197-24-000045_podd-20240930.htm:2]** **[0001145197-23-000076_podd-20230930.htm:2]**   
- Diluted EPS: $1.08 (+46% YoY)  **[0001145197-24-000045_podd-20240930.htm:2]** **[0001145197-23-000076_podd-20230930.htm:2]**   

632a29fb136452af3fc8824119cdb7877ed5ee2c384666303ab5fd87817e228a

4b50e24d35a1659972c241327a7df5e6c12157604bce4111f56efc5cc885cd59

aaf679ed7f030eb040906f8f39ff661934a4b648eba338ad3cdc5ed56e091b45

Deferred revenue related to unsatisfied performance obligations (USD millions)

Revenue recognized from amounts included in deferred revenue at the beginning of each respective period (USD millions)

ad96345d719e5c6868802012755ec13944051f6e115271642e55652a22894de4

- **Strong Financial Performance and Raised Guidance**: The company delivered **Q2 total Omnipod revenue growth of 26%**  **[PODD_3397540_6]** **[PODD_3397540_1]** , including **U.S. growth of 27%** and **International growth of 24%**.  **[PODD_3397540_6]** **[PODD_3397540_1]**  They are **raising full-year guidance for total Omnipod revenue growth to a range of 18% to 21%**, projecting annual revenue of **$2 billion at the high end**.  **[PODD_3397540_7]** **[PODD_3397540_9]**
- **International Expansion and Strong Demand for Omnipod 5**: Omnipod 5 is driving significant international growth, leading to a **600 basis point increase in international revenue outlook**.  **[PODD_3397540_2]**  The company is expanding into new markets, including **France, Italy, the Nordics, Canada, Australia, Switzerland, and Belgium**  **[PODD_3397540_3]** , and is **rapidly approaching $0.5 billion in annual international revenue for 2024**.  **[PODD_3397540_2]**
- **Innovation and Expansion into Type 2 Diabetes Market**: The pivotal trial **SECURE-T2D** showed that Omnipod 5 users with type 2 diabetes achieved an average A1c reduction of **0.8**, with those having baseline A1c greater than 9 achieving a reduction of **2.1**.  **[PODD_3397540_4]**  Pending FDA clearance, the company expects to be the **first to market** with an automated insulin delivery offering for type 2 diabetes, significantly expanding its addressable market.  **[PODD_3397540_4]**

d17af56b400548bc3fc4ed51f08ac4ecba157258975abf856d2e1340891b2ec6

| Year | Amount Due (Millions) | Debt Type                  | Interest Rate (%) | % of Total Debt                     |
|----------|---------------------------|--------------------------------|-----------------------|------------------------------------------|
| 2024     | 42.0                      | Current Portion of Long-Term Debt | N/A                   | 3.0% = (42.0 / 1,398.3) * 100 **[0001145197-24-000045_podd-20240930.htm:26]** **[0001145197-24-000045_podd-20240930.htm:11]** |
| 2026     | 800.0                     | Convertible Senior Notes       | 0.375                 | 57.2% = (800.0 / 1,398.3) * 100 **[0001145197-24-000045_podd-20240930.htm:26]** **[0001145197-24-000045_podd-20240930.htm:11]** |
| 2031     | 475.2                     | Term Loan B                    | SOFR + 2.5            | 34.0% = (475.2 / 1,398.3) * 100 **[0001145197-24-000045_podd-20240930.htm:11]** |

ef0a8e97f53106f2cac518c32247d7274f2937e1035262a91c204402519cf2b0

- **Insulet is set to expand into the large type 2 diabetes market with Omnipod 5**, expecting FDA label extension by year-end, which could drive **dramatic growth**, as they are already the **clear leader** with Omnipod DASH in type 2 and ahead of competitors.  **[PODD_3388427_12]**
- **Integration of Omnipod 5 with Abbott's FreeStyle Libre 2 CGM** is opening up an entirely new market segment, with **early positive results in the U.K. and the Netherlands**, potentially expanding their addressable market among Libre 2 users.  **[PODD_3388427_20]**
- **Strong competitive advantage through broad pharmacy channel distribution**, making Omnipod 5 accessible within **5 miles of 85% of the U.S. population**, a model difficult for competitors to replicate, reinforcing their market leadership.  **[PODD_3388427_26]**

e027c25edb30097cfc0748b6cdd35d39a3a0c57e77c79a4b81ceae04207199a9

- **Strong revenue growth driven by Omnipod 5 adoption and product pipeline expansion.** Insulet expects to achieve almost **$2 billion in revenue** in 2024, representing **$300 million of revenue growth**, fueled by the **leading market position of Omnipod 5** and upcoming product launches, including the integration with **G7 sensor** and international expansion into European markets.  **[PODD_3374598_11]** ,  **[PODD_3374598_18]**
- **Defensible competitive advantage in the pharmacy channel.** The Omnipod platform is **better suited to the pharmacy channel than tubed pumps**, due to its consumable pod-based system. Insulet has established **very wide coverage in the pharmacy channel** with contracts across PBMs, creating an inherent advantage and making it difficult for competitors to penetrate this space.  **[PODD_3374598_19]**
- **Significant growth opportunities in the type 2 diabetes market.** With approximately **2.5 million people in the U.S. requiring intensive insulin therapy for type 2 diabetes**, and less than **5% market penetration**, Insulet sees a major opportunity to expand with Omnipod 5 pending label expansion. The type 2 market is **a larger end market** than the current type 1 market, and Insulet is already the market leader in this segment with Omnipod DASH.  **[PODD_3374598_22]**

e2af6a7586ff3f4fa48554108295183c6c275ec83c2fe5283db867e14029f231

- **Insulet's Omnipod 5 is experiencing strong growth in both type 1 and type 2 diabetes markets**, with **sequential and year-over-year new customer starts growth** in the U.S., including in both **type 1 and type 2** populations.  **[PODD_3406732_8]**  Growth is driven by **conversions from multiple daily injections (MDI)**, with over **85% of U.S. new customer starts coming from MDI users**.  **[PODD_3406732_4]**  The company is bullish on the significant growth potential in the type 2 market, expecting penetration to **double or triple over the next few years**.  **[PODD_3406732_17]**
- **Omnipod 5 is now the #1 insulin pump for new pump users in Europe**, demonstrating strong international momentum.  **[PODD_3406732_7]**  The company achieved **international Omnipod revenue growth of 35%**, fueled by demand for Omnipod 5 across all international markets.  **[PODD_3406732_5]**  Despite typical seasonality during summer months, they maintained **stable sequential new customer starts**.  **[PODD_3406732_7]**
- **Insulet maintains a strong competitive position** due to its **high customer retention rates**, running in the **low 90% range and very stable**  **[PODD_3406732_21]** , and its advantages in the **pharmacy channel**, where Omnipod 5's ease of use and widespread access contribute to growth.  **[PODD_3406732_18]**  Additionally, **integrations with popular CGM sensors like Dexcom's G7 and Abbott's FreeStyle Libre 2 Plus** are driving growth and providing tailwinds for new customer starts.  **[PODD_3406732_20]**

b302b1642ac431c03712787593144a362f6777b97790580b1ba87ebb17a3daa9

1. **Q2 Guidance and G6 Destocking**  
   **Q:** Will Q2 growth be sequentially up despite G6 destocking?  
   **A:** Management expects sequential growth in Q2 but assumes a roughly **$10 million** impact from G6 destocking as they transition to G7 pods. They reaffirmed full-year guidance and believe growth will be stronger in the second half as new products launch.  **[PODD_3388427_13]** **[PODD_3388427_17]** **[PODD_3388427_25]** 

2. **U.S. New Patient Starts**  
   **Q:** Were U.S. new patient starts up year-over-year in Q1?  
   **A:** Overall new starts were not up in Q1, but **MDI conversions increased**, highlighting strength in attracting patients from multiple daily injections.  **[PODD_3388427_14]**  Management expects sequential growth throughout the year and anticipates a **record** number of new customer starts in 2024.  **[PODD_3388427_14]** 

3. **G7 Integration as Growth Driver**  
   **Q:** Why will G7 integration boost new starts in H2?  
   **A:** With **G7 prescriptions overtaking G6**, integrating G7 will expand the addressable CGM user base. This is expected to drive more new customer starts in the second half.  **[PODD_3388427_14]** 

4. **Type 2 Market Expansion**  
   **Q:** Is an inflection in type 2 uptake approaching?  
   **A:** Management is **very bullish** on the type 2 market, expecting dramatic growth with the upcoming FDA label extension for Omnipod 5.  **[PODD_3388427_12]**  Additional investments in sales and support may be needed to capture this opportunity.  **[PODD_3388427_15]** 

5. **International Expansion**  
   **Q:** Why isn't H2 international growth higher than H1?  
   **A:** Despite strong adoption of Omnipod 5, different dynamics and reimbursement cycles in Europe mean growth will ramp over time. They raised international revenue guidance by **500 basis points** and will update as launches progress.  **[PODD_3388427_18]** **[PODD_3388427_19]** 

6. **Margin Outlook**  
   **Q:** How will margins be affected by sales force expansion?  
   **A:** Operating margin is strong, with **69.5% gross margin** this quarter, expected to remain robust.  **[PODD_3388427_23]**  While investments in sales force and products will continue, management aims to balance growth investments with margin improvement.  **[PODD_3388427_23]** 

7. **GLP-1 Effects on Insulin Adoption**  
   **Q:** Do GLP-1s accelerate insulin use?  
   **A:** Claims data show patients starting GLP-1s are **more likely to adopt insulin in the same year**.  **[PODD_3388427_24]**  This suggests GLP-1s may lower A1c but not sufficiently, leading to insulin initiation.  **[PODD_3388427_24]** 

8. **Omnipod GO Launch Timing**  
   **Q:** When will Omnipod GO be fully launched?  
   **A:** Timing has not been provided for Omnipod GO's full release. The commercial pilot aims to determine the right model before expanding.  **[PODD_3388427_22]** 

9. **Pump Market Growth**  
   **Q:** Will pump market growth accelerate?  
   **A:** The market is growing, driven by widespread CGM adoption and Omnipod 5's ease of use. Omnipod leads in converting MDI patients, fueling expansion.  **[PODD_3388427_16]** 

10. **Libre 2 Integration**  
    **Q:** What to expect from Libre 2 integration with Omnipod 5?  
    **A:** Integration with Libre 2 opens access to a broad user base, expanding the addressable market. Early results are positive, and management is excited about uptake.  **[PODD_3388427_20]** 

11. **Competitive Switches**  
    **Q:** Are competitors holding onto their installed base more tightly?  
    **A:** Management continues to be the **net winner** in competitive switching, gaining more customers than they lose. Omnipod 5 is considered the best offer in the market.  **[PODD_3388427_21]** 

fe64419d9b10a8be1fd67c94fabe85d8a5621b06280325b7c8df1cfea08cf0db

- The **decline in competitive switching** reduces Insulet's opportunity to acquire new customers from competitors, potentially hampering future growth.  **[PODD_3397540_5]**
- The company took a **one-time charge of $13.5 million** related to discontinuing **Omnipod GO**, indicating possible challenges in their type 2 diabetes strategy and impacting margins.  **[PODD_3397540_9]** ,  **[PODD_3397540_5]**
- The agreement between **Medtronic and Abbott** may increase competition in the diabetes delivery landscape, potentially affecting Insulet's market position.  **[PODD_3397540_24]**

8188640ffc2ad7db3598598bb05e4b8ea735afb354bca38ff69b7089e638238f

1. **Guidance and Revenue Growth Outlook**  
   **Q:** Has the U.S. guidance changed and why?  
   **A:** Management stated that the U.S. guidance has not fundamentally changed since the November call.  **[PODD_3374598_10]**  They explained that a **$20–25 million** order shift from Q1 to Q4, in advance of their ERP implementation, contributed to a revenue pull-forward.  **[PODD_3374598_10]**  Adjusting for this, they achieved the high end of their guidance range and expect strong revenue growth in 2024, aiming for nearly **$2 billion** in revenue, representing **$300 million** of growth.  **[PODD_3374598_18]** 

2. **Margins and Profitability**  
   **Q:** How are operating margins expected to evolve in 2024 and beyond?  
   **A:** Management is guiding to a roughly **13% operating margin** for 2024, which is an increase from prior guidance and represents an improvement of over **200 basis points** without the revenue pull-forward.  **[PODD_3374598_14]**  They anticipate margin expansion both in the near term and longer term, driven by product launches and top-line acceleration.  **[PODD_3374598_17]** 

3. **Competitive Dynamics and Market Share**  
   **Q:** Is it becoming harder to gain competitive conversions?  
   **A:** While Omnipod 5 continues to be the preferred product with strong retention rates, management acknowledged that one competitor has been more effective at retaining their installed base.  **[PODD_3374598_18]**  Despite this, they continue to see robust new customer starts, with competitive conversions remaining at around **20%** of new customer starts, but on a larger overall base.  **[PODD_3374598_18]** 

4. **International Expansion and Reimbursement**  
   **Q:** Will you capture price premiums with Omnipod 5 internationally?  
   **A:** Yes, management aims to drive a price premium for Omnipod 5 in international markets.  **[PODD_3374598_13]**  They are generating necessary clinical evidence to support negotiations with reimbursement bodies in each market and have already achieved favorable reimbursement levels in countries like the U.K. and Germany.  **[PODD_3374598_13]**  Gating factors include reimbursement negotiations and technical preparations for commercial launch.  **[PODD_3374598_13]** 

5. **Sensor Integration with G7 and Libre**  
   **Q:** How will sensor integration impact growth in 2024?  
   **A:** Integrating with sensors like Dexcom G7 and Abbott's Libre opens up a substantial market, as millions of users are on these platforms.  **[PODD_3374598_21]**  Management is prioritizing sensor integration to provide customers with choice and expects that offering Omnipod 5 with G7 will drive growth similar to the G6 integration.  **[PODD_3374598_24]**  They are accelerating limited market releases to learn and optimize before full market release.  **[PODD_3374598_12]** 

6. **Type 2 Diabetes Market Opportunity**  
   **Q:** What is the potential uplift from expanding into the type 2 diabetes market?  
   **A:** The type 2 intensive insulin therapy market in the U.S. includes about **2.5 million** people, larger than their current market.  **[PODD_3374598_22]**  With less than **5%** penetration of AID therapy in this segment, management sees significant growth potential.  **[PODD_3374598_22]**  They are optimistic about Omnipod 5's value proposition for type 2 patients and plan to file for label expansion in 2024.  **[PODD_3374598_20]** 

7. **Omnipod GO and Primary Care Channel**  
   **Q:** When will Omnipod GO have a full commercial launch?  
   **A:** Omnipod GO is currently in a commercial pilot focused on learning rather than timing.  **[PODD_3374598_20]**  The product is ready and fully approved, but management is establishing the right commercial model, especially within the primary care channel.  **[PODD_3374598_20]**  They have not committed to a full launch date but are excited about the potential to expand into this market.

8. **Pricing Dynamics in Pharmacy Channel**  
   **Q:** How should we factor in reimbursement and pricing for Omnipod 5 and DASH in 2024?  
   **A:** Pricing has leveled off, and future growth will be driven by volume rather than price increases.  **[PODD_3374598_16]**  They had a minimal price increase of under **3%** in early September, aligned with cost-of-living adjustments, but do not expect significant incremental price changes in 2024.  **[PODD_3374598_16]** 

9. **Wholesaler Stocking Dynamics**  
   **Q:** How does wholesaler stocking impact revenue, and is it predictable?  
   **A:** Wholesaler stocking levels are not included in guidance and are beyond management's control.  **[PODD_3374598_23]**  In the recent quarter, there was a "double whammy" of wholesalers increasing inventory levels and an ERP-related revenue pull-forward, which is not expected to recur at the same magnitude.  **[PODD_3374598_23]** 

10. **Defending Market Position Amid Competitor Entry**  
    **Q:** How will you defend your position as competitors enter the pharmacy channel?  
    **A:** Management believes the Omnipod platform is better suited to the pharmacy channel than tubed pumps.  **[PODD_3374598_19]**  They have inherent advantages due to the value being in the consumable pod and have established wide coverage and contracts with PBMs.  **[PODD_3374598_19]**  They see the pharmacy channel as a defensible position and expect to maintain their unique value proposition.

e83a3c5578e5a88e2a2d15c79a46ca313dacd5d89db8ace8ec87bd3c68c51b19

- **U.S. new customer starts did not increase year-over-year in Q1 2024**, which may indicate slowing growth in the domestic market. James Hollingshead stated, "Year-over-year in Q1, overall new starts were not up..."  **[PODD_3388427_12]**
- **Sequentially lower Q2 2024 revenue guidance** suggests potential short-term headwinds, including **wholesalers reducing G6 pod inventory**, which may impact sales. Analyst Travis Steed noted, "It looks like the guidance you gave is sequentially down..."  **[PODD_3388427_13]**  Ana Chadwick responded, "We believe the second half will be greater growth than the first..."  **[PODD_3388427_13]**
- **Expected increase in the effective tax rate to approximately 20%** could reduce net income in future periods. Ana Chadwick mentioned, "Subsequently, our effective tax rate may increase to an estimated annualized operational run rate of approximately 20% for the near term."  **[PODD_3388427_8]**

3ac8e82f4ab665cb01431f913ab28c11cd8a3aaf5fd311601c49cb6607a8d3ff

- **Insulet anticipates lower retention rates among certain segments of type 2 diabetes patients**, stating that "it's quite likely that we'll see different usage patterns and maybe some lower retention in parts of the type 2 population."  **[PODD_3406732_14]**
- **Increased competition in the pharmacy channel may pressure Insulet's pricing and market share**, as competitors are entering the space and could push on pricing as they grow bigger.  **[PODD_3406732_18]**
- **Past customer service issues during the Omnipod 5 launch due to high demand**, where "we had so much demand that... we had trouble answering the phones," may pose challenges if similar surges occur in the future.  **[PODD_3406732_22]**

c727077cbafc1dd4f077464bd555dd1cd83b3e4c41f5668f1f748d03aa48165c

- **Guidance concerns**: Insulet's stock dropped "**mid- to upper single digits in the aftermarket**" due to guidance commentary, raising questions about potential competitive or pharmacy-related issues. Analysts are concerned that the company's 2024 guidance may not meet expectations, and there is uncertainty if anything has changed from previous calls.  **[PODD_3374598_18]** **[PODD_3374598_14]**
- **Competitive pressure**: Competitors are expanding into the pharmacy channel, which could erode Insulet's competitive advantage in the **type 2 diabetes market**. Analysts questioned how Insulet plans to defend its position as additional pumps enter the pharmacy channel, both in the near term and looking ahead to 2025.  **[PODD_3374598_19]** **[PODD_3374598_24]**
- **Slowing competitive conversions**: The mix of new customer starts has shifted back to **80% from multiple daily injections (MDI) and 20% from competitive conversions**, down from previous periods where competitive conversions were higher (e.g., 70-30, 60-40). This suggests it may be getting tougher to convert customers from competitors.  **[PODD_3374598_18]**

5b98aff567cf60b4fd1512cce09df31e8e66842d63597bc635774bb091698110

1. **Type 2 Diabetes Market Entry**  
   **Q:** Will Omnipod 5 be able to market to both MDI and basal-only patients, and how will this affect pricing and sales force expansion?  
   **A:** Management anticipates that the SECURE-T2D data will allow Omnipod 5 to be marketed to both intensive insulin and basal insulin patients.  **[PODD_3397540_17]**  They do not expect significant changes in pricing, as Omnipod 5 is already well covered and reimbursed for type 2 patients.  **[PODD_3397540_17]**  The company plans to expand its sales force to reach non-specialty channels, with more details to come closer to launch.  **[PODD_3397540_17]** 

2. **U.S. New Customer Starts and Growth Outlook**  
   **Q:** Can you clarify expectations for U.S. new customer starts and growth in the second half?  
   **A:** The company expects sequential growth in U.S. new customer starts in the third and fourth quarters.  **[PODD_3397540_13]** **[PODD_3397540_15]** **[PODD_3397540_25]**  They anticipate crossing over into year-over-year growth during the second half.  **[PODD_3397540_16]** **[PODD_3397540_25]**  Their guidance contemplates year-over-year growth in U.S. new customer starts.  **[PODD_3397540_25]** 

3. **Gross Margin Trends and Impact of One-Time Charges**  
   **Q:** Why is gross margin lower in the second half, and how will Malaysia and eliminating Omnipod GO affect margins?  
   **A:** The lower gross margin includes a **70 basis point** pressure from a one-time Omnipod GO charge, which is not backed out from guidance.  **[PODD_3397540_14]** **[PODD_3397540_25]**  Malaysia operations will be accretive after about one year of ramp-up, contributing to margins.  **[PODD_3397540_14]** **[PODD_3397540_25]**  Eliminating Omnipod GO simplifies manufacturing and will have positive operational impacts in 2025.  **[PODD_3397540_17]** **[PODD_3397540_25]** 

4. **International Growth and Market Penetration**  
   **Q:** What is driving international growth, and how significant is the opportunity?  
   **A:** Omnipod 5 is performing extremely well internationally, with strong launches in the U.K., Germany, France, and the Netherlands.  **[PODD_3397540_15]** **[PODD_3397540_19]**  Growth is largely driven by MDI conversions, as most international patients are locked into contracts.  **[PODD_3397540_15]**  The company is very bullish on international growth as they expand into more markets.  **[PODD_3397540_15]** **[PODD_3397540_19]** 

5. **MDI Penetration Rates and Market Trends**  
   **Q:** Are MDI penetration rates accelerating, and what is driving this trend?  
   **A:** Management believes MDI penetration in type 1 is accelerating, and they are leading that growth with Omnipod 5.  **[PODD_3397540_22]**  The burden of living with diabetes remains high, and CGM adoption is paving the way for increased AID system usage.  **[PODD_3397540_22]**  This trend is durable for both type 1 and type 2 patients.  **[PODD_3397540_22]** 

6. **Inventory Dynamics and Specialty Pharmacy Strategy**  
   **Q:** Can you explain the impact of inventory dynamics and the decision to focus on specialty pharmacies?  
   **A:** The company decided not to force inventory into the retail channel to avoid disrupting customer experience, focusing instead on specialty pharmacies for the G7 integration.  **[PODD_3397540_16]**  This allows them to prioritize new customer starts and provides flexibility.  **[PODD_3397540_16]**  They expect an approximate **$10 million** inventory benefit in the second half as destocking reverses due to the G6 to G7 transition.  **[PODD_3397540_22]** 

7. **Competitive Dynamics and Impact of Medtronic-Abbott Agreement**  
   **Q:** How does the Medtronic and Abbott agreement affect Insulet's competitive position?  
   **A:** Management remains confident in their competitive position, noting strong relationships with CGM partners Abbott and Dexcom.  **[PODD_3397540_24]**  They are bringing Libre 2 Plus integration to the U.S. market by the end of the year and have a clear roadmap for Omnipod 5 platform expansion.  **[PODD_3397540_24]** 

8. **Reimbursement and Pricing in International Markets**  
   **Q:** Is international growth driven by better reimbursement and pricing, or volume?  
   **A:** The company has successfully negotiated a premium for Omnipod 5 in international markets, reflecting its additional value.  **[PODD_3397540_23]**  Growth is driven by both volume and improved pricing.  **[PODD_3397540_23]** 

9. **Guidance for 2025 and Impact of New Products**  
   **Q:** How should we think about growth prospects for 2025 given upcoming product launches?  
   **A:** Management is not providing specific guidance for 2025 yet but highlights several tailwinds: G7 integration, iOS launch, Libre 2 Plus, international expansion, and type 2 label extension.  **[PODD_3397540_13]**  They will provide additional guidance once they have more clarity.  **[PODD_3397540_13]** 

10. **Channel Mix Benefits and Pricing Fluctuations**  
    **Q:** What drove channel mix benefits this quarter, and how will mix evolve?  
    **A:** The shift to the pharmacy channel in the U.S. introduces fluctuations in pricing due to movement through wholesalers, distributors, and PBMs.  **[PODD_3397540_18]**  While not significant in dollar terms, they expect continued refinement in their models to manage this dynamic.  **[PODD_3397540_18]** 

1f30e578d18d6a7b61395fb0a7c55e65ece7301a0b9cbf74727dd9be4e678831

1. **Type 2 Market Growth**  
   **Q:** Is the industry ready for increased Type 2 penetration?  
   **A:** James stated they are leading and developing the Type 2 market, seeing a lift in September after being the first with an AID indication for Type 2. He expects Type 2 penetration to potentially **double or triple** over the next few years, adding growth without impacting Type 1 efforts.  **[PODD_3406732_8]** 

2. **2025 Growth Outlook**  
   **Q:** What's the opportunity with new patient starts in 2025, especially with Type 2?  
   **A:** Ana is excited about growth prospects and will provide detailed guidance in February. She highlighted that their **annuity model** means most revenue growth from new customers will come in 2025, especially as **innovations launched in the second half** contribute. Price accretion in international markets and strong positioning support 2025 growth.  **[PODD_3406732_9]** 

3. **Competitive Landscape**  
   **Q:** How are you approaching competition into 2025?  
   **A:** James noted that despite one competitor's comments, they have **industry-leading retention** that remains high and stable. They've seen an uptick in conversions from that competitor to Omnipod 5 for two quarters. They focus on driving growth by bringing **MDI users** onto Omnipod 5, where they are clear leaders.  **[PODD_3406732_9]** 

4. **Defending Pharmacy Channel Pricing**  
   **Q:** How will you defend pricing in the pharmacy channel against competitors?  
   **A:** James stated they have a very strong position in the pharmacy channel because Omnipod fits well there. They have **Part D reimbursement** and long-term relationships with PBMs built over **seven years**. They negotiate contracts annually and are confident in defending their position and pricing.  **[PODD_3406732_18]** 

5. **Q4 Guidance and Growth**  
   **Q:** Will Type 2 launch maintain or accelerate U.S. growth despite Q4 deceleration?  
   **A:** Ana explained they anticipate growth over **20%**, and the annuity model means benefits from new customer starts will increase through 2025. James added they have clear sequential growth in new customer starts in both Type 1 and Type 2, providing confidence in Q4 guidance and a **ramp into 2025**.  **[PODD_3406732_13]** 

6. **Impact of CGM Integrations**  
   **Q:** How have CGM integrations impacted new starts or existing customers?  
   **A:** James said sensor integrations have been terrific, with **G7 integration** in the U.S. being a material part of new customer starts. They launched **sensor choice integration** in the U.K. and Netherlands, offering G6 and **Libre 2**, and expect the upcoming Libre 2 integration in the U.S. to create growth tailwinds.  **[PODD_3406732_15]** 

7. **European Omnipod 5 Adoption**  
   **Q:** How high can European Omnipod 5 adoption go?  
   **A:** James expects a similar dynamic as in the U.S., with Omnipod 5 becoming the predominant product over time. Due to **four-year reimbursement cycles**, conversions will be slower, but Omnipod 5 is already the **#1 pump** in their European markets. Strong new customer starts are anticipated as they roll out Omnipod 5 internationally.  **[PODD_3406732_16]** 

8. **Retention Rates**  
   **Q:** How do you measure retention, and how is it trending?  
   **A:** James explained they have high-fidelity data from cloud connectivity, with retention stable in the **low 90s**. Retention remains very high and doesn't vary much over periods.  **[PODD_3406732_21]** 

9. **Algorithm Development**  
   **Q:** Update on fully closed-loop algorithms and their applicability?  
   **A:** James mentioned they have two programs working on different approaches, including one closer to a **fully closed loop**. Accelerated by real-world data, they've entered **early clinical trials**. Current Omnipod 5 algorithm already delivers excellent glycemic control, but they see opportunities to further improve.  **[PODD_3406732_19]** 

10. **Basal-Only Patients and Type 2 Retention**  
    **Q:** Updates on basal-only patients and Type 2 retention?  
    **A:** James noted that basal-only patients benefit from Omnipod 5, with **SECURE T2D data** showing similar benefits as MDI patients. They're bullish on both sides of the Type 2 market. Retention has remained strong, though parts of the Type 2 population may show different usage patterns, possibly lower retention. They plan to build customized offerings to improve retention.  **[PODD_3406732_14]** 

11. **Customer Service Focus**  
    **Q:** Has launching AID systems impacted patient service focus?  
    **A:** James stated they're focused on building a differentiated **end-to-end customer experience**. They've scaled commercial capabilities, including customer care and product support, and are committed to providing the best experience to users now and in the future.  **[PODD_3406732_22]** 

12. **European Performance and Pricing**  
    **Q:** Is the European #1 status in all of Europe, and how sustainable is price benefit?  
    **A:** James clarified they are #1 in the markets they serve in Europe, impressive without Omnipod 5 in all markets. Ana mentioned that **price accretion** is expected to continue as they launch in new markets and negotiate premiums for Omnipod 5 due to its value.  **[PODD_3406732_7]** 

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Insulet Corp (PODD)

Financials