Insulet: Vegas takes

Research evidence excerpt

Insulet: Vegas takes

aw in Q1). PODD says

it continues to be driver of volume in pharmacy category, winning 2/3rd of prescriptions,

and as long as it continues to execute on this, it will continue to be the #1 driver of the

pharmacy channel. Additionally, competitors are entering into a market where PODD is

multiples larger, so it would be difficult to buy their way in to disadvantage PODD. PODD

says based on what it has seen in the channel so far, competitors are entering pharmacy

in a disciplined way.

T2 attrition higher than T1, but tracking as expected

PODD says as it launched into T2 it expected attrition to be a little higher than T1 and is

seeing that play out. As its T2 installed base grows, overall attrition could be slightly

higher, but PODD says it is not standing still, putting into place several interventions to

minimize attrition. For example, since attrition is more pronounced in first 90 days

(doing first pod change), PODD is using a lot of AI insights to help have more proactive

outreach to T2 population as they are getting to critical decision points. PODD is already

seeing good traction to interject before losing a patient and then remediate or hold that

patient to therapy. Pilot studies last year substantiated value proposition of these

interventions and PODD says it will amplify these in 2026.

Strong international growth

PODD says OUS business is doing incredibly well with Q1 being the 3rd quarter of above

20% growth. PODD says there has been some price mix benefit realization that will

modulate but expects continued growth to be volume based and is seeing benefit of

increased funding for AID in international markets. PODD also says it is seeing better

OUS retention in T1.

Price objective basis & risk

Insulet (PODD)