PODD - NDR Takeaways - Mgmt. Says More Confident in 20% LRP Now vs. Nov. Despite Competition & Mkt Growth Debates

Research evidence excerpt

PODD - NDR Takeaways - Mgmt. Says More Confident in 20% LRP Now vs. Nov. Despite Competition & Mkt Growth Debates

Truist Securities

Equity Research Report June 11, 2026

HEALTHCARE: Diabetes Insulet Corporation (PODD)

PODD - NDR Takeaways - Mgmt. Says More Confident in 20% LRP Richard Newitter

212-319-5883 Now vs. Nov. Despite Competition & Mkt Growth Debates

Richard.Newitter@truist.com

Ravi Misra We hosted an NDR (6/10) mtg w/ PODD mgmt. incl. CEO Ashley McEvoy, CFO Flavia

212-590-0973 Pease, and Head of IR Clare Trachtman. Our conversations covered topics including: (1)

Ravi.Misra@truist.com mgmt.'s recent LRP commentary at competitor conferences, (2) incoming patch competition,

(3) salesforce growth and a newer clinical outcomes focus, (4) expectations for GLP-1

Felipe Lamar impact on the T2D IIT population and patient funnel, (5) recent Omnipod 5 recalls, and (6)

212-326-6137 durability of pharmacy channel pricing. Our PT goes to $219 (vs. $250) based on grp multiple

Felipe.Lamar@truist.com compression since our last val. update. Reit. Buy.

We continue to see PODD capable of sustaining an elite-in-MedTech growth profile

Stock Rating BUY (20% rev CAGR with >20% EPS growth), and believe the current valuation gap vs. this

Unchanged growth profile should have pot'l narrow over time. We do not expect the competition

overhang to go away overnight, which may limit NT multiple expansion prospects in

Price Target $219.00 a precarious MedTech tape, and which raises the bar for execution---especially against

↓ the backdrop of 2 back to back product recalls/field actions in recent weeks that don't help

from the narrative. However, we believe a substantial share erosion expectation is already

$250.00 reflected in the stock to some extent with shares -48% YTD vs.