Insulet: PODD analyst lunch at ADA (American Diabetes Association)

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Insulet: PODD analyst lunch at ADA (American Diabetes Association)

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Insulet

PODD analyst lunch at ADA (American

Diabetes Association)

Maintain Rating: BUY | PO: 208.00 USD | Price: 153.22 USD

We met with PODD on Sunday at ADA 08 June 2026

We had lunch with PODD on Sunday at ADA. PODD shared its thoughts on the multiple Equity

data sets shared during the conference. Pivotal data from STRIVE looked positive, but

PODD felt there was a relatively muted response to the results. PODD also announced Travis Steed Research Analyst

additional pre-pivotal data around its FCL algorithm in development. The FCL algorithm BofAS

has since moved into its pivotal trial EVOLVE, which should support filing in 2027 with +1travis.steed@bofa.com404 607 3251

potential launch in 2028. We maintain our Buy rating as PODD still seems confident in Stephanie Elghazi

its LRP of ~20%+ revenue CAGR, which suggests very strong growth at this valuation. Research Analyst

BofAS

STRIVE clinical outcomes underappreciated +1stephanie.elghazi@bofa.com646 855 4568

PODD noted that the strength of clinical outcomes in STRIVE seemed to be Rei Tan

underappreciated. A1c reductions are most important in diabetes, and Omnipod 6 Research Analyst BofAS

showed really strong A1c reduction in TIR and TITR. The participants in STRIVE were 646 556 1681

also relatively well controlled (needed to be using lowest glycemic target at least 30- rei.tan@bofa.com

50% of the time depending on age group). The study was also designed to primarily GraciaResearchMahoneyAnalyst

assess safety against Omnipod 5. PODD pointed out that the 14+ age group was already BofAS

+1 646 855 1136

coming into the study with 73% TIR (relatively high) and still showed a 4% improvement gracia.mahoney@bofa.com

to 77% TIR and 7% TITR.