Detailing updates from ADA; O6 delivers TIR above competition + FCL enhancements

研报英文原文证据摘录

Detailing updates from ADA; O6 delivers TIR above competition + FCL enhancements

Flash Note Health Care | Medical Supplies & Devices

June 09, 2026

Insulet Corp Daniel Markowitz Vijay Kumar 212-812-2936 212-653-9033

PODD | $153.22 Daniel.Markowitz@evercoreISI.com Vijay.Kumar@EvercoreISI.com

Outperform | Target Price/Base Case: $200.00 Kevin Joaquin Nicholas Whalen, CFA

Company Update 212-446-9493 646-225-6027

kevin.joaquin@evercoreisi.com Nicholas.Whalen@evercoreISI.com

Detailing updates from ADA; O6 delivers TIR above competition + FCL

enhancements are underway

At ADA, PODD presented new data from two key trials: STRIVE, evaluating Omnipod 6 vs Omnipod 5, and

EVOLUTION 3, testing a fully closed-loop system in T2 patients.

Our Takes:

• STRIVE demonstrated improved TIR performance using Omnipod 6, screening above most peers on an

RWD-adjusted basis (~73%, assuming ~3pt trial-to-RWD degradation), with only MMED landing above,

albeit with debate around inclusion criteria – see Fig 1 below

o PODD continues to target Omnipod 6 510k submission in 2026 and launch in 2027

• EVOLUTION 3 results showed Type 2 Fully Closed Loop (FCL) TIR of 64%, which is nearly in-line with

competition (and we believe reflects a real-world setting) despite introducing game-changing patient

convenience (no user input required)

o EVO-3 performance screens lower than EVO-2 at first blush, but comparisons are imperfect given

EVO-3’s more real-world design, including broader insulin usage (range of 10-150 insulin units per

day) and standardized settings vs EVO-2’s upfront algorithm optimization – Fig 2

• PODD continues progressing towards FCL, with STRIVE supporting a bolus-optional pathway and

EVOLVE pivotal trial now underway (~6 mos to full enrollment) ahead of the targeted 2027 FDA