Takeaways from our meetings with PODD CEO, CFO and IR

研报英文原文证据摘录

Takeaways from our meetings with PODD CEO, CFO and IR

tness for the category in January and February.

However, PODD saw recovery in March and April. PODD also noted that more

pronounced seasonality this year could be due to changes in plan design (e.g., higher

deductibles). Changes like higher deductibles could mean potential for acceleration in

new patient starts in 2H26 but PODD expects similar utilization overall. PODD doesn’t

think there is anything structurally different in the marketplace and thinks seasonality

impact was category-based and not PODD-specific.

Softness due to higher deductibles, not ACA subsidy

expiration

PODD said ACA plans make up a smaller portion of its business (majority is commercial

and Medicare) and therefore have not seen material changes from the expiration of ACA

subsidies. The reduction in March that PODD referred to on the Q1 earnings call was

attributed to the higher out of pocket Medicare customers had at the start of this year

vs. the prior year. The portion of Medicare customers in PODD’s base increased due to

the growth in T2.

Market expected to accelerate with more tubeless players

PODD expects the market to accelerate. The category CAGR has moved from ~16% over

5 years to ~18% over 3 years and ~20% over 2 years, supported by a large TAM, low

penetration, and strong clinical and economic value proposition. PODD has driven

roughly 2/3rd of that category growth to date and expects the category to continue

expanding as more investment and promotion come into the space. More competitors

typically bring more awareness and dollars into the category. PODD does not expect to

have 100% share of the tubeless segment as competitors launch tubeless options.

However, competitors are likely to source tubeless customers primarily from their