PODD - Earnings call transcript Q1 2022

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Operator

Good afternoon, ladies and gentlemen, and welcome to the Insulet Corporation First Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Deborah Gordon, Vice President, Investor Relations.

Deborah Gordon

Thank you, Dalam. Good afternoon, and thank you for joining us for Insulet's First Quarter 2022 Earnings Call. Board Shacey Vice and Officer; President Hollingshead, of are Wayde Executive and today Insulet's member Executive and McMillan, and Insulet's me Petrovic, and Chief President Officer; Jim future With President Directors CEO. of Chief Financial along call. Wayde, our Christensen, Commercial Bret and the Q&A Executive available will be with for President portion Chief and Shacey Vice Officer, of our the first will call replay the press on XXXX of be our guidance XXXX this and Relations our quarter the of and Both discussing results section website. Investor available release

SEC and Before discuss that materially we of explanation call Insulet non-GAAP course inform expectations. statements also begin, I limitations filings inherent could statements. would the our We'll to this growth from differ like financial we during exchange. and for our such from revenue, align certain to measures you refer a parties performance, are to interested currency uses as and our which adjusted may in of with foreign and investors, cautionary Please by to helpful detailed of statements of they forward-looking constant other measures of as current be made effect supplemental period assessing revenue operating EBITDA the the in operating is to These what period. measures the management performance, respect namely believe performance with our analysts measures excluding

to regarding and on with the changes currency percentage be Shacey. over dollar commentary With constant will a financial which all of exception I'll the basis basis. stated, revenue year-over-year year-over-year turn on otherwise reported unless growth call Additionally, a that, will be rates,

Shacey Petrovic

you everyone, for Thanks, joining us. and afternoon, thank Deb. Good

member Insulet. have that I moment since in talk stepping and will very proud and announcement deeply this of personal afternoon's I the obligations of extremely in time, that to other at we accomplished my quarter June professional I light After take be first Before care Effective we about medical careful as been consideration our reduce our some CEO. turn results, my made I from circumstances about. positions over decision succeed President those will to have reasons, a difficult CEO. executive for to a family down time I'd to Directors impacting of my have and am issues of Hollingshead, Board my as Jim me what XXXX, X, like

hands Podders for committed as and around and director to serve of improved I improve We Insulet improving the growing community. the and consumer-focused offer I'm launch world excellence. years, diabetes ability Jim transition be our the CEO and Insulet solutions delighted lives seamless role the of step and be incredible will company. of to deep, important impact thousands a joined will commercial growth remarks. at The like to talented will Board the that he ensure management together, the hand-in-hand relationships progress with medical Jim look remain significant lives at an forward and digital healthier the the lives excited our also with people well from has leadership X, I'd His strong evolving And Hundreds Omnipod team him all dedication. today, is because and to smooth to growth. global recent of team great company, millions and to innovation, the time. service the working to a by this our technology In into our have I team. made of will company we be the serve crossroads people incredibly significant ensure delivering leadership. the with and of responsibilities. more know the the Jim significantly across the and and market Insulet's leading our operational on well addressable a poised to excellence. our are I with with driving I one continuing as while company's we and people of future. for never X He Insulet U.S. firing happier company work positioned fostered adviser to transition. is diabetes management knows globe. and team has have of strides and cylinders diabetes and simplified for been enhancing a innovate confident of valuable the turn made over rapidly I and full call and poised to profoundly diabetes operate and is us and experience about he culture on Insulet's well under company's outcomes on to Insulet's his a or has Omnipod incredibly few shareholders success, continued of Jim with in to for long-term Insulet the have and will Board for immediately great

Jim Hollingshead

at working our excited tremendous Shacey and role growth. built and diabetes, I'm on company. This people won't valuable. the I'm improve that has gives incredibly she company Shacey's terrific Board getting a to spend plan I residence in San headquarters. innovations Southern be confidence am leadership, operations work will the also employees a well this on oversight note, talented and my Under advancing to Thank Insulet's our to by Insulet stakeholders. build leadership with company's of near the place on I important the closing, to Diego imperatives. serve to that the addition, In several with a employees will with hard active here and assume have also we lot that Insulet's an as and relationship, has looking I investors out to beat. in Tijuana. our pleased over you, continued meet forward advisory in mission energized to and other a months the alongside will California, in in a Shacey's and maintain continue am me Insulet's excellent and Shacey. The and miss Insulet continue I amazing remarkable mission personal to partners, serve great business analysts, get road that President time more very legacy. next and our of On I'm time, simplify to of and on strategic company's pioneered team and as lives CEO I role deliver and working involvement honored delivered

that, We to back the shareholders on mission. significant commentary are positioned over turn execute build call quarter. for to I'll our on Shacey continue drive to momentum value well Insulet's and With to for to the

Shacey Petrovic

Thanks, Jim.

quarter, execute the business. momentum team start results on U.S. in global We, and again, financial in success had We in build with building are record finished expectations new continues ahead and once great on our throughout the to our to that of XXXX off starts as a XXXX. QX customer first our

meaningfully have strategic imperatives advanced and successful year. We are our track on for another

diabetes stronger. in market the global has position underserved never been Our

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also X X demonstrates study diabetes bring X type conference, the for shared an the data people Omnipod offers Omnipod X our We attractive pharmacy diabetes factor, feasibility to type value from type starts. new at can quarter, access, type recently our form X with the ATTD of compelling option In community. which unmatched model, customer evidence clinical XX% given pay-as-you-go living our represented simplicity. users approximately and unparalleled the first U.S. growing

XXXX to exciting last number social provide all type published we've and and our across us pipelines to view into made share addressable type and X progress the exciting in long-term fronts. both margins. sustainability Also, total and advantages market growth, drive week, of report position X stakeholders a to increase market competitive environmental, Insulet's and our of expand governance programs our the Our innovation our approach revenue a market and we segments

a pillars communities. of And and XXXX, Massachusetts Insulet kilowatt energy. and to solar sustainability generated our us landfills committed headquarters our reached to product hours pods take-back through diverted diversity few across it millions globally product people of these XX% Insulet's used renewable of X XXX,XXX strategy: we each Just panels continue the of at gender is see mature programs Board, examples. almost resilient is and encouraging In operations, were on innovation from sustainable to areas.

diabetes market to to an excellence. expanding driving to strategic delivering underpenetrated expand consumer-focused growing. turning Today, Omnipod and update addressable an innovation, global Now imperatives, of growing awareness, access operational working and access market global our include the and given awareness which are on we is our

access and heavy pharmacy We makes adoption and costs. periods Omnipod to through easier by continue affordable channel, the to more increased lock-in drive eliminating U.S. lengthy which upfront

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Our Omnipod support ramping X. U.S. DTC of the investment in in is

and in is we X. will helping in recognition our to starts awareness customer for DASH of DTC addition, Omnipod Omnipod. raise in advance increase which launch internationally, drive and Omnipod markets, continue international of international new of these awareness to efforts is Brand In further strong invest select

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continue progressing very of Libre. to our Dexcom's robust next integration platform. which is includes Abbott's This including is with Omnipod product also We GX our and pipeline, X work development, our our well, advance generations FreeStyle iOS as

today, While innovation. a market underserved requires and competing we Omnipod commitment a global know X in diabetes to is priority the firm winning

a have addressable next-generation We robust, designed digital markets. pipeline innovations total and compelling additional technological to AID data-driven that and includes technology, expand advancements our

Lastly, in strong patent XXXX set this expect had and a our patent record-setting year. to on of filings we build record We continue portfolio. to another number

a our is exciting global growing each difference countries. year, already as with as XX in technology well well and millions in diagnosed further technology. people making Omnipod a current of our epidemic diabetes and innovation protected Diabetes are leadership strengthen pipeline Our is should

focused total our are markets, launching regions existing expanding market penetrating Omnipod by further addressable and in presence We our new on X our internationally. growing

Our mark terrific making preparing and progressing international Omnipod launch. submission CE is for progress we are an X well,

AID and teams and development our our reimbursement market increasing are globally, awareness efforts. and building helping to adoption regulatory CGM advancing reimbursement and further are unlock We pathways. access and

As will our the X preferred Omnipod a to well leapfrog have the be in competition result, system become global AID positioned markets. and we

approximately these last in enter million and addressable In shortly. Omnipod people. total terms opportunity represents Arabia of Saudi overall countries month, to driver. long-term United market And international increase by launched expansion, X the Arab market Emirates significant a growth our we Together, the expect DASH

manufacturing strengthen And taking competitive advantage. another to global our Our steps offer capabilities we are further operations.

challenging. supply, resiliency also and In current chain optimizing addition is critical we ensuring macro, chain to component environment supply focusing supply international and on inflationary our The manufacturing are footprint.

partially to also the our However, chain inflation supply successful supply in mitigated has been team offsetting uninterrupted and has customers. impact our ensure risk to

X. ample discuss accomplishments available of great component our demands quarter in ensure help closing, Omnipod we more in detail. of operations our meet our launch will have we our Wayde capacity results their are expectations, should a full of first the start finished manufacturing All ahead to XXXX. customers, off In and including supply of and our to

as of We full commercial Omnipod progress number of the indication in now down I'll of including are innovation our Omnipod be globe. expanded will And advancement market customers to age year include going a making across for the the XXXX an year call important X. X release to of limited pipeline. of turn exciting terrific X, is and ahead, Wayde. over another milestones, the looking our us as the to the well balance release

Wayde McMillan

Shacey. Thanks,

over new our on Her alongside and moment to an forward first assembled honor all a I mission. leaders our so company to first of by with echo I'd last on contributions of started foreign our XX% the driven We the in year. basis growth performance, was in results. results, first U.S. invaluable increased total as another gratitude quarter the of benefit learn by get reported Shacey's future. Board Jim year and same range. drove are increasing through her our generated reported Omnipod total now XXX from and XX%, to business, people past guidance was customer quarter our for to embodies into work deep offset She Revenue Shacey by growth from U.S. as into a position. competition his understanding guidance. and a do also of successful off our member to our the our her and our strong DASH the her delivered for for partially excited approximately Omnipod been with end as the progress volume. my and has revenue U.S. both welcome XXX we with express has team. of continuing and a growth, well headwind I over benefit volume new starts And leadership to in headwinds. insights driven growth his I'm customer headwind International has At and above she Before on was U.S. guidance has strong adviser In Omnipod with on take high confidence year from the towards Shacey above adoption, year. our We strategic AID like revenue group channel foreign a role culture channel. exceeding over range and working It currency compounding made guidance behalf notable range. well the XX% look and as our and all own the and point Directors our employees. pandemic to prior the currency up pharmacy a Jim point the Insulet volume date, of XX% of QX here. revenue path of continued finishing of great working of diabetes We On our basis Omnipod pharmacy bright grew impact time, DASH basis, a of a set Board a XX% living imperatives to to company of basis year. been It new starts revenue, On the outstanding and to over was quarter,

guidance point timing. Despite range primary U.S. first see constant the seasonality quarter Drug the basis. points a utilization drivers revenue exceeding volume pharmacy expectations, estimated attrition U.S. decrease in the also higher manufacturing production delivery operations, were XX% our U.S. channel representing or volume expected stable. increase growing XX%, typically mix. on above were consistent in the we of Our due pod mix of we as Gross as a costs currency by XXX our remained These operations. manufacturing was pharmacy ramp with product global the historical into global increased The driven by shift remains year channel, partially to basis improved sequential XXX offset basis an U.S. and and margin through a a our

includes As each continue year XXXX pressure result margin a product a sell the this of in in reminder, were we investments few This our XXXX. inflationary out of current that marketing costs on XXXX component gross inventory. expectations sequentially as gross higher quarter will in inventory balance headwinds expansion. and I'll innovation, sales in and a cadence ongoing our and expenses provide international reflect color expected more line as our Operating with minutes. margin in

Our these focus addressable XXX strengthen growth margin lesser supports and up market. adjusted trajectory XXX and above Operating basis critical due areas to long-term expansion a XX.X%, was higher-than-anticipated our Both up expectations margin timing. of our further points. margin and was to gross basis revenue our points and global extent, XX.X%, to were EBITDA improvement

We the $XX over liquidity. full facility. Turning with quarter our million ended million available to in and cash cash the under and credit $XXX revolving

financial to our consolidating further across scale strong position and invest manufacturing continue Our steps in including We've business. to to into our production and flexibility, our global facility. strengthen lower our newer opportunities taken remains cost provides China

intended over supply new ensure These time. expect strategy, a also actions in improvement are Malaysia. support manufacturing international our product to to expansion invest margin drive We and in facility further

Now guidance. turning to XXXX

end to XX% XXX We points the Omnipod our basis XX% for range and year total are full low by XX%. XX% revenue raising maintaining to to of

XX% basis Omnipod, the to to XX%. low points we by U.S. XXX For end are raising

Omnipod are the and will primarily and to Omnipod our The growth business Our annuity-based time ramp will limited and pharmacy our of part launch by due XXXX and model. type X channel for X we market access. model in and adoption pay-as-you-go type given unique be X markets take volume within growth DASH release driven

revenue of we partially offset For driven are X% by and international full maintaining competition Omnipod, year Omnipod headwinds. our pandemic to impacts XX%, ongoing guidance by adoption, DASH AID

compared revenue anticipated an a due the in conditions. slightly the international expect to as be first half to higher second of we as half easier COVID reminder, a well As improvement the comparison year will in growth

as the to we levels pandemic. continue revenue were elevated to a XXXX Lastly, decline as XX% result to of delivery XX% expect drug

inflationary the pressure, expect and including volume; the The to costs to the product with higher offset Omnipod and last decline XXXX from supply year Despite X increasing chain XX% strengthened inflation. operations benefits with higher U.S. remain manufacturing gross continue and same: ramp; Turning and XX%. our to associated capabilities of our of to mix, achieve margin. component All in increasing we U.S. volume global and drivers the costs associated manufacturing manufacturing pharmacy partially channel. ramping by

plans various the working component We happy over gross expect as margin to quarter. year we in due the for time. this sequentially through to We achieve XX% inventory. on costs a couple were the throughout included And to of impacts basis sustained as well discussed XX% gross factors inflationary higher to decline after exceed margin still years, next have

We areas the rise XXXX include our expect in expenses operating continue as we investments X. of direct-to-consumer efforts launch advertising, of Key increase to clinical Omnipod to sequentially investments. pipeline, innovation and expanding

now As foreign these pressures, we expect flat be to Despite year-over-year. operating a supply over we time. result margin chain on margin still exchange are focused macro headwinds, inflationary expanding of operating the and higher and

decline decline increasing expect in For we sequential the QX, both and sequential operating the other a and margin support expected X in margin. Omnipod the to given investment gross initiatives, launch sequential

expenditures of business. key we to continue to capital grow areas will expect Lastly, year we continue invest slightly as this our in

our to quarter second XXXX revenue guidance. Turning

rates, We including points the reported we growth XX% XX%, expect be Omnipod basis. of company Based total approximately to estimate XXX on total exchange current to growth basis will unfavorable on of foreign XX%. impact XX% a

the For pharmacy XX% by growing to we U.S. XX%, model growth to expect U.S. build channel. continue volume with through the recurring to Omnipod driven our and of Omnipod, DASH benefits revenue of momentum

Omnipod growth in reminder materially planned, in and still contribute release not is limited revenue and will as QX. a market X As to

estimate X,XXX in be exchange the XX%, basis. growth international QX reported basis partially competitive offset to continued Omnipod XXXX, new on by will pandemic impact from DASH headwinds. and customer Omnipod impact the a We unfavorable adoption, approximately points expect foreign starts by the of largely to driven X% AID We compounding lower due

delivery based QX There normalizing expect as sequential we Finally, is decline to revenue trends. to be remaining the significant decline a choppiness also year-over-year, XX% quarterly drug to revenue will XX% pre-pandemic conclusion, which for XXXX we in revenue imperatives strategic In is order and patterns execution ended on strong much position we've that sustainable our partners production. well long-term growth. timing our Insulet like requested begun XXXX, of against

our it While the to our We've been deliver questions. mission stronger. has the in with changed, that, for of on better to not only people lives diabetes. gets With ability a improve never position open call Dalam, please

Operator

[Operator Instructions] Our Biegelsen line the Wells Fargo. first of Larry from question comes from

Larry Biegelsen

And Congratulations me on I the hear Jim. nice Insulet. question on okay? to Operator? love the Is with quarter. missed. be I you've success know a you congratulations Shacey, on for okay? heard a start all that had line. at Could he's I'd you'll

Operator

Yes. One sir. moment,

Shacey Petrovic

you are Dalam, line? on the

Operator

the Yes. I line. on am

Shacey Petrovic

Okay. We've back dialed in.

So here, team got Shacey, Insulet and you've back the Wayde, Deb. Bret

Operator

Okay. All right.

So you go Biegelsen, please repeat ahead could question. your Mr.

Larry Biegelsen

missed. heard and had the you've I Insulet. nice is Jim Shacey, the first, success I to on congratulations on question? here, quarter you'll Well, okay ask it Shacey, at that be a Jim Sure. know congratulations on. was

Shacey Petrovic

Sure.

Larry Biegelsen

Sure, on. if Jim is

of the think hearing So is are you, I maybe Jim, certainly role. from in time this first this many us

Insulet been well. you've the know Board so since Jim, XXXX, you on the of So company

about how year? you of love outside are hear are what broadly? over thinking to So opportunities I'd next more And new see Do role. you goals diabetes? the Congratulations on Insulet your your

Jim Hollingshead

been say with chapter an have I I and such first next our Look, thing Board the would the question. of whole for years. leadership is, it's Insulet the to now appreciate really by by honor I X be for And on entrusted Shacey Larry. growth you, the Board. Thank

list here years she's I to and Shacey has Insulet. join the at that we was things tenure was so this to will her time of one is here remarkable. I just accomplished the the as But And CEO, to built reasons Board. have say has I of one think main Shacey's executive has leadership privileged accomplished and tenure things X the team incredible all. It's join many Board main drawn them so been Shacey wouldn't here, X-year in

to so when we're miss stepping beat. in, I think And I going think about not a

the we to think continue is key I thing grow. that

opportunities couple which with She's with with revolutionary We going capacity. to product. the the the fantastic product stay to a We're that excited. is, to of We're a to driving formal that lives diabetes. continue to a continue launch I'm in going fact in us the on advise innovation. just people succeed middle And change Shacey Board, with really is of

the I is to a going charging beat. key and thing just think ahead, we're straight miss not we're

Operator

show comes from JPMorgan. the next our I Robbie Marcus of from question line

Robbie Marcus

first Great. I'll walk also And best. looking with in through we'll add, the wish what patients Congrats to here. on quarter. a you of on I Maybe nice patient you, welcome, ask forward miss And new to Shacey, working could happened in Jim, you. quarter wanted terms us you new adds.

it new was patient for patient January, what full wanted made. February. I you in the could on you on launch quarter? U.S. and the new international to looking growth comment growth the it Some quarter and wanted comments exit how of And focused it times more the based clarify you just comments second and Maybe your to made. peers faced clarify a We're on in if difficult the I some trended. rate. just still and Is possible

Shacey Petrovic

a Robbie. Sure. and Maybe in QX. both I'll record high Yes. Thanks, was reiterate a was just It U.S. for us, at the level, quarter record a QX globally

So to strong do add the some a Bret, to start want really detail there? you year.

Bret Christensen

that there's do again, another DASH, simplicity in and starts, well. the believe that lift But as around happy selling the resonating, in we performance fastest all the and And seems the of we're of market, the there Just, we record and to U.S. and Omnipod little this new globe. pathway quarter a strength, message bit be believe, still for tubeless then to the the Omnipod. a to is in with only all, factor Robbie, the we're form get that our X is

Shacey Petrovic

second And the market and to expand question your regarding Omnipod excited release, release. were our X we to full limited market

where XX% about yet through thing of think retail, it flip goes I retail. really through a But as a team About XX% did mail-order today. from I and we're the through of anybody there and caution smart it goes is in the expanding which and about just of not thinking specialty business Bret our would pharmacies, switch.

we're sort continue going to of patients. And full So we're ramp thousands of right hundreds going to patients release. of towards market now, from here to

room So those, still prepared full patients but possible, are a guess, to and give from make of the any we we course, retail into sure there. to the we is for that market might this patients hundreds we move incorporate take have of learnings from I thousands release and June occur channel fully of react that to learnings ourselves those when entering get and to that

that gives you good hopefully, So guidance.

Operator

next of show our Bank Securities. of question Travis from I line Steed America the comes from

Travis Steed

Congrats, working all with as Insulet, miss things to working the at you've going and Shacey, forward you with too, look to well, on done you, Jim.

kind I of just Omnipod here be feedback to you great. just like the channel of color rollout, what's rollout the factor a go of little about Are gotten the step? more understand to from next trying or on launch, rate retail the by the once the of So you've I'm the cadence X And on give initial some guess, on initial some users. better at all a going step? the understanding limiting And to step would the

Bret Christensen

it's release I to little can Bret. full market color limited the more market release. bit Travis, give a on

we our Shacey is in full market which the end defining release. are do where start to a the market it's So probably with channel, said define pharmacy retail we and today. being release And business is how helpful as of the XX% full

prescription can any and distributors. that just it is limited So that mail-order a with a this distribution smaller write network does product. means of that mean next channel just a the phase pharmacy and any physician that access number to going They they're a have and But reimbursement can mostly currently through has go get and patient our through maybe not channel. in

this it said. about continue be it phase that in way. the switch, that as won't guess, progress So flip I a next exciting, test does to What's scale. of Shacey We'll our is

the we in started patients a LMR. predetermined of hundreds, number with So

full take market of release. learn. to today going pathway get the the scale product. Now We'll is we And get start to patients lot to prescriptions, we're will continue until learning on we're driving it And the continue that release. to what to around scaling a

pathways, we cetera, market with probably release take they limited with tubed the hundreds them. is remember, you MDI, of CGM, on what unique a et pumps, a current pathway training different for If in could talked depending experience that of about user's each

X. So that that they And experience some exactly tweak a expect expectations start, to of but the patients right of we'll just those with is to really track we things continue to do, about between one in with this little said set X to we're on a we excited until is We're next launch. know we'll what which would better which learning the maybe when this progress and phase. now. after is And we're there, sometime months. really retail so bit how we're But learn, Omnipod release, what to some they X just market is months in full we LMR next is X phase get and

Operator

question from comes our next Johnson Baird. the Jeff from of show line I

Jeff Johnson

the at updated And outside and questions great but OX daughter. as CE mark? know you me holding do much the time nothing the my maybe U.S. up for regulatory ask best. maybe launch. question on this the conversations I CE U.S. have soon of how you a example to a I've you get want point? such I lot any you just Just EU any over just of authorities appreciated XX-year-old thoughts could let a how know But to professional you once to flip outside And mark had line on U.S., Shacey, commercialization success with

Shacey Petrovic

Sure. and Bret talk the bit about underway. little that's you market market preparation then submission launch update can and Thanks, just an a development give for I'll the Jeff. on maybe

was we've had submission really is also so So And progressing we red a well forth and we flags. notified back lot comprehensive body. such strong. and well, our of because that no the And prepared very submission believe our data a had FDA because were we with

do The guidance a in guidelines a the we feel is for strong terms notified we're like just or that pathway us of So new pathway, both body. position. you relatively MDR challenge is and giving to only our timing in just really

timing market preparing and of particular we that for the confident underway are challenge, progress give on feel happening. work a ton about great making So you And hard launch. very some then but just to It's that's that. been there's

some you So Bret, color provide on if want to that?

Bret Christensen

internationally of Sure. our quickly lot by got cloud all pretty twofold. rolled with infrastructure we the almost unique got X with there's we that that's different for and Omnipod launch depending going of be you if of quickly of it is it for the requirements. And The U.S. to DASH, work a starts remember approval DASH. all doing on and was out we're contrasting difference prepare data to to X privacy Omnipod DASH on Jeff, very now outside the One, to to our when new XXX% markets launch, country probably

other The reimbursement. thing is

this for a simply our country the So frankly because category DASH category of product. was same pathway reimbursement is as where each different is product the new legacy

consider. pathways, So different infrastructure there's to reimbursement different

probably the we once so clearance. country do launch you'll And see more a get outside by staged of U.S.

Operator

from the Oppenheimer. show next I from line question comes Lichtman Steve the of

Steve Lichtman

would range. your mark earlier could that full that all off XQ year Shacey, And it role. you CE forward good international, you. I to Jim, new coming in it's starting me, the greater quarter end with one, this giving mentioned trending of to some I some so guidance on excitement nice coming some as on seeing that ask seem high U.S. you build, with luck, second the X to guess, there saw filing approval, best on XQ. upside the the are pull based also better of your in And U.S. and visibility financial, seeing be of excuse Omnipod wanted towards Bret the

that even are of feeling international how X? overall, So Omnipod you about ahead business

Bret Christensen

comment can we're yes, pass pleased international and on on the really how first I Wayde part are But Steven, probably any performing. with markets color the for Yes. it to guidance. over

why we're ton under Of excited for mark review, CE to of be optimism and market. and it excitement to are And we course, Omnipod it's a X. there's working ambitiously get to

AID Just like an difference best demand that the have make a factor with new this there's in system. we and in know to paired desire form U.S., will the it starts,

CE with outside work manage base So tons there's there, and that U.S. over excited is so we're interest and little mark. And Wayde, can that's there. our we depending launch the we're but about of that on talk partners you current get the so expectations readiness And again, each size phase excited with to of and about market, maybe, of get means. that trying we'll the accordingly, what We're why to opportunity. it important And the bit market, a we'll considering our course, to but the plan the

Wayde McMillan

Yes.

Sounds good.

the As competing with factor. doing form Bret said, well we're very

growth, in it's been as And over double-digit double little that so range low system this teens, our for today. now And talked faster be had we growing of a could about. we know in we've digits We market participate the we've good a AID year. part low if don't but just we

second of annuity comp a to our that's especially as year of the And pandemic us. everybody stronger the guide so with the year. in for just Steve, over because model, QX. have QX a impact quarters, the is then you we And what's impacts remind last reflected in well little reminder, guide slightly And full half mentioned, X a as our the the easing just

though pandemic from even year. the still easing, we're those is annualizing quarters so last And

half. rates in And so the see do that as you'll start to we strengthen growth our throughout second the year,

Operator

line next from show the from I SVB Danielle question the of Securities. Antalffy comes

Danielle Antalffy

hear And to bummed be Shacey, will leaving you missed. how are I am you and can't I you even definitely that tell

You've been time. girl of a for long crush mine a

my don't worry, you'll stay So crush. girl

of had we've after doing. prescriber it like about I'll care over doctor how primary how CGMs, actually think at doing mix, a care the the a endo? for mix are going leave So I'm time? of still which side versus the much work crux you just the physician. a evolve We've so be at work there's and guys curious on been that. and the on care it's yes, diabetes just primary it will of the is how So you And Insulet of the the primary space, different been things pumps question lot on and feels learning lot to

Shacey Petrovic

anywhere. on an Maybe, to adviser Thanks, I Danielle. to comment Bret, success. going it's part? and outstanding I'm I with plan know primary continue Jim care team. everything a do to support great his Insulet's do the and in you not my to hands do power member And as Board in want

Bret Christensen

as care that vigorously with of type particular, primary care. lot more to in desire market, primary Yes. reside Danielle, we penetrate because spent a we of thinking time about the do them X many

mainly We getting get primary DTC physician. patients we're care today, campaigns. of lot So their in our a leads see through to

information that from do sort reaching and on but for a operate the to for And into get IQVIA. like primary of to with reactive We call most segment. also particular instance. lot waiting on so care Omnipod of out good endocrinologist for want those an prescriptions, primary primary care we we're do become care of to are. expand mainly that and We DASH. sort then a number a we're we small because of started a doc lead But patient more who physicians, insulin write getting that part them they and very know we're But

we things is has in that are couple than general, complexity. more care the for. of think tackle willingness just primary to with do I challenge therapy, they One solve typically something their And see been complex to they today. a have pump

do have for pharmacy help, training will is All those So Virtual channel, solve the we sure. simpler the way to to onboard the co-pays. we're things doing we that. the can for easier that. we make low The product, is it

will in thing is have to just over tackle We primary other physicians force U.S. a obviously XXX,XXX that. breadth. The the sales care There's

get But penetrate So a fit we'll to there's primary within the succinctly the of work type of more future that more segment. we care marketing and opportunity lot more today the direct-to-consumer, look products digital X know but the from then leads of there. with Most solutions direct-to-consumer. and X is in better is lot we through do endocrinology a ultimately having and segment, massive we're type to do success the

Operator

Citi. the next Joanne from from of line I Wuensch question comes show the

Joanne Wuensch

more know, you I thank I might say also I And good and luck. may that, than And don't crying. start anything

to And Omnipod So second with do that tubed more you X do MDI coming see has those new and/or using from your X. patients students from to X? pulling see expect the on or new of were platform percentage current quick What questions. Are you your type it patients are question your and patients transfer pumps?

Shacey Petrovic

Joanne, mentioned yes, prepared new of I X. in our remarks, XX% type users approximately my were

strong we've continued record in see really So Omnipod pretty it growth, it's been X, great as to limited to a And relates particularly QX. there.

So to our base. small it's relative total a sample very this point at

said customer to because test hundreds all can. segments wanted that of patients from journey and every we we we coming So they're

customer and Omnipod in on we're testing insights from those we've people got and really so journeys. pumps across of still all customer of users to each managing coming AID So and those pumps get from MDI, journeys, also process from good existing tubed

what see it we ahead, new be we've segment. look with users that the about talked of our And we will multiple As XX% really fact today, that daily injections. interesting get from to happens

are they that relying believe and better over But daily life overall people on can to of now the this outcomes, injections. more have we also has X quality grow Omnipod better form those think both. competitive we that offering continue multiple a people who for is the great I choosing bring to were factor market and know power to who AID

we percentages So excited we or transfer whether what and as new our students students have to ratios that pretty not means our or and for look see we're forward.

Operator

from I Sandler. Matthew comes from the O'Brien show the of next question line Piper

Matthew O’Brien

manageable And forward. okay, Shacey, I luck everything to is going hope best you of and

comment a of bit quarter. bit a last you big I Just Xs want are I XX% side Bret deal XX% this don't mentioned quarter. the is XX% And to you to make too this, little type this said I with what but on a And the follow about on up a then DASH Joanne's question, maybe little push think quarter. to think said

on, I'm you So X to X? what is, more getting through patients coming really get access access type are at Omnipod getting to DASH seeing

Shacey Petrovic

today to Bret's indicated are. that, And user we which through think X know to point get way type the for we in Great was And fastest is fact, DASH. on I likely Omnipod is Omnipod question. Sure. that X, the

doing The outcomes record new what's customer great don't there. to XX% DASH product want driving still starts X. a growth dismiss are So we things segment, there. fact But I probably do that also part users still product our shift believe slight percentages appealing in that is for type of obviously Omnipod and that driving better driving new incredibly and an that is tremendous bringing of our that's the

Operator

Bedford. comes the question next line Jayson from show I of the

Jayson Bedford

you the wish best. I Shacey, hope And I works everything out.

the it has kind pharmacy Just non-retail touched so before, a in the is on to the user you market a need current with before but I access reflection kind phase what of the wondering discussion release see but Just and understand limited the of channel. launch. was to technology the Is of broaden write your I'm any to script, you it of just wondering, your of physician specialty payers? part? this more channel, due on the can capacity

Bret Christensen

it's that. Jayson, a I bit can of little around Bret. color give

a any yes, write can So prescription. physician

know, you better network why the for we use distributor LMR Walgreens just CVS you to product, it's You're reasons this retail at right. to walk the get prescription expect the any their the And we can't, get instance, they there. start for location retail LMR. Omnipod pick would or for to a and down access to of to the street patient out to and that ship this who's a as the phase up and and of limited has There's couple channel, do expanded product Once that starting. visibility One, now. just

don't and with having on, ability of monitoring really are doesn't to And goal experience help and our we have visibility reach necessary. monitoring so them us their much quickly that coming to the people if out as that

which we'll pathway. keeps comfortable release. And the just finally It closer gets us feedback us channel, keeps how get the more to on shipping define process. full more retail this So onboarding We again, to product us patient. it the with closer is, to market their

we up But of time, us goals step. does meet launch. it's access. the monitoring We our it expand open good broadly measuring So helps as retail think a and at same the to

Operator

comes of from Kaczor from line I our question next the Margaret show Blair. William

Brandon Vazquez

on the like on well. of organization to rest just work, sell-side with sentiment on from here. the a Brandon type is obviously thanking saw Margaret. Omnipod I congrats at wanted I'd X her This for all ATTD. the X great question focus really and and the building data echo encouraging for as We to my Shacey community pathway

you basal. next kind Omnipod X of changes? hardware software X you in moving make an need both are need here Do label? for an to least just So understand What MDI color can you or trial getting get and just to that type So keep steps was Do to any forward, the a into can't you any of if kind that. at roll of pathway time market on we additional the there to around the can line pivotal? understand a or kind you give

Shacey Petrovic

strong. great Sure. Thanks, really Brandon. was Yes, was the to It really data see.

Our feasibility baseline study that included a at low control. of type X users were pretty

So and I a pump. not mentioned who used who the many CGM used one only had had

in for that in broad type population in in saw so basal-only And X a of time range increase on were quite we XX% time range, there. depending cohort, MDI. out extraordinary representative range really for So Baselines performance XX% time to and XX% there. that XX% at

technology data or has probably this type X set did the So in a, which do, value we we I what out in accomplished demonstrate think to that what feasibility overall, feel the is we're like it population. enormous

guess the to similar FDA we This this move the over X similar of to the wrap-up discussions. We're This very feasibility into pivotal, a patients that we discussions finalize that type be serving need of our emphasize I'd that for looking finalize to know. number that's the just early And making with X. to is will the to a for our right our then more have I a learn And for then on regarding pivotal is and it diabetes. help to value in we determine and more guys to difference on similar our look That likely meantime, product pivotal you great But based months those we discussions, pivotal, endpoints. us. study. study FDA fronts at with X. type will design population of once continue population X this the about type the so hundreds data first in and recruiting X very the believe people patient supports really that size DASH the, drive type So with discussions the for and probably us we're with clinician We design will our And continues the supports also and discussions. with start pivotal. study

Operator

to like questions further Petrovic. would I back no turn at showing the time. I'm to this Shacey now conference

Shacey Petrovic

Dalam. Thanks,

I chapter. the the into And my hands that remarkable honor team with been at know to know career in you Insulet. Jim company the has think is lead next it So I the of leading organization all its great

the progress continue full U.S. launch today, Have a taking Insulet to is delivering greater heard across even and commercial terrific Omnipod the and As toward really you Insulet to growth your success our for and globe supporting as getting the shareholders a for and X. very call. diabetes afternoon. and just people is with of poised value to excited started, Thanks we support, I is director and adviser. for is results and time creation the as contributing future today comments join our bright. great your our am

Operator

you a concludes for Ladies and wonderful day. participation your today's this Thank conference. and have gentlemen,

all You disconnect. may

Insulet (PODD) 6 May 222022 Q1 Earnings call transcript