INSULET CORP Q4 FY2025 earnings call

• 2025 saw 10th consecutive year of 20%+ constant currency revenue growth. - Omnipod's strong clinical evidence and real-world outcomes earn prescriber and patient confidence. - U.S. prescriber base >30,000 (+28% y-o-y). - U.S. type 2 new customer starts grew significantly, prescriber base grew 62% in 2025 to >6,500. - Int'l Omnipod 5 launched in Canada, Australia with strong growth, plans for Middle East, Spain in 2026. - 2026 R&D investment to advance next-gen platforms, including Omnipod 6 and full closed-loop system for type 2 diabetes. - Omnipod Discover is new data platform for better insights. - Omnipod 6 designed to reduce daily burden and increase flexibility with improved connectivity, etc.

Total company revenues were $784 million, advancing 29% constant currency. U.S. revenues of $568 million increased 28% and international revenues of $214 million grew 42% constant currency. Full year 2025 revenue surpassed $2.7 billion, with ~30% constant currency growth year-over-year. U.S. revenue in 2025 was $1.9 billion (27% growth) and international was $754 million (39% constant currency growth). Record new customer starts in 4th quarter and full year, mostly from MDI transition. U.S. type 1 market >$9B, AID penetration 40% vs CGM 70%. U.S. type 2 market >$12B, AID penetration <5%. Int'l 1 type market >$10B, AID therapy usage low but CGM penetration ~65%. 2025 had record gross and operating margins, 180 bps gross margin expansion and 270 bps operating margin expansion.

• 1st quarter: Omnipod revenue growth 28%-30%, total company growth 25%-27%; U.S. Omnipod growth 24%-26%, int'l Omnipod growth 37%-39%. - Full year 2026: Omnipod total revenue growth 21%-23%, total company revenue growth 20%-22%; favorable 100 bps impact from foreign currency. U.S. Omnipod growth 20%-22%, int'l Omnipod growth 24%-26%; favorable 300 bps impact from foreign currency. 2026 operating margin expected to expand ~100 bps; net interest expense ~$40M; non-GAAP tax rate 22%-23%; board approved $350M share repurchase authorization, plan to deploy ~$300M in 1st quarter 2026.

• Potential impact of macroeconomic environment on results of operations. - Foreign exchange rate fluctuations affecting revenue. - Risk of new or intensified competition from rivals. - Regulatory policy changes impacting product launch and sales. - Issues in manufacturing capacity expansion and automation. - Clinical study results not meeting expectations. - Slower-than-expected market adoption of AID therapy.

Q: Jeff Johnson asked about the most underappreciated part of the Insulin story.

A: Ashley mentioned tech lead, growing commercial prowess, manufacturing at scale, and financial strength.

Q: Robbie Marcus asked about new patient start trends.

A: Ashley said record new customer starts in U.S. and int'l, primary source from MDI transition, strong in U.S. type 2 and int'l.

Q: David Roman asked about reconciling script trends to reported revenue.

A: Flavia said use total Pods or total scripts, but consider seasonality and other factors.

Q: Larry Biegelsen asked about sustaining 20% growth and competition.

A: Ashley talked about tech lead, commercial prowess, manufacturing scale, and financial strength.

Q: Michael Polark asked about sensor partner.

A: Eric said Omnipod 5 is compatible with Dexcom G7 15-day, ready for Freestyle Libre Plus integration.

Q: Travis Steed asked about guidance philosophy.

A: Flavia said normal seasonality and confident in provided outlook.

Q: Joanne Wuensch asked about ADA and Omnipod 6.

A: Ashley and Eric talked about data from EVOLUTION and Omnipod 6's clinical results.

Q: Richard Newitter asked about type 2 mix and guidance range.

A: Flavia and Eric explained type 1 and 2 growth and guidance range.

Q: Danielle Antalffy asked about competitive moat and sampling.

A: Ashley talked about sales force expansion, messaging on clinical performance, and high conversion ratios of sampling