Insulet Earnings: Omnipod 5 Continues to Demonstrate Strength 18 Months After Its Introduction

Narrow-moat Insulet saw another strong quarter that wrapped up an entire year of impressive growth on the top and bottom lines. Though we haven’t shifted our assumptions, we might modestly raise our fair value estimate to account for cash flows realized since our last update. Our projections for 2024 remain on the high end of management’s outlook, but we see little to alter our thinking, especially considering the introductions lined up for the year, including integration with Dexcom’s G7 continuous glucose monitor, Omnipod integration with Apple iPhones, and further investment in the salesforce to leverage Omnipod’s long-standing strength in pediatric care.