Insulet delivered outstanding first-quarter performance, fueled by the rollout of the new Omnipod 5, which has been on fire since regulatory approval was received last fall. Though management raised its outlook, our projections for the full year remain bounded by the new range, and we're leaving our fair value estimate of $234 unchanged. Quarterly revenue increased 23% in constant currency, led by U.S. Omnipod growth of 49% year over year. While rivals Medtronic and Tandem had both introduced their hybrid closed-loop technologies in 2016 and 2019, respectively, Insulet's Omnipod 5 is the first tubeless, patch pump to offer this more-advanced functionality that significantly simplifies life for Type 1 diabetes patients. This latest Omnipod pump leverages the same intangible assets—proprietary product design that relies on memory shape alloy—as earlier generations of its pod pumps but is integrated with Dexcom's G6 continuous glucose monitor. We view Omnipod 5 as another bulwark to reinforce Insulet's narrow economic moat.