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Insulet Corp PODD

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Insulet Poised for Another Strong Year in 2021; No Change to Our Fair Value Estimate

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Insulet managed to get through 2020 with little impact from the pandemic, and results from the fourth quarter were no exception. With full-year revenue growth and adjusted EBITDA running close to our expectations, we’re leaving our fair value estimate unchanged. Insulet delivered U.S. Omnipod growth that was consistent with our estimates, and outperformance of international Omnipod revenue growth was offset by weaker drug delivery growth. With Insulet poised to move into a soft launch of its Omnipod 5 in 2021, we’re holding steady on our projection for $1.09 billion in consolidated revenue this year, which puts us on the high end of management’s outlook for 16%-19% top-line growth. We remain confident in the firm’s narrow economic moat and see little in the way of competition that would hinder Insulet’s efforts to increase its user base.

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Company Profile

Business Description

Insulet was founded in 2000 with the goal of making continuous subcutaneous insulin infusion therapy for diabetes easier to use. The result was the Omnipod system, which consists of a small disposable insulin infusion device and that can be operated through a smartphone to control dosage. Since the Omnipod was approved by the U.S. Food and Drug Administration in 2005, approximately 150,000 insulin-dependent diabetics are using it worldwide.

100 Nagog Park
Acton, MA, 01720
T +1 978 600-7000
Sector Healthcare
Industry Medical Devices
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Speculative Growth
Employees 1,900