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Insulet Corp PODD

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Insulet Seems Impervious to COVID-19 and Moves Closer to U.S. Launch of Omnipod 5

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Insulet’s strong third-quarter performance appeared to emerge largely unscathed by the ebbs and flows of the pandemic, and we’re leaving our fair value estimate unchanged. The firm remains on track to reach our full-year revenue projections. On the expense side, manufacturing costs closely matched our estimates, which fits with Insulet’s general pattern of holding those costs relatively constant throughout 2020 and then resumed incremental improvements in 2021. On the other hand, SG&A expenses moved in the opposite direction, with slowing growth through most of 2020 and then a sharp ramp up in 2021. We think most of the rise reflects investment in the commercial organization in order to support the U.S. launch of Omnipod 5, as regulatory approval is expected before the end of the year. Insulet is on the cusp of launching the first hybrid closed loop patch pump, and this underscores our confidence in the firm’s narrow economic moat. With competitive pumps and continuous glucose monitors moving toward integration, Insulet won’t be left behind.

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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 Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Speculative Growth
Employees 1,900