I'm the Senior Medical Technology Analyst at Baird, and our next presentation this afternoon is from Insulet Corporation, a leader in the $4.7 billion global insulin pump market. With us today from Insulet, we're happy to have Chief Financial Officer Ana Maria Chadwick and Chief Operating Officer... is that... what's the new title? That's it. That's it? All right. The big COO here, Eric Benjamin, a well-deserved promotion just recently. Eric, I've enjoyed talking to you over the years. You're a fantastic insights kind of guy for Insulet. Thank you both for joining us. Eric, I'm going to turn it over to you if you have a few comments, and then we'll go straight into Q&A. Terrific. Thanks, Jeff. We appreciate the opportunity to be here. Just a couple of quick updates from us, and then we'll launch into some Q&A. This is our safe harbor. We're going to make some forward-looking statements during today's conversations. Insulet is one of the global leaders in diabetes technology. In 2024, we delivered more than $2 billion in revenue. We have the privilege of serving more than half a million customers around the world, and about two-thirds of those, more than 350,000, use our flagship product, Omnipod 5. We serve 25 markets around the world, and we were the first automated insulin delivery system that was cleared for both Type 1 and Type 2 diabetes here in the U.S. Driving penetration and market growth in both of those are two of our strategic objectives. We are the number one most requested and most prescribed automated insulin delivery system here in the U.S., the number one in new customer starts since 2023, and the first number one automated insulin delivery system prescribed for new users in European markets. A couple of quick Q2 updates and strategic highlights. In the second quarter, we reported revenue of almost $650 million, or up 31% year over year. Gross margin was just under 70%, up almost 200 basis points year over year, and adjusted operating margin was 17.8%, up more than 650 basis points year over year. Strong momentum across our business. On the strength of those results, we raised guidance for the year, as shown, including total revenue growth between 24% and 27% and adjusted operating margin between 17% and 17.5%. In the quarter, we also announced some important strategic highlights. We launched the iOS version of the Omnipod 5 App for iPhone, which is the app that allows customers to enjoy the benefits of Omnipod by controlling the system from their personal iPhone, and gave compatibility to that app with Dexcom G7 sensor, which was a nice benefit for customers. We integrated Omnipod 5 with additional sensors in global markets, including Dexcom G7 in Germany and FreeStyle Libre 2+ in Australia. Continued to build the body of clinical evidence supporting Omnipod 5, including subgroup analysis from Radiant and Secure T2D, and presented our first real-world evidence on Omnipod 5 with Type 2 folks, which was more than 23,000 people who live with Type 2 diabetes and use Omnipod here in the U.S. We also redeemed our remaining $380 million of principal convertible notes and refinanced our Term Loan B. Omnipod 5, as we've described, addresses real unmet need for those living with Type 2 and Type 1 diabetes. We began 25 years ago when John Brooks, our founder, believed there had to be a better way to deliver insulin than multiple daily injections or tube pumps. For the last 25 years, we have been improving the lives of people with diabetes through our revolutionary Omnipod technology. It is the first and only tubeless, fully disposable, waterproof automated insulin delivery system in the U.S. It has automation built into every disposable pod. We offer availability and compatibility with both sensor options from both leading sensor providers in the U.S. It can be controlled by a mobile phone and offers significant improvements in glycemic results and quality of life. Building on the differentiation of the product itself, we also have some strong competitive differentiation that we can build on to drive durable, profitable growth. The unique form factor of the pod is tubeless, discrete, and wearable, protected with patents and trade secrets, and it offers unique ease of use. Over the last eight years, we've built deep relationships with the pharmacy channel. Omnipod is available in more than 47,000 pharmacies here in the U.S., right where people pick up their insulin for a low copay of about $1.00 a day on average, and covered by more than 300 million lives here in the U.S. We've also been a pioneer in advanced automation, investing more than $1 billion over the last decade in advanced automation, both in factories and out in the supply chain to produce specialized components that go into the unique technology that is Omnipod. We have more than 20 years of manufacturing expertise and produce tens of millions of high-quality, safety-critical wearables every year. Finally, with the launch of Omnipod 5, we've built a rich data ecosystem. Omnipod 5 is cloud-connected so that we see the data from every customer and are able to learn from that and also provide insights back to patients and physicians to improve their care. All of this, we deliver in a market that is large and underpenetrated. There's about 14 million people who need insulin around the world, and those markets are still very underpenetrated. The most developed market that we serve, the U.S. Type 1 market, is about 40% penetrated. Continuing to drive leadership in that market is one of our key goals. The international Type 1 market is about 20% penetrated. There's 3.5 million people in just the 25 markets that we serve internationally who live with Type 1 diabetes. One of our big focus areas is bringing the benefits of Omnipod 5 to those who live with insulin-intensive Type 2 diabetes here in the U.S., and that market is nascent at just 5% penetrated. Taken together, the unique advantages of Omnipod are competitive moats, and that large untapped opportunity has given rise to us delivering results for the last 10 years. We have delivered more than 20% revenue growth for the last 10 years, including 2025 guidance. We have a leading gross margin of over 70% and rapidly expanding operating margin, and we are building for the future. I look forward to our conversation. All right. Thank you, Eric. Let me start, I guess. You mentioned there's about four or five things you mentioned there that I'd like to jump in on, but let me start with the first one. You talked about driving market growth. I think it's even more than that. You have a new CEO. How long has Ashley been there now? Four months? Four months. Four months. I'm going to throw you a couple of quotes from her on the second quarter call. "We're seeking to move faster and deepen our advantages." The other quote was, "We will accelerate the company's pace of innovation." I've been a big supporter of Pod most of the 10 years that I've covered the diabetes technology space. I think if there's a fair criticism of the company over the years, it has been that maybe you've been a little slow and deliberate to innovate. Maybe that's because you have so many pediatrics patients. Maybe it's other reasons. If I think about maybe hybrid closed-loop, if I think about iOS integration, G7, FreeStyle Libre 2/3 integration, probably a little bit behind other companies. Is there a new directive from the top of the company here now at Pod? Should we see that kind of change going forward? I think the strategy is intact. Our strategy is to drive penetration and extend our lead in U.S. Type 1, U.S. Type 2, and international Type 1 markets. Ashley laid out on our second quarter call a couple of opportunities that we have to strengthen our leadership, and one of them is innovating faster. As the market leader, we can now do things that for some of those 10 years that you've known us, we weren't able to do. We are going to do more things in parallel, for example, than we have been able to do in the past. We've also built Omnipod into a true technology platform that we can add features and functionality to, like we've done over the last couple of years since launching Omnipod 5. That ability to bring a cadence of innovation to flagship products will be something that we'll continue doing. Additionally, we've gotten, we are getting and have gotten faster at doing important things like sensor integrations. You'll see us be ready to launch Dexcom's 15-day G7 with them when they are ready to go to market. Accelerating innovation is certainly one of the things that as the market leader, we are going to continue to push to move faster. There are a couple of other things that as market leader, we're also going to continue to strengthen in order to, again, build on the lead that we've established over the last 10 years that you've known us. That includes continuing to invest commercially to strengthen our commercial execution, really investing to build markets. Type 2, we are the market leader in a nascent market. As the market leader, we need to build and shape that market so that we can drive penetration. Similarly, outside the U.S. with Type 1, those are markets that penetration is still at 20%. We have an obligation as the market leader to go drive and shape that market. Market shaping is a big number two. Accelerating innovation we've already hit is number three. The strength of our brand, we've built a strong nascent brand in Omnipod that resonates strongly with consumers. We can do more to help that brand resonate with healthcare providers and support all of those other three ways that we'll strengthen leadership. Yeah, fair enough. As I think about the competitive advantages and the strong growth you guys have put up over these last number of years, in the U.S., you were first to get, obviously, Medicare Part D coverage or the only to get Medicare Part D. Then you moved to 100% pharmacy channel. That brings prescribing efficiencies and benefits relative to the DME market for the tube pump companies. You have the pharmacy channel and you have the form factor as the two advantages we think about in the U.S. You don't have that pharmacy advantage in international markets, and yet it seems like your international growth has accelerated once Omnipod 5 has launched in those markets. Two questions on that. One, it's probably not for a couple more years. We'll see. As some of these two-piece patch pumps start to roll out over the next couple of years in the U.S., does that severely dent your competitive advantage, or how do you maintain that competitive moat? Outside the U.S., where we see pharmacy channel is not an advantage, they're all national healthcare systems or other kind of level set reimbursements. What does that tell us about your competitive advantage? What is it that everybody loves so much about Omnipod 5 that gives you that opportunity to take two-thirds market share of every new patient coming into the U.S.? It seems like numbers that probably aren't too far off that internationally. Yeah, great questions. Let me hit durability of our advantages in the U.S. first, and we'll switch to international markets. In the U.S., we don't see anything that's disclosed in competitor pipelines that matches the ease of use and the quality of overall experience and clinical outcomes that is delivered by Omnipod 5. There are some multi-piece systems that have been disclosed in competitor pipelines that are in development. We've competed against multi-piece systems in European markets over the years. There were a couple of actually scaled competitors that did not achieve significant market share with those systems when we saw multi-part systems in European markets. The technology that we see coming partially closes the gap, but actually doesn't really close the gap to the fundamental offering that is Omnipod 5. Importantly, we are also not standing still. We are in pivotal study now for our next-generation hybrid closed-loop system. That's our STRIVE study. We're also in the second wave of clinical development studies for what will be our first-generation fully closed-loop system targeting those who live with Type 2 diabetes. We have our data products ecosystem called Omnipod Discover that is in limited market release now and will be rolling out broadly over the next 12 months. We have a cadence of innovation coming that will continue to strengthen our technology lead, even as competitors are working towards products that are not quite as easy to use as Omnipod. Switching to international markets, we see the same things that you do. We see the strength of Omnipod 5 in all of the markets that we bring it to. I think what's consistent in our strategy is that we negotiate for broad access that is good for consumers. In the U.S., that was the pharmacy channel. It was really important to us that folks could access Omnipod without a large out-of-pocket cost upfront for the technology and at affordable copays on a monthly basis. Those same principles are what we've brought to global markets as we've negotiated with very appropriately price-sensitive central payers in order to get broad, affordable access for Omnipod. What you see is with that recipe, when folks have options in the technology they choose, the ease of use, compelling clinical outcomes, and overall life enhancement that comes with Omnipod 5 is truly differentiated. All right. That is helpful. Let me ask one other question, I guess, from a competitive standpoint. You talk about the two-piece patches that may be coming to market in the next couple of years. I've tended to believe over the 23 years that I've done this that simple wins, and I think especially when you're talking about large populations in diabetics or diabetes patients, things like that, that tends to be true. You do have some competitors out there that say, maybe it's not simplicity on form factor. It's simplicity on what do you have to input into the pump to start it up. Are primary care doctors especially going to be more willing to use a pump where I only have to put in one or two settings? Maybe it's just weight or something like that versus some other settings you might have to put in to start up an Omnipod 5. Where do you think the hierarchy, the flowchart, the whatever you want to think about is on simplicity? Is it form factor? Is it training? Is it startup algorithm inputs? Where does Omnipod win on that? How comfortable are you that your advantages are durable in that area? I think when we think about simplicity, we think about the overall experience. That's both for end customers who are wearing the product every day and the healthcare providers who are helping them get access to technology. That overall experience includes not just things that have to go into the product like settings, which certainly are a source of complexity, but it's also what does it take to learn, what does it take to train, and how much ongoing management does it take both from a patient perspective and from a provider perspective. What's interesting is that part of what we hear in the market about Omnipod is that the unique form factor translates into some other simplicity benefits. It's not just the simplicity of the ongoing experience and the simplicity of being able to put on a pod, be confident in that experience, take it off, and throw it away when you're done. That also means there's less to train on infusion sets and changing infusion sets and some of just the inherent complexity in products that have tubes. If you don't have to train on that, then it's easier for providers to have confidence they're going to be able to get people onto product. Just an example of that, I was in the field in Baltimore a couple of months ago. We have these conversations every day in offices as we are building the Type 2 market, which is we have Omnipod 5. We believe it's right for your patients who live with Type 2 diabetes. We hear back from providers, we're not so sure they're going to be able to handle the technology. We said, great, let's try an example. Let's find a patient who has a very high A1C, whose glycemic control is not being met, and let's get them. Let us, Insulet, help you get them on the Omnipod and see how they do. I was in the field in Baltimore in an office that had just run this experiment with an 80-year-old woman a couple of weeks before. This was that office's test. How is this going to go? She came back with dramatic improvement in glycemic outcomes, completely comfortable with technology, and joked that she would be happy to help train future customers because of her confidence and the impact that it had had on her life. I share that because the real-world ease of use, the real-world how is this happening is playing out now in the market. What we see is that Omnipod 5 is uniquely simple in that whole package of what has to go in, how do you get trained, and how do you manage people on the technology so that those who need it are confident in their ability to care for themselves, and physicians are confident that the real-world population that needs technology can use it successfully. Yeah. All right. That's helpful. Ana, I'm going to pull you in here. I think it's three straight quarters of record new patient starts. I think when you and I talked last quarter, new starts had grown over 30%, I think is the number at least I had in my mind. How does that translate on your recurring revenue stream business? If I take those new starts and just think about the forward 12 months or so impact to revenues, what are the offsets? Because it's simple to say, OK, if new starts grow 30% a year, then your revenue should grow 30%. You have patient rebates that tend to go up a little bit each year. You tend to have attrition that you have to deal with each year. Just what are the connection points between new start growth on a trailing 12 versus revenue growth on a forward 12? Yeah. No, thanks for that. As you mentioned, we have seen strong momentum of new starts. We have seen them grow sequentially and year over year for several quarters now. The power of the product. In terms of what are the variables to think about, they're actually quite simple. The vast majority of our growth is coming from volume growth. That's number one. When you think of where are the offsets, first of all, let me touch on price. In the U.S., we anticipate a fairly stable price as we move here. I'm not guiding into the future, but that's kind of true now that we've moved out of DME into pharmacy. In international markets, we've seen some price appreciation as we've launched the product in international, and the payers have seen the value that Omnipod 5 brings. When you look at attrition, attrition globally has been stable. We have great retention rates. When you look at other patterns, such as utilization, we've touched on this before. That's probably the third leg of the stool here is when you have rapid growth, you tend to have dual prescription because you take that starter kit and you take then an additional set. Those are dynamics that fluctuate over time. We've been stable at that high level of revenue new start growth that we're seeing. We see a lot of momentum. We'll talk a lot more at Investor Day in terms of patterns that we see for the future, but a lot of tailwinds for us. OK. I'm assuming I'm not going to get you to guide to 2026 here before the Investor Day or on a public call. The street has you decelerating to 18% growth. You've done over 30% here. I think the last couple of quarters you're just at nearly 30% through the first half of this year, over 30% last quarter. What would it take for on a recurring revenue stream business that has those kind of new starts? What would it take for growth to end up with a one-handle instead of a two-handle on it next year, I guess is the way I'd ask it? Yes, you're right. We'll stay close here. We'll talk a lot more about 2026 and beyond. We look forward to giving a long-range plan at Investor Day here on November 20. We have a lot of momentum. As we've guided here for the remainder of the year, we do start our growth for 2025 here with a two-handle, as you've mentioned. Stay tuned, and we'll share more at Investor Day. OK. Let me ask just one question. It's not so much '26 margins, but generally around margins. When Ashley first talked to the street, there were some questions around, was she talking about investing more, plowing more back into the company? Maybe that margin expansion not staying at the 100 basis points per year that we've gotten used to or that you guys had been messaging prior to her coming on board. You put up a fantastic second quarter from a margin expansion. Guidance suggests margins continue to go up. How do you get it right between what you spend to build these markets, which are still underpenetrated, as Eric said, versus what you let flow through to the bottom line? That's absolutely a question we as management debate and grapple with every day. We have a formula here in terms of our overall OpEx. We continue to anticipate spending in R&D about 10% to 12% of our revenue. There are times in the cycle as we invest more that we'll be in the higher end, maybe 12%, maybe 13%, but somewhere in that range. As we talked about, we are at a moment in the market where we're leading. We need a lot of market development. In sales and marketing, you'll see us invest at times potentially at an even higher rate than our growth rate. We need to invest. This is a very punctual moment in the market where it's our market to go get. You see the leverage in our general and administrative expenses. Nothing changes. We're confident with at least 100 basis points of margin expansion. We'll talk more at Investor Day. That's really the formula that we're after. We continue to invest for the growth and to help people with diabetes. OK. I just want to be clear what you said there. Even with Ashley talking about, I'm going back to my quotes here, about seeking to move faster and deepen our advantages, accelerating the company's pace of innovation, at least 100 basis points at least for the foreseeable future per year is what you're still comfortable with? Correct. All right. Great. Just on the differences here maybe between Type 1 and Type 2 demand. Obviously, Type 2 a little bit newer, although you've been getting Type 2 patients for a number of years. With label expansion last August, that's really kind of supercharged some of that growth. Any difference you're seeing in willingness to put Type 1 versus Type 2 patients on pumps? Do you have to hold hands even longer in Type 2? Are docs seeing some of the data and saying, yeah, this does make the secure data does make sense. I need to get Type 2 on just as much as I need to get Type 1 on? There are some common factors that are driving our momentum across Type 1 and Type 2. That is a strong foundation of access, a strong foundation of evidence, impactful innovation, and really strong commercial execution in the first half of this year. Those four things are common across Type 1 and Type 2, giving rise to our momentum. Underneath that, there are some differences in what is happening in Type 1 and Type 2. Type 1 is now low 40s% penetrated. We are kind of in the steepest part of the adoption curve. We have the mass market now adopting automated insulin delivery because it is in guidelines that it should be standard of care. Prescribers have gotten comfortable with it. Omnipod 5 is a very complete product with multiple sensor integration options, phone control now available, strong clinical outcomes, demonstrated impact on quality of life, and available for Type 1 and Type 2. We have sort of got the complete product. In that context, we are seeing momentum in Type 1, which we talked about on our second quarter call, another quarter of sequential growth in new customer starts in Type 1. Those conversations are going very well. Type 2 is also going well, but different. We are early in the development of the Type 2 market here in the U.S. There are really three kinds of conversations that we are having out in the market as we bring the benefits of Omnipod 5 to those who live with Type 2 diabetes. The first, and this has really been our focus since launch last August, is bringing the strength of our Secure T2D pivotal data, 0.8% A1C reduction on average, 2 points of A1C reduction for those with starting A1C over 9, to the endocrinologists and the high-riding diabetologists here in the U.S. What we know from the data is that they are not yet writing for their Type 2 insulin-intensive patients at the same rate as they write for Type 1. That is our bread and butter call point. We have been doing that for a long time. We know them well. They are comfortable with technology. Our work there is to help them see the evidence and run the experiment like I described in Baltimore, where they try it and see success in their own office so that they start writing Omnipod 5 for those who live with Type 2 diabetes. That is what our team is doing all the time. The two other kinds of conversations that we have out in the market, we expanded the sales force earlier this year to call on another decile of high-riding CGM and rapid-acting insulin providers here in the U.S. Those are introducing those folks to automated insulin delivery technology because they have not written for automated insulin delivery in the past. Mostly primary care is there. Mostly primary care, some NPs and other things, but yeah, general practitioners of all kind. We are introducing them to technology and introducing them to the operational support that we provide and the technology support that we provide to help them care for patients as they embrace automated insulin delivery. The third kind of conversation that we have out in the market is actually triggered by end customers. Our direct-to-consumer advertising so strongly resonates with customers that pretty often a customer will walk into a healthcare provider office with whom we do not have a relationship through our field team and ask for Omnipod. In those circumstances, we then figure out how to serve that customer, and we evaluate, might this healthcare provider become an ongoing prescriber, and should we invest in getting them comfortable with technology? Those are the three kinds of conversations that we're having as we build the Type 2 market, helping our historical high-riding call point embrace AID at the same rate as they do for Type 1, building the next tranche of GPs to be comfortable with technology and finding providers that might not have been on our radar but that are activated by customers walking into their offices. All right. We have 2.5 minutes left. That first tranche, I want to ask an international question as well, but that first customer group you talk about, the high prescribers, they're all on board with Type 1. When you go in and you have that conversation, you get that 80-year-old on, they see the positive results there. Does a switch flip in that practice? It's just you've got to sequentially go through these practices and get them to go from, I don't want to say non-believers to believers, but lower utilizers to high utilizers, and it jumps up, and now you move on to the next office, or how does that kind of transition work? I think from a color perspective, it's a mix, and it's a bit of a build. Fundamentally, we think about it like believers and non-believers, and it's helping those who've begun to believe believe that it really is going to work for everybody. What we see is there's just a lot of bias against sophisticated technology for those who use with Type 2 diabetes. It's not intended bias. These are folks who tend to be older, tend to have more challenging socioeconomic status, and so there's just hesitance to offer technology like automated insulin delivery, and we're helping the market get through that. All right. Fair enough. Maybe Ana, last question in the last minute and a half here. Just international has been on fire. It's been fantastic growth here. How much of that has been going deeper in kind of your core, let's call it five or six European markets versus expanding into new markets versus maybe pricing that if pricing benefits start to anniversary, would that be within the next couple of quarters because of France? Are there other markets where price can remain a top-line driver as well for multiple quarters? Yeah. No, you nailed it. I mean, international growth is durable. We're seeing the vast majority of numbers of new starts in terms of our growth come from our larger markets because there are larger markets. There's still a lot of runway to penetrate. As Eric mentioned, 20% penetrated in Type 1 on 3.5 million people in the markets we serve. We do see durability because as we've talked about, UK and Germany launched two years ago. They're still growing. We go out there, and then we have France and Netherlands a year ago. That continues to grow. Most recently, we launched the Nordics and a bunch of the nine other markets. We have talked about the Middle East coming here in 2026. That's there. Our strategy is we go out there, we put Omnipod 5. We go out there and we add sensors. As we talked about, we put G7 in Germany, Libre 2+ in Australia this last quarter. We go out there and do the heavy lifting work of increasing market access. For example, we got some expanded access through the NICE guidelines here in the UK. That strategy continues, and we see that. In terms of price, to answer the last part of your question, we have gotten price appreciation in every market where we've negotiated for the value of Omnipod 5. That will temper down over time. Because we are only 50% of the way through our DASH conversions to Omnipod 5, we do anticipate in the short term, medium term here some continued price lift. That is very helpful. All right. I think with that, our time is up. Please join me in thanking Ana and Eric for a wonderful overview here of Insulet. The next presentation is set to begin at 12:50 P.M. Eastern Time. Include Catalyst Pharmaceuticals in this room, Ocular Therapeutics in Ballroom A, Lineage Cell in Ballroom B, and Innotiv in the Morgan Suite. Thank you. Thanks, Jeff.