Memorandum

Insulet 2Q20 – Record revenue of $226 million, rising 28% YOY, despite COVID-19 effect on new patient starts; Omnipod 5 pivotal results to read out at ATTD 2021, launch in “first half” of next year – August 6, 2020

Executive Highlights

  • Insulet reported record total revenue of $226 million in 2Q20, rising a strong 28% YOY (+29% operationally) on a tough comparison to 42% YOY growth in 2Q19. The call was led by CEO Shacey Petrovic, CFO Wade McMillan, and VP Deb Gordon. Sales came in an impressive ~$10 million above the high end of the guidance range given in May – wow! This was very impressive given what it takes to put new patients on pumps – but we believe it also reinforces simply how easy the pod is, surely absolutely speaking, but particularly relatively speaking.
    • Anyone looking to come to know the management team or company better should invest an hour in listening to the call – CEO Petrovic continues to impress on every front, leading the business with strength, poise, resilience, and humility. Her pride in the company was palpable as she reported at the start that Insulet recorded revenue across every product line in this challenging quarter. “Insulet will emerge stronger and better than at the rise of this challenge.” Yes, yes it will.
    • In addition to the 28% annual revenue growth, sequentially, sales rose 14% on an easy comparison to the 5% sequential decline in 1Q20 following the seasonal 4Q-1Q deductible reset.
    • Geographically, business was strong both in the US and internationally. US Omnipod revenue came in at a record $129 million in 2Q20, rising 31% YOY, exceeding the expected guidance of 21%-25% growth. International Omnipod revenue also set a record at $73 million, rising 16% YOY (+20% operationally).
  • Overall, new patient adds were about ~50% lower than the number of new patients Insulet had expected at the start of 2020. This ~50% decline comes on the better side of 1Q20 guidance for in new patient adds in 2Q20, relative to pre-COVID-19 expectations. Mr. McMillan during today’s call that new starts in the US were down less than 50% from previous expectations, while new starts internationally were down more than 50%, bringing the global figure to ~50%. Given Insulet is only sharing decline in global patient starts relative to previous expectations, rather than relative to last year, it’s difficult to draw any strong conclusions; however, the math does seem to suggest some underappreciation last week for Tandem’s essentially flat (and therefore quite impressive) YOY shipments amidst a global pandemic (also probably a testament to Control-IQ enthusiasm). We’re looking forward to seeing Medtronic’s 2Q20 results later this month to provide a third data point.

  • Omnipod Dash continues to be a strong driver of new patient starts, delivering “over 60%” of new US Omnipod starts, in line with the figure from 1Q20. Impressively, “over 30%” of total US volume is now coming through the pharmacy channel, no doubt driven by the growth of Omnipod Dash, and 80% of new patients added continue to come from MDI (leaving 20% converting from pump competitors). Also notable, management shared that “about 30%” of new Omnipod users in the US are type 2s, again in line with 1Q20 figures.

  • “More than half” of participants in Insulet’s Omnipod 5 hybrid closed loop have now completed the three-month pivotal study. The remainder of the participants are expected to complete by 4Q20. In Q&A, Ms. Petrovic also shared that results from the trial would likely be presented at ATTD 2021 (in February) and Insulet is in a “solid position” to launch Omnipod 5 (formerly referred to as Horizon) in the “first half of 2021” – in line with the timing given in 1Q20. During Q&A, we also heard some of the first thoughts around pricing for Omnipod 5, relative to Omnipod Dash. While there will be no upgrade fee, Ms. Petrovic noted that there might be a pricing premium for Omnipod 5.

  • During today’s call, management raised full-year 2020 guidance for 17%-19% YOY growth – up from 15% – due to the higher-than-expected 2Q20 revenue and a stronger outlook for 2H20. This implies full-year 2020 revenue of $863-$878 million, representing a $22 million guidance raise at the midpoint. Impressively, today’s guidance also comes on the higher end of the guidance range given at the beginning of the year (i.e., before COVID-19) for 15%-19% YOY growth.

Insulet reported its 2Q20 financial results this afternoon in a call led by CEO Ms. Shacey Petrovic and CFO Mr. Wayde McMillan. See our top highlights below.

Financial and Business Highlights

1. Record global revenue of $226 million, rising 28% YOY (+29% operationally); US Omnipod revenue of $129 million (+31% YOY); OUS Omnipod revenue of $73 million (+16% YOY)

Insulet reported record total revenue of $226 million in 2Q20, rising a strong 28% YOY (+29% operationally) on a tough comparison to 42% YOY growth in 2Q19. Sales came in an impressive ~$10 million above the high end of the guidance range given in May. Revenue growth in this quarter was driven by 27% YOY growth in Omnipod revenue, which came in $6 million above the guidance range. US Omnipod sales drove 62% of growth, international Omnipod sales drove 21% of growth, and Insulet’s Drug Delivery business delivered the remainder (17%). The 31% YOY growth in 2Q20 is Insulet’s eighth straight quarter of >20% YOY growth, once again demonstrating consistency even as Insulet’s base grows and amidst the COVID-19 pandemic.

  • Overall, new patient adds were down ~50% relative to Insulet’s beginning of 2020 expectations. This ~50% decline comes on the better side of 1Q20 guidance for a 50%-75% decline in new patient adds in 2Q20, relative to pre-COVID-19 expectations. Mr. McMillan during today’s call that new starts in the US were down less than 50% from previous expectations, while new starts internationally were down more than 50%, bringing the global figure to ~50%. Ultimately, as we noted last quarter, historically only ~10% of Insulet’s total revenue in a quarter comes from new patient starts; however, slower starts in 2Q20 will obviously negatively affect 2H20 and 2021 revenue growth.

    • During Q&A, analyst Jeff Johnson from Baird pointed out that Insulet appeared to see slower new user growth in the quarter compared to a “competitor” (read: Tandem). Tandem gave its 2Q20 update last week, reporting 18,687 total pump shipments (-12% YOY) and in-warranty user base growth of ~15,000 users. Mr. Johnson’s math for Tandem backed out to “flat, or even up 10%-15% YOY” user growth from MDI conversions, while he estimated “down 10% or 15%” for Insulet’s user growth from MDI conversions in 2Q20. Mr. McMillan noted that “[Insulet] is off our expectations for the year, but still seeing very strong new patient start growth,” but also suggesting analysts look at the strong revenue growth in the quarter (+27% YOY).

      • As noted, given Insulet is only sharing decline in global patient starts relative to previous expectations, rather than relative to last year, it’s difficult to draw any strong conclusions; however, the math does seem to suggest some underappreciation last week for Tandem’s essentially flat YOY shipments amidst a global pandemic (also probably a testament to Control-IQ enthusiasm). We’re looking forward to seeing Medtronic’s 2Q20 results later this month to provide a third data point.

  • US Omnipod revenue came in at a record $129 million in this quarter, rising 31% YOY, and easily exceeding the expected guidance range of 21%-25%. Sequentially, sales rose 11% on an easy comparison to an 8% sequential drop to $117 million in 1Q20. This generally fits the historical seasonal trends, although it falls slightly below 11% sequential growth in 2Q18 and 14% in 2Q19 (on a larger base). Still, 31% YOY growth on a primarily subscription-driven business is quite impressive with an ever-growing base and beats out 2Q18’s 19% YOY growth and 2Q19’s 25% YOY growth.

    • Omnipod Dash continues to be a strong driver of new patient starts (“our most important metric” said Mr. McMillan during Q&A), delivering “over 60%” of new US Omnipod starts, in line with the figure from 1Q20. This continues growth from “approximately 55%” in 4Q19 and 3Q19 and “more than one-third” in 2Q19. Impressively, “over 30%” of total US volume is now coming through the pharmacy channel, no doubt driven by the growth of Omnipod Dash, and 80% of new patients added continue to come from MDI (leaving 20% converting from pump competitors). Also notable, management shared that “about 30%” of new Omnipod users in the US have type 2 diabetes; we’d imagine this number is much lower for Insulet’s competitors. If the upside is very attractive for people with type 1 diabetes, it’s astounding, in our view, over time for those with type 2 diabetes (bigger market, fewer on pumps, more potential for even better long-term outcomes, etc.)

    • About $4-$5 million of US Omnipod revenue growth came from Insulet’s stocking of inventory from distributors and customers. These effects will presumably disappear as the COVID-19 pandemic subsides, though for now, it’s certainly real money.

  • International Omnipod revenue totaled $73 million, rising 16% YOY (+20% operationally) and a slight 0.1% above the previous record set in 1Q20. This came in slightly higher than guidance (15%-19%), with growth attributed to the benefit of ~$2 million in distributor inventory stocking due to COVID-19; the limited market releases of Omnipod Dash in the UK, the Netherlands, and Italy; and “to a lesser extent, better than expected new Omnipod starts.” As noted above, new starts internationally were down “closer to 50%” compared to previous expectations, better than 1Q20 guidance for new starts to be down ~75% relative to previous expectations. Like most other diabetes companies, Insulet has guided for stronger headwinds in the OUS market, because more patients go to the hospital for their diabetes care. During today’s call, Mr. McMillan also noted that international markets saw a slower recovery in 2Q20 compared to the US market.

  • Insulet’s Drug Delivery business delivered revenue of $24 million, rising 51% YOY (+49% operationally) and tripling (+204%) sequentially. This quarter’s $24 million in Drug Delivery revenue was $4 billion above guidance and is the highest ever quarterly revenue for this segment. Since 3Q16, Drug Delivery business revenue has hovered around $15-$19 million dollars and hasn’t received much attention in earnings calls. This sudden increase is in line with expectations from the company’s 1Q20 call, in which Mr. McMillan anticipated a stronger-than-usual 2Q20 that would offset the 50% YOY decline in Drug Delivery revenue in 1Q20. Today, however, Mr. McMillan noted that there was a further “overachievement” of guidance for Drug Delivery revenue due to “partners’ increased forecast related to the current environment.” Ms. Petrovic later clarified this comment by noting that home delivery of medications during the pandemic holds major appeal for customers during the pandemic. Although this quarter saw a sharp rise in Drug Delivery revenue, Ms. Petrovic was clear that it is probably temporary: “[The revenue jump] is durable to the extent that the pandemic is durable.”

2. Full-year 2020 guidance raised to 17%-19% YOY growth, implying $22 million raise at midpoint to ~$871 million; “we see the type 1 pump market nearly doubling in the coming years”

During today’s call, management raised full-year 2020 guidance for 17%-19% YOY growth – up from 15% – due to the higher-than-expected 2Q20 revenue and a stronger outlook for 2H20. This implies full-year 2020 revenue of $863-$878 million, representing a $22 million guidance raise at the midpoint. Impressively, today’s guidance also comes on the higher end of the guidance range given at the beginning of the year (i.e., before COVID-19) for 15%-19% YOY growth. Omnipod revenue is now expected to increase 18%-20% for FY20, with US and international Omnipod revenue growth raised to 19%-21% and 17%-19% respectively. Also driving this raised Omnipod guidance are the compounding benefits of higher-than-expected new Omnipod starts in 2Q20 and expectations for new Omnipod starts to bounce back further in 2H20. Specifically, new Omnipod starts in 3Q20 are guided for 30%-50% lower than start-of-year estimates – with the US closer to 30% and OUS closer to 50%. For 4Q20, Insulet is guiding for 25% fewer new starts than pre-COVID estimates, in line with 1Q20 guidance. If this guidance holds true and there continues to be a gradual improvement as the year continues, full-year new Omnipod starts for 2020 will be ~60%-75% of pre-COVID assumptions. Lastly, Drug Delivery revenue is expected to grow ~3%-6% this year.

  • Mr. McMillan reaffirmed the gross margin guidance of 63% for FY20 and estimated a gross margin of 67%-70% for 2021. This FY20 estimate includes $7-$10 million in one-time COVID costs, as well as the impact of the pandemic on US manufacturing lines. 2021 will also see operating margins “in the mid-teens, closer to the low end of the range.” Mr. McMillan believes that 67%-70% gross margin in FY21 is highly possible as Insulet improves its US and Chinese manufacturing operations and supply chain efficiencies. Generally, he still has “high confidence” that Insulet can achieve a 70% gross margin “over time,” but did concede that they are “just a bit delayed for a quarter or two” due to the pandemic.

  • In 3Q20, Insulet is guiding for revenue growth of 13%-15% YOY and Omnipod growth of 12%-14%, with US Omnipod growth of 14%-16%, OUS Omnipod growth of 9%-11%, and Drug Delivery growth of 23%-28% (from lower base). The 13%-15% YOY growth in total revenue implies $217-$221 million – given 2Q20 revenue totaled $226 million, we’d guess this guidance is fairly conservative.

  • During prepared remarks, Ms. Petrovic shared that she sees the type 1 market “nearly doubling in the coming years as more users discover the ease of use and clinical benefits of second-generation AID systems like Omnipod 5 and beyond.” When asked to clarify the timeframe during Q&A, Ms. Petrovic agreed “coming years” could mean “something like five-ish [years].” This would put the total pump market at 400,000-500,000 for US type 1s alone, though given the rapidly growing CGM penetration and better AID systems coming to market, there’s no reason not to believe this prediction. To our knowledge, current pump penetration in the US is around one-third for type 1s – from our view, we believe every single person with type 1 should be on closed loop who wants to be so we see, even over time, much higher growth possible, particularly given international potential. For those that do not want to be on closed loop, of course we don’t think they should be required to be, though eventually, we imagine long-term outcomes will show closed loop to provide the best and safest short- and long-term outcomes. Some may say, over time, patients who do not want closed loop insulin delivery should be able to prove they can, year in and year out, manage insulin “in the wild” (manually) safely.

    • The upside of the type 2 market is easy to understand:

      • The type 2 market on prandial insulin is far larger than the type 1 market;

      • As the duration of people with type 2 living longer expands, more will have prandial insulin needs and, over time, we believe that there will be far more attention on all people with diabetes doing as well as possible;

      • Admittedly optimistically, we think as the “generations” of closed loop insulin delivery expands, the technology will become both easier to use and even better on delivery better outcomes – less severe hypoglycemia, less DKA,

3. Net income of $14 million; gross margin of 63%; $844 million in cash and investments

After reporting a net loss in the first quarter of 2020, Insulet reported a net profit of $14.4 million in 2Q20, a nice improvement from net income of $1.4 million in 2Q19. Operating expenses in the quarter totaled $115 million, which was in line with expectations and similar to 1Q20 ($119 million). Operating expenses rose just 6% YOY compared to 28% YOY revenue growth – excellent operating leverage.

  • Gross margin in 2Q20 was 63%, down both YOY from 66% in 2Q19 and sequentially from 64% in 1Q20. Mr. McMillan shared that there were impacts from COVID-19 (1.8% impact) and foreign exchange (0.4% impact) in the quarter; if removed, 2Q20’s gross margin would have been 65%. These headwinds were partially offset by Omnipod Dash revenue and improvements in manufacturing and supply chain operations.

  • Adjusted EBITDA in the quarter was of $44 million or 20% of revenue, compared to $22 million or 12% of revenue in 2Q19. Lastly, Insulet ended the quarter with $844 million in cash and short-term investments. The company completed a $500 million equity offering in May that netted $477 million in cash.

4. Manufacturing investments continue in preparation for AID Omnipod 5; headquarters and manufacturing facility fully transition to solar-based renewable energy

Insulet continued to increase manufacturing through 2Q20, though ramping of production has been slower due to COVID-19. Expectations for “enthusiastic demand” for Omnipod 5 (formerly referred to as Horizon) was cited as a reason for the continued investments. Though we had previously heard about a third production line expected to come online in 2020 it went unmentioned on the call; we’d guess the timing may be slightly pushed back due to the pandemic. As second highly automated US manufacturing line came online in 1Q20, with plans to gradually ramp production. As a reminder, Insulet’s new US manufacturing lines are part of a $200+ million investment to move Insulet’s global headquarters to Acton, MA. Additionally, the highly automated manufacturing lines are expected to be a key driver for Insulet to reach its long-term gross margin goals, while simultaneously driving redundancy.

  • In June, Insulet announced that had transitioned its headquarters and US manufacturing facility “to be fully powered by solar-based renewable energy.” Insulet has also taken steps to reduce the environmental impact of its supply chain by localizing a “large portion” of the chain leading to reduced logistics-based emissions. During today’s call, Ms. Petrovic said, “We understand the urgency and importance to protect our environment and reduce our carbon footprint, and we are committed to fostering a sustainable business to support the long-term well-being of our customers, employees, and our communities.” We are very excited to see Insulet take such a large step toward environmental sustainability and we hope other companies will follow suit with their own environmental practices.

Omnipod Dash Highlights

Omnipod Dash drove “over 60%” of new US patient starts in the quarter, in line with numbers from 1Q20. Though Insulet saw new patients starts generally decline by ~50% from pre-COVID expectations, maintaining Dash uptake is a positive indicator for the company’s long-term success, as Dash is continuing to drive many positive trends for Insulet.

  • Coverage for Dash continues to expand: at the end of 2Q20 Insulet has secured coverage for “approximately 65%” of US covered lives, “primarily through the pharmacy channel.” This is an increase from “over 60%” of covered lives in 1Q20. There were no updates to coverage for Medicaid and Medicare beneficiaries; at the end of 1Q20, “over 50%” of Medicare and “approximately 70%” of Medicaid beneficiaries had coverage for Dash.

  • Driven by Dash, over 30% of Insulet’s US volume is running through the pharmacy channel. This figure has continued to increase from “almost 30%” in 1Q20, “over 25%” in 4Q19, “over 20%” in 3Q19, 15%-20% in 2Q19, and 10%-15% in 1Q19. This is a very impressive and quick transition and a big win for patients who want easier access to their devices. Getting in the pharmacy channel is also a win for Insulet, where there is less paperwork and higher per-patient revenue. As we noted earlier this week, access through the pharmacy is also allowing Insulet to market Omnipod Dash as the “only entirely virtual end-to-end patient care platform,” starting with electronic prescribing through the pharmacy channel, virtual training, and now remote software updates and data uploads.

  • During prepared remarks, Ms. Petrovic highlighted Insulet’s success hosting virtual trainings for patients and healthcare providers. In 2Q20, the “vast majority” of patients were onboarded virtually which also helped “mitigate the impact of COVID-19 on growth of new Omnipod customers.” Ms. Petrovic also noted these virtual trainings have been “well received” and “lay the foundation for consumer-friendly, cost-effective and scalable onboarding of new users to Omnipod 5 when it launches.” During Q&A, Mr. McMillan acknowledged that virtual training is here to stay and that these programs will likely remain available to patients and providers even after the pandemic when in-person trainings are able to resume. Tandem also reported successes with virtual pump trainings and Medtronic even published data last month demonstrating exciting results and consumer satisfaction with virtual trainings.

  •  “Approximately 30%” of new US starts were patients with type 2 diabetes, the same figure as 1Q20. Insulet has continued to focus on expanding into the vastly under-penetrated type 2 market and sees “enormous opportunity” there, especially through the pharmacy channel. Insulet is also confident in the potential for Omnipod 5 uptake among type 2 patients, especially as CGM continues to expand there. We also imagine the flexibility of Omnipod and the ability to “try” the system without being locked into a four-year warranty is appealing to many type 2 patients making the transition to insulin and pump therapy.

  • During Q&A, Mr. McMillan confirmed Insulet is still getting approximately “80%” of new patients from MDI. It is encouraging to see these numbers remain constant, suggesting despite virtual onboarding, pump-naïve users are still willing to transition to pump therapy. It’s worth noting that Tandem also saw consistent numbers of MDI conversions in the second quarter; they typically see approximately half of their new users coming from MDI.

  • Though they were not quantified, Mr. McMillan noted that 2Q20 saw “slightly higher attrition and slightly lower utilization” rates. Since the company’s first quarterly report in 1Q07, this is the first time the company has ever cited this trend, though Mr. McMillan also noted that given the COVID-19 pandemic, both rates were “near the expected levels. Attrition is a critical measure for Omnipod Dash as Insulet places some fees for the system at-risk by offering the PDM (and oftentimes, first month’s supply of Pods) at no-cost. Still, later during Q&A, Mr. McMillan downplayed concerns, noting that the attrition and utilization rates, though worse than usual, were “very similar” to historical levels. Notably, we also hope that the uptick in attrition and downtick in utilization doesn’t mean people with diabetes aren’t able to get the therapy they need; to this end, Insulet did expand its US financial assistance program in April – to date, there hasn’t been any commentary on utilization of the program.

2. Broader international rollout of Dash pushed back to “early 2021”; users “love” the product in markets where launched

Insulet’s Omnipod Dash limited launch in Europe in the UK, Netherlands, and Italy has been successful and customers “love” the product. During prepared remarks, Ms. Petrovic noted Insulet’s international sales teams are focusing on training and necessary preparations to move forward with a “full market release” early in 2021. As we heard in 1Q20, Insulet has also pushed broader rollout of Omnipod Dash in Europe and Canada, initially slated for this year, back to “early 2021.” Additionally, Insulet was planning to enter five new markets in Europe and the Middle East this year, but due to COVID-19 those have also been delayed to “early 2021.”

Pipeline Highlights

1. Omnipod 5 powered by Horizon: “more than half” of participants have completed pivotal, results to read-out at ATTD 2021; no upgrade fee from Dash, but “we’ll see” about price premium

During prepared remarks, Ms. Petrovic shared that “more than half” of participants in Insulet’s Omnipod 5 hybrid closed loop have now completed the three-month pivotal study. The remainder of the participants are expected to complete by 4Q20. In Q&A, Ms. Petrovic also shared that results from the trial would likely be presented at ATTD 2021 (in February) and Insulet is in a “solid position” to launch Omnipod 5 (formerly referred to as Horizon) in the “first half of 2021” – in line with the timing given in 1Q20. As a reminder, Insulet paused the pivotal trial for Omnipod 5 in early March to address a “software anomaly”; the trial was resumed in early June.

  • Insulet presented pre-pivotal data from Omnipod 5 at ADA 2020, highlighting by particularly strong usability and hypoglycemia results. Once again, Ms. Petrovic focused on Omnipod 5’s simplicity and user-friendliness, highlighting the moderator’s comment at ADA comparing Omnipod 5’s usability score with that of Apple’s iPhone. Ms. Petrovic also shared some early feedback from the Omnipod 5 pivotal, noting that “virtually all” participants who have completed the trial have opted to continue on the system and Insulet is currently running an extension phase of the study.

  • In addition to smartphone control for Omnipod 5, Ms. Petrovic shared, for the first time, that the PDM for Omnipod 5 would come with a SIM card. This will allow users who are not using Omnipod 5 with their smartphone (either as a choice or because of incompatibility with their smartphone) to still upload data to the cloud real-time. This feature might be particularly useful for parents of young children without smartphones to still see their kid’s data real-time. Of course, we believe this would add the monthly cost of an extra line for the users’ cellular data plan. On the smartphone control front, Ms. Petrovic reiterated that iOS compatibility is underway and follow initial launch on Android phones, but did not share any timelines.

  • During Q&A, Ms. Petrovic shared some thoughts about potential pricing for Omnipod 5 relative to Omnipod Dash. She emphasized that Insulet is committed to a pay-as-you-go model for its users, meaning the switch to Omnipod 5 would not involve any upgrade fee. This is notable as we confirmed earlier this week that Omnipod 5 would require a hardware change, meaning Insulet is essentially placing the cost of the upgrade at-risk. However, Ms. Petrovic did note that she believes the performance of Omnipod 5 “demands a [pricing] premium.” She shared that the pricing premium is an ongoing debate at Insulet internally with the team trying to balance ramping access quickly and accepting lower pricing vs. accepting slower access at a higher price.

    • “You're hitting on a really important point and this is a debate that's going on internally currently. We know that the performance of Omnipod 5 demands a premium. It's a product that delivers pretty remarkable outcomes for users. What we're going to be weighing that against and where there's a lot of analysis going on right now is the tradeoff there. It's just how quickly we can establish access. And so that's the work that's underway with the teams right now and we have not yet shared – I know I can share we have not landed completely where we plan to be with a premium. But access will happen very quickly or much more quickly if we don't have a premium or we have a minimal premium and it will take a much slower ramp if we decide to attach a premium to it. So that's the rub.” – Ms. Petrovic

    • “In terms of a price premium, we also haven't given much insight into our price strategy. The one thing I will highlight, though, is we are entirely committed to a pay-as-you-go model in the United States with Omnipod 5. And so what that means is all of our existing DASH users will be able to transition to Omnipod 5 without having to worry about a lock-in period or having to pay some sort of upgrade fee. Now, that doesn't mean that Omnipod 5 doesn't warrant a premium because obviously, the performance in terms of hypoglycemia and other key performance indicators certainly deliver value to the market and so that's what's being evaluated. But we are committed to the pay-as-you-go model and that's important for us because as we think about the pace of innovation increasing in the market, we want to be positioned to be able to deliver that innovation most quickly to our customers and not make them wait out these industry warranty periods, etc. So that we're committed to you and we'll see on the price premium.” – Ms. Petrovic

2. Launched Omnipod Dash update brings automatic data uploads, wireless future software updating, and Spanish-language option

In June, Insulet launched an update to Omnipod Dash that involved shipping new PDMs to existing Dash users. The updated Dash PDM includes three major new features: (i) automatic, wireless data uploading to Glooko whenever the PDM is connected to Wi-Fi; (ii) the ability to receive remote software updates over-the-air; and (iii) a Spanish-language interface. As noted above, the upgrade to Omnipod 5, however, will require a hardware change, rather than a simple over-the-air software update. See more about the Omnipod Dash update in our report from earlier this week.

 

--by Hanna Gutow, Katie Mahoney, Albert Cai, and Kelly Close