Insulet Corporation

require assistance during the conference, please press star then zero on your touchstone telephone. As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, June Lazeroff, Senior Director Investor Relations.

Good morning and thank you for joining Intiliff's second quarter 2025 earnings call. With me today are Ashley McEvoy, President and Chief Executive Officer and Ana Maria Chadwick, Chief Financial Officer. Also joining us for the Q&A portion of today's call is Eric Benjamin, Chief Product and Customer Experience Officer. Both the replay of this call and the press release with our quarterly results and guidance will be available on the Investor Relations section of our website. We also included supplemental information which can be found within Intiliff's corporate presentation on our website. Before we begin, we remind you that certain statements made by Intiliff during the course of this call may be forward-looking and could materially differ from current expectations. Please refer to the cautionary statements in our SEC filings for a detailed explanation of the current limitations of such statements. We will also discuss non-GAAP financial measures with respect to our performance, including adjusted operating income, adjusted EBITDA, adjusted tax rate, and constant currency revenue, which is revenue growth excluding the effect of foreign exchange. These measures align with what management uses as supplemental measures in assessing our operating performance from period to period, and we believe they are helpful for others as well. Additionally, unless otherwise stated, all financial commentary regarding dollar and percentage changes will be on a -over-year reported basis with the exception of revenue growth rates, which will be on a -over-year constant currency basis. With that, I will turn the call over to Ashley.

Ashley Storrs-Klein Thanks, June, and good morning, everyone. As of yesterday, I have 100 days under my belt. I visited our top four markets and all three shifts in our active manufacturing operation. I've met with physicians in the field and at the ADA. I've listened to our team, partners, healthcare providers, investors, analysts, and most importantly, our loyal potters. The welcome by Team Insulet and the diabetes community has been warm and gratifying, and I'm eager to share insights and insights from this quarter. First and foremost, our results this quarter reflect our attractive position as a differentiated, durable growth company in a large, under-penetrated market. We grew 31% surpassing the $600 million mark for the first time with $649 million of revenue and continue to be highly profitable and cash flow positive. We achieved this by getting a record number of people on POD. We drove both -over-year and sequential growth in new customer starts across all of our strategic growth areas, US Type 1, US Type 2, and international. This reflects Omnipot 5's unique consumer appeal and strong clinical outcomes, as well as solid prescriber growth and commercial execution. We delivered this growth while generating strong adjusted operating margin expansion for the quarter. Based on these robust results, we are raising full year guidance for revenue growth and adjusted operating margin, which Anna will walk you through. For now, let me turn to some observations from my first 100 days. First, I've been incredibly impressed by the passion and commitment of our Insulet team and how that energy has been channeled into the product and into the community. Everyone here cares deeply about revolutionizing diabetes management, and that intense focus has earned Insulet a unique and advantaged position at the nexus of consumer health, med tech, and health tech. Going back to Insulet's origins as a groundbreaking insulin management system for children, the company has innovated to improve clinical outcomes and transform patients' lives. Omnipot created the market for modern insulin delivery and has built an entirely new category. Patients see us as a POD, not a pump. We continue to lead the market with truly differentiated technology. Omnipot 5 is an engineering marvel, a complex medical device that is simple to use and delivers great outcomes. For patients, it's an insulin delivery experience in a class by itself. Omnipot's advantages shine through in clinical evidence. We have a large and growing body of randomized trials and real world evidence underscoring our strong clinical outcomes across type 1 and type 2 diabetes. At the ADA in June, we highlighted Omnipot 5's robust results from security duty, our pivotal trial in type 2 diabetes, including a .8% reduction in A1C and a 20% improvement in time and range. Additionally, it showed that Omnipot 5 patients use 29% less insulin and experienced minimal weight gain and lower hypoglycemia versus other therapies, all key clinical considerations for physicians evaluating type 2 diabetes treatments. Results like these are a key factor driving adoption and the tremendous growth in our prescriber base. Today, more than 25,000 healthcare providers are prescribing Omnipot 5 in the United States. This is up approximately 20% from last year and continues to grow. My conversations with potters and physicians have also reinforced that customer experience and clinical outcomes go hand in hand. The unique simplicity of Omnipot 5 brings people to our platform who saw themselves as too old for advanced technology or who felt ashamed to be using a medical device. Jack, a 91 year old veteran in Baltimore discovered that a pod is easier than injections and now lives with less hypoglycemia. Samantha, a teenager from Tampa, has started to go to sleepovers and wear dresses again. Thanks to the discretion of Omnipot and the ability to control it with her phone. We celebrate this broad impact and continue to invest in making Omnipot even better. Orchestrating a superior end to end experience for potters has required us to devise and invest in thoughtful solutions across our business. Over the past decade, we've invested more than 1 billion manufacturing capabilities. We have pioneered advanced automation in our plants and built a robust and secure global supply chain to deliver tens of millions of complex electromechanical devices per year at medical standards. Insulin's proprietary tooling, equipment and processes enables a sustainable cost advantage. Similarly, for patient access, 8 years ago, insulin began building critical pair relationships and negotiating pharmacy channel distribution in the US to make Omnipot available where patients pick up their insulin. Today, our near 100% pharmacy model and unique Medicare Partee coverage make Omnipot easy to find and easy to afford. You can get an Omnipot at more than 47,000 pharmacies in the United States, often for just a dollar per day. Importantly, we earn our customers' business essentially every three days with our pay as you go model. Our infrastructure is different than that of traditional pumps because Omnipot is different. Together, these advantages have given rise to a community unlike any other I've seen during my 30 years in healthcare. Omnipot has grown into a beloved grassroots brand fueled by potter's word of mouth and advocacy. In the US, Omnipot is the most prescribed and most requested AID system. It is also number one in new customer starts in the US and the EU. Our more than 500,000 potters are passionate and engaged R&D partners with a deep interest in continuously enhancing our products for the benefit of everyone with diabetes. Building off of this grassroots base, we have a tremendous potential to broaden our reach, become an iconic world-class brand, and grow faster with targeted and compelling marketing strategies to reach distinct segments of type one and type two patients. In sum, I'm even more confident than I was 100 days ago in insulin's unique strengths and exciting future. We have a strong brand, engaged customers, differentiated technology backed by clinical outcomes, and a durable recurring revenue business model all operating in a large, unpenetrated market. We have -in-class technology, manufacturing, and patient access that we have used to create a category of one. And we have a rich data ecosystem that is driving a virtuous cycle of smarter products and better outcomes. There is tremendous opportunity ahead. Last quarter, I emphasized that our strategic objectives are intact. That is still the case. As you can see from the results this quarter, we are executing well against these objectives. We continue to expand our lead in US type one, driven primarily by new prescribers and new patients. The seamless expansion of our US sales team has been and will continue to be a key priority as we further strengthen and scale our commercial operations. Our progress on this front has accelerated our momentum in the marketplace and contributed to our strong new customer starts. We are driving adoption as the first mover in US type two. We are in the early stages of creating the market, learning rapidly, and honing our approach. Type two new customer starts accelerated in the quarter. I'm encouraged by the strong conversion from MDI and the positive response from early adopters. Customer satisfaction is high, and we are seeing remarkable outcomes. Endos with type two patients who have been reluctant to give themselves an insulin shot are seeing results with Omnipod 5 that near our secure T2D outcomes, meaningful improvement in A1C, and improved glycemic control. We are growing durably and profitably outside the United States. Our international business posted nearly 40% year over year growth and accounts for approximately 30% of our revenues. Our revenue base is concentrated in the UK, France, and Germany, where we still have room for further penetration. Omnipod 5 launches in these markets have gained strong adoption and driven positive price mix realization. We have an immense opportunity to continue growing at attractive margins. And finally, we are investing in platform innovation as we maintain and expand our technology advantage. This includes our next generation hybrid closed loop algorithm in the STRIVE Pivotal Study and a fully closed loop algorithm designed specifically for type two diabetes and our evolution two and simple use feasibility studies. We are also advancing our integration with the latest sensors, G6, G7, and Libre 2 Plus have launched and Libre 3 Plus is coming in 2026. In June, we were excited to fully launch our iOS app compatible with G7. This integration represents a major milestone in our commitment to providing our customers more choices with less devices. Getting potters to use their phones versus controllers typically yields benefits to engagement, retention, and outcomes. While we have seen rapid adoption of our iOS and Android app, we still have approximately 55% of eligible US potters still predominantly using their controller. We have considerable upside as app use grows and we expand our integration. Looking ahead, my focus now is determining how we build on our strengths and further scale this incredible business for even greater global impact. We are seeking to move faster, deepen our advantages, drive penetration, raise margins, and open new opportunities. I'm still learning, but already see four areas we'll be working on. First, enhancing commercial capabilities. We have earned a place as market leader and can now sell our clinical outcomes and experience advantages as well as our unique form factor. Second, building the power of our brand globally and strengthening our direct to consumer capabilities to accelerate demand generation and market development. This is a key opportunity across all of our markets. Third, driving global scale, both operationally and financially. As market leaders and market shapers, we can strengthen our local market presence outside the US to grow faster and expand our margins. We'll invest in market development capabilities, commercial excellence, and top talent to accelerate market penetration. Finally, we'll accelerate the pace of innovation. We will ensure we are earlier on next generation sensor integration, invest in technology to modernize the customer experience, and improve retention and patient outcomes. We're also pushing our limits and thinking expansively about our strategic ambition and longstanding focus on solving unmet patient and clinical needs. We look forward to sharing more at our upcoming investor day on November 20th in active Massachusetts. Before I close, I would like to thank the insulate team for their hard work and commitment this quarter. This record performance would not be possible without your efforts. I count myself fortunate to have joined this team and this business with our highly differentiated technology platform. We have a unique opportunity to improve lives for millions of people with diabetes to scale profitably in a large and under penetrated market and to drive long term value creation. With that, let me turn the call over to Anna to discuss second quarter results and guidance in more detail.