Insulet Earnings: Omnipod 5's Strength Fuels Another Robust Quarter Despite New Competition

Insulet posted strong second-quarter results that were generally consistent with our expectations. Though management raised its outlook, our full-year estimates remain bound by the new ranges, so we're leaving our $245 fair value estimate unchanged. Insulet demonstrated particularly strong quarterly top-line growth of 23% year over year. As the comparable periods become more challenging, we anticipate revenue growth to slow over the second half. This was the first period when Insulet faced the pressure from Tandem's new Mobi pump, and we are impressed with how well Insulet has withstood competitive conditions. This leaves us confident that Insulet's narrow economic moat and its underlying intangible assets are in good shape.