Insulet Corp.

Insulet cut its U.S. outlook because patients with type 2 diabetes stop using the pod sooner than people who have lived with the disease for decades — and it is now re-opening the 20% long-range growth target it set last November. How much of Insulet's long-range plan depends on U.S. type 2?

• Type 2 retention, not demand, is what changed the outlook.

  Demand is not the problem: type 2 is over 40% of U.S. new starts. Retention and daily use are weaker than planned, and management admitted finding the problem too late. The fix targets the first 90 days; guidance assumes none of it works. How much of Insulet's U.S. cut is retention versus slower starts?

• International is now the dependable half of the business.

  International guidance was raised twice while the U.S. was cut. Omnipod 5 now sells in 19 countries, Spain just launched. Volume, not price, is doing the work in markets where the category is barely penetrated.

• The long-range growth target is now under review.

  The long-range target is revisited on the Q4 call: 2026 exits at a mid-teens rate, and 2027 is promised only as 'consistent or better.' Free cash flow stays flat as capex and a March device recall absorb the cash it makes. What does Insulet assume about type 2 retention in its 2027 plan?