Good afternoon, ladies and gentlemen and welcome to the Insulet Corporation Second Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Deborah Gordon, Vice President and Investor Relations.

Thank you, Dalam. Good afternoon and thank you for joining us for Insulet’s second quarter 2021 earnings call. With me today are Shacey Petrovic, President and Chief Executive Officer and Wayde McMillan, Executive Vice President and Chief Financial Officer. Both the replay of this call and the press release discussing our second quarter 2021 results and full year 2021 guidance will be available on the Investor Relations section of our website. Before we begin, I would like to inform you that certain statements made by Insulet during 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 inherent limitations of such statements. We will also discuss non-GAAP financial measures with respect to our performance, namely adjusted EBITDA 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 and we believe that are helpful to investors, analysts and other interested parties as measures of our operating performance from period to period. Additionally, unless otherwise stated, all financial commentary regarding dollar and percentage changes will be on a year-over-year reported basis with the exception of revenue growth rates, which will be on a year-over-year constant currency basis. With that, I will turn the call over to Shacey.

Thank you, Deb. Good afternoon everyone and thank you for joining us. We have reached the midpoint of the year and continue to deliver solid financial and operational performance and the underlying fundamentals of our business are strong. We’ve maintained sharp focus on executing our strategy and driving growth and have sustained momentum across our business. Our outlook is also strong and we are on track to deliver another year of double-digit revenue growth, including meaningful acceleration during the second half. During the second quarter, we achieved 13% revenue growth, including total Omnipod growth of 16%. Our results met our expectations despite a headwind from higher-than-anticipated rebate adjustments in the U.S. pharmacy channel. Absent these, we drove revenue results both in terms of volume growth and mix benefit that exceeded our expectations. We also achieved another quarterly record of U.S. and global Omnipod new customer starts, which gives us great confidence and enthusiasm for Insulet’s future. While our team remains squarely focused on Omnipod 5 clearance efforts, we made terrific progress across each of our strategic imperatives. We expanded coverage and volume growth of Omnipod DASH in the pharmacy, drove continued adoption in the Type 2 market where we are uniquely positioned, once again drove strong MDI conversions and presented compelling clinical data at the ATTD and ADA conferences. These accomplishments demonstrate both the success we’re having unlocking the Type 2 market with our innovative product and business model, and the acceleration we expect in the Type 1 market with the launch of Omnipod 5. We have delivered consistently strong performance in these critical areas without an automated insulin delivery system in the market, which speaks to the power of Omnipod, the unique advantages of our pay-as-you-go business model and the differentiated customer experience we provide. Regarding our Omnipod 5…

Thanks, Shacey. We achieved another solid quarter of financial results with building momentum from record global new customer starts and are on track to drive accelerated revenue growth in the second half of the year. To support our accelerating growth, we continue to invest in our strategic imperatives through innovation, clinical, commercial, manufacturing and other supporting functions that position us for sustainable, long-term global growth. We generated 13% revenue growth in the second quarter finishing within our guidance range, driven by total Omnipod growth of 16%. As expected, the pandemic’s effect on 2020 global new customer starts impacted results again in Q2 given the annuity nature of our revenue model. Although the impact of the pandemic headwind continues to linger in the United States and is still more challenged in some of our international markets, we expect the major impact is largely behind us. In Q2, we delivered U.S. Omnipod revenue growth of 17%, which was at the low end of our expectations due to the higher-than-expected rebates from one of our largest pharmacy partners of approximately $4 million. Approximately half of the adjustment related to a rebate catch-up from prior to Q2. As a reminder, Q2 also had a tough comparison with approximately $4 million to $5 million of channel build in the prior year. During the second quarter, we continued to build our customer base with record U.S. new customer starts, ongoing Omnipod DASH adoption with both Type 1 and Type 2 customers and the mix benefit we realized as we drive increased volume through the pharmacy channel. These growth drivers continue to trend upward in Q2 as Omnipod DASH drove almost 80% of our U.S. new customer starts and we grew pharmacy channel volume to over 45% of our total U.S. volume. In Q2, international Omnipod revenue…

Thank you, sir. [Operator Instructions] Our first question comes from the line of Travis Steed from Barclays. Please go ahead.

Hi, thanks for the questions. I missed part of the prepared remarks, so apologies, but I did want to get more color on the Omnipod 5 Pod delay. And just to make sure I understand all the moving parts there, what exactly happened and what gives you confidence that you are going to have the approval by Q4?

Sure, Travis. Yes, I appreciate the question. I think it may be helpful to take a step back to where we were in May. We had received the agencies’ feedback on our submission, and there were no surprises, which had put us on track for our anticipated timeline. We are very fortunate to be a part of the breakthrough devices program, and that allows us frequent collaboration with the agency. So we took the opportunity to discuss in more detail full mobile phone control and get extreme clarity on the FDA’s response. Their feedback was really helpful for us and valuable and it prompted us to update our app with a feature that we believe will improve the customer experience. So that is basically what’s happened since May. And the work is well underway, including all of our verification and validation testing. And then our assessment of that final work and the FDA’s review and then, of course, some buffer because times are not normal given the COVID work load, that all puts us towards a Q4, we believe, late in Q4 clearance and limited market release. So that’s kind of where we are. I would just emphasize that in the meantime, we are not standing still, the teams are doing great work preparing for a limited market release and I think making really good use of the time that we have while we get to final clearance.

Thank you. I show our next question comes from the line of Larry Biegelsen from Wells Fargo. Please go ahead.

Good afternoon. Thanks for taking the question. I guess if I am going to use my one question on Omnipod 5, I will ask what is the final feature Shacey? And I guess when do you plan to submit that to FDA? And just given the delays there, what gives you confidence and what’s the buffer that you are incorporating to get to that late Q4 clearance? Thanks for taking the question.

Sure. Yes. Thanks, Larry. The feature is related to full smartphone control. So it’s the way that the app interacts with the system. It has nothing to do with our core system or our algorithm, which we know delivered outstanding clinical results across the broadest age range of any AID pivotal study. So nothing that will impact system functionality, but it is something that we believe will deliver a better customer experience. And I think, ultimately, this feedback was helpful for us. What gives us confidence when we think about the limited market release in Q4 is our interactions with the agency. We’ve factored in all of the work that we have underway plus review time and plus buffer. I don’t think it’s helpful to provide exactly the amount of buffer, but what I will say is we’ve learned a lot because we’ve been under review for quite some time, all while the pandemic has been underway as well. So, we do understand how long the back and forth has been taking, how much longer that’s been than traditional timelines, and that’s what we’ve factored in that points us to Q4. So I think it’s really those interactions that give us that confidence. And we have cleared an enormous amount of hurdles. Up until this time, we really believe we are in the final stages here and remain confident in a second half, but like we said, end of Q4, limited market release and clearance.

Thank you. I show our next question comes from the line of Robbie Marcus from JPMorgan. Please go ahead.

Great. Thanks. Two for me. I will ask them both upfront. One on the pharmacy rebate, I was hoping you could just go into a little more detail of exactly what that was and how it worked. Was that – did you over-earn from this – from this payer and now you are rebating it back? Is it one-time? How do we think about that? And any further impacts you expect going forward? And then second on the U.S., the results are obviously better when you put the rebate back in. But it would be great to hear what you’re seeing out in the field. Do you think people are holding back on starting Omnipod as they are waiting for Omnipod 5, I am sure they hear it in the news, just thinking about how it’s impacting the field if at all? Thanks.

Sure, right. If you want, I can start that one, Shacey, on the rebate question, and glad you brought it up, Robbie, because it gives us an opportunity to share a little bit more color around it. It is due to an updated rebate information from one of our largest pharmacy partners. So as we mentioned in the prepared remarks, that partially related to prior to Q2 and it’s a year-to-date catch-up, and that result changed our rebate expectations as well. So our pharmacy partners have several quarters in arrears to correct their rebate submissions, and we have a wide range of rebate percentage programs and as we execute our strategy and ramp our business in the pharmacy. So we anticipate variability in the rebates. However, this one was much larger than expected. It’s really a growing pain for both of us. It’s new for us, and it’s new for our pharmacy partners. So as they set up our agreements and process rebates for us, this will settle down over time. Once we get a majority of our business in the pharmacy and get more established, I don’t think we’ll see this type of variability going forward. Although the net rebate this quarter ends up much higher than expected, it doesn’t change our strategy in the pharmacy. It is a significant differentiation for us and better for our customers. So as the pharmacy channel becomes a larger portion of our revenue, rebates will be one of the metrics that could impact our results going forward. And we do – given the rebate percentage difference there, see some variability. In relation to guidance, it is a metric that we factor into both the high end and the low end.

Great. Thanks, Wayde. Yes, I think important to emphasize that pharmacy is a strategic pillar for us. And for all, I think Wayde mentioned the reason, obviously, it’s a better customer experience, but it’s also a more efficient channel for physicians and for Insulet, and that’s really important as we as we get ready to scale with the launch of Omnipod 5. And then your question, Robbie, on what are we hearing in the field. The one thing I would say is behind the numbers, it’s just important and sometimes it gets lost because of the business model. But behind the numbers, we had a record new patient start quarter. So that’s important as we think about are people holding off? It certainly would not be evident in our numbers based on new customer starts in this past quarter. And that said, you’re right that there is growing consumer awareness of Omnipod 5. The company and I personally get daily e-mails from customers that are anxiously waiting. So I don’t believe customers are holding off based on the new customer starts numbers, but there is growing awareness of the technology that’s coming.

Thank you. I show our next question comes from the line of Danielle Antalffy from SVB Leerink. Please go ahead.

Hi, good afternoon everyone. Thanks so much for taking the question. And I don’t know if this is for Wayde or Shacey, or maybe both of you. But I guess with the approval for Omnipod 5 now coming later this year, consensus pre-today was looking at like 20% growth in 2022. So a slight acceleration if you’re looking at the midpoint of the range. I mean you’re talking about still a limited market release for Omnipod 5. I’d just be curious what you can say about how the change in the timeline for Omnipod 5 might impact the outlook for 2022, if at all, and how that accelerating growth via the consensus numbers again, pre-today, how achievable that might be? Thanks so much.

Yes. Thanks, Danielle. Maybe I’ll kick us off, and then Wayde can give some comments on any color he wants to give regarding 2022 with Omnipod 5. I think ultimately, we know that the market is waiting for Omnipod 5. So we’re going to do whatever we can to make our limited market release as efficient as possible. It’s important to do a limited market release. If you think about what’s going to happen with Omnipod 5, we know that people today who use DASH or classic Omnipod or multiple daily injections or tubed pumps, they are all going to have a different customer journey coming on to Omnipod 5. They are each different pathways, and we will have different requirements. For example, all our DASH customers already know the benefits of pharmacy and low out-of-pocket costs. We’re going to have to get two pump users or potentially MDI users comfortable with the benefits of the pharmacy and then each of those different patient segments have different training and onboarding needs. And so those are the types of customer experiences that we’re testing today to make sure that we’ve got everything in a great position for the launch. And then the other governor is access. And that’s one of the reasons why we gave some color that the team is making great progress establishing access. So we are doing everything that we can to make as efficient an LMR as possible. But we do want to do one. And hopefully, we – well, not hopefully, today, for sure, we are in a better position today than we were a quarter ago. And a quarter from now, we’re going to be in an even stronger position. So I think we’re going to head into 2022 in a really strong position and hopefully keep the LMR as efficient as possible.

Yes. And just picking up on the guidance part of the question there, Danielle, we aren’t guiding to 2022 yet. But can certainly appreciate the question. And we can provide some color on how we’re thinking about the U.S. guidance for ‘22 at this point in time. 2022 is going to be a strong year for us. And we will include the ramp of Omnipod 5 in 2022. However, as you’re asking about here, and as Shacey said in her prepared remarks, that with the LMR now starting most likely at the end of Q4, that we would expect that some portion of the LMR will extend into 2022 with full market release coming sometime later in 2022. And so we won’t likely get a full year – a full market release in 2022 at this point, but it is going to be a very strong year for us. And so we’re not going to comment specifically on guidance numbers or ranges at this point. A couple of other things to think about, the pandemic is always a consideration. And given our annuity model and the persistence of the pandemic here into 2021, it will be somewhat of a headwind for us in 2022. But we’ve got a ways to go here throughout the rest of ‘21. We will see what the Delta variant and how warnings in some countries and some of the challenges that are coming out impact us. But I don’t think we’re going to be free and clear of it yet in 2022. But let’s see how things progress through the rest of 2021. And then as usual, we will give our guidance in the Q1 call. We do have other tailwinds and growth drivers that are accelerating here into the second half, and that momentum will carry into 2022. Further DASH penetration, the Type 1 and Type 2 customer adoption really being aided by CGM, so we’re riding that wave as well. We’re continuing to expand in the pharmacy with our pay-as-you-go model, our direct-to-consumer program. So, a lot of momentum in the business, quite a few tailwinds, a couple of headwinds that we are monitoring and that’s some color for you, we will get into the 2022 guidance on our Q1 call.

Thank you. I show our next question comes from the line of Jeff Johnson from Baird. Please go ahead.

Thank you, good afternoon guys. Let me just – Wayde or Shacey, I guess, either one follow-up on Danielle’s question there and ask it maybe a slightly different way. When we thought Omnipod 5 was coming maybe midyear or so, it was kind of a 6-month limited market release. But Shacey, to your point, a lot of that, I think, was getting commercial coverage in place, and it sounds like you’re making good progress there. Is it fair to think about that LMR then could be cut in half? Think about it as one quarter and then moving by second quarter into that full market release? And Wayde, I know – respect that you’re not giving ‘22 guidance, but it feels like there should be some shortening of that LMR schedule given the commercial coverage you’ve already established? Thanks.

Yes. Thanks, Jeff. We are going to do everything that we can to drive as efficient in a limited market release as possible. I think just something to keep in mind is limited market releases are designed to uncover things that weren’t contemplated in all of the testing and launch preparation. So I think that’s the caution. Of course, we are in a stronger position. We’re securing coverage. I think all of this sets us up for success and in trying to shorten the limited market release. But I caution everybody by saying, if we bump into something we are going to address that. That’s the whole purpose of doing a limited market release. I think the teams are doing great work, and certainly ameliorating the potential of running into something with all of the work that we’re doing, and we are certainly establishing access, which is one of the main governors. And so those are great signs. But I don’t – of course, we’re going to take our learnings from the limited market release, and we’re going to make sure that we’re providing the best possible customer experience.

I show our next question comes from the line of Matthew O’Brien from Piper Sandler. Please go ahead. Matthew O’Brien: Good afternoon. Thanks for taking the question. I know everybody is focused on the 5, slippage here. But I’m curious about the core business. And to your point, Shacey, that the growth in new patients was the record that you saw. Can you talk a little bit more about some of the dynamics there that are driving new patient additions so much higher if it’s Type 2s, if it’s pediatrics. Just talk about some of those dynamics and then how those might, may be augmented once you can get 5 on the market more so next year. Thank you.

Yes, Matt, thanks for the question. Actually, I think it’s really exciting to see what’s happening with the core business right now. What’s driving our growth? I would point to two – well, three dynamics. The first is DTC. So this investment that we’re making in raising awareness is definitely working and we think was one of the drivers for our record – by quite a bit in the U.S. new patient starts. And that’s coming broadly across Type 1, primarily among multiple daily injection users and then also Type 2. And so Type 2 would be the second dynamic that I would point to. We are in a pretty rarified position here. Nobody else is having the success that we’re having unlocking this market opportunity. And it’s because we have a product that is uniquely well suited to the Type 2 user in its simplicity and in its cost profile. And so that’s the third piece, is the pharmacy and pay-as-you-go. And that’s helping certainly to make our technology more accessible and more affordable to the people that are becoming increasingly aware of it. And the reason why we like these dynamics, these underlying dynamics is because when we launch Omnipod 5, it will be additive to these things. We are – we fully intend to maintain our advantage in Type 2. We fully intend to maintain our advantage in the pharmacy and our pay-as-you-go model. And we’re going to then deliver what we think will be a game-changing technology in Omnipod 5 to the market. And so the team could not be more excited because we’ve got this underlying momentum that’s being – that’s helping to deliver record-setting new patient starts. And of course, we’re all gearing up – every aspect of the company right now is gearing up for an Omnipod 5 launch and just incredibly excited about what it will bring to patients. So I think it’s an exciting additive technology to what is already a really strong momentum in our business, particularly in the U.S.

Thank you. I show our next question comes from the line of Margaret Kaczor from William Blair. Please go ahead.

Hi, everyone. Thanks for taking the question. I wanted to focus in on the pharmacy channel and kind of that increase in adoption this quarter. It does seem like it did pop up, certainly for new patient starts and perhaps for active users as well. So was there something different that you guys were doing to drive that uptake? Is it DTC? And I guess, as we look a year from now, where should we see that active base or is it just going to be a little bit more predetermined on the launch and timing of Omnipod 5? Thanks.

Yes. Great question, Margaret. So there is a few things happening. One, we continue to tick up access, and that increased notably. And as we increase access then more people in our base have the opportunity to move into the pharmacy. So that’s one piece of it. The second is DTC is definitely driving demand. And if you think about now, where Wayde mentioned at cumulative record-setting quarter, so three quarters where we’ve got – in our new customer starts, I think on each of those quarters, between 70% and 80% of customers going directly into the pharmacy or directly on to DASH, the vast majority of that in the pharmacy. So that trend is just helping to drive more and more people into the pharmacy. I think in terms of where does this go, we fully expect to have the majority – or vast majority of our business in the pharmacy over the coming years. We do see Omnipod 5 as a big driver there. Omnipod 5 will be only available in the pharmacy. We know that there is growing demand among our existing users and also among the market. And so that will help us to continue to accelerate that move into the pharmacy. And I would also point to Type 2, all of our Medicare business is through the pharmacy. So as Type 2 grows, that is growing in the pharmacy, and that’s a great thing. What pharmacy does by providing Omnipod at the same out-of-pocket cost as multiple daily injection, it’s really remarkable for DASH today, and it’s going to be even more remarkable for Omnipod 5 tomorrow. So, just really great cost effective therapy for our patients.

Thank you. I show our next question comes from the line of Jayson Bedford from Raymond James. Please go ahead.

Excuse me, good afternoon. I’ve kind of been going in and out, so hopefully, this question isn’t repetitive. But just on access, you mentioned that you’re progressing on your contracting efforts with Omnipod 5. Any way you can frame where you are with contracting and does this make the launch less limited, if you will?

Yes, Jayson, great question. So we – rather than giving details, just kind of conceptually where we are with access, we have more access established, more covered lives today with Omnipod 5 preceding launch than we did following launch with Omnipod DASH. So that puts us, I think, in a really strong position and a really nice trajectory as we get closer to launch. Every quarter, we establish more access for Omnipod 5. So as we get closer to launch, we’re certainly not standing still, but the teams are making great use of this time. And I think to your point, that sets us up for a successful, and what we certainly hope, is a very efficient limited market release. Because we knew that there are two primary governors to limited market release, one is access. And as you note, the team is making great progress there. The other is customer experience. And that’s the one where we can’t really sort of say how quick that’s going to be until we get into the throes of it. I think the team is doing a really nice job testing all of the different pathways, testing the training and onboarding processes, testing the benefits investigation, all of that stuff. But that’s the type of thing that you really need live patients going through the process to test effectively. But that will be, I think, the primary governor as we look to move from limited market release into full market release, given how well we’re doing with access.

Thank you. I show our next question comes from the line of Kyle Rose from Canaccord. Please go ahead.

Great. Thank you for taking the question. I wanted to ask just maybe a bit of a bigger picture question. I mean, Shacey, this is in the second or third time on these calls you talked about investments you’re making in software. I think traditionally, we’ve become more accustomed to products in med tech being more focused on tangible things, like widgets and insulin pumps that you can touch. Maybe help us understand how you think about, maybe not necessarily with O-5, but maybe the next generation of products that are going to be maybe more software focused. And just how that might change the patient and the physician experience of the technology and the value you’re providing?

Yes, Kyle, thank you for the question. I think a great opportunity to just talk about the position that we see ourselves in as it relates to patient data. Very few companies have access to the volume of data that Insulet will have with Omnipod 5. We had mentioned earlier on a previous call that we’re putting SIM cards into our Omnipod 5 controllers. And then, of course, we will be offering full phone control, which means that we will have stream of real-time data coming off of a user that helps us understand how their continuous glucose is doing, helps us understand how they are interacting with the system. Helps us understand how much insulin is being delivered, when it’s being suspended, when they are eating. And so that provides us with incredible potential to generate insights that can be valuable to our customers, to their clinicians and potentially to payers as well in population analytics. And so we see ourselves just really well positioned, because it’s essentially a wearable technology that’s providing real-time data that we believe can help us help people achieve better outcomes through a variety of mechanisms. So I think you’ll hear us talk more about that as we get Omnipod 5 to market, how we see that and our role in that for our customers, including our consumers, our clinicians and our payers, but we do believe we’re very well positioned to provide value here.

Thank you. I show our next question comes from the line of Joanne Wuensch from Citi. Please go ahead.

Good afternoon and thank you for taking the question. I think one of the things that I’m hearing in the patterns of the questions tonight is, is there a positive thing that comes out of this delay? Does it mean you need to have a shorter limited launch? Does it maybe accelerate your Type 2 label or your product with Abbott’s Libre? And is there any way to address that or is just everything is pushed back, call it, 6 months?

Yes, Joanne, I think the positive thing that comes out of this is that the FDA has given us really valuable, helpful feedback that we think will ultimately enable us to deliver a product that is even better. But – and I also believe that the limited market release will be shorter as a result of this time that we’ve had to establish coverage. So that is good. How much shorter? That will rely on us really testing the customer experience and understanding if we’ve got learnings there that need to be incorporated or adjusted to. But the value that we’ve been able to have during this time is just the opportunity to establish coverage and continue to test the customer experience. Both of those things should help us to deliver a more efficient limited market release.

Thank you. I show our next question comes from the line of Anthony Petrone from Jefferies. Please go ahead.

Thanks. I hope everyone is doing well. A question on just collaboration behind the scenes on Omnipod 5 with Dexcom, they had some bullish language on their earnings call in the past couple of days. So just wondering what level of collaboration is going on behind the scenes ahead of launch later this year. That would be the first question. And then the follow-up question would just be maybe a longer term, sort of, opinion and view on the automated insulin delivery space, how you see it evolving next 2 to 3 years when you consider that we now have multiple offerings, either on market or coming to market imminently? Thanks.

Thanks, Anthony. Dexcom has been an outstanding partner, and it has been remarkable to see what they have done in the market and the value that they provided consumers. We really believe that they are helping to drive AID adoption, and so we could not be more excited for our combination offering. They have helped us across a number of fronts and collaboration has been incredibly strong. And obviously, they have an incredible technology. And so that combined with Omnipod and Omnipod 5, we think is going to be a game changer in the market. It will be a game changer in terms of patient experience and patient outcomes, and it will be a game changer in the market in terms of our position. So we’re strong collaborators, strong partners today, and then, of course, working on G7 and future integration. And so that would be a really exciting part of our pipeline as well. In terms of the AID market, I think it’s very exciting to see what’s occurring out there. We see the trend in terms of CGM adoption among Type 1s. And what’s happening now with AID gives us great confidence that among Type 1 users, the pump market will double. And a big part of that will be automated insulin delivery. Of course, we believe we’re going to deliver the best to market and – or the best product to market. And I think the thing that gives us excitement is that we have been competing so effectively with our non-AID system. And so, people are choosing Omnipod even though there is no CGM integration, and despite the fact that we’ve seen such dramatic uptake in CGM. So we think that we’re going to see the real power of the form factor now that we’ve got…

Thank you. I show our next question comes from the line of Ravi Misra from Berenberg. Please go ahead.

Hi, thanks for taking the question. Good evening. So just kind of maybe jumping on that last question, a little bit more big picture. You said earlier potential doubling of the pump market. I’m just curious, there is a lot of things going on here with access and new technologies and telemedicine that could kind of support that kind of statement. But just what do you think is, if I can kind of put it philosophically, just curious what do you think still needs work on in terms of getting us from that 35% to 40% today, to maybe significant majority of insulin delivery through pumps that’s not in existence right now, but something that is in your control? Thanks.

Ravi, I think you highlighted quite a few of them. When you talk about new technology and access, I would say for both of those, it is just how simple can we make both of those. How simple can we make the technology so that it can be easily and enthusiastically adopted by the masses, and how simple can we make access. Because still today, Omnipod has changed the game with pay-as-you-go in the pharmacy and we’ve made it simpler. But still today, there is too many hurdles for people to get on to these technologies, and that’s something we are committed to continuing to work to eliminate. So I would point to simplicity and technology, simplicity and access. And the last thing I would point to is awareness. And we’re really seeing it with DTC. We’re investing in awareness. And we’re probably making a big impact in the market and helping everybody at the end of the day because we’re increasing patients’ awareness to technology. But what we saw before we invested in DTC was that patients awareness, even a Type 2 consumers’ awareness of their options, unaided awareness, was somewhere around 15%. So even a person with Type 1 could only name a pump manufacturer 15% of the time. So there is a massive opportunity here to just help people understand and gain more awareness to the treatment options that are available to them. And then we need to make them cost-effective and simple to access and to use.

Thank you. I show our next question comes from the line of Steve Lichtman from Oppenheimer. Please go ahead.

Thank you. Shacey, I was wondering if you could talk about international. What are the biggest incremental drivers we should be focused on for you guys internationally over the next, say, 6 to 12 months? Is it – whether it’s in terms of new countries or particular countries where DASH has recently launched and anything you can talk about relative to potential timing of Omnipod 5 outside of the U.S.? Thanks.

Yes. Thanks, Steve. When we think about international and the drivers there, DASH and continued expansion internationally will be drivers, particularly the adoption of Omnipod DASH, which we know is doing really well across our international markets, but room to continue to grow there. And new market additions, so now in the last year or so, we’ve added a handful of markets that will contribute over time. But any new market addition, for us internationally, takes time to accumulate new users. It’s just the way that our business model works. So we view international as a long-term growth driver, and we will continue to invest in expanding into new markets that will drive growth over time. We, of course, also are really excited to bring Omnipod 5 to our international markets, which we view as the next growth driver. We aren’t going to give a timeline on that yet. We really want to get Omnipod 5 to market first in the U.S., and then we will update our timelines on things that everybody is asking about, iOS integration, Libre integration, G7 and international. But all of that work, every program I just mentioned is underway. And certainly, we’re going to aim to follow as quickly as we can once we get Omnipod 5 to market in the U.S., which we could not be more excited to do.

Thank you. I’m showing no further questions at this time. I would now like to turn the conference back over to Shacey Petrovic for closing remarks. Please go ahead.

Great. Thank you, everyone, for joining us today. As you can see, we continue to drive our strategy forward, and we have great momentum throughout the business and real confidence in our outlook. We are halfway through the year and what we expect will be another successful year for Insulet. The clinical evidence we shared speaks to the tremendous value our technology offers to those living with Type 1 and Type 2 diabetes. And we could just not be more excited for the launch of Omnipod 5, because we are confident it will mark an important new chapter for Insulet and, more importantly, for those living with diabetes worldwide. Thanks so much. Have a great evening.

Ladies and gentlemen, this concludes today’s conference. Thank you for participating and have a wonderful day. You may all disconnect.