Insulet , still not exciting!

Insulet's stock has dropped sharply, but our view hasn't changed. The core U.S. market for its Omnipod insulin pumps is getting more saturated, and management's guidance keeps softening. International expansion is still the best long-term growth driver. Recent growth has leaned heavily on patients upgrading from Omnipod DASH to Omnipod 5, which brings in more revenue per patient, but that boost fades as the installed base finishes converting. We model about 10% revenue growth by 2030, a solid pace, but not enough to justify the valuation even after the sell-off. Bottom line: the stock is cheaper, but the risk/reward still isn't attractive enough for us to change our stance.