Insulet's Strong Market Position and Growth Prospects Justify Buy RatingWe think that some investors look at the Insulet TAM as largely penetrated; we think this is the wrong way to view it, and management underscored an opportunity to double the TAM to 17M. Starting with the current 8M TAM, it adds 4M OUS T2 patients, plus 3M U.S. in Asia. Currently, AID penetration lags CGM penetration. For example, in the U.S., AID penetration is 40%, lagging CGM’s 70% rate. OUS is even broader, with only one in four on AID therapy where CGM penetration is 65%. And this is just 2 utilization just getting started in the 12B WW T2 market that is less than 5% penetrated (with management looking to double the penetration rate over the LRP); see Figure 1.