Insulet's Strong Sales and Strategic Growth Drive Buy RatingWe are encouraged by the result, momentum in new customer starts, and the T2 pickup and view 4Q guidance as conservative. We continue to like shares of PODD into the analyst day and healthy '26 setup. Raising #s and PT; reit. Buy. PODD reported 3Q Omnipod sales of $699MM +29.3% xfx (cons $677MM), +28% comp adjusted, with US sales of $497MM +25.6% (vs cons $486MM) and OUS sales of $202MM +39.9% xfx (vs cons $189MM). This was another record qtr of new customer starts (NCS), which grew y/y and q/ q, and the second consecutive quarter of the highest competitive conversions since late '23, along with ongoing MDI wins (>85% of NCS), and acceleration in T2 (>35% of US NCS). GM of 72.2% (+290bps y/y) was fueled by top line leverage and ongoing price/mix TWs + scale efficiencies.