Insulet Corporation (NASDAQ:PODD) Q3 2019 Earnings Conference Call Transcript

Nov 05, 2019 • 04:30 pm ET

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Insulet Corporation (NASDAQ:PODD) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by. And welcome to the Third Quarter 2019 Insulet Corporation Earnings Conference Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session [Operator Instructions].

I would now like to hand the conference over to your speaker today, Ms. Deborah Gordon, Vice President, Investor Relations and Corporate Communications. Thank you and please go ahead.

Executive
Deborah R. Gordon

Thank you, Lauren. Good afternoon, and thank you for joining us for Insulet's third quarter 2019 earnings call. Joining me today are Shacey Petrovic, President and Chief Executive Officer and Wayde McMillan, Executive Vice President and Chief Financial Officer. The replay of this call will be archived on our website and our press release discussing our third quarter 2019 results and fourth quarter and full-year 2019 guidance is also available in the IR section of our website.

Before we begin, I would like to inform you that certain statements made by Insulet during the course of this call, may be forward-looking and involve known and unknown risks and uncertainties that may cause actual results to be materially different from any future results implied by such statements. Such risks and uncertainties, in addition to the inherent limitations of such forward looking statements, include those referenced in our Safe Harbor statement in our third quarter earnings release and in the Company's filings with the SEC. Please note that we assume no obligation to update these forward-looking statements, even if actual results or future expectations change materially. Also, unless otherwise stated, all financial commentary regarding dollar and percentage changes will be on a year-over-year GAAP basis.

With that, I'll turn the call over to Shacey.

Executive
Shacey Petrovic

Thanks, Deb and good afternoon, everyone. It is an exciting time at Insulet as we continue to build on our incredible growth and progress. We delivered another quarter of strong financial and operational performance, and we are well positioned to close the year with great momentum. Our strong performance has been years in the making, and is the result of a very large and growing market and the work we have done to build a powerful foundation for the Company. Both the Type 1 and Type 2 diabetes segments represent significant unmet needs, which Insulet is uniquely positioned to address. The opportunity is huge. Approximately 1.7 million people in United States live with Type 1 diabetes and about the same number in our international markets we serve today.

Additionally, we estimate that the Type 2 insulin requiring population in United States is between 2.5 million and 3 million people and growing, with a similar-sized population in our international regions. The opportunity is also urgent because many people living with diabetes are not achieving optimal glycemic targets, which can lead to near and long-term health complications.

To unlock our market opportunities, we have spent the last couple of years transforming the business and executing on four strategic imperatives. One, expand market access; two, drive consumer-focused innovation with our Pod Therapy; three, strengthen our global footprint; and four,