Travis Steed
BofA Securities, Research Division

Good morning, everybody. Travis Steed, the Bank of America medtech analyst. Next up, we are glad to have Insulet here. We have Flavia Pease, Chief Financial Officer. Welcome.

Flavia Pease
Executive VP & CFO

Thank you, Travis. Great to be here. Thank you all for your interest in Insulet. Looking forward to the chat.

Travis Steed
BofA Securities, Research Division

Great. Thank you.

Travis Steed
BofA Securities, Research Division

Maybe we'll start with seasonality in Q1. The deductibles getting reset. It's not really a new dynamic and other companies haven't called it out. So why was it kind of stronger than what you've kind of seen historically in Q1?

Flavia Pease
Executive VP & CFO

Yes. To your point, deductibles reset every year, and there's normal seasonality in the category. We saw that in 2023 and in 2024. Last year was a little masked. We didn't see the seasonality as we were in the very early stages of our type 2 launch. And so this year, not only we didn't have that tailwind, but it was more pronounced than historical levels. And what we believe is happening with the category is, even though maybe others didn't, let's say, call out specifically. When we look at other diabetes companies that go through the pharmacy, we did see seasonality in their scripts in the first quarter vis-a-vis the fourth quarter. When we look at GLP-1s, when we look at CGMs, when we look at insulin, they all saw the same level of, let's say, sequential step down as we saw in our business.