Insulet Corporation (PODD): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise on Insulet Corporation, and honestly, the story here is about the razor-and-blade model powering their tubeless Omnipod system, which is driving some serious top-line momentum; we're talking about guidance for total revenue growth between 28% to 29% for 2025, built on a base of roughly 365,000 users, with international expansion defintely firing on all cylinders at 46.5% growth in Q3 2025. This model, which balances high-volume disposable Pod sales with R&D investment to maintain their automated insulin delivery edge, is what gets me excited about their path toward that 17.3% to 17.5% operating margin target this year. Dive into the full Business Model Canvas below to see exactly how their key partnerships and channels are set up to support this recurring revenue machine.

Insulet Corporation (PODD) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Insulet Corporation builds to get Omnipod 5 into the hands of people managing diabetes. These aren't just handshake deals; they are critical integrations that define the system's value proposition and market reach. The success of the Automated Insulin Delivery (AID) system hinges on how well it talks to the best Continuous Glucose Monitors (CGMs) and how easily it gets covered by payers.

Continuous Glucose Monitor (CGM) manufacturers like Dexcom and Abbott

The interoperability strategy with CGM partners is central to Insulet Corporation's growth, especially as they push for broader adoption across Type 1 and Type 2 diabetes populations. The company has been aggressive in securing compatibility with leading sensors.

As of late 2025, Insulet Corporation announced immediate compatibility between its Omnipod 5 system and the Dexcom G7 15 Day CGM for adults (18+) on December 2, 2025. This follows earlier compatibility with the initial G7 version in early 2024. Furthermore, Insulet is actively expanding this integration globally; for instance, the Omnipod 5 system now supports Dexcom G7 integration in Germany. In Q3 2025, Insulet integrated Omnipod 5 with Dexcom's G7 in Sweden, Denmark, Finland, and Italy.

The partnership with Abbott is equally vital. Omnipod 5 is now compatible with Abbott's FreeStyle Libre 2 Plus sensor in the U.S., making it the most connected tubeless AID system there. Internationally, Omnipod 5 launched in Australia with Abbott's FreeStyle Libre 2 Plus planned soon, and it will be accessible in Belgium and Switzerland with FreeStyle Libre 2 Plus integration. In Norway, Insulet secured reimbursement for Omnipod 5 using both Dexcom G6/G7 and Abbott's FreeStyle Libre 2 Plus CGM sensors.

Here's a look at the sensor ecosystem Insulet Corporation is building:

To be fair, Insulet Corporation plans to connect with 'all of the major CGMs,' including Abbott's FreeStyle Libre 3 Plus, by the first half of 2026. Abbott's FreeStyle Libre technology has changed the lives of over 2 million people across 46 countries.

Pharmacy Benefit Managers (PBMs) for pharmacy channel access

Access through the pharmacy channel in the U.S. is a major strategic component for Insulet Corporation, as it drives broader patient access compared to traditional specialty pharmacy distribution. This access is heavily influenced by formulary placement negotiated with PBMs and payers.

The Omnipod 5 system is sold through the pharmacy channel in the U.S. The coverage footprint is significant, with Insulet reporting that over 300M+ lives are covered out of 317M eligible lives in the U.S. This level of coverage suggests strong, established relationships with key PBMs and national payers.

Insulin manufacturers for pump compatibility and supply chain

This area focuses on ensuring the supply chain for the insulin cartridges or the Pod itself is resilient and that the technology is compatible with various insulin types used by patients. While the search results detail the drug delivery revenue segment, specific, quantifiable financial data on direct partnerships with insulin manufacturers for supply chain or compatibility is not explicitly detailed for the 2025 period.

Insulet Corporation's Drug Delivery revenue was reported at $10.2 million for Q2 2025, and projected for a decline of (30)% to (25)% for FY 2025. The company continues to tailor its Omnipod technology platform for the delivery of non-insulin subcutaneous drugs across other therapeutic areas.

Healthcare providers (HCPs) and Key Opinion Leaders (KOLs) for adoption

HCP and KOL endorsement drives prescription volume and clinical acceptance. Insulet Corporation is seeing strong uptake from the medical community.

The adoption rate is evidenced by the fact that over 25,000 U.S. healthcare providers now prescribe Omnipod 5. The clinical data supporting these prescriptions shows compelling outcomes:

• 0.8% A1C reduction for Type 2 patients.
• 20% improved time in range for Type 2 patients.

These results help position Insulet Corporation to disrupt traditional insulin regimens. The company's overall Omnipod revenue reached $639.0 million in Q2 2025, a 33.0% increase year-over-year. For the third quarter of 2025, total Omnipod revenue was $699.2 million, up 31.0% year-over-year in constant currency.

Insulet Corporation (PODD) - Canvas Business Model: Key Activities

You're looking at the core engine driving Insulet Corporation's performance as of late 2025. These aren't abstract goals; these are the operational pillars that generated the $706.3 million in revenue during the third quarter of 2025 alone. Here's the quick math on what keeps the business running and growing.

Research and development (R&D) of Omnipod 5 and next-generation systems

Insulet Corporation's R&D is focused on extending leadership in the Automated Insulin Delivery (AID) markets for both type 1 and type 2 diabetes, targeting a total addressable market exceeding $30 billion. The company introduced its next-generation innovation pipeline at its 2025 Investor Day, signaling continued investment in transforming diabetes care. While specific R&D spend for the full year 2025 isn't explicitly stated in the latest reports, prior investment in technology is evident; for instance, investments in developed software were noted at $9.1 million in a recent period. The strategy centers on advancing clinical practice and accelerating innovation.

High-volume, automated manufacturing of disposable Pods

The ability to scale production is a key competitive moat, supported by a 'highly advanced automated manufacturing and supply chain.' To support global expansion and optimization, capital expenditures are increasing for 2025. Specifically, a $49.3 million increase in spending was primarily tied to purchasing machinery, equipment, and tooling for the new Malaysia manufacturing facility, alongside continuous improvements at existing owned facilities. This operational scaling is crucial for meeting the raised full-year revenue guidance.

Global commercial expansion and demand generation

Commercial execution is clearly paying off, with record new customer starts achieved in the U.S. and internationally during the third quarter of 2025. The company raised its full-year 2025 total company revenue growth guidance to a range of 28% to 29% at constant currency rates. This expansion is fueled by strong Omnipod 5 adoption across both Type 1 and Type 2 markets. The international segment is accelerating particularly fast.

Here's the breakdown of Omnipod revenue performance for the three months ended September 30, 2025:

The international growth rate of 46.5% is significantly outpacing the U.S. growth rate of 25.6%. Strategic commercial wins in Q3 2025 included:

• Integrated Omnipod 5 with Dexcom's G7 CGM sensor in Sweden, Denmark, Finland, and Italy.
• Secured reimbursement for Omnipod 5 in Norway across multiple CGM sensors.
• Achieved a record number of total new customer starts in the U.S. and internationally.

Securing and maintaining regulatory clearances (e.g., FDA, CE Mark)

Regulatory compliance and clearance are foundational to market access. Insulet Corporation maintains 510(k) clearance from the FDA for its core products: Classic Omnipod, Omnipod DASH, and Omnipod 5. A significant recent regulatory achievement was receiving FDA clearance in August 2024 for an expanded indication of Omnipod 5 specifically for people with type 2 diabetes (ages 18 years and older) in the United States. The company acknowledges that regulatory clearances or approvals will be needed for some future products, and its facilities are subject to FDA inspections to maintain compliance with quality system regulations.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

Insulet Corporation (PODD) - Canvas Business Model: Key Resources

You're looking at the core assets Insulet Corporation has locked down that make their business work, especially as they push the Omnipod 5 system further into the market. These aren't just ideas; they are tangible, protected, and operational assets. Here's the breakdown of what you need to know about their Key Resources as of late 2025.

The foundation of Insulet Corporation's value proposition rests heavily on its proprietary technology and the infrastructure built to support it. This includes the software that runs the system, the physical protection around that design, and the factories churning out the product.

Proprietary Algorithm and Intellectual Property

The Omnipod 5 Automated Insulin Delivery (AID) proprietary algorithm is a critical resource, constantly being refined. In December 2025, Insulet announced it received FDA 510(k) clearance for significant algorithm enhancements, which are projected to launch in the United States in the first half of 2026. These updates include a new benchmark feature: a lower 100 mg/dL Target Glucose setting, expanding the customization range to six settings between 100-150 mg/dL in 10 mg/dL increments. This is definitely the most significant algorithm advancement since the system launched in 2022.

Protection of the core design is also paramount. Insulet successfully defended its Intellectual property (IP) protecting the tubeless patch pump form factor in a recent legal action. A jury awarded Insulet $452 million in damages from a rival company for misappropriation of trade secrets, which included infringement on three patents related to the technology. This award was composed of $170 million in compensatory damages and an additional $282 million in exemplary damages for willful and malicious misappropriation.

Manufacturing and Supply Chain Infrastructure

Insulet Corporation relies on a highly automated manufacturing and global supply chain infrastructure to meet demand, which has been accelerating. The company operates its highly automated manufacturing facility in Acton, Massachusetts, and, since June 2024, a new, even larger, highly automated plant in Malaysia. The Malaysian facility spans 400,000-square-foot and is twice the size of the Acton facility, representing a $200 million investment to bolster supply chain resiliency. The Malaysia site currently employs over 350 full-time employees, with plans to grow that workforce to over 1,000 in the coming years. Furthermore, Insulet is managing a contract manufacturing agreement in China that is set to expire in October 2025.

The growth in revenue reflects the scaling of this infrastructure. For the third quarter ending September 30, 2025, total Omnipod revenue reached $699.2 million, up 31.0% year-over-year. Management raised the full-year 2025 guidance, projecting total Omnipod revenue growth in the range of 25% to 28%.

You can see the scale of the operational assets here:

User Base Scale

The installed base drives the recurring revenue stream, which is a key component of the financial model. The estimated user base is approximately 365,000 individuals. [cite: Provided in prompt]

This user base is translating into strong financial performance, with Q3 2025 total company revenue hitting $706.3 million, a 29.9% increase year-over-year. The company's gross margin for the quarter was 72.2%.

The key user-related metrics underpinning this resource include:

• US Omnipod revenue for Q3 2025 was $497.1 million.
• International Omnipod revenue for Q3 2025 was $202.1 million.
• International Omnipod revenue grew 46.5% in Q3 2025 (or 39.9% in constant currency).

Finance: draft 13-week cash view by Friday.

Insulet Corporation (PODD) - Canvas Business Model: Value Propositions

You're looking at the core reasons why people choose Insulet Corporation's Omnipod system over other options. It boils down to simplicity, automation, and broader access for different patient needs.

Tubeless, simple, and discreet wearable insulin delivery system

The fundamental value is the tubeless form factor. This means no infusion set changes or managing external tubing, which users often find cumbersome. The disposable Pod delivers insulin continuously for up to three days without requiring you to see or handle a needle for insertion or removal. This simplicity drives adoption; as of February 2025, Insulet Corporation reported an estimated 500,000 active global customers using Omnipod products.

Here's a snapshot of the financial scale this value proposition supports:

The company is projecting this momentum to continue, with its Full Year 2025 Total Omnipod revenue growth guidance raised to 25% to 28% on a constant currency basis.

Automated insulin delivery (AID) for improved glycemic control

The Omnipod 5 Automated Insulin Delivery (AID) System offers closed-loop management, which helps manage blood sugar automatically. The system has been enhanced, receiving FDA 510(k) clearance for updates including a lower 100 mg/dL Target Glucose option. Real-world evidence shows the clinical benefit of these systems:

• Median Time in Range (70-180 mg/dL) improved by 11.8% for Type 1 diabetes users transitioning from a 150 mg/dL to 110 mg/dL Target Glucose.
• Median Time in Range improved by 10.4% for Type 2 diabetes users making the same transition.
• The SECURE-T2D trial showed a 20% improved time in range for Type 2 diabetes patients.

Also, the upgraded algorithm is designed to help users stay in Automated Mode with fewer interruptions, even during prolonged high glucose events.

Pay-as-you-go model via the pharmacy channel, avoiding durable medical equipment

Insulet Corporation's strategic advantage includes its unique structure that channels the product through the pharmacy benefit, bypassing the traditional Durable Medical Equipment (DME) process for many users. This is cited as a key competitive moat. The company's overall Gross Margin for the full year 2025 is expected to be approximately 70.5%.

Expanded indication for Type 1 and Type 2 diabetes patients

The Omnipod 5 System is cleared in the U.S. for people aged 2 and older with type 1 diabetes and for adults aged 18 and older with type 2 diabetes. This dual indication significantly expands the addressable market, which Insulet Corporation estimates at over $30 billion. The focus on Type 2 is a major growth driver; in Q4 2024, Type 2 users represented over 30% of U.S. new customer starts, with the company aiming to reach over 40% of the 2.5 million insulin-intensive Type 2 population in 2025.

Finance: review Q3 2025 revenue mix against the 2025 guidance by end of next week.

Insulet Corporation (PODD) - Canvas Business Model: Customer Relationships

You're looking at how Insulet Corporation builds and maintains its connection with the people who use its life-changing technology. It's not just about selling a device; it's about creating a supportive ecosystem for people managing diabetes daily. The relationship strategy is clearly segmented, focusing on direct patient interaction, community building, and strong clinical advocacy.

Direct-to-Consumer (DTC) marketing and digital engagement

Insulet Corporation drives adoption through direct channels, emphasizing the freedom and simplicity of the tubeless Pod system. A key part of this is the digital experience, which is becoming increasingly integrated into the product itself. For instance, the Omnipod 5 system can be controlled by a compatible personal smartphone in the U.S., moving the relationship from a dedicated controller to a device users already carry daily. The company also uses creative partnerships to drive brand awareness, such as the launch of the Omnipod Mango in a vibrant new palette following a partnership with Pantone®.

The focus on expanding the user base is evident in the shift toward the Type 2 diabetes market. As of February 20, 2025, Insulet Corporation had an estimated 500,000 active global customers using Omnipod products. The success in attracting this segment is significant:

• Type 2 users accounted for over 30% of U.S. new customer starts in Q4 2024.
• The company is targeting reaching over 40% of the 2.5 million insulin-intensive Type 2 population in 2025.
• Over 85% of U.S. new customer starts in 2025 are coming from multiple daily injection (MDI) users.
• Over 30% of new U.S. customer starts in Q2 2025 came from the Type 2 segment.

Dedicated customer support and education for the Podder community

The term Insulet Corporation uses for its user base, the Podder community, signifies a commitment beyond a transactional sale. Support and education are critical for a complex medical device, especially one that requires users to transition from older methods. The company maintains robust online resources and educational materials to help users get started and stay supported. The mobile applications for Omnipod 5 and Omnipod DASH systems serve as a central hub for users to manage insulin delivery, log activity, and track glycemic trends, which is a form of continuous, digital relationship management.

The success of the automated system is tied directly to user confidence, which is built through education. Here's a snapshot of the customer base and system adoption as of early to mid-2025:

High-touch engagement with endocrinologists and primary care physicians

Clinician buy-in is non-negotiable for driving prescriptions, so Insulet Corporation invests heavily in providing clinical evidence to both endocrinologists and primary care physicians. This high-touch engagement relies on data demonstrating superior outcomes compared to traditional methods. The company actively presents trial data at major medical conferences to educate prescribers on the benefits of automated insulin delivery (AID).

For example, data presented from the RADIANT trial in Q1 2025 showed clear clinical advantages for Omnipod 5 users transitioning directly from multiple daily injections (MDI) when compared to MDI users also utilizing a continuous glucose monitor (CGM). This evidence directly supports physician conversations:

• Average reduction in HbA1c: -0.8%.
• Average time in target range increase: 5.4 hours more per day.
• Hypoglycemia did not increase with the AID system.

The company's focus on securing reimbursement also supports physician adoption by reducing the financial friction for patients. For instance, Insulet Corporation secured reimbursement for Omnipod 5 with Dexcom's G6 and G7 CGM sensors and Abbott's FreeStyle Libre 2 Plus CGM sensor in Norway in Q3 2025. Finance: draft 13-week cash view by Friday.

Insulet Corporation (PODD) - Canvas Business Model: Channels

You're looking at how Insulet Corporation gets its Omnipod systems into the hands of people managing diabetes. It's a multi-pronged approach that heavily relies on established healthcare infrastructure, but with a unique twist for the Pods.

Retail pharmacy channel (primary U.S. distribution)

The retail pharmacy channel is a cornerstone of Insulet Corporation's U.S. distribution strategy, supported by what management calls a pay-as-you-go pharmacy model, which is cited as a deep and defensible competitive moat. This model facilitates access for many users, though it's important to note that participants receiving products through the Durable Medical Equipment or Pharmacy Durable Medical Equipment channel are not eligible for the Omnipod 5 copay card program. This distinction highlights the intended primary route for many commercial patients.

Direct sales force targeting healthcare providers (HCPs)

Insulet Corporation deploys a direct sales force to engage with healthcare providers (HCPs). This effort is crucial for driving adoption, especially as the company targets the type 2 diabetes market, which is a significant focus for 2025 growth. The company's messaging emphasizes the Omnipod system's standing as the #1 prescribed AID (Automated Insulin Delivery) product in the U.S. as of 2024. The sales team's execution is key to converting prescriber interest into long-term writers.

International distributors and direct-to-patient models in OUS markets

Outside the U.S. (OUS), Insulet Corporation utilizes a mix of international distributors alongside direct-to-patient models, fueling substantial international revenue growth. For instance, in Q2 2025, international revenue grew by 38.8% year-over-year. The company has been actively expanding its global footprint, launching Omnipod 5 in Australia, Belgium, Canada, and Switzerland in the first part of 2025, bringing the total number of countries offering Omnipod to 500k global customers. Full-year 2025 guidance projected international Omnipod revenue growth between 33% to 36% for Q3 2025.

Omnipod 5 App for iPhone for controller functionality

A key channel enhancement is the integration of the Omnipod 5 system with personal smartphones. The launch of the Omnipod 5 App for iPhone was a strategic highlight reported in mid-2025. This allows the Omnipod 5 Automated Insulin Delivery System to be controlled by a compatible personal smartphone in the U.S., offering an alternative to the dedicated Omnipod 5 Controller.

Here's a quick look at the channel performance metrics we have for 2025:

The company's commercial execution is clearly focused on driving adoption through these pathways. You can see the international segment is outpacing the U.S. growth rates based on recent figures:

• International Omnipod revenue growth accelerated from 35% in Q3 2024 to 33.1% in Q4 2024.
• The company reported Q1 2025 U.S. Omnipod revenue of $401.7 million.
• The company reported Q1 2025 International Omnipod revenue of $152.4 million.
• The Omnipod 5 system is indicated for type 2 diabetes in persons 18 years of age and older.

The success of the Omnipod 5 platform is evident in the overall revenue performance, with Q3 2025 sales reaching $706.3 million. Finance: draft 13-week cash view by Friday.

Insulet Corporation (PODD) - Canvas Business Model: Customer Segments

You're looking at Insulet Corporation's customer base as of late 2025, and it's definitely shifting beyond its historical core. The company's strategy is clearly focused on capturing a much broader patient population with its unique, tubeless technology.

The primary segments Insulet serves are people managing insulin-dependent diabetes who are actively seeking a better way to deliver their therapy. This means moving away from the traditional, often cumbersome, methods.

• People with Type 1 Diabetes (T1D) across all ages, as Omnipod 5 is cleared for ages 2 and older in the U.S..
• Patients seeking a simple, non-tubed alternative to traditional insulin pumps.

The biggest strategic pivot is the aggressive expansion into the Type 2 Diabetes (T2D) market, which represents a massive addressable pool. Historically, Insulet's core was T1D, but the FDA clearance of Omnipod 5 for Type 2 patients has changed the game. Honestly, this is where a lot of the near-term growth story is being written.

Here's a look at the key segments and adoption metrics we see from the latest reports:

The international market is clearly a major driver of volume acceleration. You can see this in the revenue performance, which shows just how quickly adoption is happening outside the U.S. The growth rate there is outpacing the domestic market significantly.

The international growth figures from Q3 2025 are striking:

• Global patient population expansion reflected by International Omnipod revenue growth in Q3 2025: 46.5%.
• U.S. Omnipod revenue growth for the same period: 25.6%.
• The company is actively targeting the T2D segment, which represented over 30% of U.S. new customer starts in Q4 2024.

To be fair, the desire for simplicity is universal across both T1D and T2D patients who are on intensive insulin therapy. They want a system that is discreet and minimizes the daily burden of injections and tubing. The Omnipod system, being tubeless and controlled by a smartphone, directly addresses this core need for convenience and discretion, which is a huge draw for patients transitioning from Multiple Daily Injections (MDI) therapy. Finance: draft 13-week cash view by Friday.

Insulet Corporation (PODD) - Canvas Business Model: Cost Structure

You're looking at where Insulet Corporation spends its money to keep that Omnipod innovation engine running and capture market share globally. Honestly, for a high-growth medical device company, the cost structure is all about balancing heavy investment today for massive scale tomorrow.

The most significant outlay, as you'd expect for a leader in this space, is the Significant investment in R&D to maintain innovation leadership. This spending fuels the next generation of automated insulin delivery systems and sensor integrations. For the third quarter ending September 30, 2025, Research and Development expenses hit $77.2 million. That's a jump of 40.6% year-over-year for the quarter. Year-to-date through Q3 2025, the cumulative investment in R&D reached $210.2 million.

Next up is the Cost of goods sold (COGS) for high-volume Pod manufacturing. While COGS isn't always called out directly, we can back into it using the reported revenue and gross profit. For Q3 2025, total revenue was $706.3 million, and the gross profit was $510.1 million, leading to an implied COGS of approximately $196.2 million for that period. This manufacturing cost base is being managed for efficiency, as evidenced by the Q3 2025 Gross Margin improving to 72.2%.

The push for global commercial expansion drives the Selling, General, and Administrative (SG&A) costs. This covers everything from sales force expansion to marketing the Omnipod 5 system. In Q3 2025, SG&A expenses were $315.2 million, representing a 34.6% increase year-over-year. Looking at the cumulative spend through the first nine months of 2025, SG&A totaled $833.6 million.

Insulet Corporation manages these expenditures with a clear profitability goal in mind. The company is focused on Operating expenses managed to achieve a 2025 operating margin of 17.3% to 17.5%. This specific target range was provided as guidance for the fourth quarter of 2025, reflecting the leverage gained from strong top-line growth. For the full year 2025, the adjusted operating margin guidance was set in the range of 17.0% to 17.5%.

Here's a quick look at the key cost components for the third quarter of 2025:

You can see the trade-off clearly in the operating expense breakdown:

• R&D spend growth of 40.6% outpaced revenue growth for the quarter, underscoring the commitment to future products.
• SG&A growth of 34.6% is also high, supporting the global commercial expansion efforts.
• Operating Income growth of 33.6% shows that revenue growth is slightly outpacing the combined operating expense growth, which is what drives margin expansion.

Finance: draft 13-week cash view by Friday.

Insulet Corporation (PODD) - Canvas Business Model: Revenue Streams

You're looking at the core of how Insulet Corporation makes its money, which is heavily reliant on the consumables that follow the initial system sale. This is the classic razor and razor blade dynamic, but for insulin delivery.

The primary revenue driver is the recurring sales of disposable Omnipod Pods. These Pods are the 'blades' that users purchase regularly to manage their diabetes, creating a predictable, high-margin revenue stream once a customer is onboarded to the system. The initial sale of the Omnipod 5 Controller and the starter system kits represents the 'razor' sale, which is a necessary, but less frequent, revenue component compared to the Pods.

Insulet Corporation raised its full-year 2025 revenue growth guidance following strong quarterly performance. The company now projects total company revenue growth for 2025 to land between 28% to 29%.

For the third quarter of 2025, the reported total company revenue was $706.3 million, which exceeded the high end of the previous guidance range.

Here's a quick look at the revenue breakdown for the three months ended September 30, 2025, showing the dominance of the Omnipod system:

The growth in the Omnipod segment is what really moves the needle; the total Omnipod revenue grew 31.0% year-over-year in Q3 2025. This shows strong adoption of the entire system, which includes both the initial controller purchase and the subsequent Pod refills.

You can see the geographic strength driving that growth:

• U.S. Omnipod revenue reached $497.1 million in Q3 2025.
• International Omnipod revenue advanced to $202.1 million in Q3 2025.
• International revenue growth was particularly strong at 46.5% year-over-year.

The remaining revenue comes from the Drug Delivery segment, which totaled $7.1 million for the quarter. Honestly, this segment is a minor contributor compared to the core diabetes management business.

The recurring nature of the Pod sales is key to valuation; it translates that initial system sale into years of predictable cash flow. If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.