low - Insulin delivery is non-discretionary healthcare spending for Type 1 diabetics (life-sustaining therapy). However, Type 2 diabetes patient adoption shows modest sensitivity to consumer confidence and insurance coverage changes. Employer healthcare plan design (high-deductible plans) can delay new patient starts in weak economic periods, though existing users maintain 95%+ retention regardless of cycle.

Rising rates create moderate headwinds through two channels: (1) Higher discount rates compress valuation multiples for high-growth medtech stocks trading at 35-40x EBITDA, and (2) Debt/equity of 0.75x means refinancing $1.3B debt at higher rates increases interest expense by $10-15M per 100bps. However, the business itself is rate-insensitive as customers don't finance purchases and insurance reimbursement is unaffected. Rate sensitivity is primarily valuation-driven rather than operational.

growth - Investors focus on 20%+ revenue growth, expanding TAM from Type 2 diabetes, international expansion, and operating margin leverage. The stock trades on long-term user growth and market share gains rather than current profitability. High valuation multiples (38x EBITDA) reflect growth expectations, attracting momentum and growth-at-reasonable-price (GARP) investors. Recent 27% drawdown reflects growth deceleration concerns and multiple compression in rising rate environment.