INSULET (PODD) Company Report

Insulet expects $2.7 billion in revenue for 2025 and over 600,000 active Podders across 25 markets driven by Omnipod 5’s rapid adoption.
Revenue has compounded at a 25% CAGR since 2021, adjusted operating margins have expanded nearly 600 bps, and the company has been free cash flow positive since 2023.
Insulet’s TAM exceeds $30 billion across ~8 million patients in US Type 1, OUS Type 1, and US Type 2 segments, with AID penetration ranging from <5% to 40%, highlighting significant under-penetration.
Pipeline milestones include 2026 Omnipod 5 updates (enhanced algorithm, full CGM integration, Omnipod Discover), 2027 Omnipod 6 launch (smarter algorithm, OTA updates), and 2028 fully closed-loop system for Type 2 diabetes.
Through 2028, management targets ~20% annual revenue growth, 100 bps adjusted operating margin expansion per year, and 25%+ EPS CAGR, backed by >$1 billion in R&D investment over three years.

Jan 13, 2026, 7:15 PM

Transcript

Insulet outlines leadership and growth strategy at JPMorgan Healthcare Conference

PODD

Insulet expects $2.7 billion in 2025 revenue and a podder base of 600,000+ across 25 markets following Omnipod 5 rollout.
Company has delivered a 25% CAGR in revenue since 2021, expanded adjusted operating margins by 600 bps, and been free cash flow positive since 2023.
Roadmap includes Omnipod 5 algorithm and CGM integrations in 2026, Omnipod 6 universal CGM pods in 2027, and a fully closed-loop system for type 2 diabetes in 2028.
Financial targets through 2028: ~20% revenue CAGR, 100 bps annual operating margin expansion, and 25%+ EPS CAGR, supported by >$1 billion R&D investment.

Jan 13, 2026, 7:15 PM

Transcript

Insulet presents growth strategy and product roadmap at 44th Annual J.P. Morgan Healthcare Conference

PODD

Product Launch

Insulet expects $2.7 billion in 2025 revenue and to serve 600,000 Podders across 25 markets, driven by Omnipod 5 adoption.
Since 2021, Insulet’s revenue has grown at a 25% CAGR, adjusted operating margins have expanded 600 bps, and the company became cash-flow positive in 2023, supporting continued investment.
The total addressable market exceeds $30 billion, with AID penetration at 40% in U.S. Type 1, 25% in OUS Type 1, and <5% in U.S. Type 2 across approximately 8 million people.
The product pipeline includes 2026 enhancements to Omnipod 5 (algorithm improvements, full CGM integration, streamlined data platform), the 2027 launch of Omnipod 6, and a fully closed-loop system for Type 2 diabetes in 2028.

Jan 13, 2026, 7:15 PM

Transcript

Insulet provides 2025 guidance and outlines growth strategy at JPM Healthcare Conference

PODD

Guidance Update

Product Launch

New Projects/Investments

Insulet guided 2025 revenue of $2.7 billion and reported 600,000+ active customers.
From 2021–2025, revenue grew at a 25% CAGR, with 2025 non-GAAP operating margin of 17.4%, $4.88 adj. EPS, and $330 million free cash flow.
Total addressable market for automated insulin delivery is $30 billion+ today (~8 million people with diabetes), with visibility to $9 billion by 2028 and a long-term TAM expanding to $17 billion.
Roadmap includes Omnipod 5 ecosystem enhancements in 2026, Omnipod 6 launch in 2027, and a fully closed-loop type 2 diabetes system by 2028.
Targets 2025–2028 20% constant-currency revenue CAGR, ~100 bps annual adj. op-margin expansion, and >25% adj. EPS CAGR.

Jan 13, 2026, 7:15 PM

Presentation

Insulet projects 20% revenue growth through 2028

PODD

Guidance Update

Product Launch

New Projects/Investments

Insulet forecasts 20% compound annual revenue growth through 2028, driven by broader adoption of its Omnipod insulin pump and geographic expansion.
The company expects adjusted operating margins to improve by 100 basis points annually and adjusted diluted EPS to rise by 25% or more each year.
Key product launches include enhancements to Omnipod 5 with full CGM integration by 2026, the Omnipod 6 adaptive algorithm system in 2027, and a fully closed-loop solution for Type 2 diabetes in 2028.
Insulet plans to invest over $1 billion in R&D over the next three years to support its innovation pipeline.
Analysts at Bank of America Securities and TD Cowen maintain Buy ratings with price targets of $360–$380, reflecting confidence in the growth outlook.

Nov 21, 2025, 12:52 AM

Morningstar

Insulet outlines strategic roadmap and growth targets at Investor Day 2025

PODD

Guidance Update

Product Launch

Product pipeline: Omnipod 5 enhancements in 2026 (lower glucose target, full CGM integration, new Discover data platform), Omnipod 6 hybrid closed-loop launch in 2027, and a fully closed-loop system for type 2 diabetes in 2028 targeting a $12 billion market.
Financial targets: Projecting ~20% revenue CAGR, 100 bps annual operating margin expansion, and 25%+ EPS CAGR through 2028, underpinned by a scalable recurring-revenue model.
Market penetration goals: US type 1 AID adoption rising from ~40% today to 50–55%; US type 2 from ~5% to >10%; international type 1 from ~25% to 30–35%; overall Podder base growing from ~600,000 to over 1 million by 2028.
International footprint: Serving 220,000+ customers across 24 markets (13 with Omnipod 5), representing ~30% of revenue with attractive margins.
R&D investment: Committing >$1 billion in R&D over the next three years (over $2 billion deployed since inception) alongside significant capital spend on advanced manufacturing automation.

Nov 20, 2025, 2:00 PM

Transcript

Insulet unveils innovation and growth strategy at Investor Day 2025

PODD

Product Launch

Guidance Update

New Projects/Investments

Insulet’s product roadmap accelerates tubeless AID: Omnipod 5 enhancements (lower glucose target, full CGM integration, new data platform) in 2026, Omnipod 6 hybrid closed-loop launch in 2027, and a fully closed-loop system for type 2 diabetes in 2028, with next-generation pod hardware beyond 2028.
Through 2028, Insulet targets ~20% revenue CAGR, annual 100 bp adjusted operating margin expansion, and 25%+ EPS CAGR, growing its Podder base from ~600,000 today to >1 million by 2028.
AID penetration goals: U.S. type 1 from ~40% to 50–55%, U.S. type 2 from ~5% to >10%, and international type 1 from ~25% to 30–35% by 2028, driving sustained market share gains.
Insulet will invest >$1 billion in R&D over the next three years and expand its automated manufacturing footprint (Acton, Malaysia) with a new Costa Rica facility slated for 2029 to support global supply and margin expansion.

Nov 20, 2025, 2:00 PM

Transcript

Adocia announces patent filing for AdoXLong™ long-acting peptide platform

PODD

Product Launch

New Projects/Investments

Patent filed for AdoXLong™, a new peptide modification platform designed to extend the action of GLP-1, GIP, amylin and dual/triple agonists to at least one month
First application targets semaglutide, with preliminary in vitro and in vivo results supporting efficacy for monthly dosing
Platform uses a biocompatible polymer chemically linked to peptides to enable low-viscosity, standard subcutaneous injections
BioChaperone® platform development continues with two ongoing feasibility studies in collaboration with undisclosed pharmaceutical partners

Nov 12, 2025, 6:30 AM

Press Release

Insulet reports record 28% Q3 revenue growth

PODD

Earnings

Revenue Acceleration/Inflection

Insulet reported record Q3 revenue of $706.3 million, a 28% year-over-year increase at constant currency.
International segment revenue rose 40%, driven by the global rollout of the Omnipod 5 system.
Operating margin improved by 90 basis points to 17.1%, reflecting operational efficiencies despite higher R&D and interest expenses.
GAAP EPS of $1.24 exceeded consensus by 9.7%, marking the fourth consecutive quarter of topping estimates.
The company eliminated all convertible debt, enhancing financial flexibility for future growth.

Nov 6, 2025, 11:52 PM

Morningstar

Insulet reports Q3 2025 results

PODD

Earnings

CFO Change

Guidance Update

Insulet delivered > $700 million in Q3 2025 revenue, up 30% reported (28% constant currency). U.S. Omnipod revenue grew 25.6%, and International Omnipod revenue rose 46.5% reported (39.9% constant currency), crossing $200 million internationally.
Gross margin expanded to 72.2% (up 290 bps YoY); adjusted operating margin was 17.1% (up 90 bps) and adjusted EBITDA margin 22.7%. The company ended the quarter with $760 million in cash and had the full $500 million credit facility available.
Raised guidance: Q4 2025 Omnipod revenue growth of 27%–30% (total company 25%–28%), and full year Omnipod growth to 29%–30% with total revenue 28%–29%. Full year gross margin is now expected > 71% and operating margin 17.3%–17.5%.
R&D expenses increased 41% (up 80 bps of sales) to fund the innovation pipeline, while direct-to-consumer campaigns generated a record number of qualified leads (~65% from providers not yet called on by the sales force).
Management changes include Flavia Pease joining as CFO, offset by elimination of all $800 million in convertible debt and repurchase of ~91,000 shares for $30 million to reduce dilution.

Nov 6, 2025, 1:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for INSULET.

Q3 2025

Nov 6, 2025

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Q2 2025

Aug 7, 2025

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Q1 2025

May 8, 2025

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View All Transcripts

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INSULET (PODD)

Analyst Earnings Quarterly Reports

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Executives

Ashley McEvoy

Ana Maria Chadwick

Dan Manea

Eric Benjamin

John Kapples

Laetitia Cousin

Prem Singh

Board Members

Elizabeth Weatherman

Flavia Pease

Jessica Hopfield

Luciana Borio

Michael Minogue

Robbie Huffines

Timothy Scannell

Timothy Stonesifer

Wayne Frederick

Analyst Coverage

Joanne Wuensch

Travis Steed

Bill Plovanic

Danielle Antalffy

Issie Kirby

Jeffrey Johnson

Michael Polark

David Roman

Jayson Bedford

Larry Biegelsen

Matthew O'Brien

Matthew Taylor

Patrick Wood

Richard Newitter

Robert Marcus

Carol Wong

Christopher Pasquale

Jeff Johnson

John Block

Lilia-Celine Lozada

Marie Thibault

Matt Miksic

Matt O'Brien

Matt Taylor

Mike Polark

Robbie Marcus

Shagun Singh Chadha

Simran Kaur

Felipe

Macauley Kilbane

Margaret Kaczor Andrew

Matt

Matthew Miksic

Michael Kratky

Mike Kratky

Phillip Dantoin

Simran

Steven Lichtman

William Plovanic

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Earnings Transcripts

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Q2 2025

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