Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes in the United States and internationally. The company offers Omnipod platform products comprising Omnipod 5 automated insulin delivery system, which includes a proprietary AID algorithm embedded in the pod that integrates with a third-party continuous glucose monitor to obtain glucose values through wireless Bluetooth communication; Omnipod DASH insulin management system that features a Bluetooth enabled pod that is controlled by a smartphone-like personal diabetes manager with a color touch screen user interface; and the Omnipod Insulin Management System. It also provides pods for Amgen for use in the Neulasta Onpro kit, which is a delivery system to help reduce the risk of infection after intense chemotherapy.
Q2 2026 results
Insulet is held as a short position in the US Long/Short Strategy. The company reported June quarter results before the open on Wednesday 5 August.
| Metric | Actual | Consensus |
| Revenue | $801.7m | $787m |
| Adjusted EPS | $1.66 | ~$1.46 |
| FY26 US Omnipod growth (cc) | 17 to 19% | prior 20 to 22% |
| FY26 adjusted EPS growth | >30% | prior >25% |
Revenue rose 23.5 percent to $801.7 million, or 22.7 percent in constant currency, above the $787 million consensus and above the top of the company’s own 20 to 22 percent guidance. Adjusted diluted earnings per share of $1.66 rose 41.5 percent and beat estimates around $1.45 to $1.48. GAAP diluted EPS was $1.37. The gap reflects $25.0 million of warranty costs tied to voluntary medical device corrections issued in March and May, worth 29 cents.
US Omnipod revenue rose 20.1 percent to $544.1 million and international rose 32.9 percent in constant currency to $251.8 million. Adjusted gross margin expanded 320 basis points to 72.9 percent and the adjusted operating margin rose 140 basis points to 19.3 percent. The GAAP operating margin fell 250 basis points on the warranty charge. Global new customer starts reached their second-highest quarter, with more than 85 percent of US starts coming from multiple daily injection users and more than 40 percent being type 2 patients.
The guidance change is what mattered. Insulet cut full-year US Omnipod constant currency growth to 17 to 19 percent from 20 to 22 percent, raised international to 30 to 32 percent, and trimmed total company growth to 20 to 22 percent. Chief financial officer Flavia Pease attributed about two thirds of the US cut to type 2 retention and utilisation trends persisting through the second half, and one third to a slow start on new customer starts and pricing mix. She stated the reduction does not reflect competitive pressure. Type 2 retention runs meaningfully below type 1 within the first 90 days, and Insulet has restructured sales compensation to reward retention in the first 45 days.
A preliminary 2027 view compounded the reaction. Management guided to total constant currency growth exiting 2026 in the mid teens, with US exit growth of 9 to 14 percent and a 12 percent midpoint, assuming no benefit from the retention initiatives. Adjusted EPS growth guidance rose to above 30 percent.
Ashley McEvoy told investors: “As CEO, I take accountability for our reduced U.S. outlook.”
Shares fell 20.1 percent to $133.26, touching a 52-week low of $126.50. The stock is down 52.7 percent for the year.
