Company Reports

Insulet posted second-quarter constant-currency revenue growth of 23% and an operating margin of 16%, down 330 basis points from the prior-year period, largely due to rising SG&A expense. Management trimmed its 2026 outlook on a softer expected second half, with weakness concentrated in the US.

With little direct competition in patch pumps for two decades, Insulet has been able to convert more users, especially patients on multiple daily injections, to its innovative, tubeless insulin pump. The firm has carved a path to meaningful profitability gains.

Following a voluntary recall of some Omnipod 5s in March, Insulet issued a more expansive voluntary recall on May 26. Management maintained its full-year outlook, but shares nonetheless fell roughly 6% on the news.

With little direct competition in patch pumps, Insulet has been able to convert more users, especially patients on multiple daily injections, to its innovative, tubeless insulin pump. The firm has carved a path to meaningful profitability gains.

Insulet reported first-quarter results that featured constant-currency revenue growth of 30% and adjusted earnings growth of 29%. Management raised its outlook for 2026 revenue growth and operating margin by 100 basis points at the midpoint.

Insulet delivered fourth-quarter revenue growth of 29% in constant currency, fueled by 42% growth outside the US. Quarterly operating margin also expanded by 40 basis points. Shares rose by about 8% in early trading.

Similar to previous quarters in 2025, Insulet delivered third-quarter results with revenue growth running up 28% and operating margin improvement of 50 basis points year over year.

Insulet posted second-quarter revenue of $649 million, an increase of 31% in constant currency, with strong growth from both the US and international markets. Adjusted operating margin rose 670 basis points, driven primarily by lower sales and marketing expense.

With little direct competition in patch pumps, Insulet has been able to convert more users, especially patients on multiple daily injections, to its innovative, tubeless insulin pump. The firm has carved a path to meaningful profitability gains.

Insulet posted 30% first-quarter revenue growth in constant currency, and gross margin improved by 290 basis points year over year.

Despite intensive medtech industry lobbying to secure a carve-out from the Trump administration’s expansive tariffs on all countries, medical devices have been swept up in the tariff net.

With little direct competition in patch pumps, Insulet has been able to convert more users, especially patients on multiple daily injections, to its innovative, tubeless insulin pump. The firm has carved a path to meaningful profitability gains.

Insulet increased fourth-quarter 2024 revenue by 17% in constant currency, hampered by an unfavorable comparison with the prior-year period. However, adjusted for these distributor distortions, US Omnipod revenue rose 26%, reflecting solid underlying demand.

Insulet delivered third-quarter revenue growth of 25% in constant currency and pushed up gross margin by 150 basis points after a savvy decision to consolidate all pumps to the Omnipod 5 platform.

With little direct competition in patch pumps, Insulet has been able to convert more users, especially patients on multiple daily injections, to its innovative, tubeless insulin pump. The firm is on the path to meaningful profitability gains.

Insulet posted strong second-quarter results that were generally consistent with our expectations. Though management raised its outlook, our full-year estimates remain bound by the new ranges, so we're leaving our $245 fair value estimate unchanged. Insulet demonstrated particularly strong quarterly top-line growth of 23% year over year. As the comparable periods become more challenging, we anticipate revenue growth to slow over the second half. This was the first period when Insulet faced the pressure from Tandem's new Mobi pump, and we are impressed with how well Insulet has withstood competitive conditions. This leaves us confident that Insulet's narrow economic moat and its underlying intangible assets are in good shape.

Insulet posted strong first-quarter results that generally met our expectations, and we’re holding steady on our fair value estimate. With this fast start to 2024, management has raised its outlook, and now our projections, which had previously extended beyond guidance, fall near the top end of management’s new range. We remain confident in Insulet’s narrow moat, which is supported by intangible assets. While quality of operations isn’t a generally a factor in how we assess durable moat sources, operations is a major strength of Insulet, in our view.

With little direct competition in patch pumps, Insulet has been able to convert more users, especially patients on multiple daily injections, to its innovative, tubeless insulin pump. The firm is on the path to meaningful profitability gains.

Narrow-moat Insulet saw another strong quarter that wrapped up an entire year of impressive growth on the top and bottom lines. Though we haven’t shifted our assumptions, we might modestly raise our fair value estimate to account for cash flows realized since our last update. Our projections for 2024 remain on the high end of management’s outlook, but we see little to alter our thinking, especially considering the introductions lined up for the year, including integration with Dexcom’s G7 continuous glucose monitor, Omnipod integration with Apple iPhones, and further investment in the salesforce to leverage Omnipod’s long-standing strength in pediatric care.

Insulet generated stellar third-quarter results that slightly exceeded our full-year expectations on the top and bottom lines. However, our fair value estimate is unchanged because our modest increases to revenue and gross margin assumptions were offset by the revised share count. Shares have become significantly undervalued in the last few months, as investors speculate about how widespread use of GLP-1s might hurt Insulet’s pump business. Despite that uncertainty, we were struck that management raised its outlook for the third time this year, especially considering the third and fourth quarters of 2022 had seen significant acceleration in sales growth, thanks to the rollout of Omnipod 5. We expect Insulet can maintain this strength in 2024 related to several new drivers. This quarter demonstrated the intangible assets that underpin Insulet’s narrow economic moat, as well as the top-flight commercial execution that has allowed the firm to shine.