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Insulet
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Latest analysis
Updated Nov 4, 2026
Insulet Q3 2026: 19.2% revenue growth and 280bps gross margin expansion signal manufacturing efficiency gains as MDC charges and $1B buyback reshape capital allocation.
Insulet delivered $842.0 million in Q3 2026 revenue, up 19.2% year-over-year, with international Omnipod growing 31.7% and gross margin expanding 280 basis points to 75.1%, driven by manufacturing efficiencies. The voluntary medical device corrections (MDCs) issued in March and May 2026 — carrying an estimated total cost of approximately $50 million — remain the primary operational overhang, though Q3 benefited from a 90 basis point warranty accrual reversal as Pod replacements came in below original estimates. The Board authorized a new $1 billion share repurchase program in October 2026, a signal of management confidence in cash generation capacity even as free cash flow declined to $211.7 million for the nine months ended September 30, 2026 from $329.5 million in the prior-year period.
Tone: bullishRevenue
$2.7B
PODD 10-K · FY 2025
Employees
5,400
Revenue FY2024
$2.1B
Founded
2000
Profile
PODD 10-K Item 1 · Feb 18, 2026Insulet Corporation develops, manufactures, and sells the Omnipod platform, a tubeless continuous insulin delivery system for people with insulin-dependent diabetes. The company's flagship product, Omnipod 5, is a smartphone-controlled automated insulin delivery system integrating with third-party CGMs. Insulet also produces customized pods for Amgen's Neulasta Onpro kit under a drug delivery arrangement.
Read filing description ↓ Collapse description ↑
Insulet Corporation is primarily engaged in the development, manufacture, and sale of its proprietary continuous insulin delivery systems for people with insulin-dependent diabetes. The Omnipod platform includes: the Omnipod 5 Automated Insulin Delivery System ('Omnipod 5'), the Omnipod DASH Insulin Management System ('Omnipod DASH'), and the Omnipod Insulin Management System ('Classic Omnipod'). The small, lightweight, self-adhesive disposable tubeless Omnipod device ('Pod'), can be worn in multiple locations, including the abdomen, hip, back of upper arm, upper thigh, or lower back. The Pod can be worn for up to three days at a time and, because it is waterproof (with an IP28 rating for up to 25 feet for 60 minutes), there is no need to remove it when showering, swimming, or performing other activities. Omnipod 5 includes a proprietary AID algorithm embedded in the Pod. The Pod integrates with a third-party continuous glucose monitor ('CGM') to obtain glucose values through secure wireless Bluetooth communication. The embedded algorithm utilizes these glucose values to predict glucose levels into the future and automatically adjusts insulin dosing intended to improve time-in-range and reduce the occurrence of blood glucose highs and lows. Omnipod products are currently available in 25 countries. Insulet also produces pods for Amgen for use in the Neulasta Onpro kit, a delivery system for Amgen's Neulasta to help reduce the risk of infection after intense chemotherapy.
Primary products
- Omnipod 5 Automated Insulin Delivery System
- Omnipod DASH Insulin Management System
- Omnipod Insulin Management System (Classic Omnipod)
- Drug Delivery Pod (Neulasta Onpro kit)
- Omnipod Discover
Business segments
End markets
Geographies
Named customers
The percentages of total revenue for customers that represent 10% or more of total revenue was as follows: Distributor A 27% (2025), 28% (2024), 28% (2023); Distributor B 26% (2025), 26% (2024), 24% (2023); Distributor C 25% (2025), 21% (2024), 19% (2023).
Named competitors
“Because most new Omnipod users come from MDI therapy, which currently is the most prevalent method of insulin delivery, we believe that we primarily compete with companies that provide products and supplies for MDI therapy, including smart pens.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased $636.6 million, or 30.7%, to $2,708.1 million in 2025, compared with $2,071.6 million in 2024, driven primarily by higher sales volume from a growing customer base and, to a lesser extent, higher price.
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