PODD · Insulet Corporation

Insulet delivered a materially strong Q1 2026, with revenue of $761.7 million — up 33.9% year-over-year and 30.1% in constant currency — decisively surpassing its prior guidance range of 25%–27% at constant currency. This outperformance was broad-based: U.S. Omnipod revenue grew 28.3% to $515.6 million, while international Omnipod surged 59.4% (45.2% constant currency) to $242.9 million, reflecting successful geographic expansion, including Omnipod 5 launches across five Middle Eastern countries and algorithm enhancements presented at ATTD. Drug delivery revenue declined 50% to $3.3 million, consistent with strategic prioritization of core insulin pump growth. Operating income rose to $122.1 million (16.0% margin), and adjusted operating income reached $133.5 million (17.5% margin), up 110 basis points year-over-year — demonstrating scalable profitability. Net income more than doubled to $91.1 million ($1.30 diluted EPS), and adjusted net income grew 35.4% to $99.8 million ($1.42 adjusted EPS). Management attributed results to disciplined execution across commercial, R&D, and manufacturing functions, and raised full-year 2026 total company revenue growth guidance to 21%–23% (constant currency), up from 20%–22%, while maintaining expectations for ~100 bps adjusted operating margin expansion and >25% adjusted EPS growth. Strategic progress on the Omnipod 5 platform — including the new 100 mg/dL glucose target, FreeStyle Libre 3 Plus integration, and initiation of the EVOLVE pivotal trial for type 2 diabetes — reinforces long-term innovation leadership and market expansion potential beyond current indications. The repurchase of 1.25 million shares signals continued capital allocation discipline amid robust cash generation.