0001145197-26-000167
SEC filingInsulet 二季度营收 801.7 百万美元、EPS 大幅提升，但公司下调全年营收指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $801.7 million | $649.1 million | +23.5% |
| Total Omnipod revenue | $795.9 million | — | +24.6% |
| U.S. Omnipod revenue | $544.1 million | — | +20.1% |
| International Omnipod revenue | $251.8 million | — | +35.5% |
| Drug Delivery revenue | $5.8 million | — | — |
| Gross profit | $562.6 million | $452.2 million | — |
| Operating income | $129.7 million | — | — |
| Adjusted operating income | $154.5 million | — | — |
| Net income | $95.0 million | $22.5 million | — |
| Diluted EPS | $1.37 | $0.32 | — |
| Adjusted net income | $115.0 million | $83.7 million | +37.4% |
| Adjusted diluted EPS | $1.66 | $1.17 | +41.5% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q3 2026 | Total revenue growth | 17.5% - 19.5% | constant currency |
| FY 2026 | Total revenue growth | 20% - 22% | constant currency |
| FY 2026 | U.S. Omnipod revenue growth | 17% - 19% | constant currency |
| FY 2026 | International Omnipod revenue growth | 30% - 32% | constant currency |
| FY 2026 | Total Omnipod revenue growth | 21% - 23% | constant currency |
| FY 2026 | Drug Delivery revenue growth | ~(40%) | constant currency |
| FY 2026 | Adjusted Operating Margin | ~100 bps YoY expansion | Non-GAAP |
| FY 2026 | Adjusted EPS Growth | >30% | Non-GAAP |
本季营收 $801.7 million、同比增长 23.5%（constant currency 22.7%），超出此前 20%-22% 的指引上限，Total Omnipod 与 International Omnipod 分别增长 24.6% 和 35.5%，显示海外扩张与平台渗透仍是主要增长引擎。盈利端呈现分化：GAAP Operating income $129.7 million、占营收 16.2%，同比下降 250 basis points；而 Adjusted operating income $154.5 million、占营收 19.3%，同比提升逾 140 basis points，说明利润率承压主要来自被调整项而非核心经营。Net income 与 Diluted EPS 分别升至 $95.0 million 和 $1.37，Adjusted net income 与 Adjusted diluted EPS 同比增长 37.4% 和 41.5%。
管理层在评论中表示本季实现"broad-based growth、robust margin expansion 和 positive free cash flow"，但同时"updating our outlook to reflect what we're learning as we scale in type 2"，即因 type 2 市场规模化过程中的经验而下调展望。指引变化明显：FY 2026 Total revenue growth 由 21%-23% 下调至 20%-22%，U.S. Omnipod 由 20%-22% 下调至 17%-19%，而 International Omnipod 由 26%-28% 上调至 30%-32%，Drug Delivery 降幅由 ~(50%) 收窄至 ~(40%)；Adjusted EPS Growth 指引则由 >25% 上调至 >30%。整体看，本季业绩超预期但全年营收指引下修，构成短期预期与长期信心的分歧点。