Insulet reported strong Q4 and full-year 2025 results with record new customer starts, driven by Type 2 expansion and international growth. Management provided 2026 guidance showing continued double-digit growth but with expected deceleration due to tougher comps, while emphasizing competitive moats and pipeline. Q4 2025 revenue $784M, +29% constant currency; full-year $2.7B, +29.5% cc.
Insulet reported strong Q4 and full-year 2025 results with record new customer starts, driven by Type 2 expansion and international growth. Management provided 2026 guidance showing continued double-digit growth but with expected deceleration due to tougher comps, while emphasizing competitive moats and pipeline. Q4 2025 revenue $784M, +29% constant currency; full-year $2.7B, +29.5% cc.
Management expressed strong confidence in continued growth, underscored by record new customer starts, a robust innovation pipeline, and reiterated long-term growth algorithm.
Guidance · revenue to $3.265B
Reported gross margin was 72.54%, reinforcing the quarter's better-than-guided profitability.
2026 guidance: total company revenue growth 20-22%, Omnipod growth 21-23%, adjusted EPS growth >25%.
Record new customer starts driven by MDI conversions, especially Type 2. Management expressed strong confidence in continued growth, underscored by record new customer starts, a robust innovation pipeline, and reiterated long-term growth algorithm.
Management highlighted increased capital expenditures in Q4 2025, reaching $135 million, to fund manufacturing capacity expansion. This includes further expansion of Malaysia operations and development of a new facility in Costa Rica expected to be operational in 2029, positioning the company to support industry-leading growth while expanding margins.
Management expressed strong confidence in continued growth, underscored by record new customer starts, a robust innovation pipeline, and reiterated long-term growth algorithm.
“As a reminder, we were actually ready with the 15-day launch day one with Dexcom.”
“I think that will be new information for many more clinicians. And then I'm going to come back to just continuing to build on our commercial prowess as we go, Larry.”
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Capex | FY2026 | $0.5B | $0.5B | GUIDED |
| EPS | FY2026 | $6.21 | $6.21 | GUIDED |
| Op margin | FY2026 | 18.6% | 18.6% | GUIDED |
| RevenueUS | FY2026 | $2.25B–$2.29B | $2.27B | GUIDED |
| RevenueINTERNATIONAL | FY2026 | $0.96B–$0.98B | $0.97B | GUIDED |
| Revenue | FY2026 | $3.24B–$3.29B | $3.265B | GUIDED |
| Revenue | FY2026 Q1 | $0.77B–$0.79B | $0.78B | GUIDED |
| RevenueOMNIPOD | FY2026 | $3.27B–$3.34B | $3.305B | GUIDED |
| RevenueOMNIPOD | FY2026 Q1 | $0.79B–$0.81B | $0.8B | GUIDED |
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Integration with Abbott's Libre 3+ expands Omnipod 5's CGM compatibility, reinforcing partnership and potentially boosting Abbott's sensor volume.
“And then as Ashley mentioned earlier, we began the limited market release of our Freestyle Libre Plus integration just recently”
Omnipod 5 is already compatible with Dexcom's new 15-day G7 sensor from day one, reducing risk of integration delays and preserving momentum. — This pre-emptive integration ensures no supply chain or compatibility issues that could slow Omnipod growth or sensor adoption.
Hey, good morning. Thank you for taking the question. I have a question on one of your sensor partners. So, G7 is moving to 15-day from 10-day. Is this a different pod for Influit, or is this the same pod? And if it's a different pod, can you comment on the company's readiness to provide integration with the 15-day sensor? I'm just, I'm remembering back to 2024, it took some time for the G7 pod to become widely available, and it kind of, I think, suppressed starts for a period of time before It was widely available, and so I'd like to understand the dynamics around the move from Dexcom to 15-day. Thank you.
Mike, thanks for the question. As a reminder, we were actually ready with the 15-day launch day one with Dexcom. So Omnipod 5 is compatible with the 15-day G7 now, and that's a great experience for customers. Then one of the key things we've been focused on, as you know, Mike, is accelerating sensor integration for customers. We were ready day one with the 15-day. As Ashley mentioned earlier, we began the limited market release of our Freestyle Libre Plus integration just recently, and we're excited to bring that to market in the first half of 2026. And then looking ahead to Omnipod 6, recognizing this need to evolve even faster with the market. It's part of why we're designing one pod that can be updated in market for faster innovation so that with Omnipod 6, we can always push the latest technologies directly to pods that customers have. So we're accelerating innovation and sensor integrations now. Pleased to be on market with Dexcom 15-day and assuring that we're positioned to do that going forward.
Insulet is pivoting sales messaging to emphasize clinical performance (A1C reduction) as a counter to competitive claims, while maintaining its form-factor and user-experience edge. — Enhanced clinical pitch could protect market share against tube pump competitors and sustain growth from new MDI converts.
Good morning. Thanks for taking the question and congrats on the strong finish here. Yeah, I'm going to ask, you know, I think Jeff's question may be a little bit differently. So, Ashley, you're guiding to 21% to 23% OmniPod growth for 2026, and You gave a three-year LRP of 20% recently. So my question is, how are you feeling about being able to sustain the 20% growth in light of new competition? And anything new you can offer on why you think investor concerns around competition are overblown? Do you think it's going to be harder for new companies to scale or compete directly with Insulet in the patch pump market? Or do you think their entries will have a rising tide effect? Thank you.
… of impact. And we have this 25 year head start with, again, $3 billion of investment that's enabled us a lot of knowledge, a lot of tech know-how, a lot of experience on scale. And I think in this marketplace, if you look at history, there's been a lot of attempts because it is an attractive market. But I will tell you, there are a lot of barriers to entry. And those really come down to manufacturing at scale with high quality. It has to go to continuing to innovate with clinical performance, and really unlocking the TAM. What's going to enable us to deliver the top-tier performance is by continuing to bring new users into this category. And our pipeline is specifically designed to bring new users from MDI into the category. And I think the biggest unmet need for us is to really start to improve the acumen among the clinical base, particularly in the U.S., of our strong clinical performance. In addition to being number one prescribed and number one most requested, predominantly because of our differentiated form factor and user experience, we also want them to know and be well aware of just the strong, proven clinical performance, both efficacy and safety, and unsurpassed in the category. I think that will be new information for many more clinicians. And then I'm going to come back to just continuing to build on our commercial prowess as we go, Larry. Again, I think this company has been known as being really good at technology and really good at the supply chain, what's perhaps underappreciated is this evolving commercial of having the largest sales force selling on science, very strong. We're bringing new prescribers into the category. We have this beloved brand that we are activating. When we activate DTC, we generate record new leads into the category. We're converting those leads into brand loyalty. They become new Omnipod potters. And then we continue to have unparalleled access and affordability. We've been at this pharmacy for nine years, and we've built remarkable relationships with the payers and the PBMs because we have very strong clinical and economic evidence. And we're going to take that strength and continue because 100% of our portfolio is in pharmacy. So while others may be at the 10% or 30%, Omnipod's been at this for nine years and will continue to have unparalleled access and affordability. So Thank you for the question, Larry.