stockrowWhat it does
Insulet develops, manufactures and sells insulin delivery systems for people with insulin-dependent diabetes. Founded in 2000, the company is headquartered in Acton, Massachusetts, and its chief executive is Ashley McEvoy.
Its Omnipod platform delivers insulin through a disposable, self-adhesive device called a Pod. Unlike conventional pumps, the Pod does not need external tubing. It can be worn on several parts of the body and is designed to be replaced after up to three days. This gives users an alternative to taking multiple daily injections with syringes or insulin pens.
Omnipod 5 combines the Pod with a continuous glucose monitor, a separate device that measures glucose levels. An algorithm in the Pod uses those readings to predict glucose levels and automatically adjust insulin delivery. Users can also administer additional doses for meals or to correct high glucose. They control the system with an Insulet-provided device or, in the United States, a compatible smartphone app.
The platform also includes Omnipod DASH, which delivers insulin at programmed rates and allows users to adjust doses. Insulet is phasing out its older Classic Omnipod product. Beyond diabetes, the company makes Pods for Amgen’s Neulasta Onpro kit, which delivers medicine intended to reduce infection risk after intense chemotherapy.
How it makes money
Insulet earns most of its revenue by selling Omnipod products. Users replace disposable Pods as they use them, creating repeat purchases rather than relying solely on a one-time pump sale. The company expects recurring Pod sales to account for an increasing portion of revenue as its customer base grows.
The Pod is intended for continuous use for up to three days. Insulet uses a pay-as-you-go model and can offer Pod therapy with relatively low or no upfront investment in regions where reimbursement permits it. In the United States, consumers generally have coverage through commercial insurance or government programs, including Medicare and Medicaid. Insulet negotiates reimbursement arrangements with payors, and pharmacy rebates reduce the revenue it records from product sales.
Insulet reports Omnipod revenue for the United States and international markets, as well as a Drug Delivery category. Substantially all Drug Delivery revenue comes from Pods sold to Amgen for the Neulasta Onpro kit. The glucose monitors used with Omnipod 5 are sold separately by other companies.
Total revenue was $2,708.1 million in 2025 and $842 million in the third quarter of 2026.
In 2025, higher Omnipod sales volumes reflected a growing customer base. International revenue also benefited from a higher average selling price for Omnipod 5 than for Omnipod DASH. Insulet says its customer base grew more than 20% year over year in the third quarter of 2026, while pricing was stable globally.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| U.S. | $1.9 billion | 70.9% | 27.2% |
| International | $754.3 million | 27.9% | 44.1% |
| Drug Delivery | $34.1 million | 1.26% | −12.3% |
Customers and how it sells
Omnipod serves people with insulin-dependent diabetes, including people with type 1 diabetes and, in the United States, adults with type 2 diabetes. Healthcare providers prescribe the products, while insurers and government programs help pay for them. Insulet also trains users and provides support with ordering, insurance investigation and ongoing use.
In the United States, Insulet sells primarily to wholesalers that supply pharmacies. Internationally, it sells either directly to consumers or through distributors and other intermediaries. For the year ended December 31, 2025, 86% of global Omnipod product sales were through intermediaries.
Three distributors each represented a substantial share of 2025 total revenue: Distributor A accounted for 27.0%, Distributor B for 26.0%, and Distributor C for 25.0%. Insulet does not name them in its customer concentration disclosure.
In FY2025, United States revenue was $2.0 billion, or 72.1% of revenue; international revenue was $754.3 million, or 27.9%. Omnipod products were available in 25 countries listed by Insulet, and the company subsequently launched in Spain. Insulet says nearly 34,000 U.S. healthcare providers were prescribing Omnipod as of the third quarter of 2026.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| UNITED STATES | $2.0 billion | 72.1% | 26.2% |
| International | $754.3 million | 27.9% | 44.1% |
Suppliers and costs
Insulet manufactures products at its own facilities in Acton, Massachusetts, and Johor, Malaysia. It also uses manufacturing lines at a contractor-operated facility in China and is investing in another plant in Costa Rica.
The company buys raw materials, components and subassemblies from outside suppliers. Where feasible, it uses at least two sources, but some specialized parts come from a single supplier or a limited number of suppliers. These include application-specific integrated circuit chips and Bluetooth low-energy chips. For some sole-source parts, the supplier owns the intellectual property. Insulet holds inventory both in-house and at suppliers to reduce disruption risk.
Cost of revenue was $768.2 million in 2025, and gross margin was 71.6%. Insulet attributed the improvement in gross margin from 2024 primarily to manufacturing and supply-chain efficiencies, higher average selling prices, increased volume and a prior-year inventory charge.
Research and development expense was $301.1 million in 2025, reflecting work on Omnipod products, sensor integration and clinical programs. Selling, general and administrative expense was $1,165.0 million, including spending on commercial staff, customer experience, advertising and training.
- Revenue$2.7B
- Cost of revenue−$768.2M
- Research and development−$301.1M
- Selling, general and administrative−$1.2B
- Operating income$473.8M
Competitive position
Insulet competes for insulin delivery users against multiple daily injections using syringes or insulin pens, including smart pens, as well as against tubed insulin pumps and companies developing patch pumps. Most new Omnipod users come from multiple daily injection therapy. No competing companies are named in Insulet’s description of the insulin delivery market.
Insulet says it expects new competitors to take some share of new customer starts. It also says it has not observed an effect from increased GLP-1 use on type 2 new customer starts and views those medicines as complementary to insulin.
The Omnipod platform combines a tubeless wearable Pod, automated insulin delivery, sensor integrations and smartphone controls. As of December 31, 2025, Insulet had over 1,000 patents in the United States and certain other countries, covering features including the Pod’s drive system, insertion system and control software.
Our reading: The patented design and automated features provide a product and intellectual-property moat, although alternative injection and pump therapies remain available. Our reading: Repeat Pod use, established reimbursement arrangements and user training support customer relationships, but the business must retain users to preserve those recurring sales. Our reading: Manufacturing facilities and supplier relationships provide capacity, while reliance on some sole-source parts limits supply-chain flexibility.
Growth opportunities
Insulet’s growth plans include bringing more people who use daily injections onto Omnipod, expanding internationally and developing new products. The company estimates that approximately 6 million people have type 1 diabetes and approximately 6 million have insulin-requiring type 2 diabetes in the countries it serves. It also estimates that another 3 million people with type 2 diabetes in the United States require only basal insulin.
Insulet estimates that approximately 40% of the U.S. type 1 population and 25% of the international type 1 population use insulin pumps. It says a smaller portion of people with insulin-requiring type 2 diabetes use pump therapy.
The company launched Omnipod 5 in additional countries and is working on sensor and smartphone integrations. In 2026, Insulet said it had extended integration with FreeStyle Libre 3 Plus to 10 new markets following its U.S. integration. It also completed the full U.S. release of Omnipod Discover, a platform designed to provide users and clinicians with insights from diabetes data.
Insulet has submitted the final 510(k) for Omnipod 6 and expects to launch it in 2027. It also completed enrollment in the Evolve pivotal study for a fully closed-loop type 2 system and targets a 2027 regulatory submission and a 2028 launch. The company expects growth to moderate in 2027 as it faces new competition and a more difficult international comparison.
- $1.1BFY2021
- $1.3BFY2022
- $1.7BFY2023
- $2.1BFY2024
- $2.7BFY2025
Structural risks
- Product concentration: Insulet relies on its Omnipod platform for most revenue. Failure to compete effectively or develop appropriate product improvements could affect revenue and operating results.
- Customer and reimbursement exposure: Large distributors account for material portions of revenue. Insulet also depends on reimbursement contracts, and obtaining or maintaining coverage in international markets can be difficult.
- Supplier continuity: Some critical components are sourced from one supplier or a limited number of suppliers. Insulet may have difficulty qualifying alternatives, and changing a supplier or component can require a redesign or a new regulatory submission.
- Regulation and product safety: Medical devices face continuing design, manufacturing, reporting and approval requirements. Noncompliance can result in recalls, production restrictions, penalties or delays to product clearances.
- Retention and competition: Insulet experienced erosion in type 2 retention in the second quarter of 2026 and says retention improved modestly in the third quarter. It expects new entrants to take some share of new customer starts.
Bottom line
Our reading
Insulet is a medical-device business built around a reusable customer relationship and recurring sales of disposable insulin Pods. Its opportunity to add users and expand internationally sits alongside dependence on reimbursement, a concentrated distributor channel and critical suppliers. Product development and retention matter because competing therapies remain available and new entrants can challenge its share of customer starts.