Insulet Q3 Revenue Rises 19% as International Omnipod Growth Leads

Insulet Corp. (PODD) reported 19.2% year-over-year revenue growth for the third quarter of 2026, led by continued international adoption of its Omnipod insulin-delivery platform, while adjusted operating margin expanded by 490 basis points. The company also raised the lower end of its full-year revenue growth outlook and authorized a $1 billion share repurchase program.

Third-quarter revenue reached $842.0 million, representing growth of 19.6% on a constant-currency basis. Omnipod generated $836.6 million, up 19.7% as reported and 20.0% in constant currency.

U.S. Omnipod revenue increased 14.7% to $570.4 million. International Omnipod revenue rose 31.7% to $266.2 million, or 33.0% on a constant-currency basis, making overseas markets the faster-growing geographic component of the business.

Profitability strengthens

Adjusted gross profit increased to $624.9 million from $510.1 million a year earlier, with adjusted gross margin rising to 74.2% from 72.2%. Adjusted operating income advanced to $185.2 million from $120.7 million, while adjusted operating margin expanded to 22.0% from 17.1%.

GAAP operating income was $189.8 million, equivalent to a 22.5% operating margin, compared with $117.7 million and 16.7%, respectively, in the prior-year quarter. GAAP diluted earnings per share rose to $2.03 from $1.24. Adjusted diluted EPS was $1.99, up 59.9% year over year.

Insulet’s non-GAAP results exclude certain items affecting period-to-period comparability, including costs associated with voluntary medical device corrections and, where applicable, legal and management-transition expenses.

Customer growth and commercial expansion

Insulet estimated that its global customer base grew 20% during the quarter. Omnipod 5 accounted for more than 75% of the international customer base, while more than 85% of U.S. new customer starts came from people previously using multiple daily injections.

The company completed a U.S. sales-force expansion that added approximately 25% more field coverage. Its U.S. prescriber base grew 20% to nearly 34,000 healthcare professionals prescribing Omnipod.

Insulet also completed the full U.S. market release of Omnipod Discover, its engagement and decision-support platform. As of Nov. 2, the platform had been adopted by more than 35,000 users and 5,000 healthcare professionals across available markets. The company expanded the Omnipod 5 sensor ecosystem by adding compatibility with Abbott’s FreeStyle Libre 3 Plus across 10 markets.

Clinical development work included completing enrollment in the type 1 diabetes cohort of the STRIVE study supporting Omnipod 6 and in the EVOLVE study of fully closed-loop automated insulin delivery for adults with type 2 diabetes.

Full-year outlook and capital allocation

Insulet now expects full-year 2026 total revenue to grow 21% to 22% in constant currency, compared with its previous range of 20% to 22%. On a GAAP basis, total revenue growth is projected at 22% to 23%, including an estimated one-percentage-point currency benefit.

U.S. Omnipod revenue is expected to grow 17.5% to 18.5%, narrowing the prior 17% to 19% range. International Omnipod constant-currency growth is projected at 32% to 33%, compared with 30% to 32% previously. Total Omnipod constant-currency growth is expected to be 21.5% to 22.5%, versus the earlier 21% to 23% range.

The company expects adjusted operating margin to expand by approximately 150 basis points year over year, up from its previous expectation of about 100 basis points. Adjusted EPS growth remains projected at more than 30%.

The outlook assumes continued Omnipod 5 adoption and year-over-year growth in new customer starts. U.S. expectations incorporate customer-base expansion with stable pricing, utilization and current attrition levels. International assumptions include customer growth, favorable price and product mix, stable utilization and modestly improving retention.

Insulet’s board approved a $1 billion share repurchase program, and the company expects to allocate $400 million to repurchases during the fourth quarter.

The presentation identified potential risks including dependence on the Omnipod platform, competition and technological change, international regulatory and logistics exposure, tariffs, reimbursement conditions, manufacturing concentration and scale-up challenges, supplier disruptions, product corrections and safety issues, cybersecurity threats, and broader macroeconomic and geopolitical uncertainty. Actual results could also be affected by regulatory decisions, clinical-study outcomes and the company’s ability to develop and commercialize future products.