Key Takeaways PODD reported Q4 EPS of $1.55, up 34.8%, as revenues rose 31.2% and beat estimates.Insulet's Omnipod sales climbed 33.5%, with international revenues surging more than 50%.PODD expanded gross and operating margins and guided 20%-22% CER revenue growth for 2026.Insulet Corporation (PODD) reported fourth-quarter 2025 adjusted earnings per share (EPS) of $1.55, up 34.8% from the year-ago period’s figure. The bottom line surpassed the Zacks Consensus Estimate by 4.87%.GAAP EPS came in at $1.44, up ...

Insulet (NasdaqGS:PODD) Q4 2025 Earnings call February 18, 2026 08:00 AM ET Company ParticipantsAshley McEvoy - President and CEOClare Trachtman - VP of Investor RelationsEric Benjamin - COOFlavia Pease - CFOJoanne Wuensch - Managing DirectorConference Call ParticipantsDanielle Antalffy - Managing Director and Senior Equity Research AnalystDavid Roman - Managing Director and Senior AnalystJeff Johnson - Managing Director and Senior Research AnalystLarry Biegelsen - Managing Director and Senior AnalystMichae ...

Financial Data and Key Metrics Changes - The company closed 2025 with total revenues of $784 million in Q4, representing a 29% increase in constant currency and a 31.2% increase at reported rates [7][26] - Full year revenues surpassed $2.7 billion, more than doubling the revenue base over the last three years, with approximately 30% year-over-year constant currency growth [7][26] - Adjusted EPS for Q4 was $1.55, a 35% increase from $1.15 in the prior year, while full year adjusted EPS was $4.97, up 53% from $3.24 [33] Business Line Data and Key Metrics Changes - U.S. revenues for Omnipod grew 28% in Q4 and 27.2% for the full year, driven by demand for Omnipod 5 across Type 1 and Type 2 customers [27] - International Omnipod revenue grew 50.7% on a reported basis and 41.7% on a constant currency basis for Q4, with full year growth at 44.1% reported and 39.3% constant currency [28] - Record new customer starts were achieved across both U.S. and international markets, with over 85% of new customer starts in the U.S. coming from multiple daily injections (MDI) [27][8] Market Data and Key Metrics Changes - The U.S. Type 1 market is valued at over $9 billion, with AID penetration at just 40%, indicating significant growth potential [9] - The Type 2 market exceeds $12 billion, with AID penetration below 5%, presenting a substantial opportunity for growth [11] - The company has expanded its prescriber base to over 30,000 healthcare professionals in the U.S., a 28% increase year-over-year [9] Company Strategy and Development Direction - The company aims to maintain its leadership position in the automated insulin delivery (AID) market, focusing on expanding penetration in both Type 1 and Type 2 diabetes segments [8][9] - Plans include launching a fully closed loop system for Type 2 diabetes by 2028, which is expected to significantly increase market access [12][21] - Continued investment in R&D is prioritized, with a commitment to deliver innovative enhancements and maintain competitive advantages [19][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to sustain top-tier growth and value creation for shareholders, supported by a strong financial position and operational excellence [16][24] - The company anticipates total Omnipod revenue growth of 21%-23% and total company revenue growth of 20%-22% for 2026, reflecting continued market-leading growth [35][36] - Management acknowledged potential challenges in growth deceleration due to anniversarying the first full year of the U.S. launch of Omnipod for Type 2 and annualizing international launches [36] Other Important Information - The company ended 2025 with $760 million in cash and $500 million available under its credit facility, delivering over $375 million in free cash flow for the year [34] - The company has a strong commitment to reducing barriers to access for patients, with broad market access available in approximately 48,000 U.S. pharmacies [13] Q&A Session All Questions and Answers Question: What is the most underappreciated part of the Insulet story from an investor perspective? - Management highlighted four key areas: technology leadership, growing commercial prowess, manufacturing at scale, and financial strength [45][49] Question: How are you thinking about sustaining new patient growth in the U.S. and internationally? - Management noted balanced growth from both U.S. and international markets, with a primary source of volume coming from patients transitioning from MDI [53][54] Question: Can you help reconcile script trends to reported revenue? - Management advised that total pods are the best reflection of future revenue outlook, with total scripts as a secondary option [60] Question: How do you feel about sustaining 20% growth in light of new competition? - Management emphasized barriers to entry in the market, including manufacturing at scale and the need for continued innovation [66][70]

Financial Data and Key Metrics Changes - The company reported total revenues of $784 million for Q4 2025, representing a 29% increase in constant currency [5][25] - Full year revenues surpassed $2.7 billion, more than doubling the revenue base over the last three years, with approximately 30% year-over-year constant currency growth [5][25] - Adjusted EPS for Q4 was $1.55, a 35% increase from $1.15 in the prior year, while full year adjusted EPS was $4.97, up 53% from $3.24 [32] Business Line Data and Key Metrics Changes - U.S. revenues for Q4 were $568 million, up 28%, while international revenues reached $214 million, growing 42% in constant currency [5][25] - Total Omnipod revenue grew 31.3% on a constant currency basis in Q4, and 30.3% for the full year [25][26] - The U.S. Omnipod revenue grew 28% in Q4 and 27.2% for the year, driven by demand for Omnipod 5 across Type 1 and Type 2 customers [26][27] Market Data and Key Metrics Changes - The U.S. Type 1 market is valued at over $9 billion, with AID penetration at just 40%, indicating significant growth potential [8] - The Type 2 market exceeds $12 billion, with AID penetration below 5%, presenting a substantial opportunity for expansion [10] - Internationally, the Type 1 market exceeds $10 billion, with only one in four people with diabetes using AID therapy, highlighting a large under-penetrated market [14] Company Strategy and Development Direction - The company aims to maintain its leadership position in AID and expand its market share by focusing on innovation and clinical outcomes [7][18] - Plans include launching a fully closed loop system for Type 2 diabetes by 2028, which is expected to significantly increase market penetration [11][22] - The company is committed to investing in R&D, with a projected $1 billion investment over the next three years to support innovation and market expansion [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to sustain top-tier growth and value creation for shareholders, supported by a strong financial position and competitive advantages [15][24] - The company anticipates continued growth in 2026, with guidance for Omnipod revenue growth of 21%-23% and total company revenue growth of 20%-22% [36][37] - Management acknowledged potential challenges in sustaining growth due to anniversarying the first full year of the U.S. launch of Omnipod for Type 2 and annualizing several international launches [36] Other Important Information - The company achieved record new customer starts across both U.S. and international markets, with a significant portion coming from patients transitioning from multiple daily injections [6][26] - The company has built strong relationships with payers and PBMs, ensuring broad access to its products, available in approximately 48,000 U.S. pharmacies [12] - The company ended the quarter with $760 million in cash and delivered over $375 million in free cash flow for 2025, a 24% increase over the previous year [33] Q&A Session Summary Question: What is the most underappreciated part of the Insulet story from an investor perspective? - Management highlighted four key areas: technology leadership, growing commercial prowess, manufacturing at scale, and financial strength [44][45] Question: How are new patient start trends in the U.S. and outside the U.S.? - Management reported record new customer starts in both markets, with a significant portion coming from patients on multiple daily injections [51][53] Question: Can you help reconcile script trends to reported revenue? - Management advised that total pods are the best reflection of future revenue outlook, with total scripts as a secondary option [58][60] Question: How does the company plan to sustain growth amid new competition? - Management emphasized the barriers to entry in the market, including manufacturing at scale and the need for continued innovation [66][68]

The Pod has an IP28 rating for up to 25 feet for 60 minutes. The PDM and Controller are not waterproof. Safe Harbor Statement This presentation contains forward-looking statements regarding, among other things, future operating and financial performance, product success and efficacy, the outcome of studies and trials, and the approval of products by regulatory bodies. These forward-looking statements are based on management's current beliefs, assumptions, and estimates and are not intended to be a guarantee ...

Investor presentation February 18, 2026 Chloe Podder since 2021 The Pod has an IP28 rating for up to 25 feet for 60 minutes. The PDM and Controller are not waterproof. Safe Harbor Statement This presentation contains forward-looking statements regarding, among other things, future operating and financial performance, product success and efficacy, the outcome of studies and trials, and the approval of products by regulatory bodies. These forward-looking statements are based on management's current beliefs, a ...

Investment Rating - The report maintains an "Overweight" rating for Intuitive Surgical (ISRG) and Boston Scientific (BSX) in the large-cap category, while Insulet (PODD) is highlighted as a top pick among small to mid-cap companies [15][17][18]. Core Insights - The healthcare sector is projected to experience revenue growth of approximately 6% in 2026, driven by healthy volumes and demographic trends [15]. - The report indicates that the MedTech sector is currently facing challenges with muted new money interest, as investor focus has shifted towards technology and AI stocks [11]. - Despite some negative pre-announcements from companies, there are positive indicators from firms like ISRG and BSX, suggesting a cautiously optimistic outlook for the sector [9][10]. Summary by Sections Healthcare Sector Snapshot - Healthcare stocks in the S&P 500 have shown a slight increase of 0.5% year-to-date, underperforming compared to the S&P 500's 1.4% [7]. - Key performers within the healthcare sector include Labs (+8.6%), CROs (+6.3%), and Lifescience Tools (+5.2%), while Biotech (-0.7%) and Large Pharma (-1.8%) lag behind [7]. Key Takeaways from the Conference - The conference revealed a mix of pre-announcements, with ISRG and DXCM performing better than expected, while ATEC and ENOV faced challenges [9]. - There is a notable interest in surgical robotics and diabetes management, with companies like MDT and BSX leading in these areas [12]. Sector Outlook for 2026 - The report forecasts EPS growth of around 7% for 2026, emphasizing the importance of high-quality companies with strong earnings visibility [15]. - The anticipated growth in the MedTech sector is supported by ongoing innovation and favorable demographic trends, despite potential budget constraints in healthcare [15]. Top Picks - The report identifies ISRG and BSX as top large-cap picks, citing their strong growth potential and innovative product pipelines [15][17]. - Among small to mid-cap companies, Insulet (PODD) is highlighted for its robust sales growth and market position in diabetes management [18].

Company Overview - Insulet's vision is to create a world where diabetes demands less every day, everywhere, reflecting a commitment to transforming the lives of people with diabetes [3] - The company's mission is driven by empathy, ingenuity, and proven science, emphasizing its dedication to improving diabetes management [3] Product Impact - The introduction of Omnipod 5 has significantly improved patient outcomes, as demonstrated by a case study where a user named Eric experienced a drop in A1c from 7.5% to 6.5% and increased time in range to 90% after using the product [4]

Insulet (NasdaqGS:PODD) FY Conference Summary Company Overview - **Company**: Insulet Corporation - **Industry**: Medical Technology, specifically in diabetes management and automated insulin delivery systems - **Product**: Omnipod 5, an automated insulin delivery (AID) system Key Points and Arguments Vision and Mission - Insulet aims to create a world where diabetes demands less every day, driven by empathy and proven by science [2][3] Market Leadership - Insulet has transitioned from a disruptor to a market leader in automated insulin delivery, with Omnipod 5 being the most requested and prescribed solution among diabetes patients and clinicians [4][5] - The company has driven 66% of global market growth in the AID category over the past five years, achieving a 26% compound annual growth rate (CAGR) [5][6] Financial Performance - Revenue is projected to reach approximately $2.7 billion for 2025, with a customer base of over 600,000 podders across 25 markets [4][6] - Revenue has compounded at a 25% CAGR since 2021, with adjusted operating margins expanding nearly 600 basis points [6][7] - Insulet became cash flow positive in 2023, with accelerating free cash flow supporting continued growth and innovation [6][7] Total Addressable Market (TAM) - The total addressable market for Insulet is over $30 billion, with significant under-penetration in Type 1 and Type 2 diabetes communities [9][10] - In the U.S., Type 1 diabetes represents a $9 billion market with only 40% AID penetration, while Type 2 diabetes represents a $12 billion market with less than 5% penetration [9][10] Competitive Advantages - Insulet has built durable competitive moats through unique technology, strong brand loyalty, and a highly scaled manufacturing infrastructure [5][11] - The company has invested over $3 billion in R&D and manufacturing, enabling it to produce tens of millions of pods annually [11][39] Innovation Pipeline - Insulet plans to launch several updates to Omnipod 5 in 2026, including automation improvements and full CGM integration [13][15] - The launch of Omnipod 6 in 2027 will feature enhanced connectivity and personalized automation, while a fully closed-loop system for Type 2 diabetes is expected in 2028 [17][18] Strategic Growth Initiatives - Insulet aims to penetrate the U.S. Type 1 market further, targeting over 50% penetration by 2028 through demand generation and improved prescriber engagement [21][22] - The company is also focused on expanding its presence in international markets, with plans to increase penetration from 25% to 30%-35% by 2028 [24][25] Financial Projections - Revenue is forecasted to grow at approximately 20% through 2028, with adjusted EPS expected to grow at a 25% CAGR [25][26] - Insulet plans to invest over $1 billion in R&D over the next three years to fuel innovation and maintain competitive advantages [27][42] Market Position and Competition - Insulet maintains a strong market position despite increasing competition, with a unique technology platform that sets it apart from other manufacturers [30][31] - The company has a recurring revenue model and a healthy balance sheet, allowing for continued investment in innovation and market expansion [33][39] Additional Important Insights - The new ADA guidelines recommend AID as the preferred insulin delivery system for all individuals with Type 1 and Type 2 diabetes on multiple daily injections, which could drive further adoption of Insulet's products [23][22] - Insulet's focus on simplifying the prescribing process and enhancing user experience is expected to improve access and adoption rates among healthcare providers and patients [18][19] This summary encapsulates the key insights from the conference, highlighting Insulet's strategic direction, market opportunities, and competitive advantages in the diabetes management sector.

J.P. Morgan 44th Annual Healthcare Conference failure to retain key suppliers; challenges to the future development of our non-insulin drug delivery product line; our failure or that of our contract manufacturer or component suppliers to comply with the U.S. Food and Drug Administration's quality system regulations or other manufacturing difficulties; extensive government regulation applicable to medical devices, as well as complex and evolving privacy and data protection laws; our use of artificial intelli ...