Insulet Corporation: Delivering Strong Revenue Growth and Expanding Profitability in Q2 2026
Insulet Corporation, a leading medical technology company focused on serving people with diabetes, has reported strong revenue growth and expanding profitability in its second quarter (Q2) 2026 earnings. The company's performance reflected the strength of its differentiated business model and the dedication of its team to improving the lives of people with diabetes around the world.
Total company revenue grew 23% year-over-year on a constant currency basis, exceeding Insulet's expectations. This growth was driven by strong demand for Omnipod across both the U.S. and international markets, along with a benefit from favorable price mix. Importantly, Insulet delivered growth this quarter while continuing to meaningfully improve profitability.
Second quarter adjusted operating margin increased 140 basis points year-over-year, supported by increased manufacturing productivity and the benefits of scale. Adjusted earnings per share (EPS) increased approximately 42%, driven by strong revenue growth and disciplined operating performance. Demand remained healthy with new customer starts rebounding from the seasonal slowdown in Q1.
Global new customer starts increased both sequentially and year-over-year, resulting in Insulet's second-highest quarter ever and contributing to a 23% growth in its global customer base. In the U.S., more than 85% of new customer starts came from MDI (Multiple Daily Injection) users, while over 40% of new customer starts were people with type 2 diabetes.
Internationally, Omnipod 5 became the number one insulin pump for new users in Australia. Insulet recently launched in Spain, marking its entry into an important new market and further expanding its global reach. The company continued to expand its prescriber base, with more than 32,000 healthcare providers in the U.S. now prescribing Omnipod, up 27% year-over-year.
However, this quarter has also reinforced that Insulet is still learning how to best serve the type 2 market. While it has over 25 years of experience serving people with type 1 diabetes, the company is still in the early stages of bringing Omnipod 5 to the type 2 community. As Insulet gains more experience in the type 2 market, it is developing a deeper understanding of the unique needs and behaviors of these customers.
Insulet recognizes that it needs to adapt its commercial model to better serve this community. Specifically, it is seeing lower rates of utilization and retention among type 2 customers, and these trends were more pronounced this quarter than anticipated. As Insulet gathers additional data and experience, it is incorporating learnings into its assumptions and outlook.
