Insulet reported fourth-quarter revenue of $784 million (up 29% constant currency) and full-year sales of $2.7 billion (up 30.7% reported), marking its tenth straight year of at least 20% cc growth. U.S. new customer starts included 85% of users transitioning from multiple daily injections, and the Type 2 prescriber base rose 62% to over 6,500 clinicians.

Fourth-quarter gross margin improved 40 basis points to 72.5%, while full-year gross margin reached 71.6%, up 180 basis points. Adjusted operating margin expanded to 18.7% in Q4 and 17.6% for the year; adjusted EPS was $1.55 (up 35%) for the quarter and $4.97 (up 53%) for the year. Free cash flow topped $375 million, up 24%, and cash on hand totaled $760 million with full access to a $500 million credit facility.

International Omnipod revenue grew 41.7% cc in Q4 and 39.3% cc for the full year, driven by volume gains and positive price mix as customers convert to Omnipod 5. The company secured reimbursement in half of Canadian provinces, tripled new starts in Australia, and launched in the Middle East; Omnipod 5 is now in 19 countries. A 2026 roadmap includes algorithm enhancements, broader CGM integrations, Omnipod Discover rollout, and pivotal data for Omnipod 6 arriving at ADA in June, with future systems targeting fully closed-loop Type 2 automation.