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Top analysts & firms

All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions

What does “challenging” mean?

Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.

Most active analysts

Analyst	Firm	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Jeff Johnson	Robert W. Baird	9 questions · 11% challenging
Travis Steed	Bank of America	9 questions · 22% challenging
Robbie Marcus	JPMorgan	7 questions · 43% challenging
Joanne Wuensch	Citigroup	5 questions · 0% challenging
David Roman	Goldman Sachs	5 questions · 20% challenging
Mike Polark	Wolfe Research	5 questions · 0% challenging
Larry Biegelsen	Wells Fargo	5 questions · 40% challenging
Matt O'Brien	Piper Sandler	4 questions · 0% challenging
Matt Taylor	Jefferies	3 questions · 0% challenging
Marie Thibault	BTIG	3 questions · 33% challenging

Most active firms

Firm	Analysts	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Bank of America	1 analyst	9 questions · 22% challenging
Robert W. Baird	1 analyst	9 questions · 11% challenging
JPMorgan	1 analyst	7 questions · 43% challenging
Wells Fargo	2 analysts	6 questions · 33% challenging
Goldman Sachs	1 analyst	5 questions · 20% challenging
Citigroup	1 analyst	5 questions · 0% challenging
UBS	2 analysts	5 questions · 0% challenging
Wolfe Research	1 analyst	5 questions · 0% challenging

Quarter in detail

· FY2026 Q1

Macro Signals

↑FX→Consumer Spending↑Regulation Policy

Insulet delivered $762 million in Q1 revenue, up 30% at constant currency, with Type 2 maintaining approximately 40% of US new starts despite seasonal headwinds. International growth reached 45% for the third consecutive quarter above 40%, and adjusted operating margin expanded 110 basis points to 17.5%. Management raised full-year total Omnipod revenue guidance to 22-24%, though gross margin was impacted by a $12 million medical device correction.

Key Themes7

positive📊 company

Revenue $762M With 30% Constant Currency Growth

First quarter total revenues of $762 million increased 34% on a reported basis and 30% on a constant currency basis. Total Omnipod revenue grew 33% constant currency. U.S. Omnipod grew 28% and international Omnipod grew 45% constant currency. Global customer base grew nearly 25% year-over-year.

Revenue GrowthDemand

positive📊 company

Full Year 2026 Revenue Guidance Raised To 21-23%

Raised full year 2026 total company revenue growth guidance from 20-22% to 21-23%. Raised total Omnipod revenue growth from 21-23% to 22-24%. International Omnipod raised from 24-26% to 26-28%. U.S. Omnipod maintained at 20-22%. Adjusted EPS expected to increase more than 25% for the year.

Revenue GrowthGuidance Reliability

positive📊 company

Type 2 Approximately 40% Of U.S. New Starts Despite Seasonality

Type 2 represented approximately 40% of U.S. new customer starts in Q1. Type 2 new customer starts grew meaningfully year-over-year despite Q1 seasonality from annual deductible resets. Type 2 penetration remains around 5% versus CGM at 55%. First patient enrolled in EVOLVE pivotal study for fully closed loop type 2 system.

Subscriber GrowthDemand

positive📊 company

International Growth 45% With Third Consecutive Quarter Above 40%

International Omnipod grew 59% reported and 45% constant currency, the third consecutive quarter of growth above 40%. U.K. achieved record NCS 3 years into Omnipod 5 launch. Canada secured improved reimbursement across 4 provinces reaching 85% of market. Spain launch planned for second half 2026 with more than 200,000 people with type 1 diabetes.

Geographic ExpansionRevenue Growth

positive📊 company

Adjusted Operating Margin Expanded 110 Basis Points To 17.5%

First quarter adjusted operating margin expanded 110 basis points to 17.5%. Adjusted EPS of $1.42 up approximately 40% year-over-year. Share repurchase of approximately 1.25 million shares for $300 million in Q1. Free cash flow of approximately $90 million in Q1.

MarginCapital Allocation

mixed📊 company

Gross Margin Impacted By $12M Medical Device Correction And E&O Costs

GAAP gross margin was 69.5% including approximately $12 million of medical device correction expenses. Adjusted gross margin was 71%, down 90 basis points year-over-year. Excess and obsolescence costs from transitioning to new pod configurations for Libre 3 Plus integration and algorithm enhancements negatively impacted adjusted gross margin by more than 150 basis points.

MarginCost Pressure

positive📊 company

Innovation Pipeline Advancing With Algorithm Enhancements And Omnipod 6

Launching second-generation algorithm with new 100 mg/dL target glucose setting delivering approximately 5% improvement in time in range. Omnipod 6 pivotal study STRIVE data to be presented at ADA in June with launch planned for 2027. First patient enrolled in EVOLVE pivotal study for fully closed loop type 2 system with filing in 2027 and launch in 2028. Libre 3 Plus integration launching this quarter unlocking 450,000 Libre 3 Plus users.

Innovation & R&DProduct Launch

Q&A Topicsfrequency by quarter

	Subscriber Growth	Demand	Revenue Growth	Competitive Dynamics	Guidance Reliability	Geographic Expansion	Margin	Innovation & R&D
2024Q4	5	4	5	3	3	3	2	1
2025Q1	5	5	2	2	1	1	4
2025Q2	6	5	4	3	2	3	2
2025Q3	7	6	3	4	1	1
2025Q4	2	4	3	4	1			2
2026Q1	5	5	7	5	2	1		2

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4	'26Q1
Subscriber Growth	5	5	6	7	2	5
Demand	4	5	5	6	4	5
Revenue Growth	5	2	4	3	3	7
Competitive Dynamics	3	2	3	4	4	5
Guidance Reliability	3	1	2	1	1	2
Geographic Expansion	3	1	3	1		1
Margin	2	4	2
Innovation & R&D	1				2	2

Analyst Q&A9 analysts · 14 questions · 14% challenge

David RomanGoldman Sachs

Maybe you could help frame the past year, some of your observations here. What's gone in line with your expectations? What's gone better? Where are the areas where you're focused

View in transcript →

the outlook implies kind of high teens growth in the back half of the year. Can you help us unpack that a little further on a geographic basis and your confidence in the 20% LRT guidance

View in transcript →

View Healthcare sector trends →View Medical - Devices industry trends →

Key financials

FY2026 Q1 selectedReported GAAP figures from SEC filings

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Quarter	Revenue	Rev YoY	EPS	EPS YoY	Gross margin	Op margin	Net margin	FCF
FY2024 Q4	$598M	+17.2%	$1.39	-6.1%	72.1%	18.3%	16.9%	$92M
FY2025 Q1	$569M	+28.8%	$0.50	-31.5%	71.9%	15.6%	6.2%	$52M
FY2025 Q2	$649M	+32.9%	$0.32	-87.6%	69.7%	18.7%	3.5%	$173M
FY2025 Q3	$706M	+29.9%	$1.24	+14.8%	72.2%	16.7%	12.4%	$105M
FY2025 Q4	$784M	+31.2%	$1.44	+3.6%	72.5%	18.7%	13.0%	$48M
FY2026 Q1Selected	$762M	+33.9%	$1.30	+160.0%	69.5%	16.0%	12.0%	$86M
FY2026 Q2	$802M	+23.5%	$1.37	+328.1%	70.2%	16.2%	11.8%	$59M

As stated by management

Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).

EPS: “First quarter adjusted EPS was $1.42, up approximately 40% from $1.02 in the prior year period”
Revenue: “First quarter total revenues of $762 million increased 34% on a reported basis and 30% on a constant currency basis”
Guidance: “We now expect total Omnipod revenue growth of 22% to 24% and total company revenue growth of 21% to 23%”
Key metric: “our first quarter GAAP gross margin was 69.5%, and included approximately $12 million of expenses associated with our medical device correction”

Industry Peersas of Q1 2026

Medical - Devices

Company	Score	Rev YoY	Headline
PODD Insulet Corporation	8	+33.9%	Revenue $762M with 30% Constant Currency Growth
ABT Abbott Laboratories	6	+7.8%	Abbott grew 3.7% on a comparable basis with adjusted EPS of $1.15 up 6%, as the Exact Sciences acquisition added a cancer diagnostics platform while the EP franchise accelerated with dual PFA catheter launches
ALGN Align Technology	6	+6.2%	Record Clear Aligner volumes with broad-based international growth
BSX Boston Scientific	6	+11.6%	Boston Scientific's Q1 FY2026 saw full-year guidance lowered on three business headwinds: WATCHMAN growth decelerating from practice pattern shifts, EP competitive pressure from three large PFA entrants, and urology commercial disruption
DXCM DexCom	9	+15.1%	Revenue Growth of 15% with Strong Global New Patient Records
EW Edwards Lifesciences	9	+16.7%	Edwards Lifesciences opened FY2026 with reported sales of $1.65 billion, up 12.7% on an underlying basis (about 16.7% as reported, aided by roughly 400 basis points of favorable foreign exchange), with broad-based strength across TAVR, TMTT, and Surgical
MDT Medtronic	7	+8.8%	CAS Grows 80% with PFA at 80% of Revenue, 4 Points of Share Gain
STE Steris	7	+7.3%	Record Year With $6B Revenue and $1B Net Income
SYK Stryker Corporation	4	+2.6%	Organic growth decelerated sharply to 2.4% as a cyber incident disrupted Q1 revenue and operations, compressing adjusted EPS to $2.60, down 8.5%, with adjusted gross margin declining 190 basis points to 63.6%
ZBH Zimmer Biomet	9	+9.3%	Strong Q1 Start with Revenue at Upper End of Annual Guide

Shared themes this quarter

POABALBSDXEWMDSTSYZB

Revenue growth

POABALBSDXEWMDSTSY

Macro signal alignment

↑ PODD↑ ABT↑ ALGN BSX↑ EW↑ MDT ZBH

Trade & tariffs

↓ BSX MDT STE↓ SYK↑ ZBH

Enterprise Spending

ABT EW↑ MDT

Top analysts & firms

Most active analysts

Most active firms

Corporate events

Quarter in detail

Q&A Topicsfrequency by quarter

Key financials

As stated by management

Insulet Corporation PODD

Score details · FY2026 Q1

Share price · trailing year

Companies PODD discussed