INSULET CORP (PODD)

Insulet Corporation develops, manufactures and sells proprietary continuous insulin delivery systems for people with insulin-dependent diabetes (type 1 and insulin-requiring type 2). Its Omnipod platform uses a small, disposable, self-adhesive, tubeless, waterproof wearable device called the Pod, which is worn for up to three days, inserts its own cannula automatically, and removes the need for multiple daily injections or a conventional pump with external tubing. The company also produces pods for Amgen for use in the Neulasta Onpro kit, a delivery system for Amgen's Neulasta, which helps reduce the risk of infection after intense chemotherapy.

The Omnipod platform includes three products. Omnipod 5 is an Automated Insulin Delivery System with a proprietary algorithm embedded in the Pod. It integrates with third-party continuous glucose monitors from Dexcom (G6 and G7) and Abbott (FreeStyle Libre 2 Plus), predicts glucose levels and adjusts insulin dosing automatically. It can be controlled from an Insulet handheld controller or, in the U.S., from Android and iOS apps. Omnipod 5 received FDA clearance and CE Mark in 2022, an expanded type 2 diabetes indication in the U.S. in August 2024, and is available in 19 countries. Omnipod DASH is a Bluetooth-enabled Pod controlled by a smartphone-like Personal Diabetes Manager, and Classic Omnipod is being phased out. Insulet partners with Glooko for data management and launched Omnipod Discover, a data analytics and reporting platform, in 2026. Its research and development work covers Omnipod 5 enhancements, integration with Libre 3 Plus, the next-generation Omnipod 6, and a fully closed loop system for type 2 diabetes. It holds over 1,000 patents.

Omnipod products are available in 25 countries, including the United States, Canada, Australia, the United Kingdom and much of Europe and the Middle East. In the U.S., products are sold primarily through wholesalers supplying the pharmacy channel, and to a lesser extent to healthcare organizations, pharmacies and consumers. Coverage comes through commercial insurance and programs such as Medicare and Medicaid. Internationally, Insulet sells directly to consumers or through distributors. In 2025, 86% of Omnipod product sales globally went through intermediaries, and three distributors each accounted for more than 10% of revenue (27%, 26% and 25%). Most new users come from multiple daily injection therapy, so Insulet competes mainly with companies serving that therapy, including smart pens. It also competes with tubed insulin pump makers and developers of new patch pumps, and it notes the increasing use of GLP-1 products.

Insulet manufactures at two highly automated facilities in Acton, Massachusetts and Johor, Malaysia. It is investing in a third plant in Costa Rica and also uses a contract manufacturer's lines in China. It buys raw materials, components and sub-assemblies from outside suppliers, dual-sourcing where feasible. Some parts, including application-specific integrated circuit chips and Bluetooth low-energy chips, come from single or limited sources, and it holds inventory to manage that risk. As a medical device maker, it is regulated by the FDA, which has granted 510(k) clearance for its products, and by European authorities, and its quality system is certified under ISO and EU MDR.