Q2 2026 Insulet Corp Earnings Call Transcript
Key Points
- Total company revenue grew 23% year-over-year on a constant currency basis, exceeding expectations, with strong demand for Omnipod in both U.S. and international markets.
- Adjusted operating margin expanded 140 basis points year-over-year, driven by manufacturing productivity gains and scale benefits, while adjusted EPS grew approximately 42%.
- Global new customer starts reached the second highest quarter ever, with over 40% of U.S. new starts being Type 2 diabetes patients, and the prescriber base expanded 27% year-over-year.
- International Omnipod revenue grew over 33% on a constant currency basis, leading to a raised full-year international growth outlook of 30% to 32%.
- The innovation pipeline is robust, with Omnipod 6 pivotal data showing improved time in range, and the fully closed-loop system for Type 2 is on track for a 510(k) submission in 2027.
- The company added coverage for 6.5 million lives and simplified prior authorization for 10 million lives, improving access to Omnipod.
- Type 2 customer retention and utilization trends were worse than anticipated in Q2, leading to a reduced full-year U.S. Omnipod growth outlook of 17% to 19%.
- The company acknowledged it should have identified Type 2 onboarding issues sooner, indicating an execution shortfall in adapting the commercial model.
- Full-year total company revenue growth guidance was lowered to 20% to 22% from previous expectations, with the revised outlook assuming current retention trends continue through H2.
- Pricing is expected to be slightly less positive than previously anticipated due to timing and mix of commercial investments, though not due to competitive dynamics.
- The company is reassessing its long-term revenue outlook and will provide an update on Q4, creating uncertainty for 2027 and beyond.
- Preliminary 2027 growth is expected to be in the mid-teens, with no assumed benefit from retention improvement actions, and competition is factored into the outlook.
Good morning and welcome to the Insulate Corporation's second quarter 2026 earnings call.
As a reminder, this conference call is being recorded.
I would now like to turn the conference over to your host, Claire Tackman, Vice President, Investor Relations.
Good morning, and welcome to our second quarter 2026 earnings call.
Joining me today are Ashley McEvoy, President and Chief Executive Officer Lavia Peace, Chief Financial Officer and Eric Benjamin, Chief Operating Officer.
On the call this morning, we will be discussing Inflip's second quarter results along with our financial outlook for the third quarter and full year 2026.
With that, let me start our prepared remarks by reminding everyone that certain statements, including comments regarding our financial outlook.
The anticipated impact of our strategic actions, the potential impact of various regulatory and operational matters, and the macroeconomic environment on our results
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