Insulet Corporation · NASDAQ:PODD
Insulet — Q4 2025 Earnings Presentation
29 slides from Insulet's earnings presentation, Feb 18, 2026
Slide 1: Investor presentation
Investor presentation Chloe Podder since 2021 February 18, 2026 The Pod has an IP28 rating for up to 25 feet for 60 minutes. The PDM and Controller are not waterproof.
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements regarding, among other things, failure or that of our contract manufacturer or component suppliers to comply with the future operating and financial performance, product success and efficacy, the U.S. Food and Drug Administr
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company uses the following non-GAAP financial measures: Insulet presents the above non-GAAP financial measures because management uses them as supplemental measures in assessing the Company’s performance, and the • Constant currency revenue growth, which represents th
Slide 4: A world where diabetes demands less every day, everywhere
Vision Mission A world where diabetes Born of empathy, driven by ingenuity, demands less every proven by science, we transform the day, everywhere. lives of people with diabetes. 4
Slide 5: Omnipod 5: changing lives and expanding global reach
Omnipod 5: changing lives and expanding global reach “ I really loved the mission and the promise that was exuded from Omnipod. To add normalcy to diabetes, to show that life can still be balanced with diabetes, and that this brand…this family will always be there. And will forever evolve as medical
Slide 6: A global leader in diabetes management
A global leader in diabetes management The first AID system1 FDA- #1 U.S. requested and prescribed AID system 2,3 cleared for both type 1 and #1 U.S. new customer starts4 type 2 in the U.S. #1 EU new customer starts4 $2.7B 600K+ 25 2025 revenue Active customers5 Global markets 6
Slide 7: Insulet has driven majority of AID market growth
Insulet has driven majority of AID market growth 2020–25 CAGR Global AID market and Insulet 66% Omnipod sales6, $B Insulet has driven two-thirds of +15% ~$5.7B 2020–25 CAGR market growth from 2020–25 ~$4.7B 26% ~$3.3B ~$3.5B ~$4.0B $2.0 $2.7 Insulet 50% ~$2.9B $1.7 $1.0 $1.2 $0.8 We are the clear le
Slide 8: Sustained and profitable growth built on market leadership
Sustained and profitable growth built on market leadership Total revenue ($B) Adj. operating margin8 (%) Adj. EPS8 Free cash flow8 ($M) $2.7 $378 17.6% $4.97 $305 $2.1 14.9% $1.7 12.3% 11.5% $3.24 $1.3 9.5% $2.75 $1.1 $70 $1.30 $0.86 2021 2022 2023 2024 2025 ($4) 2021 2022 2023 2024 2025 2021 2022 2
Slide 9: Our compelling investment thesis
Our 1 Ample growth runway in large, underpenetrated markets compelling Deep, durable, defensible moats investment 2 across technology, science, manufacturing, thesis access, and brand 3 Robust innovation pipeline to drive adoption and unlock new opportunities Disciplined strategy 4 to develop market
Slide 10: Large TAM today with clear runway to grow
Large TAM today with clear runway to grow Today: $30B+ Developing new markets • Total addressable market9 of ~8M PWDs • ~$6B AID market today with line of sight to ~$9B by 2028 1 2 3 Leverage T1D OUS Broaden into U.S. Expand into viable T1D momentum to launch T2D basal-only opportunity in Asia11 T2D
Slide 11: Decades of investments creating competitive advantage
Decades of investments creating competitive advantage Deep and wide competitive moats that capital alone cannot replicate Efficient Unique Broad access & Brand loyalty manufacturing form factor affordability 600K+ & supply chain $1B+ ~$2B investment in 100% U.S. pay-as-you-go active customers, suppo
Slide 12: Innovating to help diabetes disappear into life
A better way Innovating to help diabetes disappear into life 2026 2027 2028 2028+ Omnipod 5 Ecosystem Omnipod 6 Fully closed loop (T2D) Future platforms CAUTION—Investigational device. Limited by Federal (or United States) law to investigational use. This product has not been reviewed by the FDA or
Slide 13: Strengthening Omnipod 5 ecosystem
2026 Strengthening Omnipod 5 ecosystem Algorithm improvements Full CGM integration • 100 mg/dL target • Integrated with all • Streamline office visits Customer glucose major CGM sensors • Simplify onboarding Benefits • More time in auto mode and improved algorithm responsiveness • PWDs and prescribe
Slide 14: Omnipod 6 designed to set a new standard in wearable AID
2027 2026 2027 Omnipod 6 designed to Clinical study results & 510(k) filing Launch set a new standard in wearable AID to Better connectivity address unmet needs for a better wear experience New app and controller for a better digital experience 1 Improved outcomes Over-the-air configurable Pod 2 Eas
Slide 15: Fully-closed loop to make care simpler for T2D PWDs
Fully-closed loop to make care simpler, easier, and more effective for T2D PWDs 2026 2027 2028 Start pivotal study 510(k) Filing Launch Fully closed loop AID with no meal announcements Lower burden of managing T2D Ready out-of-the-box: Designed for self-start Designed for ease for HCPs to prescribe
Slide 16: The clear leader in AID
Our U.S. business today: Investing to extend our lead – expanding beyond endocrinologists to activate prescribers and to fully unlock The clear leader in AID T1 and T2. Established as the clear market leader #1 #1 Largest, most engaged patient U.S. Omnipod Revenue ($B) community most requested and i
Slide 17: Poised for next phase of growth
Sustaining leadership in U.S. T1D Poised for next phase of growth Our U.S. T1D strategy is Leveraging demand generation for AID designed to drive market To increase adoption and fuel market growth penetration and grow our market share Strengthening commercial excellence ~40% 50-55% 13 To unlock new
Slide 18: Becoming standard of care
Creating the U.S. T2D market Becoming standard of care Our tailored U.S. T2D strategy Positioning Omnipod as the standard of care is designed to more than Develop market by increasing awareness through both HCP and DTC channels double market penetration Creating differentiated T2D experience ~5% 10-
Slide 19: Leading AID market expansion
Our international business today: Aspiration to lead in AID for T1D and T2D Leading AID market expansion Growing durably and profitably in global markets #1 #1 Accounts for International AID system for ‘new-to- pump’ users in Europe2 in new customer starts, since 202312 ~30% company revenues Revenue
Slide 20: Global market leadership in T1D and T2D
Our international aspiration Global market leadership in T1D and T2D Our international strategy Building on our strength in Europe is designed to drive T1D With a focus on EU5, including entering Spain market penetration Accelerating growth in other large geographies ~25% 30-35%13 Expanding access i
Slide 21: Building the power of the Omnipod 5 brand globally
Building the power of the Omnipod 5 brand globally 2022 2023 2024 2025 2026 FMR Germany France Netherlands Italy The Nordics* Australia Saudi Arabia Kuwait Qatar Omnipod 5 (August) (June) (June) (January) (January) (March) (February) (February) (February) (August) UK U.S. T2D Belgium Canada Switzerl
Slide 22: Investing in extending our leadership and growth
Investing in extending our leadership and growth 1 Innovation 2 Capabilities 3 Capacity Plan to invest $1B in R&D over Strengthening our competitive moats Expanding global the next 3 years manufacturing capacity • Omnipod 6 Market development • Ongoing automation in Acton • Fully closed loop (T2D) •
Slide 23: Innovating to improve lives and preserve our planet
Innovating to improve lives and preserve our planet Sustainability strategic pillars15 Recognition16 ESG ratings Resilient Sustainable People and operations product innovation communities 11% 7.4M Pods Insulet for Good Launched our new global ESG rankings Of our annual global electricity Accepted th
Slide 24: Winning formula for value creation
2025–2028 Winning formula for value creation ~20% ~100 bps 25%+ Revenue CAGR in Annual adjusted operating Adjusted EPS8 CAGR constant currency margin8 expansion Strong FCF8 generation • Leading product • Modest gross margin improvement • Under-penetrated • Investment in innovation addressable market
Slide 25: Thank You
Thank You Insulet
Slide 26: Insulet common abbreviations and acronyms
Insulet common abbreviations and acronyms A1C Blood test measures average blood glucose levels over the last 3 months iOS iPhone Operating System ADA American Diabetes Association KOL Key Opinion Leader AID Automated Insulin Delivery LRP Long-range plan ASP Average Selling Price MDI Multiple Daily I
Slide 27: Reconciliation of historical Non-GAAP Measures
Reconciliation of historical Non-GAAP Measures $s in Millions 2025 2024 2023 2022 2021 Operating Income $ 473.8 $ 308.9 $ 220.1 $ 37.6 $ 126.0 Operating Margin % 17.5 % 14.9 % 13.0 % 2.9 % 11.5 % Voluntary MDCs 17 — — (11.5) 57.9 — Legal costs18 — — — 25.2 — CEO and CFO transition costs19 (2.4) — —
Slide 28: Endnotes (1/2)
Endnotes (1/2) Page Title Marker Footnote 6 A global leader in diabetes management 1 Omnipod 5 product specific 6, 16,19 A global leader in diabetes management; The clear leader in 2 Omnipod 5 product specific; Source: dQ&A HCP AID Algorithm Study – May 2025. p.40 AID; Leading AID market expansion n
Slide 29: Endnotes (2/2)
Endnotes (2/2) Page Title Marker Footnote 17, 18, 20 Poised for next phase of growth; 13 Anticipated market penetration by 2028 Global market leadership in T1D and T2D 19 Leading AID market expansion 14 Markets where Insulet has a direct salesforce 23 Innovating to improve lives and preserve our pla