Insulet Corporation reported second-quarter 2025 total revenue of $649.1 million, a 32.9% increase year-over-year (31.3% constant currency), exceeding the high end of its guidance range. U.S. Omnipod revenue grew 28.7% to $453.2 million, and International Omnipod revenue increased 45.0% (38.8% constant currency) to $185.8 million. The company's adjusted earnings per share (EPS) was $1.17, beating the consensus of 92 cents.
Gross margin in Q2 2025 was 69.7%, up 190 basis points over the prior year. Operating income rose to $121.1 million, or 18.7% of revenue, up 750 basis points over the prior year. Adjusted operating income was $115.8 million, or 17.8% of revenue, up 670 basis points. The company also reported a $84.4 million loss on extinguishment of debt related to the repurchase of convertible notes.
Insulet raised its full-year 2025 guidance, projecting total company revenue growth between 24% and 27% (up from 19-22%) and total Omnipod sales to increase by 25%-28% (up from 20-23%). Full-year gross margin is guided to approximately 71.0%, and adjusted operating margin is reaffirmed at approximately 16.5%. The company expects Q3 2025 revenue growth between 22%-25%.
The substantial beat on Q2 revenue and profit estimates, coupled with a significant raise in full-year guidance, demonstrates accelerating momentum and strong demand for Insulet's Omnipod 5 system. Robust growth in both U.S. and international markets, driven by new customer starts and conversions, reinforces the company's market leadership. The improved profitability metrics and optimistic outlook provide a very positive signal for investors.
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