Insulet Corporation (NASDAQ:PODD) reported first-quarter adjusted earnings of $1.02 per share, beating the consensus of 80 cents.

The automated insulin delivery technology maker reported sales of $569 million, up 28.8% year over year (29.8% in constant currency), beating the consensus of $543.4 million, exceeding the high end of the company’s guidance range of 25% in constant currency.

• Total Omnipod revenue reached $554.1 million, an increase of 28.0%, or 29.0% in constant currency.
  • U.S. Omnipod revenue of $401.7 million, an increase of 26.4%.
  • International Omnipod revenue of $152.4 million, an increase of 32.2%, or 36.1% in constant currency.
• Drug Delivery revenue of $14.9 million.

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Gross margin of 71.9%, up 240 basis points.

Operating income of $88.8 million, or 15.6% of revenue, up 270 basis points, compared with $56.9 million, or 12.9% of revenue, a year ago.

Adjusted operating income of $93.5 million, or 16.4% of revenue, up 350 basis points year over year.

Adjusted EBITDA of $133.9 million, or 23.5% of revenue, up 330 basis points, compared with $89.2 million, or 20.2% of revenue, a year ago.

“As Insulet’s new President and CEO, I see a path to scale the Company from an emerging diabetes leader to a durable growth engine, driving an even greater impact for our partners, stakeholders, and most importantly, our Podders,” said Ashley McEvoy, President and CEO.

Guidance: For 2025, Insulet expects revenue growth between 19%-22% from a prior range of 16%-20%.

• It projects Omnipod sales to increase by 20%-23% versus a previous range of 17%-21%.
• The company expects the drug delivery sales decline to be (35)%-(25)%, compared to (55)%-(45)% anticipated earlier.

For Q2 2025, Insulet forecasts revenue growth between 23% and 26%, with U.S. Omnipod sales increasing by 22% to 25%.

William Blair analyst Margaret Kaczor Andrewon on Friday wrote, “In short, the quarter updates were positive and support our view that Insulet remains in the pole position as the pump market is on the steep part of the adoption curve by insulinintensive diabetics in the U.S. This had led to—and should continue to lead to—margin expansion. Further, recent performance and accelerating adoption of pump and Omnipod therapy internationally sets up for years of growth in a $7 billion-plus market with collective adoption rates at half or less than half of the U.S. market.”

Kaczor Andrew maintains an Outperform rating for Insulet.

Price Action: PODD stock is up 17.1% at $301.00 at last check Friday.

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