Insulet’s (PODD) latest numbers read like the balance sheet of a very determined racehorse: fast, disciplined, and still eager for the next lap, even as a promising upstart named Modular Medical trots onto the same track.
Insulet’s Earnings: Hitting a Full Gallop
Insulet has now strung together multiple years of double‑digit growth, with full‑year revenue first surpassing the $2 billion mark in 2024 and then accelerating to roughly $2.7 billion in 2025, a year‑over‑year increase of about 31%. Omnipod remains the company’s workhorse, with Omnipod revenue mirroring total revenue at roughly $2.7 billion in 2025 and continuing to benefit from global adoption and expanding indications in both type 1 and type 2 diabetes.
The fourth quarter has become Insulet’s showcase inning, with Q4 2024 revenue growing about 17% year over year to nearly $600 million, and Q4 2025 results again beating guidance and landing above the high end of the company’s revenue growth range. Margins are behaving more like a seasoned blue‑chip than an early‑stage medtech, with gross margin in the low 70% range and operating leverage improving as scale catches up with R&D and commercial investments.
Omnipod 5: The Thoroughbred in the Diabetes Field
Omnipod 5 has firmly established itself as the fully automated insulin‑delivery “thoroughbred” in the U.S., now cleared for both type 1 and type 2 adults and steadily gaining share as payers, physicians, and patients get more comfortable with patch‑based therapy. Management has highlighted that Omnipod 5 is the first and only automated insulin‑delivery system in the U.S. indicated for both type 1 and type 2 diabetes, a label edge that translates into a wider total addressable market.
Clinical data are reinforcing the commercial story, with recent randomized trial results showing meaningful gains in time‑in‑range for users with elevated baseline A1c—exactly the cohort payers hope will generate downstream savings. With Omnipod now a truly global franchise, Insulet’s forward guidance calling for mid‑ to high‑teens revenue growth in 2025 positions the company less like a speculative medtech and more like a durable growth compounder—albeit one still priced and traded like a momentum name.
Year of the Horse: Market Momentum with Reins on Risk
In the Chinese zodiac, the Year of the Horse favors speed, ambition, and a certain enthusiastic disregard for obstacles—exactly the temperament Insulet has shown by repeatedly overshooting its own top‑line guidance. Yet even spirited horses need reins, and recent trading around Insulet’s stock underscores that Street expectations can sprint ahead of even strong fundamentals, with shares occasionally slipping despite earnings beats as investors debate sustainability of growth and margins.
Still, in a diabetes‑device market measured in tens of billions of dollars globally, Insulet’s scale, data, and entrenched installed base make it look more like a front‑runner than a late‑cycle sprinter losing steam heading into the back stretch. For long‑term investors, the question in this Year of the Horse may be less whether Insulet can keep running and more whether volatility along the way is a feature to be harnessed, not a bug to be feared.
Modular Medical: A Nimble Contender Enters the Track
While Insulet thunders down the main straightaway, Modular Medical (NASDAQ: MODD) is just cantering out of the paddock—but it is doing so with a design that aims squarely at the “almost‑pumpers” market of adults on multiple daily injections who find traditional pumps too complex or too expensive. The company’s Pivot tubeless insulin patch pump, built around a removable 3 ml reservoir and a two‑part detachable design, is now moving through key manufacturing and regulatory milestones on its way to a planned commercial launch in the first quarter of 2026, subject to FDA 510(k) clearance.
Modular has recently begun validation production lots for the disposable cartridge and infusion set, validated its Pivot controller line for high‑volume manufacturing, and advanced toward ISO 13485 certification and CE Mark via staged audits—all critical prerequisites for U.S. and European commercialization. The company is targeting an estimated $3 billion addressable market for lower‑cost, easy‑to‑learn patch‑pump solutions, even as its own shares trade below Nasdaq’s minimum bid threshold, prompting the exchange to grant a cure period extension into mid‑2026.
Two Horses, One Track: Incumbent vs. Disruptor
At one end of the field, Insulet is the established champion, already generating multibillion‑dollar revenue with a globally recognized platform and strong supporting data; at the other, Modular Medical is the ambitious challenger hoping that a simpler, cheaper Pivot system can carve out a new lane rather than run directly into Omnipod’s slipstream. If the Year of the Horse rewards both speed and stamina, investors may soon have a textbook case study: a dominant incumbent trying to extend its lead, and an undercapitalized but potentially disruptive newcomer betting that the diabetes market still has room for one more fast mover out of the gate.
The Sources
[1] Insulet Reports Fourth Quarter and Full Year 2025 Results https://www.businesswire.com/news/home/20260218828620/en/Insulet-Reports-Fourth-Quarter-and-Full-Year-2025-Results
[2] Insulet Reports Full Year 2024 Revenue Increase of 22% and Fourth … https://finance.yahoo.com/news/insulet-reports-full-2024-revenue-210100956.html
[3] Modular Medical (MODD) Advances Toward 2026 Launch with … https://www.gurufocus.com/news/8581685/modular-medical-modd-advances-toward-2026-launch-with-production-milestone
[4] MODD – Modular Med Inc Latest Stock News & Market Updates https://www.stocktitan.net/news/MODD/
[5] Modular Medical Achieves Key Manufacturing Milestone for Pivot … https://www.biospace.com/press-releases/modular-medical-achieves-key-manufacturing-milestone-for-pivot-tubeless-insulin-patch-pump
[6] Insulet Reports Third Quarter 2024 Revenue Increase of 26% Year … https://investors.insulet.com/news/news-details/2024/Insulet-Reports-Third-Quarter-2024-Revenue-Increase-of-26-Year-Over-Year-25-Constant-Currency1/default.aspx
[7] Insulet sales increase 22% in 2024, Q4 performance beats Street https://www.drugdeliverybusiness.com/insulet-sales-increase-beat-q4-2024/
[8] Insulet Corporation Reports Strong Financial Performance for 2024 https://www.tradingview.com/news/tradingview:8768a7df71fa2:0-insulet-corporation-reports-strong-financial-performance-for-2024/
[9] Insulet beats Q4 estimates, sees strong 2025 growth – Investing.com https://www.investing.com/news/earnings/insulet-beats-q4-estimates-sees-strong-2025-growth-93CH-3881689
[10] Insulet Reports Second Quarter 2024 Revenue Increase of 23 … https://investors.insulet.com/news/news-details/2024/Insulet-Reports-Second-Quarter-2024-Revenue-Increase-of-23-Year-Over-Year/default.aspx
[11] PODD Stock Falls Despite Q4 Earnings and Revenue Beat, Margins … https://www.nasdaq.com/articles/podd-stock-falls-despite-q4-earnings-and-revenue-beat-margins-rise
[12] Insulet Reports Full Year 2024 Revenue Increase of 22% and Fourth … https://investors.insulet.com/news/news-details/2025/Insulet-Reports-Full-Year-2024-Revenue-Increase-of-22-and-Fourth-Quarter-2024-Revenue-Increase-of-17-Year-Over-Year/default.aspx
[13] Quarterly Results – Insulet Corporation – Investor Relations https://investors.insulet.com/financials/quarterly-results/default.aspx
[14] Modular Medical 2/17/2026 Earnings Report – MarketBeat https://www.marketbeat.com/earnings/reports/2026-2-17-modular-medical-inc-stock-1/
[15] Insulet to Announce Fourth Quarter and Full Year 2024 Financial … https://investor.insulet.com/news/news-details/2025/Insulet-to-Announce-Fourth-Quarter-and-Full-Year-2024-Financial-Results-on-February-20-2025/default.aspx
