Artisan International Small-Mid Fund on Insulet Corporation
Thesis
Insulet has a near-monopoly in insulin patch pumps through its Omnipod platform. Second-quarter revenue and earnings exceeded expectations, although management lowered 2026 US Omnipod revenue-growth guidance because retention among Type 2 diabetes users was weaker than anticipated. Demand remains strong, with Type 2 patients accounting for more than 40% of US new customer starts, and management expects retention to improve after rolling out its patient-support programme. The fund believes Insulet's leadership in patch pumps and the substantial Type 2 diabetes opportunity support attractive long-term growth.
“We believe Insulet’s patch pump leadership, strong demand and substantial opportunity in Type 2 diabetes support attractive long-term growth.”
Key risks
- Weaker-than-expected 90-day retention among Type 2 diabetes users
- Lower US Omnipod revenue growth