Hello and welcome to the Insulet Corporation Annual Meeting. All participants are now in a listen-only mode. Please note that this meeting is being recorded. After prepared remarks, there will be an opportunity to ask questions. Thank you. I would now like to turn the meeting over to Ashley McEvoy. Please go ahead.
Thank you. Good morning, everyone, and welcome to the 2026 annual meeting of Insulet Corporation. I'm Ashley McEvoy, President and CEO of Insulet, and I'm delighted to preside over today's meeting. I'd like to introduce the other members of our Board of Directors. As leaders in their respective fields, they bring a wealth of knowledge, diverse perspectives, and a breadth of experience to our company. Joining us today is our Board Chair, Beth Weatherman, as well as Dr. Luciana Borio, Dr. Wayne Frederick, Dr. Jessica Hopfield , Roby Huffines, Mike Minogue, Tim Scannell, and Tim Stonesifer. Also with me here today are Jack Kapples, our General Counsel, and Patty Dolan, our Corporate Secretary. Joining the meeting as well is Jennifer Borden, who has been appointed to act as our Inspector of Elections and who has previously taken her oath as Inspector of Elections.
We also have on the line representatives of PricewaterhouseCoopers, our independent auditors, who will be available during the question-and-answer period to answer appropriate questions. The agenda and the rules of conduct for today's meeting are available in the Meeting Materials section of the virtual meeting website. That we may conduct an orderly meeting, we ask that participants follow the rules of conduct. On the virtual meeting website, you will also find links to our 2026 proxy statement and our 2025 annual report. We do not expect any technical difficulties today, but in the event that we lose our webcast connection or otherwise experience issues, please wait at least 10 minutes for resolution and refer to the virtual meeting website for updates. The question-and-answer portion of our meeting will be held after all proposals have been introduced.
If you wish to submit a question, please type it in Ask a Question field and click Submit on the meeting website.
Before we turn to the formal business of the meeting, Ashley is going to provide her perspective on the company's business. Some of the statements she makes may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings, including our most recent Form 10-K and Form 10-Q, for discussion of these risks.
Thanks, Jack. As I wrap up my first year as CEO of Insulet, let me share some thoughts on the company's business. 2025 was another defining year for Insulet, reflecting the strength of our strategy, the durability of our business model, and the relentless commitment of our team. We surpassed $2.7 billion in revenue, marking our 10th consecutive year of 20% or greater revenue growth on a constant currency basis. This consistent performance underscores not only the momentum in our business, but also the scale of the opportunity ahead. Our growth continues to be fueled by Omnipod 5, which has firmly established itself as the leading automated insulin delivery system. Today, we serve more than 600,000 Podders globally, a powerful reflection of both strong new customer adoption and durable retention.
Importantly, we are not just participating in this category, we are driving it. Over the past several years, Insulet has generated the majority of global automated insulin delivery market growth, reinforcing our position as the clear leader in new customer starts across both the United States and international markets. In the U.S., we continue to extend our leadership in Type 1 diabetes, where adoption of AID remains underpenetrated. At the same time, we are seeing strong and accelerating momentum in Type 2 diabetes. This is a large and underserved population, and our early success gives us increasing confidence in our ability to unlock this opportunity at scale. Internationally, our business delivered exceptional growth driven by continued adoption of Omnipod 5 and expansion into new markets. We are successfully applying our proven playbook, combining access, commercial execution, and innovation to drive durable, profitable growth globally.
We also made significant progress advancing our innovation pipeline. We expanded continuous glucose monitor integrations, increased adoption of smartphone control, and advanced development of our next generation platforms, including Omnipod 6 and our fully closed loop system for Type 2 diabetes. These innovations are designed to reduce the burden of diabetes management and make AID accessible to virtually everyone. Operationally, we continue to scale with discipline. Our manufacturing investments, including our Malaysia facility, are delivering both capacity and efficiency, enabling us to meet global demand while expanding margins. What gives me the greatest confidence, however, is not just what we delivered, it's how we delivered. We are operating from a position of strength with deep competitive moats across technology, science, manufacturing, and brand. Most importantly, we remain grounded in our purpose. For 25 years, Insulet has been finding a better way for people living with diabetes.
That mission continues to guide us every day, and it will continue to define our future as we expand access and drive innovation to serve even more Podders around the world, while also delivering durable value to our shareholders and all stakeholders. Now to the formal part of our meeting. I will now call the meeting to order. I have been advised by the secretary that proper notice of this meeting was given, a quorum is present, the meeting is duly constituted, and that the business of the meeting may proceed. It is 8:07 A.M. The polls are now open, and we will proceed with the formal business of the meeting. If you have already submitted your proxy and you do not intend to change your vote, you do not need to vote today. Your shares will be voted in accordance with the directions you provided in your proxy.
If you are eligible to vote and have not submitted your proxy, or if you want to change your vote, you may vote today by clicking Vote Here on the meeting website. There are three items of business to be voted on at this meeting. The first item of business is the election of the directors. As described in the proxy statement, we will be voting on three nominees, Dr. Luciana Borio, Mike Minogue, and Tim Stonesifer, to serve as Class 1 directors for a term of three years. The board recommends a vote for each of the nominees. The second item of business is the approval of a non-binding advisory basis of a resolution regarding the compensation of the named executive officers as described in the compensation discussion and analysis section of the proxy statement.
Although this is an advisory vote and the results of the vote will not be binding on the board or the company, the board understands the importance of receiving shareholder feedback on executive compensation. The board recommends a vote for this resolution. The third and final item of business is the ratification of the appointment of PricewaterhouseCoopers LLP, as the company's independent registered public accounting firm for the fiscal year ending December 31st, 2026. The board recommends a vote for this proposal. Anyone who has not yet voted, please do so now, as the polls will be closing shortly. It is now 8:09, and the polls for each matter to be voted on at this meeting are now closed. No additional proxies or votes and no changes or revocations will be accepted.
As there are no other items of business or proposals properly made by any stockholders of the company, this concludes our official business. I declare the formal business of the meeting closed, and the meeting is now adjourned. Will the secretary now please report on the preliminary voting results?
Thank you, Ashley. The preliminary voting results are based on tabulations received from Broadridge Financial Services and our Inspector of Elections and are as follows. The three director nominees named in the proxy statement have been elected. The advisory vote on the compensation of the company's named executive officers was approved and the resolution carried. The appointment of PricewaterhouseCoopers as the company's independent registered public accounting firm for the fiscal year ending December 31st, 2026, was ratified. The final voting results will be included in the report of the Inspector of Elections and will be disclosed within four business days of the meeting on a Form 8-K to be filed with the Securities and Exchange Commission.
Thank you, Patty. With that, we will now move to the question-and-answer portion of the meeting. Over the next 10-15 minutes, we will answer as many of your questions as we can. If we receive substantially similar questions, we will regroup those questions together and provide a single response to avoid repetition. Answers to questions that are not addressed during the meeting will be published following the meeting in the investor relations section of our website. We received a question regarding our recent stock price performance. We appreciate the question and understand why a disconnect between strong underlying performance and share price can be frustrating. Our operating performance has been strong with sustained revenue growth, expanding margins, and increasing cash flow. However, short-term share price performance is influenced by a broader set of factors beyond our fundamentals.
In our case, this includes broader market dynamics, including multiple compression across MedTech and reduced fund flows into healthcare. Questions about potential impact of future competitive launches due to enter the AID category within the next 18 months. While short-term stock movements can be frustrating, we are focused on what ultimately drives long-term shareholder value. For us, this means delivering consistent long-term growth across both the U.S. and international markets, expanding margins, and generating strong, sustainable earnings and cash flow, and continuing to invest in innovation to serve more people with diabetes globally. Our responsibility is to execute consistently and demonstrate that our growth is both durable and profitable. Over time, we believe this is what will be reflected in our recurring revenue model, earnings power, and shareholder returns. Were there any other questions, Patty?
No, there were not.
This concludes our meeting. Thank you all for attending and for your continued support of Insulet.
Ladies and gentlemen, you may now disconnect.