Insulet makes and sells the Omnipod, a tubeless, disposable insulin pump for people with insulin-dependent diabetes. The Omnipod "Pod" is a small, waterproof, self-adhesive device worn directly on the skin that delivers insulin continuously for up to three days, after which the user replaces it — no tubing required. The flagship product, Omnipod 5, is an automated insulin delivery (AID) system that integrates with CGMs from Dexcom and Abbott to automatically adjust insulin doses in real time. Insulet's business model is recurring and pay-as-you-go: customers purchase Pods on an ongoing basis, like a prescription refill, rather than paying a large upfront equipment cost. This structure generates annuity-like revenue, and growth is driven by new customer additions, retention, and utilization. Insulet sells primarily through the pharmacy channel in the U.S., where Omnipod is available in roughly 48,000 pharmacies and covered under Medicare Part D. About 85% of new U.S. customers come from multiple daily injections (syringes or pens), meaning Insulet's growth is largely about market expansion rather than share gains from competing pumps. Insulet received FDA clearance for Omnipod 5 in type 2 diabetes in August 2024, opening a much larger and underpenetrated patient population. Internationally, Insulet sells across 25 countries through direct and distributor channels. The innovation pipeline includes Omnipod 6, a next-generation hybrid closed-loop system targeting a 2027 launch, and a fully closed-loop system for type 2 diabetes targeting 2028.