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Modular Medical’s Pivot insulin pump is designed for people with diabetes who rely on multiple daily injections but have not adopted a pump. Its two-part wearable design aims to make pump use simpler and more affordable. Pivot is the company’s only commercial product; initial U.S. shipments began in June 2026, but the company reports no revenue yet.
Pump sales are its intended source of revenue. Pivot is not yet eligible for reimbursement or approved for insurance coverage, leaving patients without those sources of payment. Winning coverage from insurers and other healthcare payors is central to making the pump accessible and generating meaningful sales.
The company relies on outside partners, including manufacturing partner Phillips Medisize, to supply pumps as sales expand. Pivot has FDA clearance, but sales are limited to cleared uses, and significant modifications may require further clearance. Modular Medical also needs additional capital to continue operating while it builds the business.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Modular Medical’s results hinge on winning early Pivot users, scaling production with Phillips Medisize and funding its commercial rollout.
Insulet’s Omnipod competes directly with Modular Medical’s Pivot for patients buying wearable patch pumps to replace multiple daily insulin injections. Watch Omnipod adoption among patients moving away from injections—the same group Modular Medical aims to win.
Tandem Diabetes Care competes with Modular Medical to sell insulin pumps to people with type 1 diabetes and insulin-treated type 2 diabetes, selling long-use pumps alongside regularly replaced cartridges and infusion sets. Its expansion since 2025 into type 2 patients requiring intensive insulin therapy is the development to watch for competition over that customer group.
MiniMed Group competes with Modular Medical for insulin-pump customers who need intensive insulin therapy. MiniMed sells pumps together with glucose sensors, dosing software and replacement supplies, so its integrated insulin-delivery systems are the competing offering to watch.
Beta Bionics competes with Modular Medical for patients seeking simpler insulin delivery, selling its iLet pump and replacement supplies in the United States. Watch uptake of iLet, which calculates and delivers doses automatically using glucose readings and meal announcements, among people with type 1 diabetes aged six and older.
MannKind’s V-Go competes with Modular Medical’s patch pump for people with type 2 diabetes treated with insulin. V-Go supplies a fixed background insulin rate plus button-triggered doses and needs daily replacement; its adoption in this patient group is more relevant to Modular Medical than MannKind’s other products.
Dexcom and Modular Medical both depend on patients adopting wearable diabetes devices: Dexcom sells systems that continuously measure glucose, while Modular Medical sells pumps that deliver insulin. Dexcom’s glucose-monitor adoption offers a read on that broader shift, rather than direct competition for pump sales.
DexCom, Inc. earningsDXCM
Dexcom’s report will show how patients are taking up wearable glucose monitors, offering a read on the broader wearable-device shift that Modular Medical also depends on.
Look at sales and user growth for Dexcom’s glucose-monitoring systems. Stronger growth would show that patients and providers are more willing to adopt wearable diabetes devices, a supportive demand signal for Modular Medical’s pump—but it would not prove pump demand is growing too. Slower growth would point to friction in that shift and potentially make it harder for Modular Medical to win patients.
Insulet Corporation earningsPODD
Insulet’s report will show whether patients seeking an alternative to multiple daily injections are adopting Omnipod patch pumps, the same customer group Modular Medical aims to reach.
Look at Omnipod sales and user growth. Stronger growth would show that these patients are adopting wearable patch pumps, confirming that Insulet is winning customers from the same group Modular Medical is targeting. Weaker growth would suggest a slower shift to patch pumps, but would not mean those patients will choose Pivot.
Modular Medical, Inc. earningsThis company
Modular Medical has begun shipping Pivot, and this report will show whether sales are starting to come through and how much cash the business is still using to operate.
Read Pivot product sales alongside cash used in operations and the cash balance. Sales beginning to grow without operating cash use accelerating would show commercialization is taking hold and may start to ease the funding pressure. Little or no sales while cash continues to flow out would mean sales are not yet supporting operations and the company still needs to raise capital.
