Objective-Adiponectin, an adipokine with antidiabetic properties, forms multimers, and the high molecular weight (HMW) form most closely correlates with insulin sensitivity. Therefore, we hypothesize that HMW adiponectin levels are decreased in women with polycystic ovary syndrome (PCOS), a condition characterized by insulin resistance, compared to normal controls, and that HMW adiponectin correlates with testosterone and insulin sensitivity.Design and patients-Cross-sectional study involving 13 women with PCOS and 13 age-and BMI-matched normal controls.Measurements-Waist-to-hip ratios (WHR), glucose, insulin, SHBG, total testosterone, total and HMW adiponectin levels were measured after an overnight fast. Free testosterone was calculated from SHBG and total testosterone, and insulin sensitivity (S i ) was determined using a frequently sampled intravenous glucose tolerance test. The study's primary outcomes were differences in total and HMW adiponectin between women with PCOS and normal control women.Results-Total adiponectin (p<0.01), HMW adiponectin (p<0.01), and the ratio of HMW to total adiponectin (S A ) (p=0.03), were lower in women with PCOS compared to normal women. Total and HMW adiponectin levels correlated inversely with WHR (p<0.01) and free testosterone (p<0.01) and positively with S i (p<0.001). Using forward stepwise multivariate analysis, HMW adiponectin and WHR, but not PCOS status, were independent predictors of S i .Conclusions-Women with PCOS have lower total and HMW adiponectin levels compared with normal women. HMW adiponectin also comprises a smaller proportion of total circulating adiponectin in women with PCOS. Alterations in HMW adiponectin levels in women with PCOS may contribute to the insulin resistance intrinsic to the syndrome.