$PODD

INSULET CORP

CIK:0001145197|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue	$ 801.7	$ 649.1	$ 1,563.4	$ 1,218.1
Cost of revenue	239.1	196.9	471.8	356.8
Gross profit	562.6	452.2	1,091.6	861.3
Research and development expenses	88.1	73.4	177.8	133.0
Selling, general and administrative expenses	344.8	257.7	662.1	518.4
Operating income	129.7	121.1	251.8	209.9
Interest expense	(13.5)	(19.6)	(28.2)	(28.8)
Interest income	3.6	10.1	8.5	20.3
Loss on extinguishment of debt	0.0	(84.4)	0.0	(123.9)
Other (expense) income, net	(1.1)	1.3	(0.4)	(0.9)
Income before income taxes	118.7	28.4	231.7	76.5
Income tax expense	(23.7)	(5.9)	(45.6)	(18.6)
Net income	$ 95.0	$ 22.5	$ 186.1	$ 57.9
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 1.37	$ 0.32	$ 2.67	$ 0.82
Diluted (in dollars per share)	$ 1.37	$ 0.32	$ 2.67	$ 0.82
Weighted-average number of common shares outstanding (in thousands):
Basic (in shares)	69,298	70,389	69,642	70,330
Diluted (in shares)	69,403	70,652	69,803	70,641
Nonrelated Party
Revenue	$ 801.7	$ 470.5	$ 1,563.4	$ 891.0
Related Party
Revenue	$ 0.0	$ 178.6	$ 0.0	$ 327.1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 186.1	$ 57.9
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	52.9	44.0
Stock-based compensation expense	40.9	25.7
Non-cash interest expense	1.4	4.6
Loss on extinguishment of debt	0.0	123.9
Deferred income taxes	15.2	7.0
Provision for credit losses	0.7	5.1
Other	(0.5)	4.0
Changes in operating assets and liabilities:
Inventories	(34.9)	(4.7)
Prepaid expenses and other assets	(28.1)	(31.6)
Accounts payable	39.9	72.6
Accrued expenses and other liabilities	5.6	18.7
Net cash provided by operating activities	202.2	260.3
Cash flows from investing activities
Capital expenditures	(56.8)	(30.9)
Investments in developed software	(8.3)	(8.0)
Net cash used in investing activities	(65.1)	(38.9)
Cash flows from financing activities
Proceeds from issuance of senior unsecured notes, net of issuance costs	0.0	440.7
Repayment of convertible debt	0.0	(541.5)
Settlement of capped call options	0.0	75.7
Proceeds from issuance of term loan B, net of issuance costs	0.0	15.5
Repayment of other debt	(9.1)	(26.4)
Proceeds from secured borrowings (note 3)	0.0	36.1
Repayment of secured borrowings (note 3)	0.0	(32.6)
Repurchase of common stock	(300.0)	(30.1)
Proceeds from exercise of stock options	0.5	12.6
Proceeds from issuance of common stock under employee stock purchase plan	8.9	7.1
Payment of withholding taxes in connection with vesting of restricted stock units	(16.2)	(22.9)
Net cash used in financing activities	(315.9)	(65.8)
Effect of exchange rates on cash and cash equivalents	(2.4)	12.7
Net (decrease) increase in cash and cash equivalents	(181.2)	168.2
Cash and cash equivalents, beginning of period	716.1	953.4
Cash and cash equivalents, end of period	534.9	1,121.6
Supplemental disclosure of cash flow information:
Purchases of property and equipment included in accounts payable and accrued expenses	22.4	4.5
Nonrelated Party
Changes in operating assets and liabilities:
Accounts receivable	(76.9)	(41.8)
Related Party
Changes in operating assets and liabilities:
Accounts receivable	$ 0.0	$ (25.1)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 534.9	$ 716.1
Accounts receivable trade, net	588.7	516.9
Inventories	484.8	452.6
Prepaid expenses and other current assets	240.7	228.3
Total current assets	1,849.1	1,914.0
Property, plant and equipment, net	858.6	819.5
Other intangible assets, net	115.1	117.1
Goodwill	51.6	51.6
Other assets	290.8	288.2
Total assets	3,165.1	3,190.4
Current Liabilities
Accounts payable	123.3	75.0
Accrued expenses and other current liabilities	602.0	586.7
Current portion of long-term debt	18.9	18.4
Total current liabilities	744.2	680.1
Long-term debt, net	929.5	930.8
Other liabilities	69.2	64.4
Total liabilities	1,742.9	1,675.2
Commitments and contingencies (note 11)
Stockholders’ Equity
Preferred stock	0.0	0.0
Common stock	0.1	0.1
Additional paid-in capital	1,309.0	1,274.9
Accumulated earnings	473.5	287.4
Accumulated other comprehensive income	1.9	12.5
Treasury stock	(363.5)	(60.4)
Deferred compensation	1.2	0.8
Total stockholders’ equity	1,422.2	1,515.2
Total liabilities and stockholders’ equity	$ 3,165.1	$ 3,190.4