Insulet (PODD) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-33462
Entity Registrant Name	INSULET CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3523891
Entity Address, Address Line One	100 Nagog Park
Entity Address, City or Town	Acton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01720
City Area Code	978
Local Phone Number	600-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 Par Value Per Share
Trading Symbol	PODD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		63,084,855
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001145197
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 201.4	$ 213.7
Short-term investments	120.2	162.4
Accounts receivable trade, less allowance for credit losses of $4.1 and $3.8	80.1	69.3
Inventories	95.7	101
Prepaid expenses and other current assets	43.9	44.6
Total current assets	541.3	591
Long-term investments	60.8	58.4
Property, plant and equipment, net	412.4	399.4
Other intangible assets, net	12.4	13.2
Goodwill	39.6	39.8
Other assets	41.7	41.1
Total assets	1,108.2	1,142.9
Current Liabilities
Accounts payable	36.4	54.5
Accrued expenses and other current liabilities	94	103.2
Total current liabilities	130.4	157.7
Convertible debt, net	899	887.9
Other liabilities	19.8	21.4
Total liabilities	1,049.2	1,067
Commitments and contingencies (Note 9)
Stockholders’ Equity
Preferred stock, $.001 par value, 5,000,000 authorized; none issued and outstanding	0	0
Common stock, $.001 par value, 100,000,000 authorized; 63,057,874 and 62,685,492 issued and outstanding	0.1	0.1
Additional paid-in capital	737.9	749
Accumulated deficit	(675.2)	(672)
Accumulated other comprehensive loss	(3.8)	(1.2)
Total stockholders’ equity	59	75.9
Total liabilities and stockholders’ equity	$ 1,108.2	$ 1,142.9

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4.1	$ 3.8
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	63,057,874	62,685,492
Common stock, outstanding (in shares)	63,057,874	62,685,492

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenue	$ 198	$ 159.6
Cost of revenue	71.1	52.9
Gross profit	126.9	106.7
Operating expenses:
Research and development expenses	35.5	32.5
Selling, general and administrative expenses	83.9	66.9
Operating income	7.5	7.3
Interest expense, net	(10.1)	(4.8)
Other income, net	0	2.2
(Loss) income before income taxes	(2.6)	4.7
Income tax benefit (expense)	0.5	(0.3)
Net (loss) income	$ (2.1)	$ 4.4
Net (loss) income per share:
Basic (in dollars per share)	$ (0.03)	$ 0.07
Diluted (in dollars per share)	$ (0.03)	$ 0.07
Weighted-average number of common shares outstanding:
Basic (in shares)	62,883,672	59,355,031
Diluted (in shares)	62,883,672	61,148,428

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (2.1)	$ 4.4
Other comprehensive loss, net of tax:
Currency translation adjustment	(3.4)	(0.8)
Unrealized gain on available-for-sale debt securities	0.8	0.6
Total other comprehensive loss, net of tax	(2.6)	(0.2)
Comprehensive (loss) income	$ (4.7)	$ 4.2

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2018		59,188,758
Beginning balance at Dec. 31, 2018	$ 212.1	$ 0.1	$ 898.5	$ (683.6)	$ (2.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		269,473
Exercise of options to purchase common stock	9		9
Stock-based compensation	5.8		5.8
Restricted stock units vested, net of shares withheld for taxes (in shares)		180,208
Restricted stock units vested, net of shares withheld for taxes	(7.5)		(7.5)
Net (loss) income	4.4			4.4
Other comprehensive (loss) income	(0.2)				(0.2)
Ending balance (in shares) at Mar. 31, 2019		59,638,439
Ending balance at Mar. 31, 2019	$ 223.6	$ 0.1	905.8	(679.2)	(3.1)
Beginning balance (in shares) at Dec. 31, 2019	62,685,492	62,685,492,000,000
Beginning balance at Dec. 31, 2019	$ 75.9	$ 0.1	749	(672)	(1.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		172,832,000,000
Exercise of options to purchase common stock	6.2		6.2
Stock-based compensation	7.9		7.9
Restricted stock units vested, net of shares withheld for taxes (in shares)		199,550,000,000
Restricted stock units vested, net of shares withheld for taxes	(25.2)		(25.2)
Net (loss) income	(2.1)			(2.1)
Other comprehensive (loss) income	$ (2.6)				(2.6)
Ending balance (in shares) at Mar. 31, 2020	63,057,874	63,057,874,000,000
Ending balance at Mar. 31, 2020	$ 59	$ 0.1	$ 737.9	$ (675.2)	$ (3.8)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net (loss) income	$ (2.1)	$ 4.4
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	8.9	5.1
Non-cash interest	11.1	7.6
Stock-based compensation	7.9	5.8
Provision for credit losses	0.6	0.8
Other	0.8	(0.3)
Changes in operating assets and liabilities:
Accounts receivable	(14.6)	(6.7)
Inventories	4.8	(2.7)
Prepaid expenses and other assets	0.7	(1.7)
Accounts payable, accrued expenses and other current liabilities	(20.4)	(5.1)
Other liabilities	(1.3)	(0.7)
Net cash (used in) provided by operating activities	(3.6)	6.5
Cash flows from investing activities
Capital expenditures	(26.9)	(44.4)
Acquisition of intangible assets	(0.5)	(0.9)
Purchases of investments	(38)	(2.1)
Receipts from the maturity or sale of investments	78.8	55
Net cash provided by investing activities	13.4	7.6
Cash flows from financing activities
Proceeds from exercise of stock options	6.2	9
Payment of withholding taxes in connection with vesting of restricted stock units	(25.2)	(7.5)
Net cash (used in) provided by financing activities	(19)	1.5
Effect of exchange rate changes on cash	(3.1)	(0.2)
Net (decrease) increase in cash, cash equivalents and restricted cash	(12.3)	15.4
Cash, cash equivalents and restricted cash at beginning of period	213.7	113.9
Cash, cash equivalents and restricted cash at end of period	201.4	129.3
Supplemental cash flow information:
Purchases of property and equipment included in accounts payable and accrued expenses	$ 8.4	$ 12.7

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements reflect the consolidated operations of Insulet Corporation and its subsidiaries (“Insulet” or the “Company”). The unaudited consolidated financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. In management’s opinion, the unaudited consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the interim results reported. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020 , or for any other subsequent interim period. The year-end balance sheet data was derived from audited consolidated financial statements. These unaudited consolidated financial statements do not include all of the annual disclosures required by GAAP; accordingly, they should be read in conjunction with the Company’s audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . Accounts Receivable and Allowance for Credit Losses Trade accounts receivable consist of amounts due from third-party payors, customers and intermediaries and are presented at amortized cost. The allowance for credit losses reflects an estimate of losses inherent in the Company’s accounts receivable portfolio determined based on historical experience, specific allowances for known troubled accounts and other available evidence. Accounts receivable are written off when management determines they are uncollectable. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods: Direct Customer Receivables —The Company measures expected credit losses on direct customer receivables using an aging methodology. The risk of loss for direct customer receivables is higher than other portfolios. The Company relies on third-party payors to accept and timely process claims and on direct consumers to have the ability to pay. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and supportable forecasts. Distributor Receivables —The Company measures expected credit losses on distributor receivables using an individual reserve methodology. The risk of loss in this portfolio is low based on the Company’s historical experience. The estimate of expected credit losses considers payment history as well as credit ratings of the distributors, in addition to current conditions and supportable forecasts. National Healthcare System Receivables —The Company measures expected credit losses on national healthcare system receivables using an individual reserve methodology. The risk of loss in this portfolio is low based on the Company’s historical experience. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and supportable forecasts. Shipping and Handling Costs Shipping and handling costs are included in selling, general and administrative expenses and were $1.9 million and $2.6 million for the three months ended March 31, 2020 and 2019 , respectively. Fair Value Measurements Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. To measure fair value of assets and liabilities, the Company uses the following fair value hierarchy based on three levels of inputs: Level 1—observable inputs, such as quoted prices in active markets for identical assets or liabilities; Level 2—significant other observable inputs that are observable either directly or indirectly; and Level 3—significant unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. Certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other liabilities are carried at cost, which approximates their fair value because of their short-term maturity. See Notes 3 and 8 for financial assets and liabilities held at carrying amount on the consolidated balance sheet and Note 4 for investments measured at fair value on a recurring basis. Reclassification of Prior Period Amounts Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. A portion of facility costs and certain information technology costs have been allocated from selling, general and administrative to research and development expenses based on square foot and system usage, respectively. In addition, certain quality assurance costs were reclassified from research and development expenses to selling, general and administrative expenses. The net impact of these adjustments was a $0.6 million increase to research and development expenses and a corresponding decrease to selling, general and administrative expenses . There was no change to previously reported operating or net income. Further, the Company reclassified the $3.9 million change in unbilled receivables from the change in accounts and unbilled receivables to the change in prepaid expenses and other assets in the prior year statement of cash flows. This reclassification had no effect on previously reported net cash provided by operating activities. Recently Adopted Accounting Standards Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 requires financial assets measured at amortized cost, such as the Company’s trade receivables and contract assets, to be presented net of expected credit losses, which may be estimated based on relevant information such as historical experience, current conditions and future expectation for each pool of similar financial assets. The new guidance also requires enhanced disclosures related to trade receivables and associated credit losses. The Company adopted ASU 2016-13 using the modified retrospective method, whereby the guidance is applied prospectively as of the date of adoption and prior periods are not restated. The cumulative effect of adopting ASU 2016-13 resulted in a $1.1 million increase to the opening balance of accumulated deficit upon adoption related to an increase in the allowance for credit losses on accounts receivable. The following table presents the activity in the allowance for credit losses for the period ended March 31, 2020, comprised primarily of our direct consumer receivable portfolio. The allowance for credit losses of other portfolios is insignificant. (in millions) Balance at December 31, 2019 $ 3.8 Effect of adoption 1.1 Balance at January 1, 2020 4.9 Provision for expected credit losses 0.6 Write-offs charged against allowance (1.5 ) Recoveries of amounts previously written-off 0.1 Balance at March 31, 2020 $ 4.1 Effective January 1, 2020, the Company adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 requires an entity to measure the impairment of goodwill assigned to a reporting unit as the amount by which the carrying value of the assets and liabilities of the reporting unit, including goodwill, exceeds the reporting units’ fair value. The adoption of this guidance had no impact on the consolidated financial statements.

Revenue and Contract Acquisitio

Revenue and Contract Acquisition Costs	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue and Contract Acquisition Costs	Revenue and Contract Acquisition Costs The following table summarizes the Company’s disaggregated revenues: Three Months Ended March 31, (in millions) 2020 2019 U.S. Omnipod $ 116.6 $ 86.1 International Omnipod 73.1 56.9 Total Omnipod 189.7 143.0 Drug Delivery 8.3 16.6 Total $ 198.0 $ 159.6 During the three months ended March 31, 2020 , the Company had two customers that represented 12% and 10% of total revenue, respectively. During the three months ended March 31, 2019 , the Company had two customers that each represented 10% of the Company’s total revenue. Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown: (in millions) March 31, 2020 December 31, 2019 Accrued expenses and other current liabilities $ 3.8 $ 3.2 Other liabilities 0.9 1.0 Total deferred revenue $ 4.7 $ 4.2 Revenue recognized during the three months ended March 31, 2020 included in deferred revenue at the beginning of 2020 was $1.4 million . Revenue recognized during the three months ended March 31, 2019 included in deferred revenue at the beginning of 2019 was $0.9 million . Contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet accounts in the amounts shown: (in millions) March 31, 2020 December 31, 2019 Prepaid expenses and other current assets $ 9.9 $ 9.5 Other assets 20.6 19.9 Total capitalized contract acquisition costs, net $ 30.5 $ 29.4 The Company recognized $2.5 million and $2.0 million of amortization of capitalized contract acquisition costs during the three months ended March 31, 2020 and 2019

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents The following table provides a summary of cash and cash equivalents and the level in the fair value hierarchy in which those measurements fall: March 31, 2020 December 31, 2019 (in millions) Total Level 1 Level 2 Total Level 1 Level 2 (1) Cash $ 85.5 $ 85.5 $ — $ 85.3 $ 85.3 $ — Money market mutual funds 113.0 113.0 — 115.5 115.5 — Commercial paper — — — 10.0 — 10.0 Restricted cash 2.9 2.9 — 2.9 2.9 — Total cash and cash equivalents $ 201.4 $ 201.4 $ — $ 213.7 $ 203.7 $ 10.0 (1) Fair value was determined using market prices obtained from third-party pricing sources.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The Company’s short-term and long-term investments in debt securities had maturity dates that range from three months to two years at March 31, 2020 . Realized gains or losses for both the three months ended March 31, 2020 and 2019 were insignificant. The following table provides amortized costs, gross unrealized gains and losses, fair values and the level in the fair value hierarchy for the Company’s investments at March 31, 2020 and December 31, 2019: (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Level 2 (1) March 31, 2020 U.S. government and agency bonds $ 85.0 $ 0.7 $ — $ 85.7 $ 70.7 $ 15.0 Corporate bonds 15.7 — — 15.7 — 15.7 Certificates of deposit 6.4 — — 6.4 — 6.4 Commercial Paper 12.4 — — 12.4 — 12.4 Total short-term investments $ 119.5 $ 0.7 $ — $ 120.2 $ 70.7 $ 49.5 U.S. government and agency bonds $ 55.8 $ 0.5 $ — $ 56.3 $ 25.7 $ 30.6 Corporate bonds 2.8 — — 2.8 — 2.8 Certificates of deposit 1.7 — — 1.7 — 1.7 Total long-term investments $ 60.3 $ 0.5 $ — $ 60.8 $ 25.7 $ 35.1 December 31, 2019 U.S. government and agency bonds $ 94.7 $ 0.3 $ — $ 95.0 $ 85.0 $ 10.0 Corporate bonds 51.0 0.1 — 51.1 — 51.1 Certificates of deposit 6.3 — — 6.3 — 6.3 Commercial Paper 10.0 — — 10.0 — 10.0 Total short-term investments $ 162.0 $ 0.4 $ — $ 162.4 $ 85.0 $ 77.4 U.S. government and agency bonds $ 52.9 $ 0.1 $ (0.1 ) $ 52.9 $ 42.9 $ 10.0 Corporate bonds 2.8 — — 2.8 — 2.8 Certificates of deposit 2.7 — — 2.7 — 2.7 Total long-term investments $ 58.4 $ 0.1 $ (0.1 ) $ 58.4 $ 42.9 $ 15.5 (1) Fair value was determined using market prices obtained from third-party pricing sources.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories At the end of each period, inventories were comprised of the following: (in millions) March 31, 2020 December 31, 2019 Raw materials $ 29.7 $ 23.3 Work-in-process 21.8 40.3 Finished goods 44.2 37.4 Total inventories $ 95.7 $ 101.0

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets, Net	Goodwill and Other Intangible Assets, Net The change in the carrying amount of goodwill for the three months ended March 31, 2020 was as follows: (in millions) Goodwill at December 31, 2019 $ 39.8 Foreign currency translation (0.2 ) Goodwill at March 31, 2020 $ 39.6 The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows: March 31, 2020 December 31, 2019 (in millions) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Customer relationships (1) $ 9.9 $ (3.0 ) $ 6.9 $ 9.9 $ (2.8 ) $ 7.1 Internal-use software 12.0 (7.4 ) 4.6 12.0 (6.8 ) 5.2 Intellectual property 1.0 (0.1 ) 0.9 1.0 (0.1 ) 0.9 Total $ 22.9 $ (10.5 ) $ 12.4 $ 22.9 $ (9.7 ) $ 13.2 (1) Includes customer relationships acquired from the Company’s former European distributor. See Note 9 . Amortization expense for intangible assets was $0.8 million and $0.6 million for the three months ended March 31, 2020 and 2019 , respectively. Amortization expense associated with intangible assets included on the Company’s balance sheet as of March 31, 2020 is expected to be as follows: Years Ending December 31, (in millions) 2020 (remaining) $ 2.4 2021 2.4 2022 1.9 2023 1.2 2024 1.0 Thereafter 3.5 Total $ 12.4

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities The components of accrued expenses and other current liabilities were as follows: (in millions) March 31, 2020 December 31, 2019 Employee compensation and related costs $ 32.6 $ 45.8 Professional and consulting services 15.3 19.3 Accrued rebates 8.4 7.5 Supplier purchases 7.1 2.4 Value added taxes payable 2.7 1.8 Accrued interest on debt 2.3 1.7 Other 25.6 24.7 Accrued expenses and other current liabilities $ 94.0 $ 103.2 Product Warranty Costs The Company provides a four -year warranty on Personal Diabetes Managers (“PDMs”) sold in the United States and Europe and a five -year warranty on PDMs sold in Canada and may replace Pods that do not function in accordance with product specifications. The Company estimates its warranty at the time the product is shipped based on historical experience and the estimated cost to service the claims. Since the Company continues to introduce new products and versions, the anticipated performance of the product over the warranty period is also considered in estimating warranty reserves. Warranty expense is recorded in cost of revenue in the consolidated statements of operations. Cost to service the claims reflects the current product cost. The following table is a summary of the activity related to the Company’s product warranty liability: Three Months Ended March 31, (in millions) 2020 2019 Product warranty liability at beginning of period $ 8.5 $ 6.4 Warranty expense 2.5 2.2 Warranty claims settled (2.7 ) (2.3 ) Product warranty liability at the end of period $ 8.3 $ 6.3

Convertible Debt, Net

Convertible Debt, Net	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Convertible Debt, Net	Convertible Debt, Net The components of outstanding convertible debt consisted of the following: (in millions) March 31, 2020 December 31, 2019 1.375% Convertible Senior Notes, due November 2024 $ 402.5 $ 402.5 0.375% Convertible Senior Notes, due September 2026 800.0 800.0 Unamortized debt discount (284.5 ) (294.8 ) Debt issuance costs (19.0 ) (19.8 ) Total convertible debt, net $ 899.0 $ 887.9 The carrying amount and the estimated fair value of the Company’s convertible debt, which is based on the Level 2 quoted market prices, were as follows: March 31, 2020 December 31, 2019 (in millions) Carrying Value Estimated (1) Carrying Value Estimated (1) 1.375% Convertible Senior Notes, due November 2024 $ 311.0 $ 512.8 $ 306.9 $ 512.8 0.375% Convertible Senior Notes, due September 2026 588.0 819.8 581.0 840.0 Total $ 899.0 $ 1,332.6 $ 887.9 $ 1,352.8 (1) Fair value was determined using market prices obtained from third-party pricing sources.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Loss Changes in the components of accumulated other comprehensive loss, net of tax, were as follows: Three months ended March 31, 2020 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Balance at December 31, 2019 $ (1.6 ) $ 0.4 $ (1.2 ) Other comprehensive (loss) income (3.4 ) 0.8 (2.6 ) Balance at March 31, 2020 $ (5.0 ) $ 1.2 $ (3.8 ) Three months ended March 31, 2019 (in millions) Foreign Currency Translation Adjustment Unrealized Loss on Available-for-sale Securities Accumulated Other Comprehensive Loss Balance at December 31, 2018 $ (2.2 ) $ (0.7 ) $ (2.9 ) Other comprehensive (loss) income (0.8 ) 0.6 (0.2 ) Balance at March 31, 2019 $ (3.0 ) $ (0.1 ) $ (3.1 )

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings Between May 5, 2015 and June 16, 2015, three class action lawsuits were filed by shareholders in the U.S. District Court, for the District of Massachusetts, against the Company and certain then current and former executives of the Company. Two suits subsequently were voluntarily dismissed. Arkansas Teacher Retirement System v. Insulet, et al., 1:15-cv-12345, (“ATRS”) alleged that the Company (and certain then current and former executives) committed violations of Sections 10(b) and 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934 by making allegedly false and misleading statements about the Company’s business, operations and prospects. On February 8, 2018, the parties executed a binding stipulation of settlement, under which all claims were released, and a payment was made into an escrow account for the plaintiffs and the class they purport to represent. On August 6, 2018, the Court issued an order approving the settlement, but took the plaintiffs’ motion for fees and expenses under advisement, which motion remains pending. The Company had previously accrued fees and expenses in connection with this matter for the amount of the final settlement liability that was not covered by insurance, the amount of which was not material to the Company’s consolidated financial statements. In addition, on April 26, 2017, a derivative action (Walker v. DeSisto, et al., 1:17-cv-10738) (“Walker”) was filed, and on October 13, 2017, a second derivative action (Carnazza v. DeSisto, et al., 1:17-cv-11977) (“Carnazza”) was filed, both on behalf of the Company, each by a shareholder in the U.S. District Court for the District of Massachusetts against the Company (as a nominal defendant) and certain individual then current and former officers and directors of the Company. The allegations in the actions are substantially similar to those alleged in the securities class action. The actions seek, among other things, damages, disgorgement of certain types of compensation or profits, and attorneys’ fees and costs. On July 11, 2018, the parties executed a binding stipulation of settlement, under which all claims were released, and a payment of attorneys’ fees and reimbursement of expenses will be paid to plaintiffs’ counsel, subject to the Court’s approval. On July 13, 2018, the plaintiffs filed a motion for preliminary approval of the settlement, which is pending. The Company expects that such fees and expenses payable to plaintiff’s counsel will be covered by the Company’s insurance. The Company is, from time to time, involved in the normal course of business in various legal proceedings, including intellectual property, contract, employment and product liability suits. The Company does not expect the outcome of these proceedings, either individually or in the aggregate, to have a material adverse effect on its results of operations. Fees to Former European Distributor Following the expiration of an agreement with a former European distributor on June 30, 2018, the Company was required to pay a quarterly per-unit fee for Omnipod sales to certain customers of the former European distributor for a one-year period through June 30, 2019. The Company recognized a liability and an associated intangible asset for this fee as qualifying sales occurred. The methodology applicable for determining the total fee under the distribution agreement is subject to an active arbitration proceeding in Switzerland. The final amount of the fee could vary significantly depending on the number of customers who count for purposes of calculating the fee under the terms of the agreement. The Company estimates that the final aggregate fee is in the range of $5 million to $55 million . As of both March 31, 2020 and December 31, 2019 , the Company had $2.7 million accrued related to this matter. The associated gross intangible asset was $7.8 million at both March 31, 2020 and December 31, 2019 .

Interest Expense

Interest Expense	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Interest Expense	Interest Expense Interest expense, net was as follows: Three Months Ended March 31, (in millions) 2020 2019 Contractual coupon interest $ 2.1 $ 2.5 Accretion of debt discount 10.4 6.9 Amortization of debt issuance costs 0.7 0.7 Capitalized interest (1.6 ) (3.5 ) Interest expense, net of portion capitalized 11.6 6.6 Interest income (1.5 ) (1.8 ) Interest expense, net $ 10.1 $ 4.8

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Compensation expense related to stock-based awards was recorded as follows: Three Months Ended March 31, (in millions) 2020 2019 Cost of revenue $ 0.1 $ 0.3 Research and development expenses 2.7 1.8 Selling, general and administrative expenses 5.1 3.7 Total $ 7.9 $ 5.8

Income Tax Expense

Income Tax Expense	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Expense	Income Taxes The Company’s effective tax rate for the three months ended March 31, 2020 was 18.4% , compared with 6.9% for the three months ended March 31, 2019 . Income tax benefits have not been recorded for losses in jurisdictions where valuation allowances exist against net deferred tax assets, primarily in the United States. As of March 31, 2020 and December 31, 2019 , the Company maintained a full valuation allowance against its U.S. net deferred tax assets based on the determination that it is not more likely than not these future benefits will be realized before expiration. The Company had no uncertain tax positions at both March 31, 2020 and December 31, 2019 . In April 2020, new interpretations of a German tax law related to intellectual property and withholding tax were released. The Company is currently evaluating if these new interpretations, applicable to corporate multinationals, will have an impact on the consolidated financial statements.

Net (Loss) Income Per Share

Net (Loss) Income Per Share	3 Months Ended
	Mar. 31, 2020
Disclosure Potential Common Shares Excluded From Computation Of Diluted Net Loss Per Share [Abstract]
Net (Loss) Income Per Share	Net (Loss) Income Per Share Basic net (loss) income per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding for the period. Diluted net (loss) income per share is computed using the weighted average number of common shares outstanding and, when dilutive, common share equivalents from outstanding stock options and restricted stock units (using the treasury-stock method), and potential common shares from the Company’s convertible notes (using the if-converted method). The weighted-average number of common shares used in the computation of basic and diluted net (loss) income per share were as follows: Three Months Ended March 31, (in millions) 2020 2019 Weighted average number of common shares outstanding, basic 62,883,672 59,355,031 Stock options — 1,524,315 Restricted stock units — 269,082 Weighted average number of common shares outstanding, diluted 62,883,672 61,148,428 The number of common share equivalents excluded from the computation of diluted net (loss) income per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows: Three Months Ended March 31, 2020 2019 1.25% Convertible Senior Notes — 5,910,954 1.375% Convertible Senior Notes 4,319,429 4,319,429 0.375% Convertible Senior Notes 3,528,400 — Unvested restricted stock units 537,878 360,278 Stock options 1,613,980 280,887 Total 9,999,687 10,871,548

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements reflect the consolidated operations of Insulet Corporation and its subsidiaries (“Insulet” or the “Company”). The unaudited consolidated financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. In management’s opinion, the unaudited consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the interim results reported. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020 , or for any other subsequent interim period.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. To measure fair value of assets and liabilities, the Company uses the following fair value hierarchy based on three levels of inputs: Level 1—observable inputs, such as quoted prices in active markets for identical assets or liabilities; Level 2—significant other observable inputs that are observable either directly or indirectly; and Level 3—significant unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions.
Reclassification of Prior Period Amounts	Reclassification of Prior Period Amounts
Recently Adopted and Not Yet Adopted Accounting Pronouncements	Recently Adopted Accounting Standards Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 requires financial assets measured at amortized cost, such as the Company’s trade receivables and contract assets, to be presented net of expected credit losses, which may be estimated based on relevant information such as historical experience, current conditions and future expectation for each pool of similar financial assets. The new guidance also requires enhanced disclosures related to trade receivables and associated credit losses. The Company adopted ASU 2016-13 using the modified retrospective method, whereby the guidance is applied prospectively as of the date of adoption and prior periods are not restated. The cumulative effect of adopting ASU 2016-13 resulted in a $1.1 million increase to the opening balance of accumulated deficit upon adoption related to an increase in the allowance for credit losses on accounts receivable. The following table presents the activity in the allowance for credit losses for the period ended March 31, 2020, comprised primarily of our direct consumer receivable portfolio. The allowance for credit losses of other portfolios is insignificant. (in millions) Balance at December 31, 2019 $ 3.8 Effect of adoption 1.1 Balance at January 1, 2020 4.9 Provision for expected credit losses 0.6 Write-offs charged against allowance (1.5 ) Recoveries of amounts previously written-off 0.1 Balance at March 31, 2020 $ 4.1 Effective January 1, 2020, the Company adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 requires an entity to measure the impairment of goodwill assigned to a reporting unit as the amount by which the carrying value of the assets and liabilities of the reporting unit, including goodwill, exceeds the reporting units’ fair value. The adoption of this guidance had no impact on the consolidated financial statements.
Product Warranty Costs	Product Warranty Costs The Company provides a four -year warranty on Personal Diabetes Managers (“PDMs”) sold in the United States and Europe and a five -year warranty on PDMs sold in Canada and may replace Pods that do not function in accordance with product specifications. The Company estimates its warranty at the time the product is shipped based on historical experience and the estimated cost to service the claims. Since the Company continues to introduce new products and versions, the anticipated performance of the product over the warranty period is also considered in estimating warranty reserves. Warranty expense is recorded in cost of revenue in the consolidated statements of operations. Cost to service the claims reflects the current product cost.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Allowance for Credit Loss	The following table presents the activity in the allowance for credit losses for the period ended March 31, 2020, comprised primarily of our direct consumer receivable portfolio. The allowance for credit losses of other portfolios is insignificant. (in millions) Balance at December 31, 2019 $ 3.8 Effect of adoption 1.1 Balance at January 1, 2020 4.9 Provision for expected credit losses 0.6 Write-offs charged against allowance (1.5 ) Recoveries of amounts previously written-off 0.1 Balance at March 31, 2020 $ 4.1

Revenue and Contract Acquisit_2

Revenue and Contract Acquisition Costs (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Summary of Revenue from Contracts with Customers	The following table summarizes the Company’s disaggregated revenues: Three Months Ended March 31, (in millions) 2020 2019 U.S. Omnipod $ 116.6 $ 86.1 International Omnipod 73.1 56.9 Total Omnipod 189.7 143.0 Drug Delivery 8.3 16.6 Total $ 198.0 $ 159.6
Summary of Deferred Revenue	Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown: (in millions) March 31, 2020 December 31, 2019 Accrued expenses and other current liabilities $ 3.8 $ 3.2 Other liabilities 0.9 1.0 Total deferred revenue $ 4.7 $ 4.2
Summary of Contract Acquisition Costs	Contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet accounts in the amounts shown: (in millions) March 31, 2020 December 31, 2019 Prepaid expenses and other current assets $ 9.9 $ 9.5 Other assets 20.6 19.9 Total capitalized contract acquisition costs, net $ 30.5 $ 29.4

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	3 Months Ended
	Mar. 31, 2020
Cash and Cash Equivalents [Abstract]
Summary of Cash and Cash Equivalents	The following table provides a summary of cash and cash equivalents and the level in the fair value hierarchy in which those measurements fall: March 31, 2020 December 31, 2019 (in millions) Total Level 1 Level 2 Total Level 1 Level 2 (1) Cash $ 85.5 $ 85.5 $ — $ 85.3 $ 85.3 $ — Money market mutual funds 113.0 113.0 — 115.5 115.5 — Commercial paper — — — 10.0 — 10.0 Restricted cash 2.9 2.9 — 2.9 2.9 — Total cash and cash equivalents $ 201.4 $ 201.4 $ — $ 213.7 $ 203.7 $ 10.0 (1) Fair value was determined using market prices obtained from third-party pricing sources.
Summary of Restricted Cash and Cash Equivalents	The following table provides a summary of cash and cash equivalents and the level in the fair value hierarchy in which those measurements fall: March 31, 2020 December 31, 2019 (in millions) Total Level 1 Level 2 Total Level 1 Level 2 (1) Cash $ 85.5 $ 85.5 $ — $ 85.3 $ 85.3 $ — Money market mutual funds 113.0 113.0 — 115.5 115.5 — Commercial paper — — — 10.0 — 10.0 Restricted cash 2.9 2.9 — 2.9 2.9 — Total cash and cash equivalents $ 201.4 $ 201.4 $ — $ 213.7 $ 203.7 $ 10.0 (1) Fair value was determined using market prices obtained from third-party pricing sources.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Summary of Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and Level in Fair Value Hierarchy for Investments	The following table provides amortized costs, gross unrealized gains and losses, fair values and the level in the fair value hierarchy for the Company’s investments at March 31, 2020 and December 31, 2019: (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Level 2 (1) March 31, 2020 U.S. government and agency bonds $ 85.0 $ 0.7 $ — $ 85.7 $ 70.7 $ 15.0 Corporate bonds 15.7 — — 15.7 — 15.7 Certificates of deposit 6.4 — — 6.4 — 6.4 Commercial Paper 12.4 — — 12.4 — 12.4 Total short-term investments $ 119.5 $ 0.7 $ — $ 120.2 $ 70.7 $ 49.5 U.S. government and agency bonds $ 55.8 $ 0.5 $ — $ 56.3 $ 25.7 $ 30.6 Corporate bonds 2.8 — — 2.8 — 2.8 Certificates of deposit 1.7 — — 1.7 — 1.7 Total long-term investments $ 60.3 $ 0.5 $ — $ 60.8 $ 25.7 $ 35.1 December 31, 2019 U.S. government and agency bonds $ 94.7 $ 0.3 $ — $ 95.0 $ 85.0 $ 10.0 Corporate bonds 51.0 0.1 — 51.1 — 51.1 Certificates of deposit 6.3 — — 6.3 — 6.3 Commercial Paper 10.0 — — 10.0 — 10.0 Total short-term investments $ 162.0 $ 0.4 $ — $ 162.4 $ 85.0 $ 77.4 U.S. government and agency bonds $ 52.9 $ 0.1 $ (0.1 ) $ 52.9 $ 42.9 $ 10.0 Corporate bonds 2.8 — — 2.8 — 2.8 Certificates of deposit 2.7 — — 2.7 — 2.7 Total long-term investments $ 58.4 $ 0.1 $ (0.1 ) $ 58.4 $ 42.9 $ 15.5 (1) Fair value was determined using market prices obtained from third-party pricing sources.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Components of Inventories	At the end of each period, inventories were comprised of the following: (in millions) March 31, 2020 December 31, 2019 Raw materials $ 29.7 $ 23.3 Work-in-process 21.8 40.3 Finished goods 44.2 37.4 Total inventories $ 95.7 $ 101.0

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amounts of Goodwill	The change in the carrying amount of goodwill for the three months ended March 31, 2020 was as follows: (in millions) Goodwill at December 31, 2019 $ 39.8 Foreign currency translation (0.2 ) Goodwill at March 31, 2020 $ 39.6
Components of Other Intangible Assets	The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows: March 31, 2020 December 31, 2019 (in millions) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Customer relationships (1) $ 9.9 $ (3.0 ) $ 6.9 $ 9.9 $ (2.8 ) $ 7.1 Internal-use software 12.0 (7.4 ) 4.6 12.0 (6.8 ) 5.2 Intellectual property 1.0 (0.1 ) 0.9 1.0 (0.1 ) 0.9 Total $ 22.9 $ (10.5 ) $ 12.4 $ 22.9 $ (9.7 ) $ 13.2
Amortization Expense Expected for Next Five Years	Amortization expense associated with intangible assets included on the Company’s balance sheet as of March 31, 2020 is expected to be as follows: Years Ending December 31, (in millions) 2020 (remaining) $ 2.4 2021 2.4 2022 1.9 2023 1.2 2024 1.0 Thereafter 3.5 Total $ 12.4

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Components of Accrued Expenses and Other Current Liabilities	The components of accrued expenses and other current liabilities were as follows: (in millions) March 31, 2020 December 31, 2019 Employee compensation and related costs $ 32.6 $ 45.8 Professional and consulting services 15.3 19.3 Accrued rebates 8.4 7.5 Supplier purchases 7.1 2.4 Value added taxes payable 2.7 1.8 Accrued interest on debt 2.3 1.7 Other 25.6 24.7 Accrued expenses and other current liabilities $ 94.0 $ 103.2
Reconciliation of Changes in Product Warranty Liability	The following table is a summary of the activity related to the Company’s product warranty liability: Three Months Ended March 31, (in millions) 2020 2019 Product warranty liability at beginning of period $ 8.5 $ 6.4 Warranty expense 2.5 2.2 Warranty claims settled (2.7 ) (2.3 ) Product warranty liability at the end of period $ 8.3 $ 6.3

Convertible Debt, Net (Tables)

Convertible Debt, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Outstanding Convertible Debt and Related Debt Issuance Costs	The components of outstanding convertible debt consisted of the following: (in millions) March 31, 2020 December 31, 2019 1.375% Convertible Senior Notes, due November 2024 $ 402.5 $ 402.5 0.375% Convertible Senior Notes, due September 2026 800.0 800.0 Unamortized debt discount (284.5 ) (294.8 ) Debt issuance costs (19.0 ) (19.8 ) Total convertible debt, net $ 899.0 $ 887.9
Summary of Carrying Amount and Estimated Fair Value of Convertible Debt	The carrying amount and the estimated fair value of the Company’s convertible debt, which is based on the Level 2 quoted market prices, were as follows: March 31, 2020 December 31, 2019 (in millions) Carrying Value Estimated (1) Carrying Value Estimated (1) 1.375% Convertible Senior Notes, due November 2024 $ 311.0 $ 512.8 $ 306.9 $ 512.8 0.375% Convertible Senior Notes, due September 2026 588.0 819.8 581.0 840.0 Total $ 899.0 $ 1,332.6 $ 887.9 $ 1,352.8 (1) Fair value was determined using market prices obtained from third-party pricing sources.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Changes in the components of accumulated other comprehensive loss, net of tax, were as follows: Three months ended March 31, 2020 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Balance at December 31, 2019 $ (1.6 ) $ 0.4 $ (1.2 ) Other comprehensive (loss) income (3.4 ) 0.8 (2.6 ) Balance at March 31, 2020 $ (5.0 ) $ 1.2 $ (3.8 ) Three months ended March 31, 2019 (in millions) Foreign Currency Translation Adjustment Unrealized Loss on Available-for-sale Securities Accumulated Other Comprehensive Loss Balance at December 31, 2018 $ (2.2 ) $ (0.7 ) $ (2.9 ) Other comprehensive (loss) income (0.8 ) 0.6 (0.2 ) Balance at March 31, 2019 $ (3.0 ) $ (0.1 ) $ (3.1 )

Interest Expense (Tables)

Interest Expense (Tables)	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Interest and Other Expense	Interest expense, net was as follows: Three Months Ended March 31, (in millions) 2020 2019 Contractual coupon interest $ 2.1 $ 2.5 Accretion of debt discount 10.4 6.9 Amortization of debt issuance costs 0.7 0.7 Capitalized interest (1.6 ) (3.5 ) Interest expense, net of portion capitalized 11.6 6.6 Interest income (1.5 ) (1.8 ) Interest expense, net $ 10.1 $ 4.8

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of Share-Based Compensation Expense	Compensation expense related to stock-based awards was recorded as follows: Three Months Ended March 31, (in millions) 2020 2019 Cost of revenue $ 0.1 $ 0.3 Research and development expenses 2.7 1.8 Selling, general and administrative expenses 5.1 3.7 Total $ 7.9 $ 5.8

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure Potential Common Shares Excluded From Computation Of Diluted Net Loss Per Share [Abstract]
Computation of Basic and Diluted Net Income (Loss) per Share	The weighted-average number of common shares used in the computation of basic and diluted net (loss) income per share were as follows: Three Months Ended March 31, (in millions) 2020 2019 Weighted average number of common shares outstanding, basic 62,883,672 59,355,031 Stock options — 1,524,315 Restricted stock units — 269,082 Weighted average number of common shares outstanding, diluted 62,883,672 61,148,428
Potential Common Share Equivalents Excluded from Computation of Diluted Net Income (Loss) per Share	The number of common share equivalents excluded from the computation of diluted net (loss) income per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows: Three Months Ended March 31, 2020 2019 1.25% Convertible Senior Notes — 5,910,954 1.375% Convertible Senior Notes 4,319,429 4,319,429 0.375% Convertible Senior Notes 3,528,400 — Unvested restricted stock units 537,878 360,278 Stock options 1,613,980 280,887 Total 9,999,687 10,871,548

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2020
Significant Accounting Policies [Line Items]
Cost of revenue	$ 71.1	$ 52.9
Cumulative effect of new accounting principle			$ (1.1)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	3.8
Provision for expected credit losses	0.6	0.8
Write-offs charged against allowance	(1.5)
Recoveries of amounts previously written-off	0.1
Ending balance	4.1
Shipping and Handling
Significant Accounting Policies [Line Items]
Cost of revenue	$ 1.9	2.6
Research and development expenses
Significant Accounting Policies [Line Items]
Reclassification of prior period amounts		0.6
Selling, general and administrative expenses
Significant Accounting Policies [Line Items]
Reclassification of prior period amounts		(0.6)
Accounts and unbilled receivables
Significant Accounting Policies [Line Items]
Reclassification of prior period amounts		(3.9)
Prepaid expenses and other assets
Significant Accounting Policies [Line Items]
Reclassification of prior period amounts		$ (3.9)
Accounting Standards Update 2016-13 [Member]
Significant Accounting Policies [Line Items]
Cumulative effect of new accounting principle			$ 1.1

Revenue and Contract Acquisit_3

Revenue and Contract Acquisition Costs - Summary of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 198	$ 159.6
U.S. Omnipod
Disaggregation of Revenue [Line Items]
Revenue	116.6	86.1
International Omnipod
Disaggregation of Revenue [Line Items]
Revenue	73.1	56.9
Diabetes
Disaggregation of Revenue [Line Items]
Revenue	189.7	143
Drug Delivery
Disaggregation of Revenue [Line Items]
Revenue	$ 8.3	$ 16.6
Customer 1 | Customer Concentration Risk | Sales Revenue
Disaggregation of Revenue [Line Items]
Total revenue, percentage	12.00%	10.00%
Customer 2 | Customer Concentration Risk | Sales Revenue
Disaggregation of Revenue [Line Items]
Total revenue, percentage	10.00%	10.00%

Revenue and Contract Acquisit_4

Revenue and Contract Acquisition Costs - Summary of Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Accrued expenses and other current liabilities	$ 3.8	$ 3.2
Other liabilities	0.9	1
Total deferred revenue	$ 4.7	$ 4.2

Revenue and Contract Acquisit_5

Revenue and Contract Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 1.4	$ 0.9
Amortization of capitalized commission costs	$ 2.5	$ 2

Revenue and Contract Acquisit_6

Revenue and Contract Acquisition Costs - Summary of Contract Acquisition Costs (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Prepaid expenses and other current assets	$ 9.9	$ 9.5
Other assets	20.6	19.9
Total capitalized contract acquisition costs, net	$ 30.5	$ 29.4

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 201.4	$ 213.7
Cash
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	85.5	85.3
Money market mutual funds
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	113	115.5
Commercial paper
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	0	10
Restricted cash
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	2.9	2.9
Level 1
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	201.4	203.7
Level 1 | Cash
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	85.5	85.3
Level 1 | Money market mutual funds
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	113	115.5
Level 1 | Commercial paper
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	0	0
Level 1 | Restricted cash
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	2.9	2.9
Level 2
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	0	10
Level 2 | Cash
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	0	0
Level 2 | Money market mutual funds
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	0	0
Level 2 | Commercial paper
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	0	10
Level 2 | Restricted cash
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 0	$ 0

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended
	Mar. 31, 2020
Minimum
Debt Securities, Available-for-sale [Line Items]
Derivative maturity date range	3 months
Maximum
Debt Securities, Available-for-sale [Line Items]
Derivative maturity date range	2 years

Investments - Summary of Amorti

Investments - Summary of Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and Level in Fair Value Hierarchy for Investments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 119.5	$ 162
Gross Unrealized Gains	0.7	0.4
Gross Unrealized Losses	0	0
Fair Value	120.2	162.4
Short-term investments | Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	70.7	85
Short-term investments | Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	49.5	77.4
Short-term investments | U.S. government and agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	85	94.7
Gross Unrealized Gains	0.7	0.3
Gross Unrealized Losses	0	0
Fair Value	85.7	95
Short-term investments | U.S. government and agency bonds | Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	70.7	85
Short-term investments | U.S. government and agency bonds | Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	15	10
Short-term investments | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	15.7	51
Gross Unrealized Gains	0	0.1
Gross Unrealized Losses	0	0
Fair Value	15.7	51.1
Short-term investments | Corporate bonds | Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Short-term investments | Corporate bonds | Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	15.7	51.1
Short-term investments | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	6.4	6.3
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	6.4	6.3
Short-term investments | Certificates of deposit | Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Short-term investments | Certificates of deposit | Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	6.4	6.3
Short-term investments | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	12.4	10
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	12.4	10
Short-term investments | Commercial paper | Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Short-term investments | Commercial paper | Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	12.4	10
Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	60.3	58.4
Gross Unrealized Gains	0.5	0.1
Gross Unrealized Losses	0	(0.1)
Fair Value	60.8	58.4
Long-term investments | Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	25.7	42.9
Long-term investments | Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	35.1	15.5
Long-term investments | U.S. government and agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	55.8	52.9
Gross Unrealized Gains	0.5	0.1
Gross Unrealized Losses	0	(0.1)
Fair Value	56.3	52.9
Long-term investments | U.S. government and agency bonds | Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	25.7	42.9
Long-term investments | U.S. government and agency bonds | Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	30.6	10
Long-term investments | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2.8	2.8
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	2.8	2.8
Long-term investments | Corporate bonds | Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Long-term investments | Corporate bonds | Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2.8	2.8
Long-term investments | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	1.7	2.7
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	1.7	2.7
Long-term investments | Certificates of deposit | Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Long-term investments | Certificates of deposit | Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1.7	$ 2.7

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 29.7	$ 23.3
Work-in-process	21.8	40.3
Finished goods	44.2	37.4
Total inventories	$ 95.7	$ 101

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Net - Summary of Changes in Carrying Amounts of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
Goodwill at December 31, 2019	$ 39.8
Foreign currency translation	(0.2)
Goodwill at March 31, 2020	$ 39.6

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Net - Components of Other Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 22.9	$ 22.9
Accumulated Amortization	(10.5)	(9.7)
Net Book Value	12.4	13.2
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9.9	9.9
Accumulated Amortization	(3)	(2.8)
Net Book Value	6.9	7.1
Internal-use software
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12	12
Accumulated Amortization	(7.4)	(6.8)
Net Book Value	4.6	5.2
Intellectual property
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1	1
Accumulated Amortization	(0.1)	(0.1)
Net Book Value	$ 0.9	$ 0.9

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of other intangible assets	$ 0.8	$ 0.6

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets, Net - Amortization Expense Expected for Next Five Years (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2020 (remaining)	$ 2.4
2021	2.4
2022	1.9
2023	1.2
2024	1
Thereafter	3.5
Net Book Value	$ 12.4	$ 13.2

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Employee compensation and related costs	$ 32.6	$ 45.8
Professional and consulting services	15.3	19.3
Accrued rebates	8.4	7.5
Supplier purchases	7.1	2.4
Value added taxes payable	2.7	1.8
Accrued interest on debt	2.3	1.7
Other	25.6	24.7
Accrued expenses and other current liabilities	$ 94	$ 103.2

Convertible Debt, Net - Outstan

Convertible Debt, Net - Outstanding Convertible Debt and Related Debt Issuance Costs (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Unamortized debt discount	$ (284.5)	$ (294.8)
Debt issuance costs	(19)	(19.8)
Total convertible debt, net	$ 899	$ 887.9
1.375% Convertible Senior Notes
Debt Instrument [Line Items]
Debt, interest rate	1.375%	1.375%	1.375%
0.375% Convertible Senior Notes
Debt Instrument [Line Items]
Debt, interest rate	0.375%	0.375%
Convertible Debt | 1.375% Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount of Senior Notes	$ 402.5	$ 402.5
Convertible Debt | 0.375% Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount of Senior Notes	$ 800	$ 800

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Narrative (Details)	3 Months Ended
	Mar. 31, 2020
United States
Product Warranty Liability [Line Items]
Product warranty term for PDMs	4 years
CANADA
Product Warranty Liability [Line Items]
Product warranty term for PDMs	5 years

Accrued Expenses and Other Cu_5

Accrued Expenses and Other Current Liabilities - Product Warranty Liability (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product warranty liability at beginning of period	$ 8.5	$ 6.4
Warranty expense	2.5	2.2
Warranty claims settled	(2.7)	(2.3)
Product warranty liability at the end of period	$ 8.3	$ 6.3

Convertible Debt, Net - Summary

Convertible Debt, Net - Summary of Carrying Amount and Estimated Fair Value of Convertible Debt (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
1.375% Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, interest rate	1.375%	1.375%	1.375%
0.375% Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, interest rate	0.375%	0.375%
Level 2 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instrument value	$ 899	$ 887.9
Level 2 | Carrying Value | 1.375% Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instrument value	311	306.9
Level 2 | Carrying Value | 0.375% Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instrument value	588	581
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instrument value	1,332.6	1,352.8
Level 2 | Estimated Fair Value | 1.375% Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instrument value	512.8	512.8
Level 2 | Estimated Fair Value | 0.375% Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instrument value	$ 819.8	$ 840

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	1 Months Ended
	Jun. 16, 2015lawsuit	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)
Loss Contingencies [Line Items]
Number of class actions filed (in legal matters) | lawsuit	3
Number of class actions dismissed (in legal matters) | lawsuit	2
Fees To Former European Distributor
Loss Contingencies [Line Items]
Accrued liabilities		$ 2,700,000	$ 2,700,000
Associated gross intangible asset		$ 7,800,000	$ 7,800,000
Fees To Former European Distributor | Minimum
Loss Contingencies [Line Items]
Commitment due in next twelve months				$ 5,000,000
Fees To Former European Distributor | Maximum
Loss Contingencies [Line Items]
Commitment due in next twelve months				$ 55,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 75.9	$ 212.1
Other comprehensive (loss) income	(2.6)	(0.2)
Ending balance	59	223.6
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1.6)	(2.2)
Other comprehensive (loss) income	(3.4)	(0.8)
Ending balance	(5)	(3)
Unrealized Gain on Available-for-sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	0.4	(0.7)
Other comprehensive (loss) income	0.8	0.6
Ending balance	1.2	(0.1)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1.2)	(2.9)
Other comprehensive (loss) income	(2.6)	(0.2)
Ending balance	$ (3.8)	$ (3.1)

Interest Expense - Interest Exp

Interest Expense - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Disclosure [Abstract]
Contractual coupon interest	$ 2.1	$ 2.5
Accretion of debt discount	10.4	6.9
Amortization of debt issuance costs	0.7	0.7
Capitalized interest	(1.6)	(3.5)
Interest expense, net of portion capitalized	11.6	6.6
Interest income	(1.5)	(1.8)
Interest expense, net	$ (10.1)	$ (4.8)

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Related to Share-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 7.9	$ 5.8
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0.1	0.3
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2.7	1.8
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 5.1	$ 3.7

Income Tax Expense - Narrative

Income Tax Expense - Narrative (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	18.40%	6.90%

Net (Loss) Income Per Share - C

Net (Loss) Income Per Share - Computation of Basic and Diluted Net Income (Loss) per Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of common shares outstanding, basic (in shares)	62,883,672	59,355,031
Weighted average number of common shares outstanding, diluted (in shares)	62,883,672	61,148,428
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0	1,524,315
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0	269,082

Net (Loss) Income Per Share - P

Net (Loss) Income Per Share - Potential Common Share Equivalents Excluded from Computation of Diluted Net Income (Loss) per Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	9,999,687	10,871,548
1.25% Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	5,910,954
1.375% Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,319,429	4,319,429
0.375% Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,528,400	0
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	537,878	360,278
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,613,980	280,887
1.25% Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt, interest rate		1.25%
1.375% Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt, interest rate	1.375%	1.375%	1.375%
0.375% Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt, interest rate	0.375%		0.375%

Uncategorized Items - podd-2020

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,100,000)