Insulet (PODD) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Oct. 28, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		65,927,871
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001145197
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 838.1	$ 213.7
Short-term investments	58.6	162.4
Accounts receivable trade, less allowance for credit losses of $3.6 and $3.8	85.4	69.3
Inventories	124.9	101
Prepaid expenses and other current assets	53.4	44.6
Total current assets	1,160.4	591
Long-term investments	0.5	58.4
Property, plant and equipment, net	449.2	399.4
Other intangible assets, net	10.4	13.2
Goodwill	39.7	39.8
Other assets	50.4	41.1
Total assets	1,710.6	1,142.9
Current Liabilities
Accounts payable	57	54.5
Accrued expenses and other current liabilities	118.2	103.2
Total current liabilities	175.2	157.7
Convertible debt, net	921.5	887.9
Other liabilities	18.9	21.4
Total liabilities	1,115.6	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; 65,871,736 and 62,685,492 issued and outstanding	0.1	0.1
Additional paid-in capital	1,244.7	749
Accumulated deficit	(649.2)	(672)
Accumulated other comprehensive loss	(0.6)	(1.2)
Total stockholders’ equity	595	75.9
Total liabilities and stockholders’ equity	$ 1,710.6	$ 1,142.9

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3.6	$ 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)	65,871,736	62,685,492
Common stock, outstanding (in shares)	65,871,736	62,685,492

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue	$ 234	$ 192.1	$ 658.3	$ 528.8
Cost of revenue	82.2	69	237.1	182.6
Gross profit	151.8	123.1	421.2	346.2
Operating expenses:
Research and development expenses	38.8	31.3	108.5	96.8
Selling, general and administrative expenses	89.2	74.8	253.9	217.5
Operating income	23.8	17	58.8	31.9
Interest expense, net	(11.4)	(7.7)	(32.6)	(18.3)
Loss on extinguishment of debt	0	(6.4)	0	(6.4)
Other income (expense), net	1	(1.8)	2	0.5
Income before income taxes	13.4	1.1	28.2	7.7
Income tax expense	(1.8)	(0.3)	(4.3)	(1.1)
Net income	$ 11.6	$ 0.8	$ 23.9	$ 6.6
Net income per share:
Basic (in dollars per share)	$ 0.18	$ 0.01	$ 0.37	$ 0.11
Diluted (in dollars per share)	$ 0.17	$ 0.01	$ 0.36	$ 0.11
Weighted-average number of common shares outstanding:
Basic (in shares)	65,717,820	60,743,211	64,329,181	59,986,163
Diluted (in shares)	66,827,692	62,335,679	65,598,197	61,728,018

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 11.6	$ 0.8	$ 23.9	$ 6.6
Other comprehensive income (loss), net of tax:
Currency translation adjustment	3.3	(1.8)	0.5	(3)
Unrealized (loss) gain on available-for-sale debt securities	(0.3)	0	0.1	1.3
Total other comprehensive income (loss), net of tax	3	(1.8)	0.6	(1.7)
Comprehensive income (loss)	$ 14.6	$ (1)	$ 24.5	$ 4.9

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	0.375% Convertible Senior Notes	1.25% Convertible Senior Notes	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjustment	Additional Paid-in Capital	Additional Paid-in Capital0.375% Convertible Senior Notes	Additional Paid-in Capital1.25% Convertible Senior Notes	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	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)					1,188,043
Exercise of options to purchase common stock	40.9						40.9
Issuance of employee stock purchase plan (in shares)					27,613
Issuance of shares for employee stock purchase plan	2						2
Stock-based compensation	20.7						20.7
Restricted stock units vested, net of shares withheld for taxes (in shares)					225,063
Restricted stock units vested, net of shares withheld for taxes	(8.2)						(8.2)
Conversion feature, net of issuance costs			$ 207.8	$ (438.6)				$ 207.8	$ (438.6)
Issuance of shares for debt repayment (in shares)					1,157,492
Issuance of shares for debt repayment	194.4						194.4
Purchase of capped call options	(85.4)						(85.4)
Net income	6.6									6.6
Other comprehensive income (loss)	(1.7)											(1.7)
Ending balance (in shares) at Sep. 30, 2019					61,786,969
Ending balance at Sep. 30, 2019	150.6				$ 0.1		832.1			(677)		(4.6)
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)
Ending balance (in shares) at Dec. 31, 2019	62,685,492				62,685,492	0
Ending balance at Dec. 31, 2019	$ 75.9	$ (1.1)			$ 0.1		749			(672)	$ (1.1)	(1.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balance (in shares) at Jun. 30, 2019					60,149,926
Beginning balance at Jun. 30, 2019	$ 249.8				$ 0.1		930.3			(677.8)		(2.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)					471,356
Exercise of options to purchase common stock	17.3						17.3
Stock-based compensation	6.6						6.6
Restricted stock units vested, net of shares withheld for taxes (in shares)					8,195
Restricted stock units vested, net of shares withheld for taxes	(0.3)						(0.3)
Conversion feature, net of issuance costs			$ 207.8	$ (438.6)				$ 207.8	$ (438.6)
Issuance of shares for debt repayment (in shares)					1,157,492
Issuance of shares for debt repayment	194.4						194.4
Purchase of capped call options	(85.4)						(85.4)
Net income	0.8									0.8
Other comprehensive income (loss)	(1.8)											(1.8)
Ending balance (in shares) at Sep. 30, 2019					61,786,969
Ending balance at Sep. 30, 2019	$ 150.6				$ 0.1		832.1			(677)		(4.6)
Beginning balance (in shares) at Dec. 31, 2019	62,685,492				62,685,492	0
Beginning balance at Dec. 31, 2019	$ 75.9	$ (1.1)			$ 0.1		749			(672)	$ (1.1)	(1.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)					2,369,668
Issuance of common stock	477.5						477.5
Exercise of options to purchase common stock (in shares)					568,830
Exercise of options to purchase common stock	21.9						21.9
Issuance of employee stock purchase plan (in shares)					18,685
Issuance of shares for employee stock purchase plan	2.9						2.9
Stock-based compensation	20.3						20.3
Restricted stock units vested, net of shares withheld for taxes (in shares)					229,061
Restricted stock units vested, net of shares withheld for taxes	(26.9)						(26.9)
Net income	23.9									23.9
Other comprehensive income (loss)	$ 0.6											0.6
Ending balance (in shares) at Sep. 30, 2020	65,871,736				65,871,736
Ending balance at Sep. 30, 2020	$ 595				$ 0.1		1,244.7			(649.2)		(0.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balance (in shares) at Jun. 30, 2020					65,604,347
Beginning balance at Jun. 30, 2020	$ 563.3				$ 0.1		1,227.6			(660.8)		(3.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)					264,456
Exercise of options to purchase common stock	10.6						10.6
Stock-based compensation	6.6						6.6
Restricted stock units vested, net of shares withheld for taxes (in shares)					2,933
Restricted stock units vested, net of shares withheld for taxes	(0.1)						(0.1)
Net income	11.6									11.6
Other comprehensive income (loss)	$ 3											3
Ending balance (in shares) at Sep. 30, 2020	65,871,736				65,871,736
Ending balance at Sep. 30, 2020	$ 595				$ 0.1		$ 1,244.7			$ (649.2)		$ (0.6)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) (Parenthetical)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
0.375% Convertible Senior Notes
Debt, interest rate	0.375%	0.375%	0.375%
1.25% Convertible Senior Notes
Debt, interest rate	1.25%		1.25%

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 23.9	$ 6.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29.7	18.8
Non-cash interest	33.6	24.3
Stock-based compensation	20.3	20.7
Loss on extinguishment of debt	0	6.4
Provision for credit losses	3.1	2.6
Other	0.3	1.9
Changes in operating assets and liabilities:
Accounts receivable	(19.9)	(6.8)
Inventories	(22.9)	(20)
Prepaid expenses and other assets	(16.8)	(4)
Accounts payable, accrued expenses and other current liabilities	36.1	(1.7)
Other liabilities	(2.4)	2.7
Net cash provided by operating activities	85	51.5
Cash flows from investing activities
Capital expenditures	(88.5)	(114.6)
Acquisition of intangible assets	(8.3)	(6.4)
Purchases of investments	(37.9)	(63.9)
Receipts from the maturity or sale of investments	200	165.3
Net cash provided by (used in) investing activities	65.3	(19.6)
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	477.5	0
Proceeds from issuance of convertible notes, net of issuance costs	0	780.2
Repayment of convertible debt	0	(453.6)
Purchase of capped call options	0	(85.4)
Proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan	24.8	42.9
Payment of withholding taxes in connection with vesting of restricted stock units	(26.9)	(8.2)
Net cash provided by financing activities	475.4	275.9
Effect of exchange rate changes on cash	(1.3)	(1.8)
Net increase in cash, cash equivalents and restricted cash	624.4	306
Cash, cash equivalents and restricted cash at beginning of period	213.7	113.9
Cash, cash equivalents and restricted cash at end of period	838.1	419.9
Supplemental noncash information:
Purchases of property and equipment included in accounts payable and accrued expenses	4.7	10.2
Lease liabilities arising from obtaining right-of-use assets	$ 2.1	$ 5.1

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	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 and nine months ended September 30, 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 $3.2 million and $2.2 million for the three months ended September 30, 2020 and 2019, respectively, and were $7.0 million and $7.1 million for the nine months ended September 30, 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. Advertising Costs The Company expenses advertising costs as they are incurred. Advertising expenses were $10.0 million and $3.4 million for the three months ended September 30, 2020 and 2019, respectively and $15.6 million and $8.6 million for the nine months ended September 30, 2020 and 2019, respectively. 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 wa s a $0.6 million and $1.9 million increase to research and development expenses and a corresponding decrease to selling, general and administrative expenses for the three and nine months ended September 30, 2019, respectively . There was no change to previously reported operating or net income. Further, the Company reclassified the $0.9 million chang e 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 The following table presents the activity in the allowance for credit losses for the three and nine months ended September 30, 2020, comprised primarily of our direct consumer receivable portfolio. The allowance for credit losses of other portfolios is insignificant. (in millions) Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Credit losses at the beginning of the period $ 4.6 $ 3.8 Effect of adoption — 1.1 Credit losses at the beginning of the period after adoption 4.6 4.9 Provision for expected credit losses 0.5 3.1 Write-offs charged against allowance (1.6) (4.7) Recoveries of amounts previously written-off 0.1 0.3 Credit losses at the end of the period $ 3.6 $ 3.6 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in millions) 2020 2019 2020 2019 U.S. Omnipod $ 132.3 $ 109.4 $ 377.7 $ 293.6 International Omnipod 79.8 67.8 226.1 187.4 Total Omnipod 212.1 177.2 603.8 481.0 Drug Delivery 21.9 14.9 54.5 47.8 Total $ 234.0 $ 192.1 $ 658.3 $ 528.8 During the three and nine months ended September 30, 2020, the Company had one customer that represented 11% and two customers that in aggregate represented 21% of total revenue, respectively. During both the three and nine months ended September 30, 2019, the Company had one customer that represented 11% of total reve nue. At September 30, 2020, the company had one customer that accounted for 12% of consolidated net accounts receivable. No customer accounted for more than 10% of consolidated net accounts receivable balance at December 31, 2019. Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown: (in millions) September 30, 2020 December 31, 2019 Accrued expenses and other current liabilities $ 4.3 $ 3.2 Other liabilities 0.9 1.0 Total deferred revenue $ 5.2 $ 4.2 During both the three months ended September 30, 2020 and 2019, the Company recognized insignificant revenue included in deferred revenue at the beginning of 2020 and 2019, respectively. During the nine months ended September 30, 2020 and 2019, the Company recognized $1.7 million and $1.1 million of revenue included in deferred revenue at the beginning of 2020 and 2019, respectively. Contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet captions in the amounts shown: (in millions) September 30, 2020 December 31, 2019 Prepaid expenses and other current assets $ 10.4 $ 9.5 Other assets 20.7 19.9 Total capitalized contract acquisition costs, net $ 31.1 $ 29.4 The Company recognized $2.7 million and $2.3 million of amortization of capitalized contract acquisition costs during the three months ended September 30, 2020 and 2019, respectively. The Company recognized $7.8 million and $6.4 million of amortization of capitalized contract acquisition costs during the nine months ended September 30, 2020 and 2019, respectively.

Cash and Cash Equivalents

Cash and Cash Equivalents	9 Months Ended
	Sep. 30, 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: September 30, 2020 December 31, 2019 (in millions) Total Level 1 Level 2 Total Level 1 Level 2 (1) Cash $ 298.4 $ 298.4 $ — $ 85.3 $ 85.3 $ — Money market mutual funds 535.9 535.9 — 115.5 115.5 — Commercial paper — — — 10.0 — 10.0 Restricted cash 3.8 3.8 — 2.9 2.9 — Total cash and cash equivalents $ 838.1 $ 838.1 $ — $ 213.7 $ 203.7 $ 10.0 (1) Fair value was determined using market prices obtained from third-party pricing sources.

Investments

Investments	9 Months Ended
	Sep. 30, 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 one . Realized gains or losses for both the three and nine months ended September 30, 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 September 30, 2020 and December 31, 2019: (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Level 2 (1) September 30, 2020 U.S. government and agency bonds $ 52.7 $ 0.4 $ — $ 53.1 $ 53.1 $ — Corporate bonds 2.8 — — 2.8 — 2.8 Certificates of deposit 2.7 — — 2.7 — 2.7 Total short-term investments $ 58.2 $ 0.4 $ — $ 58.6 $ 53.1 $ 5.5 Certificates of deposit $ 0.5 $ — $ — $ 0.5 $ — $ 0.5 Total long-term investments $ 0.5 $ — $ — $ 0.5 $ — $ 0.5 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	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories At the end of each period, inventories were comprised of the following: (in millions) September 30, 2020 December 31, 2019 Raw materials $ 27.3 $ 23.3 Work-in-process 57.2 40.3 Finished goods 40.4 37.4 Total inventories $ 124.9 $ 101.0

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2020 was as follows: (in millions) Goodwill at December 31, 2019 $ 39.8 Foreign currency translation (0.1) Goodwill at September 30, 2020 $ 39.7 The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows: September 30, 2020 December 31, 2019 (in millions) Gross Carrying Amount Accumulated Amortization Net Book Gross Carrying Amount Accumulated Amortization Net Book Customer relationships (1) $ 9.8 $ (3.4) $ 6.4 $ 9.9 $ (2.8) $ 7.1 Internal-use software 11.3 (8.2) 3.1 12.0 (6.8) 5.2 Intellectual property 1.0 (0.1) 0.9 1.0 (0.1) 0.9 Total $ 22.1 $ (11.7) $ 10.4 $ 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 $0.7 million for both the three months ended September 30, 2020 and 2019. Amortization expense for intangible assets was $2.2 million and $1.9 million for the nine months ended September 30, 2020, and 2019, respectively. Amortization expense associated with intangible assets included on the Company’s consolidated balance sheet as of September 30, 2020 is expected to be as follows: Years Ending December 31, (in millions) 2020 (remaining) $ 0.7 2021 2.2 2022 1.7 2023 1.2 2024 1.1 Thereafter 3.5 Total $ 10.4

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 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) September 30, 2020 December 31, 2019 Employee compensation and related costs $ 45.9 $ 45.8 Accrued rebates 9.8 7.5 Supplier purchases 5.4 2.4 Value added taxes payable 4.9 1.8 Deferred revenue 4.3 3.2 Short-term lease liability 4.6 3.6 Warranty liability 3.2 4.7 Accrued interest 2.3 1.7 Other 37.8 32.5 Accrued expenses and other current liabilities $ 118.2 $ 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 September 30, Nine Months Ended September 30, (in millions) 2020 2019 2020 2019 Product warranty liability at beginning of period $ 8.1 $ 6.6 $ 8.5 $ 6.4 Warranty expense 3.1 3.3 8.3 8.6 Warranty claims settled (4.2) (3.1) (9.8) (8.2) Product warranty liability at the end of period $ 7.0 $ 6.8 $ 7.0 $ 6.8

Convertible Debt, Net

Convertible Debt, Net	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Convertible Debt, Net	Convertible Debt, Net The components of outstanding convertible debt consisted of the following: (in millions) September 30, 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 (263.4) (294.8) Debt issuance costs (17.6) (19.8) Total convertible debt, net $ 921.5 $ 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: September 30, 2020 December 31, 2019 (in millions) Carrying Value Estimated Fair Value (1) Carrying Value Estimated Fair Value (1) 1.375% Convertible Senior Notes, due November 2024 $ 319.5 $ 512.8 $ 306.9 $ 512.8 0.375% Convertible Senior Notes, due September 2026 602.0 1,022.8 581.0 840.0 Total $ 921.5 $ 1,535.6 $ 887.9 $ 1,352.8 (1) Fair value was determined using market prices obtained from third-party pricing sources.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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. In June 2020, Roche Diabetes Care, Inc. (“Roche”) filed a patent infringement lawsuit against the Company in the United States District Court for the District of Delaware alleging that the Company’s manufacture and sale of its Omnipod Insulin Management System, Omnipod Starter Kit and Omnipod 10 Pod Pack in the United States infringed Roche’s now-expired U.S. Patent 7,931,613. Roche is seeking monetary damages in the form of a reasonable royalty and attorneys’ fees and costs. Since the patent expired in 2019, Roche is not seeking injunctive relief and the lawsuit will have no impact on ongoing sales of the Company’s products. The Company believes that it has meritorious defenses to Roche’s claims and intends to vigorously defend against them. The court has set a trial date of July 25, 2022 . At this time, based on available information regarding this litigation, the Company is unable to reasonably assess the ultimate outcome of this case or determine an estimate, or range of estimates, of potential losses, which could be material. In July 2020, the Company filed a patent infringement claim against Roche Diabetes Care Limited (“Roche Ltd.”) in the United Kingdom alleging that Roche Ltd.’s manufacture and sale of the Accu-Chek® Solo insulin pump and its consumable components infringes European Patent No. 1 335 764 in the United Kingdom. The Company is seeking an injunction to last until expiry of the patent and monetary damages. Roche Ltd. has responded to the complaint and argues that the patent is invalid and not infringed. 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. Other than as described above, 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 September 30, 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 September 30, 2020 and December 31, 2019.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Changes in the components of accumulated other comprehensive loss, net of tax, were as follows: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Balance at beginning of period $ (4.4) $ 0.8 $ (3.6) $ (1.6) $ 0.4 $ (1.2) Other comprehensive income (loss) 3.3 (0.3) 3.0 0.5 0.1 0.6 Balance at the end of period $ (1.1) $ 0.5 $ (0.6) $ (1.1) $ 0.5 $ (0.6) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Foreign Currency Translation Adjustment Unrealized (Loss) Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Balance at beginning of period $ (3.4) $ 0.6 $ (2.8) $ (2.2) $ (0.7) $ (2.9) Other comprehensive (loss) income (1.8) — (1.8) (3.0) 1.3 (1.7) Balance at the end of period $ (5.2) $ 0.6 $ (4.6) $ (5.2) $ 0.6 $ (4.6)

Interest Expense

Interest Expense	9 Months Ended
	Sep. 30, 2020
Other Income and Expenses [Abstract]
Interest Expense	Interest Expense Interest expense, net was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2020 2019 2020 2019 Contractual coupon interest $ 2.1 $ 2.6 $ 6.4 $ 7.5 Accretion of debt discount 10.6 8.2 31.5 22.2 Amortization of debt issuance costs 0.7 0.7 2.1 2.1 Capitalized interest (1.5) (2.1) (4.7) (8.1) Interest expense, net of portion capitalized 11.9 9.4 35.3 23.7 Interest income (0.5) (1.7) (2.7) (5.4) Interest expense, net $ 11.4 $ 7.7 $ 32.6 $ 18.3

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in millions) 2020 2019 2020 2019 Cost of revenue $ 0.1 $ 0.3 $ 0.3 $ 0.9 Research and development expenses 2.3 2.2 7.3 6.4 Selling, general and administrative expenses 4.2 4.1 12.7 13.4 Total $ 6.6 $ 6.6 $ 20.3 $ 20.7

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rate for the three and nine months ended September 30, 2020 was 13.3% and 15.3%, compared with 24.7% and 14.1% for the three and nine months ended September 30, 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 September 30, 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 that these future benefits will be realized. The Company had no uncertain tax positions at both September 30, 2020 and December 31, 2019. In April 2020, new interpretations of a German tax law related to intellectual property and withholding tax were released. Based on t

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted net 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 income per share were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2020 2019 2020 2019 Weighted average number of common shares outstanding, basic 65,717,820 60,743,211 64,329,181 59,986,163 Stock options 978,657 1,370,792 1,082,247 1,514,245 Restricted stock units 131,215 221,676 186,769 227,610 Weighted average number of common shares outstanding, diluted 66,827,692 62,335,679 65,598,197 61,728,018 The number of common share equivalents excluded from the computation of diluted net 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 1.25% Convertible Senior Notes — 2,055,786 — 2,055,786 1.375% Convertible Senior Notes 4,319,429 4,319,429 4,319,429 4,319,429 0.375% Convertible Senior Notes 3,528,400 3,528,400 3,528,400 3,528,400 Unvested restricted stock units 272,992 455,876 272,877 455,824 Stock options 65,331 7,858 56,522 136,342 Total 8,186,152 10,367,349 8,177,228 10,495,781

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2020, the Company entered into a $70 million loan secured by a mortgage of its facility located in Acton, Massachusetts. The loan has a five-year term and an interest rate of approximately 5.2%. The monthly payment is based on a 20-year amortization period with the final payment of the outstanding principal due in 2025. In the fourth quarter of 2020, the Company entered into two equipment financing transactions secured by machinery and equipment associated with two of its highly automated manufacturing lines located in Acton, Massachusetts. The first transaction was in the amount of approximately $37 million with a term of 60 months and an interest rate of approximately 4.5%. The second transaction was in the amount of $23 million with a term of 42 months and an interest rate of approximately 5.4%.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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	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.
Shipping and Handling costs	Shipping and Handling Costs Shipping and handling costs are included in selling, general and administrative expenses and were $3.2 million and $2.2 million for the three months ended September 30, 2020 and 2019, respectively, and were $7.0 million and $7.1 million for the nine months ended September 30, 2020 and 2019, respectively.
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.
Advertising Costs	Advertising CostsThe Company expenses advertising costs as they are incurred.
Reclassification of Prior Period Amounts	Reclassification of Prior Period AmountsCertain 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.
Recently Adopted Accounting Standards	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 The following table presents the activity in the allowance for credit losses for the three and nine months ended September 30, 2020, comprised primarily of our direct consumer receivable portfolio. The allowance for credit losses of other portfolios is insignificant. (in millions) Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Credit losses at the beginning of the period $ 4.6 $ 3.8 Effect of adoption — 1.1 Credit losses at the beginning of the period after adoption 4.6 4.9 Provision for expected credit losses 0.5 3.1 Write-offs charged against allowance (1.6) (4.7) Recoveries of amounts previously written-off 0.1 0.3 Credit losses at the end of the period $ 3.6 $ 3.6 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

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Allowance for Credit Loss	The following table presents the activity in the allowance for credit losses for the three and nine months ended September 30, 2020, comprised primarily of our direct consumer receivable portfolio. The allowance for credit losses of other portfolios is insignificant. (in millions) Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Credit losses at the beginning of the period $ 4.6 $ 3.8 Effect of adoption — 1.1 Credit losses at the beginning of the period after adoption 4.6 4.9 Provision for expected credit losses 0.5 3.1 Write-offs charged against allowance (1.6) (4.7) Recoveries of amounts previously written-off 0.1 0.3 Credit losses at the end of the period $ 3.6 $ 3.6

Revenue and Contract Acquisit_2

Revenue and Contract Acquisition Costs (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in millions) 2020 2019 2020 2019 U.S. Omnipod $ 132.3 $ 109.4 $ 377.7 $ 293.6 International Omnipod 79.8 67.8 226.1 187.4 Total Omnipod 212.1 177.2 603.8 481.0 Drug Delivery 21.9 14.9 54.5 47.8 Total $ 234.0 $ 192.1 $ 658.3 $ 528.8
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) September 30, 2020 December 31, 2019 Accrued expenses and other current liabilities $ 4.3 $ 3.2 Other liabilities 0.9 1.0 Total deferred revenue $ 5.2 $ 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 captions in the amounts shown: (in millions) September 30, 2020 December 31, 2019 Prepaid expenses and other current assets $ 10.4 $ 9.5 Other assets 20.7 19.9 Total capitalized contract acquisition costs, net $ 31.1 $ 29.4

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2020 December 31, 2019 (in millions) Total Level 1 Level 2 Total Level 1 Level 2 (1) Cash $ 298.4 $ 298.4 $ — $ 85.3 $ 85.3 $ — Money market mutual funds 535.9 535.9 — 115.5 115.5 — Commercial paper — — — 10.0 — 10.0 Restricted cash 3.8 3.8 — 2.9 2.9 — Total cash and cash equivalents $ 838.1 $ 838.1 $ — $ 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: September 30, 2020 December 31, 2019 (in millions) Total Level 1 Level 2 Total Level 1 Level 2 (1) Cash $ 298.4 $ 298.4 $ — $ 85.3 $ 85.3 $ — Money market mutual funds 535.9 535.9 — 115.5 115.5 — Commercial paper — — — 10.0 — 10.0 Restricted cash 3.8 3.8 — 2.9 2.9 — Total cash and cash equivalents $ 838.1 $ 838.1 $ — $ 213.7 $ 203.7 $ 10.0 (1) Fair value was determined using market prices obtained from third-party pricing sources.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019: (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Level 2 (1) September 30, 2020 U.S. government and agency bonds $ 52.7 $ 0.4 $ — $ 53.1 $ 53.1 $ — Corporate bonds 2.8 — — 2.8 — 2.8 Certificates of deposit 2.7 — — 2.7 — 2.7 Total short-term investments $ 58.2 $ 0.4 $ — $ 58.6 $ 53.1 $ 5.5 Certificates of deposit $ 0.5 $ — $ — $ 0.5 $ — $ 0.5 Total long-term investments $ 0.5 $ — $ — $ 0.5 $ — $ 0.5 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)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	At the end of each period, inventories were comprised of the following: (in millions) September 30, 2020 December 31, 2019 Raw materials $ 27.3 $ 23.3 Work-in-process 57.2 40.3 Finished goods 40.4 37.4 Total inventories $ 124.9 $ 101.0

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2020 was as follows: (in millions) Goodwill at December 31, 2019 $ 39.8 Foreign currency translation (0.1) Goodwill at September 30, 2020 $ 39.7
Schedule of 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: September 30, 2020 December 31, 2019 (in millions) Gross Carrying Amount Accumulated Amortization Net Book Gross Carrying Amount Accumulated Amortization Net Book Customer relationships (1) $ 9.8 $ (3.4) $ 6.4 $ 9.9 $ (2.8) $ 7.1 Internal-use software 11.3 (8.2) 3.1 12.0 (6.8) 5.2 Intellectual property 1.0 (0.1) 0.9 1.0 (0.1) 0.9 Total $ 22.1 $ (11.7) $ 10.4 $ 22.9 $ (9.7) $ 13.2 (1) Includes customer relationships acquired from the Company’s former European distributor. See Note 9.
Schedule of Amortization Expense Expected for Next Five Years	Amortization expense associated with intangible assets included on the Company’s consolidated balance sheet as of September 30, 2020 is expected to be as follows: Years Ending December 31, (in millions) 2020 (remaining) $ 0.7 2021 2.2 2022 1.7 2023 1.2 2024 1.1 Thereafter 3.5 Total $ 10.4

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Schedule of Components of Accrued Expenses and Other Current Liabilities	The components of accrued expenses and other current liabilities were as follows: (in millions) September 30, 2020 December 31, 2019 Employee compensation and related costs $ 45.9 $ 45.8 Accrued rebates 9.8 7.5 Supplier purchases 5.4 2.4 Value added taxes payable 4.9 1.8 Deferred revenue 4.3 3.2 Short-term lease liability 4.6 3.6 Warranty liability 3.2 4.7 Accrued interest 2.3 1.7 Other 37.8 32.5 Accrued expenses and other current liabilities $ 118.2 $ 103.2
Schedule of 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 September 30, Nine Months Ended September 30, (in millions) 2020 2019 2020 2019 Product warranty liability at beginning of period $ 8.1 $ 6.6 $ 8.5 $ 6.4 Warranty expense 3.1 3.3 8.3 8.6 Warranty claims settled (4.2) (3.1) (9.8) (8.2) Product warranty liability at the end of period $ 7.0 $ 6.8 $ 7.0 $ 6.8

Convertible Debt, Net (Tables)

Convertible Debt, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Outstanding Convertible Debt and Related Debt Issuance Costs	The components of outstanding convertible debt consisted of the following: (in millions) September 30, 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 (263.4) (294.8) Debt issuance costs (17.6) (19.8) Total convertible debt, net $ 921.5 $ 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: September 30, 2020 December 31, 2019 (in millions) Carrying Value Estimated Fair Value (1) Carrying Value Estimated Fair Value (1) 1.375% Convertible Senior Notes, due November 2024 $ 319.5 $ 512.8 $ 306.9 $ 512.8 0.375% Convertible Senior Notes, due September 2026 602.0 1,022.8 581.0 840.0 Total $ 921.5 $ 1,535.6 $ 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 Loss (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	Changes in the components of accumulated other comprehensive loss, net of tax, were as follows: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Balance at beginning of period $ (4.4) $ 0.8 $ (3.6) $ (1.6) $ 0.4 $ (1.2) Other comprehensive income (loss) 3.3 (0.3) 3.0 0.5 0.1 0.6 Balance at the end of period $ (1.1) $ 0.5 $ (0.6) $ (1.1) $ 0.5 $ (0.6) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Foreign Currency Translation Adjustment Unrealized (Loss) Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Balance at beginning of period $ (3.4) $ 0.6 $ (2.8) $ (2.2) $ (0.7) $ (2.9) Other comprehensive (loss) income (1.8) — (1.8) (3.0) 1.3 (1.7) Balance at the end of period $ (5.2) $ 0.6 $ (4.6) $ (5.2) $ 0.6 $ (4.6)

Interest Expense (Tables)

Interest Expense (Tables)	9 Months Ended
	Sep. 30, 2020
Other Income and Expenses [Abstract]
Summary of Interest and Other Expense	Interest expense, net was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2020 2019 2020 2019 Contractual coupon interest $ 2.1 $ 2.6 $ 6.4 $ 7.5 Accretion of debt discount 10.6 8.2 31.5 22.2 Amortization of debt issuance costs 0.7 0.7 2.1 2.1 Capitalized interest (1.5) (2.1) (4.7) (8.1) Interest expense, net of portion capitalized 11.9 9.4 35.3 23.7 Interest income (0.5) (1.7) (2.7) (5.4) Interest expense, net $ 11.4 $ 7.7 $ 32.6 $ 18.3

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in millions) 2020 2019 2020 2019 Cost of revenue $ 0.1 $ 0.3 $ 0.3 $ 0.9 Research and development expenses 2.3 2.2 7.3 6.4 Selling, general and administrative expenses 4.2 4.1 12.7 13.4 Total $ 6.6 $ 6.6 $ 20.3 $ 20.7

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of 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 income per share were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2020 2019 2020 2019 Weighted average number of common shares outstanding, basic 65,717,820 60,743,211 64,329,181 59,986,163 Stock options 978,657 1,370,792 1,082,247 1,514,245 Restricted stock units 131,215 221,676 186,769 227,610 Weighted average number of common shares outstanding, diluted 66,827,692 62,335,679 65,598,197 61,728,018
Schedule of 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 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 1.25% Convertible Senior Notes — 2,055,786 — 2,055,786 1.375% Convertible Senior Notes 4,319,429 4,319,429 4,319,429 4,319,429 0.375% Convertible Senior Notes 3,528,400 3,528,400 3,528,400 3,528,400 Unvested restricted stock units 272,992 455,876 272,877 455,824 Stock options 65,331 7,858 56,522 136,342 Total 8,186,152 10,367,349 8,177,228 10,495,781

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018
Reclassification [Line Items]
Cost of revenue	$ 82.2	$ 69	$ 237.1	$ 182.6
Advertising expense	10	3.4	$ 15.6	8.6
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member		us-gaap:AccountingStandardsUpdate201613Member
Increase of accumulated deficit	(595)	(150.6)	$ (595)	(150.6)	$ (75.9)	$ (563.3)	$ (249.8)	$ (212.1)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	4.6		3.8
Provision for expected credit losses	0.5		3.1	2.6
Write-offs charged against allowance	(1.6)		(4.7)
Recoveries of amounts previously written-off	0.1		0.3
Ending balance	3.6		3.6		3.8
Accounts and unbilled receivables
Reclassification [Line Items]
Reclassification of prior period amounts				0.9
Prepaid expenses and other assets
Reclassification [Line Items]
Reclassification of prior period amounts				0.9
Selling, general and administrative expenses
Reclassification [Line Items]
Reclassification of prior period amounts		0.6		1.9
Research and development expenses
Reclassification [Line Items]
Reclassification of prior period amounts		0.6		1.9
Cumulative Effect, Period of Adoption, Adjusted Balance
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	4.6		4.9
Ending balance					4.9
Cumulative Effect, Period of Adoption, Adjustment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase of accumulated deficit					1.1
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0		1.1
Ending balance					1.1
Shipping and Handling
Reclassification [Line Items]
Cost of revenue	3.2	2.2	7	7.1
Accumulated Deficit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase of accumulated deficit	$ 649.2	$ 677	$ 649.2	$ 677	672	$ 660.8	$ 677.8	$ 683.6
Accumulated Deficit | Cumulative Effect, Period of Adoption, Adjustment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase of accumulated deficit					$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 234	$ 192.1	$ 658.3	$ 528.8
U.S. Omnipod
Disaggregation of Revenue [Line Items]
Revenue	132.3	109.4	377.7	293.6
International Omnipod
Disaggregation of Revenue [Line Items]
Revenue	79.8	67.8	226.1	187.4
Total Omnipod
Disaggregation of Revenue [Line Items]
Revenue	212.1	177.2	603.8	481
Drug Delivery
Disaggregation of Revenue [Line Items]
Revenue	$ 21.9	$ 14.9	$ 54.5	$ 47.8

Revenue and Contract Acquisit_4

Revenue and Contract Acquisition Costs - Summary of Deferred Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Accrued expenses and other current liabilities	$ 4.3	$ 3.2
Other liabilities	0.9	1
Total deferred revenue	$ 5.2	$ 4.2

Revenue and Contract Acquisit_5

Revenue and Contract Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue recognized			$ 1.7	$ 1.1
Amortization of capitalized commission costs	$ 2.7	$ 2.3	7.8	$ 6.4
Unbilled receivable	$ 15.2		$ 15.2		$ 13.5
Sales Revenue | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	11.00%	11.00%	21.00%	11.00%
Accounts Receivable | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage			12.00%

Revenue and Contract Acquisit_6

Revenue and Contract Acquisition Costs - Summary of Contract Acquisition Costs (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Prepaid expenses and other current assets	$ 10.4	$ 9.5
Other assets	20.7	19.9
Total capitalized contract acquisition costs, net	$ 31.1	$ 29.4

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 838.1	$ 213.7
Cash
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	298.4	85.3
Money market mutual funds
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	535.9	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	3.8	2.9
Level 1
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	838.1	203.7
Level 1 | Cash
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	298.4	85.3
Level 1 | Money market mutual funds
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	535.9	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	3.8	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)	9 Months Ended
	Sep. 30, 2020
Minimum
Debt Securities, Available-for-sale [Line Items]
Derivative maturity date range	1 year
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	Sep. 30, 2020	Dec. 31, 2019
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 58.2	$ 162
Gross Unrealized Gains	0.4	0.4
Gross Unrealized Losses	0	0
Fair Value	58.6	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	53.1	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	5.5	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	52.7	94.7
Gross Unrealized Gains	0.4	0.3
Gross Unrealized Losses	0	0
Fair Value	53.1	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	53.1	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	0	10
Short-term investments | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2.8	51
Gross Unrealized Gains	0	0.1
Gross Unrealized Losses	0	0
Fair Value	2.8	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	2.8	51.1
Short-term investments | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2.7	6.3
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	2.7	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	2.7	6.3
Short-term investments | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		10
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		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
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		10
Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	0.5	58.4
Gross Unrealized Gains	0	0.1
Gross Unrealized Losses	0	(0.1)
Fair Value	0.5	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	0	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	0.5	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		52.9
Gross Unrealized Gains		0.1
Gross Unrealized Losses		(0.1)
Fair Value		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		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		10
Long-term investments | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		2.8
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		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
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
Long-term investments | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	0.5	2.7
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	0.5	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	$ 0.5	$ 2.7

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 27.3	$ 23.3
Work-in-process	57.2	40.3
Finished goods	40.4	37.4
Total inventories	$ 124.9	$ 101

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Net - Summary of Changes in Carrying Amounts of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Goodwill [Roll Forward]
Goodwill at December 31, 2019	$ 39.8
Foreign currency translation	(0.1)
Goodwill at September 30, 2020	$ 39.7

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Net - Components of Other Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 22.1	$ 22.9
Accumulated Amortization	(11.7)	(9.7)
Net Book Value	10.4	13.2
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9.8	9.9
Accumulated Amortization	(3.4)	(2.8)
Net Book Value	6.4	7.1
Internal-use software
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11.3	12
Accumulated Amortization	(8.2)	(6.8)
Net Book Value	3.1	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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of other intangible assets	$ 0.7	$ 0.7	$ 2.2	$ 1.9

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets, Net - Amortization Expense Expected for Next Five Years (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2020 (remaining)	$ 0.7
2021	2.2
2022	1.7
2023	1.2
2024	1.1
Thereafter	3.5
Net Book Value	$ 10.4	$ 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	Sep. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Employee compensation and related costs	$ 45.9	$ 45.8
Accrued rebates	9.8	7.5
Supplier purchases	5.4	2.4
Value added taxes payable	4.9	1.8
Deferred revenue	4.3	3.2
Short-term lease liability	4.6	3.6
Warranty liability	3.2	4.7
Accrued interest	2.3	1.7
Other	37.8	32.5
Accrued expenses and other current liabilities	$ 118.2	$ 103.2

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Narrative (Details)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product warranty liability at beginning of period	$ 8.1	$ 6.6	$ 8.5	$ 6.4
Warranty expense	3.1	3.3	8.3	8.6
Warranty claims settled	(4.2)	(3.1)	(9.8)	(8.2)
Product warranty liability at the end of period	$ 7	$ 6.8	$ 7	$ 6.8

Convertible Debt, Net - Outstan

Convertible Debt, Net - Outstanding Convertible Debt and Related Debt Issuance Costs (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Unamortized debt discount	$ (263.4)	$ (294.8)
Debt issuance costs	(17.6)	(19.8)
Total convertible debt, net	$ 921.5	$ 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%	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

Convertible Debt, Net - Summary

Convertible Debt, Net - Summary of Carrying Amount and Estimated Fair Value of Convertible Debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 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%	0.375%
Level 2 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instrument value	$ 921.5	$ 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	319.5	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	602	581
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instrument value	1,535.6	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	$ 1,022.8	$ 840

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	1 Months Ended
	Jun. 16, 2015lawsuit	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 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 - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income [Line Items]
Beginning balance	$ 563.3	$ 249.8	$ 75.9	$ 212.1
Other comprehensive income (loss)	3	(1.8)	0.6	(1.7)
Ending balance	595	150.6	595	150.6
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income [Line Items]
Beginning balance	(4.4)	(3.4)	(1.6)	(2.2)
Other comprehensive income (loss)	3.3	(1.8)	0.5	(3)
Ending balance	(1.1)	(5.2)	(1.1)	(5.2)
Unrealized Gain on Available-for-sale Securities
Accumulated Other Comprehensive Income [Line Items]
Beginning balance	0.8	0.6	0.4	(0.7)
Other comprehensive income (loss)	(0.3)	0	0.1	1.3
Ending balance	0.5	0.6	0.5	0.6
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income [Line Items]
Beginning balance	(3.6)	(2.8)	(1.2)	(2.9)
Other comprehensive income (loss)	3	(1.8)	0.6	(1.7)
Ending balance	$ (0.6)	$ (4.6)	$ (0.6)	$ (4.6)

Interest Expense - Interest Exp

Interest Expense - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Disclosure [Abstract]
Contractual coupon interest	$ 2.1	$ 2.6	$ 6.4	$ 7.5
Accretion of debt discount	10.6	8.2	31.5	22.2
Amortization of debt issuance costs	0.7	0.7	2.1	2.1
Capitalized interest	(1.5)	(2.1)	(4.7)	(8.1)
Interest expense, net of portion capitalized	11.9	9.4	35.3	23.7
Interest income	(0.5)	(1.7)	(2.7)	(5.4)
Interest expense, net	$ 11.4	$ 7.7	$ 32.6	$ 18.3

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 6.6	$ 6.6	$ 20.3	$ 20.7
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0.1	0.3	0.3	0.9
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2.3	2.2	7.3	6.4
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4.2	$ 4.1	$ 12.7	$ 13.4

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	13.30%	24.70%	15.30%	14.10%

Net Income Per Share - Computat

Net Income Per Share - Computation of Basic and Diluted Net Income per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of common shares outstanding, basic (in shares)	65,717,820	60,743,211	64,329,181	59,986,163
Weighted average number of common shares outstanding, diluted (in shares)	66,827,692	62,335,679	65,598,197	61,728,018
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	978,657	1,370,792	1,082,247	1,514,245
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	131,215	221,676	186,769	227,610

Net Income Per Share - Potentia

Net Income Per Share - Potential Common Share Equivalents Excluded from Computation of Diluted Net Income per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 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)	8,186,152	10,367,349	8,177,228	10,495,781
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	2,055,786	0	2,055,786
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	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	3,528,400	3,528,400	3,528,400
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)	272,992	455,876	272,877	455,824
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	65,331	7,858	56,522	136,342
1.25% Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt, interest rate	1.25%	1.25%	1.25%	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%	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%	0.375%	0.375%	0.375%

Subsequent Events (Details)

Subsequent Events (Details) - Secured Debt	1 Months Ended	3 Months Ended
	Oct. 31, 2020USD ($)	Dec. 31, 2020USD ($)numberOfTransactionnumberOfManufacturingLine
Forecast
Subsequent Event [Line Items]
Number of equipment financing transactions | numberOfTransaction		2
Number of automated manufacturing lines | numberOfManufacturingLine		2
Equipment financing transaction one | Forecast
Subsequent Event [Line Items]
Debt instrument, face amount		$ 37,000,000
Debt instrument, term		60 months
Debt, interest rate		4.50%
Equipment financing transaction two | Forecast
Subsequent Event [Line Items]
Debt instrument, face amount		$ 23,000,000
Debt instrument, term		42 months
Debt, interest rate		5.40%
Subsequent event
Subsequent Event [Line Items]
Debt instrument, face amount	$ 70,000,000
Debt instrument, term	5 years
Debt, interest rate	5.20%
Debt amortization period	20 years