Insulet (PODD) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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)		66,271,242
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001145197
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 820.7	$ 907.2
Short-term investments	29.5	40.4
Accounts receivable trade, less allowance for credit losses of $4.0 and $2.9, (Note 15)	97.9	83.8
Inventories	170.1	154.3
Prepaid expenses and other current assets	73.6	63
Total current assets	1,191.8	1,248.7
Property, plant and equipment, net	497.9	478.7
Other intangible assets, net	29.7	28.7
Goodwill	39.8	39.8
Other assets	80.9	77
Total assets	1,840.1	1,872.9
Current Liabilities
Accounts payable	59.1	54.1
Accrued expenses and other current liabilities	110.7	138.1
Current portion of long-term debt	15.7	15.6
Total current liabilities	185.5	207.8
Total long-term debt	1,051.6	1,043.7
Other liabilities	17.7	17.8
Total liabilities	1,254.8	1,269.3
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; 66,213,670 and 66,017,444 issued and outstanding	0.1	0.1
Additional paid-in capital	1,248.3	1,264.3
Accumulated deficit	(666.3)	(666.3)
Accumulated other comprehensive income	3.2	5.5
Total stockholders’ equity	585.3	603.6
Total liabilities and stockholders’ equity	$ 1,840.1	$ 1,872.9

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4	$ 2.9
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)	66,213,670	66,017,444
Common stock, outstanding (in shares)	66,213,670	66,017,444

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue (Note 15)	$ 252.3	$ 198
Cost of revenue	84.8	71.1
Gross profit	167.5	126.9
Operating expenses:
Research and development expenses	40.7	35.5
Selling, general and administrative expenses	110.5	83.9
Operating income	16.3	7.5
Interest expense, net	(13.4)	(10.1)
Other expense, net	(2.6)	0
Income (loss) before income taxes	0.3	(2.6)
Income tax (expense) benefit	(0.3)	0.5
Net loss	$ 0	$ (2.1)
Net loss per share:
Basic (in dollars per share)	$ 0	$ (0.03)
Diluted (in dollars per share)	$ 0	$ (0.03)
Weighted-average number of common shares outstanding (in thousands):
Basic (in shares)	66,113	62,884
Diluted (in shares)	66,113	62,884

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 0	$ (2.1)
Other comprehensive loss, net of tax:
Foreign currency translation adjustment	(2.1)	(3.4)
Unrealized (loss) gain on available-for-sale debt securities, net of tax	(0.2)	0.8
Total other comprehensive loss, net of tax	(2.3)	(2.6)
Comprehensive loss	$ (2.3)	$ (4.7)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	[1]	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	[1]	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2019				62,685,000
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]
Exercise of options to purchase common stock (in shares)				173,000
Exercise of options to purchase common stock	6.2				6.2
Stock-based compensation expense	7.9				7.9
Restricted stock units vested, net of shares withheld for taxes (in shares)				200,000
Restricted stock units vested, net of shares withheld for taxes	(25.2)				(25.2)
Net loss	(2.1)					(2.1)
Other comprehensive loss	(2.6)								(2.6)
Ending balance (in shares) at Mar. 31, 2020				63,058,000
Ending balance at Mar. 31, 2020	$ 59			$ 0.1	737.9	(675.2)			(3.8)
Beginning balance (in shares) at Dec. 31, 2020	66,017,444			66,017,000
Beginning balance at Dec. 31, 2020	$ 603.6			$ 0.1	1,264.3	(666.3)			5.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)				43,000
Exercise of options to purchase common stock	1.5				1.5
Stock-based compensation expense	8.6				8.6
Restricted stock units vested, net of shares withheld for taxes (in shares)				153,000
Restricted stock units vested, net of shares withheld for taxes	(26.1)				(26.1)
Net loss	0
Other comprehensive loss	$ (2.3)								(2.3)
Ending balance (in shares) at Mar. 31, 2021	66,213,670			66,213,000
Ending balance at Mar. 31, 2021	$ 585.3			$ 0.1	$ 1,248.3	$ (666.3)			$ 3.2
[1]	The Company recorded a cumulative effect adjustment to retained earnings to reflect the adoption of Accounting Standards Update 2016-13, Credit Losses (Topic 326) . Refer to Note 2 of Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income (loss)	$ 0	$ (2.1)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12.8	8.9
Non-cash interest	11.8	11.1
Stock-based compensation expense	8.6	7.9
Provision for credit losses	1.9	0.6
Other	2.1	0.8
Changes in operating assets and liabilities:
Accounts receivable	(17.3)	(14.6)
Inventories	(17.9)	4.8
Prepaid expenses and other assets	(14.1)	0.7
Accounts payable	5	(12.1)
Accrued expenses and other liabilities	(28)	(9.6)
Net cash used in operating activities	(35.1)	(3.6)
Cash flows from investing activities
Capital expenditures	(32.9)	(26.9)
Acquisition of intangible assets	(0.5)	(0.5)
Purchases of investments	0	(38)
Receipts from the maturity or sale of investments	10.7	78.8
Net cash (used in) provided by investing activities	(22.7)	13.4
Cash flows from financing activities
Repayment of equipment financings	(3.2)	0
Repayment of mortgage	(0.6)	0
Payment of withholding taxes in connection with vesting of restricted stock units	(26.1)	(25.2)
Proceeds from exercise of stock options	1.5	6.2
Net cash used in financing activities	(28.4)	(19)
Effect of exchange rate changes on cash	(0.3)	(3.1)
Net decrease in cash, cash equivalents and restricted cash	(86.5)	(12.3)
Cash, cash equivalents and restricted cash at beginning of period (Note 3)	922	213.7
Cash, cash equivalents and restricted cash at end of period (Note 3)	835.5	201.4
Supplemental noncash information:
Purchases of property and equipment included in accounts payable and accrued expenses	4.1	8.4
Purchases of intangible assets included in accounts payable and accrued expenses	1.4	0
Lease liabilities arising from obtaining right-of-use assets	$ 0.5	$ 0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021, 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, 2020. Cloud Computing Arrangements As of March 31, 2021 and December 31, 2020, the Company had net capitalized implementation costs of $33.4 million and $24.2 million, respectively. Amortization expense recorded for three months ended March 31, 2021 and 2020 was insignificant. Shipping and Handling Costs Shipping and handling costs are included in selling, general and administrative expenses and were $2.1 million and $1.9 million for the three months ended March 31, 2021 and 2020, 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 $9.4 million and $2.7 million for the three months ended March 31, 2021 and 2020, respectively. Recently Adopted Accounting Standards Effective January 1, 2021, the Company adopted Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 eliminates certain exceptions in the current guidance regarding the approach for intraperiod tax allocations, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The adoption of this guidance did not have a significant impact on our consolidated financial statements.

Revenue and Contract Acquisitio

Revenue and Contract Acquisition Costs	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue and Contract Acquisition Costs	Revenue and Contract Acquisition Costs The following table summarizes the Company’s disaggregated revenue: Three Months Ended March 31, (in millions) 2021 2020 U.S. Omnipod $ 143.3 $ 116.6 International Omnipod 89.9 73.1 Total Omnipod 233.2 189.7 Drug Delivery 19.1 8.3 Total revenue $ 252.3 $ 198.0 During the three months ended March 31, 2021 and 2020 , the Company had two customers that in aggregate represented 24% and 22% of total revenue, respectively. At March 31, 2021, the Company had two customers that in aggregate accounted for 22% of consolidated net accounts receivable, compared with one customer that accounted for 15% of consolidated net accounts receivable at December 31, 2020. Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown: (in millions) March 31, 2021 December 31, 2020 Accrued expenses and other current liabilities $ 3.5 $ 5.4 Other liabilities 1.2 1.0 Total deferred revenue $ 4.7 $ 6.4 During the three months ended March 31, 2021 and 2020, the Company recognized $3.7 million and $1.4 million of revenue, respectively, that was included in deferred revenue at the beginning of each period. 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) March 31, 2021 December 31, 2020 Prepaid expenses and other current assets $ 11.5 $ 11.0 Other assets 22.8 21.9 Total capitalized contract acquisition costs, net $ 34.3 $ 32.9 The Company recognized $2.9 million and $2.5 million of amortization of capitalized contract acquisition costs during the three months ended March 31, 2021 and 2020, respectively.

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents The following table provides a summary of cash and cash equivalents: (in millions) March 31, 2021 December 31, 2020 Cash $ 167.0 $ 164.6 Money market mutual funds 650.9 739.8 Restricted cash 2.8 2.8 Total cash and cash equivalents 820.7 907.2 Restricted cash included in other assets 14.8 14.8 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 835.5 $ 922.0 The restricted cash included in other assets on the consolidated balance sheet is held as a compensating balance against long-term borrowings.

Investments

Investments	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The Company’s investments in debt securities had maturity dates that range from one month to nine months at March 31, 2021 . Realized gains or losses for both the three months ended March 31, 2021 and 2020 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: (in millions) Amortized Cost Gross Unrealized Gains Fair Value Level 1 Level 2 (1) March 31, 2021 U.S. government and agency bonds $ 25.1 $ 0.1 $ 25.2 $ 25.2 $ — Corporate bonds 2.8 — 2.8 — 2.8 Certificates of deposit 1.5 — 1.5 — 1.5 Total short-term investments $ 29.4 $ 0.1 $ 29.5 $ 25.2 $ 4.3 December 31, 2020 U.S. government and agency bonds $ 35.1 $ 0.2 $ 35.3 $ 35.3 $ — Corporate bonds 2.8 0.1 2.9 — 2.9 Certificates of deposit 2.2 — 2.2 — 2.2 Total short-term investments $ 40.1 $ 0.3 $ 40.4 $ 35.3 $ 5.1 (1) Fair value was determined using market prices obtained from third-party pricing sources.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories At the end of each period, inventories were comprised of the following: (in millions) March 31, 2021 December 31, 2020 Raw materials $ 34.3 $ 30.7 Work-in-process 60.1 59.6 Finished goods 75.7 64.0 Total inventories $ 170.1 $ 154.3

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets, Net	Goodwill and Other Intangible Assets, Net The carrying amount of goodwill was $39.8 million at both March 31, 2021 and December 31, 2020. The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows: March 31, 2021 December 31, 2020 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.4 $ (19.6) $ 23.8 $ 43.3 $ (18.3) $ 25.0 Internal-use software 13.5 (9.0) 4.5 11.4 (8.6) 2.8 Intellectual property 1.6 (0.2) 1.4 1.1 (0.2) 0.9 Total intangible assets $ 58.5 $ (28.8) $ 29.7 $ 55.8 $ (27.1) $ 28.7 Amortization expense for intangible assets was $1.7 million and $0.8 million for the three months ended March 31, 2021 and 2020, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Employee compensation and related costs $ 36.3 $ 53.1 Professional and consulting services 17.4 19.1 Accrued rebates 14.9 13.1 Supplier purchases 3.5 7.1 Income taxes payable 3.2 5.0 Value added taxes payable 2.7 5.0 Accrued interest on debt 2.5 1.8 Other 30.2 33.9 Accrued expenses and other current liabilities $ 110.7 $ 138.1 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 obligation 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. Reconciliations of the changes in the Company’s product warranty liability were as follows: Three Months Ended March 31, (in millions) 2021 2020 Product warranty liability at beginning of period $ 6.7 $ 8.5 Warranty expense 2.6 2.5 Warranty claims settled (2.6) (2.7) Product warranty liability at the end of period $ 6.7 $ 8.3

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt The components of debt consisted of the following: (in millions) March 31, 2021 December 31, 2020 1.375% Convertible Senior Notes due November 2024 $ 402.5 $ 402.5 0.375% Convertible Senior Notes due September 2026 800.0 800.0 Equipment financing due May 2024 20.7 22.2 Equipment financing due November 2025 34.7 36.4 5.15% Mortgage due November 2025 69.1 69.7 Unamortized debt discount (241.5) (252.5) Debt issuance costs (18.2) (19.0) Total debt 1,067.3 1,059.3 Less: current portion 15.7 15.6 Total long-term debt $ 1,051.6 $ 1,043.7 The carrying amount and the estimated fair value of the Company’s convertible debt were as follows: March 31, 2021 December 31, 2020 (in millions) Carrying Estimated Fair Value (1) Carrying Estimated Fair Value (1) 1.375% Convertible Senior Notes due November 2024 $ 328.4 $ 1,127.0 $ 323.9 $ 1,104.2 0.375% Convertible Senior Notes due September 2026 616.4 920.6 609.2 902.0 Total $ 944.8 $ 2,047.6 $ 933.1 $ 2,006.2 (1) Convertible debt is classified as Level 2 in the fair value hierarchy. Fair value was determined using the Company's quoted stock price and the contractual conversion rate. The fair values of the mortgage and equipment financings approximate their carrying values.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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, 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) was filed, and on October 13, 2017, a second derivative action (Carnazza v. DeSisto, et al., 1:17-cv-11977) 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, including OmniPods, Personal Diabetes Managers, and other components of the system, and kits in the United States infringed Roche’s now-expired U.S. Patent 7,931,613. Roche is seeking monetary damages 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. Trial is scheduled to begin on May 11, 2021. 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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in the components of accumulated other comprehensive income (loss), net of tax, were as follows: Three Months Ended March 31, 2021 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Income Balance at beginning of period $ 5.2 $ 0.3 $ 5.5 Other comprehensive loss (2.1) (0.2) (2.3) Balance at the end of period $ 3.1 $ 0.1 $ 3.2 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 beginning of period $ (1.6) $ 0.4 $ (1.2) Other comprehensive (loss) income (3.4) 0.8 (2.6) Balance at the end of period $ (5.0) $ 1.2 $ (3.8)

Interest Expense, Net

Interest Expense, Net	3 Months Ended
	Mar. 31, 2021
Other Income and Expenses [Abstract]
Interest Expense, Net	Interest Expense, Net Interest expense, net was as follows: Three Months Ended March 31, (in millions) 2021 2020 Contractual interest $ 3.7 $ 2.1 Accretion of debt discount 11.0 10.4 Amortization of debt issuance costs 0.8 0.7 Capitalized interest (1.9) (1.6) Interest expense, net of portion capitalized 13.6 11.6 Interest income (0.2) (1.5) Interest expense, net $ 13.4 $ 10.1

Stock-Based Compensation Expens

Stock-Based Compensation Expense	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Stock-Based Compensation Expense Compensation expense related to stock-based awards was recorded as follows: Three Months Ended March 31, (in millions) 2021 2020 Cost of revenue $ 0.1 $ 0.1 Research and development expenses 1.9 2.7 Selling, general and administrative expenses 6.6 5.1 Total $ 8.6 $ 7.9

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rate was 114.3% and 18.4% for the three months ended March 31, 2021 and 2020, respectively. Income tax benefits have not been recorded for losses in jurisdictions where valuation allowances exist against net deferred tax assets. The Company had a full valuation allowance against its net deferred tax assets in the United Kingdom and the United States at March 31, 2021, and a full valuation allowance against its net deferred tax assets in the United States at December 31, 2020. The Company had no uncertain tax positions at both March 31, 2021 and December 31, 2020.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted net loss 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). Since the Company reported a net loss for three months ended March 31, 2021 and 2020, all potential dilutive common shares have been excluded from the computation of diluted net loss per share for both periods as the effect would have been anti-dilutive. The number of antidilutive shares were as follows: Three Months Ended March 31, (in thousands) 2021 2020 1.375% Convertible Senior Notes due November 2024 4,319 4,320 0.375% Convertible Senior Notes due September 2026 3,528 3,528 Restricted stock units 455 538 Stock options 831 1,614 Total 9,133 10,000

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsIn February 2021, the Company entered into a distribution agreement, the terms of which are consistent with those prevailing at arm's-length. The spouse of one of the members of the Company’s Board of Directors is an executive officer of the distributor. During the three months ended March 31, 2021, the Company recorded $2.8 million of revenues from the distributor, all of which was included in net accounts receivable on the condensed consolidated balance sheet at March 31, 2021.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In May 2021,the Company entered into a senior secured credit agreement, which includes a $500 million seven year senior secured term loan B (the “Term Loan”) for net proceeds of approximately $490 million. The Term Loan bears interest at a rate of LIBOR plus 3.25%, with a 0.50% LIBOR floor, and contains a leverage and fixed charge coverage ratios, both of which are measured upon the occurrence of future debt. In addition, the Term Loan contains other customary covenants, none of which are considered restrictive to the Company’s operations. Under the same agreement, the Company obtained a $60 million three year senior secured revolving credit facility (the “Credit Facility”), which bears interest at a rate of LIBOR plus an applicable margin of 2.75% to 3.25% based on the Company’s net leverage ratio. The Credit Facility contains a covenant to maintain a certain leverage ratio, in addition to other customary covenants, none of which are considered restrictive to the Company’s operations.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021, 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, 2020.
Shipping and Handling costs	Shipping and Handling CostsShipping and handling costs are included in selling, general and administrative expenses
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.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Effective January 1, 2021, the Company adopted Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 eliminates certain exceptions in the current guidance regarding the approach for intraperiod tax allocations, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The adoption of this guidance did not have a significant impact on our 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

Revenue and Contract Acquisit_2

Revenue and Contract Acquisition Costs (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Summary of Revenue from Contracts with Customers	The following table summarizes the Company’s disaggregated revenue: Three Months Ended March 31, (in millions) 2021 2020 U.S. Omnipod $ 143.3 $ 116.6 International Omnipod 89.9 73.1 Total Omnipod 233.2 189.7 Drug Delivery 19.1 8.3 Total revenue $ 252.3 $ 198.0
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, 2021 December 31, 2020 Accrued expenses and other current liabilities $ 3.5 $ 5.4 Other liabilities 1.2 1.0 Total deferred revenue $ 4.7 $ 6.4
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) March 31, 2021 December 31, 2020 Prepaid expenses and other current assets $ 11.5 $ 11.0 Other assets 22.8 21.9 Total capitalized contract acquisition costs, net $ 34.3 $ 32.9

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	3 Months Ended
	Mar. 31, 2021
Cash and Cash Equivalents [Abstract]
Summary of Cash and Cash Equivalents	The following table provides a summary of cash and cash equivalents: (in millions) March 31, 2021 December 31, 2020 Cash $ 167.0 $ 164.6 Money market mutual funds 650.9 739.8 Restricted cash 2.8 2.8 Total cash and cash equivalents 820.7 907.2 Restricted cash included in other assets 14.8 14.8 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 835.5 $ 922.0
Summary of Restricted Cash and Cash Equivalents	The following table provides a summary of cash and cash equivalents: (in millions) March 31, 2021 December 31, 2020 Cash $ 167.0 $ 164.6 Money market mutual funds 650.9 739.8 Restricted cash 2.8 2.8 Total cash and cash equivalents 820.7 907.2 Restricted cash included in other assets 14.8 14.8 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 835.5 $ 922.0

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of 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: (in millions) Amortized Cost Gross Unrealized Gains Fair Value Level 1 Level 2 (1) March 31, 2021 U.S. government and agency bonds $ 25.1 $ 0.1 $ 25.2 $ 25.2 $ — Corporate bonds 2.8 — 2.8 — 2.8 Certificates of deposit 1.5 — 1.5 — 1.5 Total short-term investments $ 29.4 $ 0.1 $ 29.5 $ 25.2 $ 4.3 December 31, 2020 U.S. government and agency bonds $ 35.1 $ 0.2 $ 35.3 $ 35.3 $ — Corporate bonds 2.8 0.1 2.9 — 2.9 Certificates of deposit 2.2 — 2.2 — 2.2 Total short-term investments $ 40.1 $ 0.3 $ 40.4 $ 35.3 $ 5.1 (1) Fair value was determined using market prices obtained from third-party pricing sources.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	At the end of each period, inventories were comprised of the following: (in millions) March 31, 2021 December 31, 2020 Raw materials $ 34.3 $ 30.7 Work-in-process 60.1 59.6 Finished goods 75.7 64.0 Total inventories $ 170.1 $ 154.3

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
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: March 31, 2021 December 31, 2020 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.4 $ (19.6) $ 23.8 $ 43.3 $ (18.3) $ 25.0 Internal-use software 13.5 (9.0) 4.5 11.4 (8.6) 2.8 Intellectual property 1.6 (0.2) 1.4 1.1 (0.2) 0.9 Total intangible assets $ 58.5 $ (28.8) $ 29.7 $ 55.8 $ (27.1) $ 28.7

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
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) March 31, 2021 December 31, 2020 Employee compensation and related costs $ 36.3 $ 53.1 Professional and consulting services 17.4 19.1 Accrued rebates 14.9 13.1 Supplier purchases 3.5 7.1 Income taxes payable 3.2 5.0 Value added taxes payable 2.7 5.0 Accrued interest on debt 2.5 1.8 Other 30.2 33.9 Accrued expenses and other current liabilities $ 110.7 $ 138.1
Schedule of Reconciliation of Changes in Product Warranty Liability	Reconciliations of the changes in the Company’s product warranty liability were as follows: Three Months Ended March 31, (in millions) 2021 2020 Product warranty liability at beginning of period $ 6.7 $ 8.5 Warranty expense 2.6 2.5 Warranty claims settled (2.6) (2.7) Product warranty liability at the end of period $ 6.7 $ 8.3

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Convertible Debt and Related Debt Issuance Costs	The components of debt consisted of the following: (in millions) March 31, 2021 December 31, 2020 1.375% Convertible Senior Notes due November 2024 $ 402.5 $ 402.5 0.375% Convertible Senior Notes due September 2026 800.0 800.0 Equipment financing due May 2024 20.7 22.2 Equipment financing due November 2025 34.7 36.4 5.15% Mortgage due November 2025 69.1 69.7 Unamortized debt discount (241.5) (252.5) Debt issuance costs (18.2) (19.0) Total debt 1,067.3 1,059.3 Less: current portion 15.7 15.6 Total long-term debt $ 1,051.6 $ 1,043.7
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 were as follows: March 31, 2021 December 31, 2020 (in millions) Carrying Estimated Fair Value (1) Carrying Estimated Fair Value (1) 1.375% Convertible Senior Notes due November 2024 $ 328.4 $ 1,127.0 $ 323.9 $ 1,104.2 0.375% Convertible Senior Notes due September 2026 616.4 920.6 609.2 902.0 Total $ 944.8 $ 2,047.6 $ 933.1 $ 2,006.2 (1) Convertible debt is classified as Level 2 in the fair value hierarchy. Fair value was determined using the Company's quoted stock price and the contractual conversion rate.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	Changes in the components of accumulated other comprehensive income (loss), net of tax, were as follows: Three Months Ended March 31, 2021 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Income Balance at beginning of period $ 5.2 $ 0.3 $ 5.5 Other comprehensive loss (2.1) (0.2) (2.3) Balance at the end of period $ 3.1 $ 0.1 $ 3.2 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 beginning of period $ (1.6) $ 0.4 $ (1.2) Other comprehensive (loss) income (3.4) 0.8 (2.6) Balance at the end of period $ (5.0) $ 1.2 $ (3.8)

Interest Expense, Net (Tables)

Interest Expense, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Other Income and Expenses [Abstract]
Schedule of Interest Expense	Interest expense, net was as follows: Three Months Ended March 31, (in millions) 2021 2020 Contractual interest $ 3.7 $ 2.1 Accretion of debt discount 11.0 10.4 Amortization of debt issuance costs 0.8 0.7 Capitalized interest (1.9) (1.6) Interest expense, net of portion capitalized 13.6 11.6 Interest income (0.2) (1.5) Interest expense, net $ 13.4 $ 10.1

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Tables)	3 Months Ended
	Mar. 31, 2021
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) 2021 2020 Cost of revenue $ 0.1 $ 0.1 Research and development expenses 1.9 2.7 Selling, general and administrative expenses 6.6 5.1 Total $ 8.6 $ 7.9

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Shares	The number of antidilutive shares were as follows: Three Months Ended March 31, (in thousands) 2021 2020 1.375% Convertible Senior Notes due November 2024 4,319 4,320 0.375% Convertible Senior Notes due September 2026 3,528 3,528 Restricted stock units 455 538 Stock options 831 1,614 Total 9,133 10,000

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Reclassification [Line Items]
Capitalized implementation costs of cloud computing arrangements	$ 33.4		$ 24.2
Cost of revenue	84.8	$ 71.1
Advertising expense	9.4	2.7
Shipping and Handling
Reclassification [Line Items]
Cost of revenue	$ 2.1	$ 1.9

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, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue (Note 15)	$ 252.3	$ 198
U.S. Omnipod
Disaggregation of Revenue [Line Items]
Revenue (Note 15)	143.3	116.6
International Omnipod
Disaggregation of Revenue [Line Items]
Revenue (Note 15)	89.9	73.1
Total Omnipod
Disaggregation of Revenue [Line Items]
Revenue (Note 15)	233.2	189.7
Drug Delivery
Disaggregation of Revenue [Line Items]
Revenue (Note 15)	$ 19.1	$ 8.3

Revenue and Contract Acquisit_4

Revenue and Contract Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue recognized			$ 3.7	$ 1.4
Amortization of capitalized commission costs			2.9	$ 2.5
Unbilled receivable	$ 16.6	$ 11.6	$ 16.6
Sales Revenue | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage			24.00%	22.00%
Accounts Receivable | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	22.00%	15.00%

Revenue and Contract Acquisit_5

Revenue and Contract Acquisition Costs - Summary of Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Accrued expenses and other current liabilities	$ 3.5	$ 5.4
Other liabilities	1.2	1
Total deferred revenue	$ 4.7	$ 6.4

Revenue and Contract Acquisit_6

Revenue and Contract Acquisition Costs - Summary of Contract Acquisition Costs (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Prepaid expenses and other current assets	$ 11.5	$ 11
Other assets	22.8	21.9
Total capitalized contract acquisition costs, net	$ 34.3	$ 32.9

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Restricted cash included in other assets	$ 2.8	$ 2.8
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	835.5	922	$ 201.4	$ 213.7
Other Assets
Cash and Cash Equivalents [Line Items]
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	14.8	14.8
Cash
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	167	164.6
Money market mutual funds
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	650.9	739.8
Cash and Cash Equivalents
Cash and Cash Equivalents [Line Items]
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 820.7	$ 907.2

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended
	Mar. 31, 2021
Minimum
Debt Securities, Available-for-sale [Line Items]
Derivative maturity date range	1 month
Maximum
Debt Securities, Available-for-sale [Line Items]
Derivative maturity date range	9 months

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) - Short-term investments - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 29.4	$ 40.1
Gross Unrealized Gains	0.1	0.3
Fair Value	29.5	40.4
Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	25.2	35.3
Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4.3	5.1
U.S. government and agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	25.1	35.1
Gross Unrealized Gains	0.1	0.2
Fair Value	25.2	35.3
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	25.2	35.3
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	0
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	0.1
Fair Value	2.8	2.9
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
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	2.9
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	1.5	2.2
Gross Unrealized Gains	0	0
Fair Value	1.5	2.2
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
Certificates of deposit | Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1.5	$ 2.2

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 34.3	$ 30.7
Work-in-process	60.1	59.6
Finished goods	75.7	64
Total inventories	$ 170.1	$ 154.3

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 39.8		$ 39.8
Amortization of intangible assets	$ 1.7	$ 0.8

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Net - Components of Other Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 58.5	$ 55.8
Accumulated Amortization	(28.8)	(27.1)
Net Book Value	29.7	28.7
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	43.4	43.3
Accumulated Amortization	(19.6)	(18.3)
Net Book Value	23.8	25
Internal-use software
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13.5	11.4
Accumulated Amortization	(9)	(8.6)
Net Book Value	4.5	2.8
Intellectual property
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1.6	1.1
Accumulated Amortization	(0.2)	(0.2)
Net Book Value	$ 1.4	$ 0.9

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, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Employee compensation and related costs	$ 36.3	$ 53.1
Professional and consulting services	17.4	19.1
Accrued rebates	14.9	13.1
Supplier purchases	3.5	7.1
Income taxes payable	3.2	5
Value added taxes payable	2.7	5
Accrued interest on debt	2.5	1.8
Other	30.2	33.9
Accrued expenses and other current liabilities	$ 110.7	$ 138.1

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Narrative (Details)	3 Months Ended
	Mar. 31, 2021
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, 2021	Mar. 31, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product warranty liability at beginning of period	$ 6.7	$ 8.5
Warranty expense	2.6	2.5
Warranty claims settled	(2.6)	(2.7)
Product warranty liability at the end of period	$ 6.7	$ 8.3

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Unamortized debt discount	$ (241.5)	$ (252.5)
Debt issuance costs	(18.2)	(19)
Total debt	1,067.3	1,059.3
Less: current portion	15.7	15.6
Total long-term debt	$ 1,051.6	$ 1,043.7
1.375% Convertible Senior Notes due November 2024
Debt Instrument [Line Items]
Debt, interest rate	1.375%		1.375%
0.375% Convertible Senior Notes due September 2026
Debt Instrument [Line Items]
Debt, interest rate	0.375%		0.375%
Convertible Debt | 1.375% Convertible Senior Notes due November 2024
Debt Instrument [Line Items]
Debt, interest rate	1.375%	1.375%
Long-term debt, gross	$ 402.5	$ 402.5
Convertible Debt | 0.375% Convertible Senior Notes due September 2026
Debt Instrument [Line Items]
Debt, interest rate	0.375%	0.375%
Long-term debt, gross	$ 800	$ 800
Secured Debt | Equipment financing due May 2024
Debt Instrument [Line Items]
Long-term debt, gross	20.7	22.2
Secured Debt | Equipment financing due November 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 34.7	$ 36.4
Secured Debt | 5.15% Mortgage due November 2025
Debt Instrument [Line Items]
Debt, interest rate	5.15%	5.15%
Long-term debt, gross	$ 69.1	$ 69.7

Debt - Summary of Carrying Amou

Debt - Summary of Carrying Amount and Estimated Fair Value of Convertible Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
1.375% Convertible Senior Notes due November 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, interest rate	1.375%		1.375%
0.375% Convertible Senior Notes due September 2026
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]
Debt instrument fair value	$ 944.8	$ 933.1
Level 2 | Carrying Value | 1.375% Convertible Senior Notes due November 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	328.4	323.9
Level 2 | Carrying Value | 0.375% Convertible Senior Notes due September 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	616.4	609.2
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	2,047.6	2,006.2
Level 2 | Estimated Fair Value | 1.375% Convertible Senior Notes due November 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	1,127	1,104.2
Level 2 | Estimated Fair Value | 0.375% Convertible Senior Notes due September 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	$ 920.6	$ 902

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	1 Months Ended
	Jun. 16, 2015lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of class actions filed (in legal matters)	3
Number of class actions dismissed (in legal matters)	2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 603.6	$ 75.9
Other comprehensive loss	(2.3)	(2.6)
Ending balance	585.3	59
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	5.2	(1.6)
Other comprehensive loss	(2.1)	(3.4)
Ending balance	3.1	(5)
Unrealized Gain on Available-for-sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0.3	0.4
Other comprehensive loss	(0.2)	0.8
Ending balance	0.1	1.2
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	5.5	(1.2)
Other comprehensive loss	(2.3)	(2.6)
Ending balance	$ 3.2	$ (3.8)

Interest Expense, Net (Details)

Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Income and Expenses [Abstract]
Contractual interest	$ 3.7	$ 2.1
Accretion of debt discount	11	10.4
Amortization of debt issuance costs	0.8	0.7
Capitalized interest	(1.9)	(1.6)
Interest expense, net of portion capitalized	13.6	11.6
Interest income	(0.2)	(1.5)
Interest expense, net	$ 13.4	$ 10.1

Stock-Based Compensation Expe_3

Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 8.6	$ 7.9
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0.1	0.1
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1.9	2.7
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 6.6	$ 5.1

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	114.30%	18.40%
Uncertain tax position		$ 0	$ 0

Net Loss Per Share (Details)

Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	9,133	10,000
1.375% Convertible Senior Notes due November 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,319	4,320
0.375% Convertible Senior Notes due September 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,528	3,528
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)	455	538
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	831	1,614
1.375% Convertible Senior Notes due November 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt, interest rate	1.375%	1.375%
0.375% Convertible Senior Notes due September 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt, interest rate	0.375%	0.375%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2021	Mar. 31, 2021
Related Party Transactions [Abstract]
Revenue from related party	$ 2.8
Accounts receivable with related party		$ 2.8

Subsequent Events (Details)

Subsequent Events (Details) - Secured Debt - Subsequent event - USD ($)	May 06, 2021	May 31, 2021
Revolving Credit Facility
Subsequent Event [Line Items]
Debt instrument, term	3 years
Credit facility, maximum borrowing capacity	$ 60,000,000
Revolving Credit Facility | LIBOR | Minimum
Subsequent Event [Line Items]
Debt, basis spread on variable rate (in percent)		2.75%
Revolving Credit Facility | LIBOR | Maximum
Subsequent Event [Line Items]
Debt, basis spread on variable rate (in percent)		3.25%
Senior Secured Term Loan B
Subsequent Event [Line Items]
Debt instrument, face amount	$ 500,000,000
Debt instrument, term	7 years
Net proceeds from issuance of debt		$ 490,000,000
Senior Secured Term Loan B | LIBOR
Subsequent Event [Line Items]
Debt, basis spread on variable rate (in percent)		3.25%
Debt, floor rate (in percent)		0.50%

Uncategorized Items - podd-2021

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201613Member