Insulet (PODD) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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)		69,403,602
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001145197
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 708.6	$ 791.6
Accounts receivable trade, less allowance for credit losses of $3.1 and $2.7	154.1	135.2
Accounts receivable trade, net — related party	52.5	25.8
Inventories	320.4	303.2
Prepaid expenses and other current assets	73.5	74
Total current assets	1,309.1	1,329.8
Property, plant and equipment, net	535.8	536.5
Other intangible assets, net	55.1	36.6
Goodwill	51.8	39.8
Other assets	161.9	106.1
Total assets	2,113.7	2,048.8
Current Liabilities
Accounts payable	57.2	37.7
Accrued expenses and other current liabilities	192.5	164.3
Accrued expenses and other current liabilities — related party	3.3	1.7
Current portion of long-term debt	26.3	25.1
Total current liabilities	279.3	228.8
Long-term debt, net	1,385.2	1,248.8
Other liabilities	26.8	14.9
Total liabilities	1,691.3	1,492.5
Commitments and contingencies
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; 69,386,057 and 69,178,691 issued and outstanding	0.1	0.1
Additional paid-in capital	1,011.2	1,207.9
Accumulated deficit	(596.1)	(649.5)
Accumulated other comprehensive income (loss)	7.2	(2.2)
Total stockholders’ equity	422.4	556.3
Total liabilities and stockholders’ equity	$ 2,113.7	$ 2,048.8

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3.1	$ 2.7
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)	69,386,057	69,178,691
Common stock, outstanding (in shares)	69,386,057	69,178,691

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 243.9	$ 259.9	$ 490.9	$ 510
Revenue from related party	55.5	3.3	103.9	5.5
Total revenue	299.4	263.2	594.8	515.5
Cost of revenue	109.1	80.5	194.8	165.3
Gross profit	190.3	182.7	400	350.2
Research and development expenses	42.6	40.1	85.7	80.8
Selling, general and administrative expenses	174.4	116.3	303.1	226.8
Operating (loss) income	(26.7)	26.3	11.2	42.6
Interest expense, net	(8.3)	(16.4)	(17.2)	(29.8)
Loss on extinguishment of debt	0	(40.1)	0	(40.1)
Other (expense) income, net	(1.1)	1.8	(0.8)	(0.8)
Loss before income taxes	(36.1)	(28.4)	(6.8)	(28.1)
Income tax benefit (expense)	1.1	3.4	(0.4)	3.1
Net loss	$ (35)	$ (25)	$ (7.2)	$ (25)
Net loss per share:
Basic (in dollars per share)	$ (0.50)	$ (0.37)	$ (0.10)	$ (0.38)
Diluted (in dollars per share)	$ (0.50)	$ (0.37)	$ (0.10)	$ (0.38)
Weighted-average number of common shares outstanding (in thousands):
Basic (in shares)	69,356	66,696	69,305	66,406
Diluted (in shares)	69,356	66,696	69,305	66,406

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (35)	$ (25)	$ (7.2)	$ (25)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment	(9.6)	(1.8)	(13.3)	(3.9)
Unrealized gain (loss) on cash flow hedges	4.6	(0.6)	22.7	(0.6)
Unrealized loss on available-for-sale securities	0	(0.1)	0	(0.3)
Total other comprehensive (loss) income, net of tax	(5)	(2.5)	9.4	(4.8)
Comprehensive (loss) income	$ (40)	$ (27.5)	$ 2.2	$ (29.8)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2020			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)				164,000
Exercise of options to purchase common stock				$ 6.2
Issuance of shares for employee stock purchase plan (in shares)			17,000
Issuance of shares for employee stock purchase plan	3.8			3.8
Stock-based compensation expense	17.6			17.6
Restricted stock units vested, net of shares withheld for taxes (in shares)			170,000
Restricted stock units vested, net of shares withheld for taxes	(27.3)			(27.3)
Extinguishment of conversion feature, net of issuance costs	(737.7)			(737.7)
Issuance of shares for debt extinguishment (in shares)			2,242,000
Issuance of shares for debt extinguishment	622.7			622.7
Net loss	(25)					(25)
Other comprehensive income (loss)	(4.8)							(4.8)
Ending balance (in shares) at Jun. 30, 2021			68,610,000
Ending balance at Jun. 30, 2021	459.1		$ 0.1	1,149.6		(691.3)		0.7
Beginning balance (in shares) at Dec. 31, 2020			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]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06
Ending balance (in shares) at Dec. 31, 2021	69,178,691		69,179,000
Ending balance at Dec. 31, 2021	$ 556.3	$ (147.1)	$ 0.1	1,207.9	$ (207.7)	(649.5)	$ 60.6	(2.2)
Beginning balance (in shares) at Mar. 31, 2021			66,213,000
Beginning balance at Mar. 31, 2021	585.3		$ 0.1	1,248.3		(666.3)		3.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)			121,000
Exercise of options to purchase common stock	4.7			4.7
Issuance of shares for employee stock purchase plan (in shares)			17,000
Issuance of shares for employee stock purchase plan	3.8			3.8
Stock-based compensation expense	9			9
Restricted stock units vested, net of shares withheld for taxes (in shares)			17,000
Restricted stock units vested, net of shares withheld for taxes	(1.2)			(1.2)
Extinguishment of conversion feature, net of issuance costs	(737.7)			(737.7)
Issuance of shares for debt extinguishment (in shares)			2,242,000
Issuance of shares for debt extinguishment	622.7			622.7
Net loss	(25)					(25)
Other comprehensive income (loss)	(2.5)							(2.5)
Ending balance (in shares) at Jun. 30, 2021			68,610,000
Ending balance at Jun. 30, 2021	$ 459.1		$ 0.1	1,149.6		(691.3)		0.7
Beginning balance (in shares) at Dec. 31, 2021	69,178,691		69,179,000
Beginning balance at Dec. 31, 2021	$ 556.3	$ (147.1)	$ 0.1	1,207.9	$ (207.7)	(649.5)	$ 60.6	(2.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)			52,000
Exercise of options to purchase common stock	1.9			1.9
Issuance of shares for employee stock purchase plan (in shares)			27,000
Issuance of shares for employee stock purchase plan	4.9			4.9
Stock-based compensation expense	20.7			20.7
Restricted stock units vested, net of shares withheld for taxes (in shares)			128,000
Restricted stock units vested, net of shares withheld for taxes	(16.5)			(16.5)
Net loss	(7.2)					(7.2)
Other comprehensive income (loss)	$ 9.4							9.4
Ending balance (in shares) at Jun. 30, 2022	69,386,057		69,386,000
Ending balance at Jun. 30, 2022	$ 422.4		$ 0.1	1,011.2		(596.1)		7.2
Beginning balance (in shares) at Mar. 31, 2022			69,320,000
Beginning balance at Mar. 31, 2022	446.7		$ 0.1	995.5		(561.1)		12.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)			24,000
Exercise of options to purchase common stock	0.8			0.8
Issuance of shares for employee stock purchase plan (in shares)			27,000
Issuance of shares for employee stock purchase plan	4.9			4.9
Stock-based compensation expense	11.2			11.2
Restricted stock units vested, net of shares withheld for taxes (in shares)			15,000
Restricted stock units vested, net of shares withheld for taxes	(1.2)			(1.2)
Net loss	(35)					(35)
Other comprehensive income (loss)	$ (5)							(5)
Ending balance (in shares) at Jun. 30, 2022	69,386,057		69,386,000
Ending balance at Jun. 30, 2022	$ 422.4		$ 0.1	$ 1,011.2		$ (596.1)		$ 7.2

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) (Parenthetical)	Jun. 30, 2021
Convertible Senior Notes, 1.375%
Debt, interest rate	1.375%

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (7.2)	$ (25)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	31.1	28
Stock-based compensation expense	20.7	17.6
Non-cash interest expense	2.8	23.5
Loss on extinguishment of debt	0	40.1
Provision for credit losses	1.9	2.1
Other	1	1.1
Changes in operating assets and liabilities:
Accounts receivable	(24.7)	(24.6)
Accounts receivable — related party	(26.7)	(1.3)
Inventories	(24)	(45)
Prepaid expenses and other assets	(23.3)	(23.6)
Accounts payable	20.1	(4.4)
Accrued expenses and other liabilities	38.2	(5.3)
Accrued expenses and other liabilities — related party	1.7	0
Net cash provided by (used in) operating activities	11.6	(16.8)
Cash flows from investing activities
Capital expenditures	(27.4)	(52.8)
Acquisition of intangible assets	(7.6)	(3.8)
Acquisition	(26)	0
Cash paid for investments	(7.8)	0
Receipts from the maturity or sale of marketable securities	0	22.5
Net cash used in investing activities	(68.8)	(34.1)
Cash flows from financing activities
Proceeds from issuance of convertible debt, net of issuance costs	0	489.5
Repayment of convertible debt	0	(460.8)
Repayment of equipment financings	(8.6)	(6.4)
Repayment of mortgage	(1.1)	(1)
Repayment of term loan	(2.5)	0
Payments of Debt Issuance Costs	0	(4)
Proceeds from exercise of stock options	1.9	6.2
Proceeds from issuance of common stock under employee stock purchase plan	4.9	3.8
Payment of withholding taxes in connection with vesting of restricted stock units	(16.5)	(27.3)
Net cash used in financing activities	(21.9)	0
Effect of exchange rate changes on cash	(3.5)	(1.7)
Net decrease in cash, cash equivalents and restricted cash	(82.6)	(52.6)
Cash, cash equivalents and restricted cash at beginning of period	806.4	922
Cash, cash equivalents and restricted cash at end of period	723.8	869.4
Supplemental noncash information:
Purchases of property and equipment included in accounts payable and accrued expenses	4.9	5.6
Purchases of intangible assets included in accounts payable and accrued expenses	2.4	3.5
Lease liabilities arising from obtaining right-of-use assets	$ 12	$ 0.5

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022, 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, 2021. Reclassification of Prior Period Amounts Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. T he Company reclassified the change in unbilled receivables from the change in prepaid expenses and other current assets to the change in accounts receivable in the prior year statement of cash flows in the amount of $6.4 million. There was no change to previously reported net cash used in operating activities. Investments The Company has investments in privately-held companies in which the Company’s interest is less than 20.0%, the Company does not exercise significant influence over the investee, and the investment does not have a readily determinable fair value. These investments are carried at cost less impairment, if any. If an observable price change is identified, the investment is measured at its fair value as of the date that the observable transaction occurred with the adjustments reflected in other (expense) income in the Company’s consolidated statements of operations. In January and May 2022, the Company made strategic investments in two companies in the amount of $5.0 million and $2.8 million, respectively. As of June 30, 2022 and December 31, 2021, the total carrying value of the Company’s investments was $8.7 million and $0.9 million, respectively. Shipping and Handling Costs Shipping and handling costs are included in selling, general and administrative expenses and were $3.1 million and $2.6 million for the three months ended June 30, 2022 and 2021, respectively, and were $6.2 million and $4.7 million for the six months ended June 30, 2022 and 2021, 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 10 for financial assets and liabilities held at carrying amount on the consolidated balance sheet and Note 11 for derivative instruments measured at fair value on a recurring basis. Recently Adopted Accounting Standard Effective January 1, 2022, the Company adopted Accounting Standards Update (“ASU”) 2020-06, Debt - Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity ’ s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity ’ s Own Equity using the modified retrospective method for convertible debt instruments outstanding as of the date of adoption. Under ASU 2020-06, a convertible debt instrument is generally reported as a single liability at its amortized cost with no separate accounting for embedded conversion features. Consequently, the effective interest rate of convertible debt instruments is closer to the coupon interest rate under the new guidance. The following table shows the adjustments made to the consolidated balance sheet as of January 1, 2022 as a result of adopting the new guidance. (in millions) As Reported Adjustments As Adjusted December 31, 2021 January 1, 2022 January 1, 2022 Long-term debt, net (1) $ 1,248.8 $ 147.1 $ 1,395.9 Additional paid-in-capital (2) $ 1,207.9 $ (207.7) $ 1,000.2 Accumulated deficit (3) $ (649.5) $ 60.6 $ (588.9) (1) The increase in debt resulted from the derecognition of the discount associated with the embedded conversion feature, offset by the remaining debt issuance costs reclassified out of equity. (2) The decrease in additional paid-in-capital resulted from the derecognition of the embedded conversion feature and debt issuance costs bifurcated to equity. (3) The decrease to accumulated deficit represents the cumulative interest expense recognized related to the amortization of the bifurcated conversion option and debt issuance costs. In addition to the adjustments in the table above, the Company wrote-off the related deferred tax liabilities with a corresponding adjustment to the valuation allowance, resulting in no net impact to the cumulative adjustment recorded to accumulated deficit. Adoption of this standard had no impact on the Company’s diluted earnings per share as the Company historically calculated earnings per share using the if-converted method.

Revenue and Contract Acquisitio

Revenue and Contract Acquisition Costs	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 U.S. Omnipod $ 196.4 $ 150.5 $ 370.5 $ 293.8 International Omnipod 89.4 91.6 184.8 181.5 Total Omnipod 285.8 242.1 555.3 475.3 Drug Delivery 13.6 21.1 39.5 40.2 Total revenue $ 299.4 $ 263.2 $ 594.8 $ 515.5 The percentages of total revenue for customers that represent 10% or more of total revenue was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Distributor A 19% * 18% * Distributor B 16% 12% 14% 11% Distributor C * 14% * 14% Distributor D 16% * 13% * * Represents less than 10% of revenue for the period. Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown: (in millions) June 30, 2022 December 31, 2021 Accrued expenses and other current liabilities $ 6.3 $ 3.5 Other liabilities 1.6 1.5 Total deferred revenue $ 7.9 $ 5.0 Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 Deferred revenue recognized $ 0.3 0.2 $ 1.6 3.9 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) June 30, 2022 December 31, 2021 Prepaid expenses and other current assets $ 14.0 $ 13.3 Other assets 27.8 26.1 Total capitalized contract acquisition costs, net $ 41.8 $ 39.4 The Company recognized $3.6 million and $3.0 million of amortization of capitalized contract acquisition costs during the three months ended June 30, 2022 and 2021, respectively. The Company recognized $7.0 million and $6.0 million of amortization of capitalized contract acquisition costs during the six months ended June 30, 2022 and 2021, respectively.

Cash and Cash Equivalents

Cash and Cash Equivalents	6 Months Ended
	Jun. 30, 2022
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) June 30, 2022 December 31, 2021 Cash $ 106.2 $ 159.3 Money market mutual funds 551.2 630.7 Time deposits 50.0 — Restricted cash 1.2 1.6 Total cash and cash equivalents 708.6 791.6 Restricted cash included in other assets 15.2 14.8 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 723.8 $ 806.4 The restricted cash included in other assets on the consolidated balance sheet is primarily held as a compensating balance against long-term borrowings.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Accounts Receivable	Accounts Receivable At the end of each period, accounts receivable were comprised of the following: (in millions) June 30, 2022 December 31, 2021 Accounts receivable trade, net $ 119.5 $ 101.2 Unbilled receivable 34.6 34.0 Accounts receivable, net $ 154.1 $ 135.2 The percentages of total net accounts receivable trade for customers that represent 10% or more of total net accounts receivable trade was as follows: June 30, 2022 December 31, 2021 Distributor A 31% 21% Distributor B 11% * Distributor D 19% 15%

Inventories

Inventories	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories At the end of each period, inventories were comprised of the following: (in millions) June 30, 2022 December 31, 2021 Raw materials $ 87.3 $ 70.0 Work in process 64.3 112.6 Finished goods 168.8 120.6 Total inventories $ 320.4 $ 303.2

Cloud Computing Costs

Cloud Computing Costs	6 Months Ended
	Jun. 30, 2022
Research and Development [Abstract]
Cloud Computing Costs	Cloud Computing Costs Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows: (in millions) June 30, 2022 December 31, 2021 Short-term portion $ 16.1 $ 18.4 Long-term portion 68.2 49.2 Total capitalized implementation costs 84.3 67.6 Less: accumulated amortization (9.4) (4.4) Capitalized implementation costs, net $ 74.9 $ 63.2 three

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition On January 3, 2022, the Company acquired substantially all of the assets related to the manufacture and production of Shape-Memory Alloy (“SMA”) wire assemblies that are used in the production of Omnipods from Dynalloy, Inc., a maker of dynamic alloys. The aggregate purchase price was $29.0 million, of which $26.0 million was paid in cash upon closing. The Company retained the remaining $3.0 million as a holdback to satisfy any post-closing working capital adjustment and to secure the seller’s indemnification obligations under the purchase agreement. The Company will release any remaining holdback funds to the seller twelve months from the closing date. Transaction costs were expensed as incurred and were not material. The following table summarizes the preliminary fair value allocation of the assets acquired at the date of acquisition: (in millions) Inventories $ 0.5 Property, plant and equipment 0.9 Other assets 0.2 Goodwill (tax deductible) 12.0 Developed technology (15 year useful life) 15.4 Total assets acquired $ 29.0 The primary factor that contributed to an acquisition price in excess of the fair value of assets acquired and the establishment of goodwill was the expected cost savings resulting from the integration of a supplier.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	6 Months Ended
	Jun. 30, 2022
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 period is as follows: (in millions) Goodwill at December 31, 2021 $ 39.8 Acquisition (Note 7) 12.0 Goodwill at June 30, 2022 $ 51.8 The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows: June 30, 2022 December 31, 2021 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.3 $ (25.5) $ 17.8 $ 43.4 $ (23.4) $ 20.0 Internal-use software 32.3 (11.1) 21.2 25.5 (10.2) 15.3 Developed technology 15.4 (0.5) 14.9 — — — Intellectual property 1.5 (0.3) 1.2 1.6 (0.3) 1.3 Total intangible assets $ 92.5 $ (37.4) $ 55.1 $ 70.5 $ (33.9) $ 36.6 Amortization expense for intangible assets was $1.7 million and $1.8 million for the three months ended June 30, 2022 and 2021, respectively. Amortization expense for intangible assets was $3.5 million and $3.5 million for the six months ended June 30, 2022 and 2021, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2022
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) June 30, 2022 December 31, 2021 Employee compensation and related costs $ 56.8 $ 70.3 Accrued rebates 38.6 28.7 Professional and consulting services 23.5 22.8 Accrued legal settlement (Note 12) 20.0 — Supplier purchases 6.1 4.7 Other 47.5 37.8 Accrued expenses and other current liabilities $ 192.5 $ 164.3 Product Warranty Costs The Company provides a four-year warranty on Personal Diabetes Managers (“PDMs”) and Controllers sold in the United States and PDMs sold in Europe, 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 June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 Product warranty liability at beginning of period $ 6.9 $ 6.7 $ 6.8 $ 6.7 Warranty expense 8.1 2.3 11.1 4.9 Warranty claims settled (3.4) (2.5) (6.3) (5.1) Product warranty liability at the end of period $ 11.6 $ 6.5 $ 11.6 $ 6.5

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt The components of debt consisted of the following: (in millions) June 30, 2022 December 31, 2021 0.375% Convertible Senior Notes due September 2026 800.0 800.0 Term loan due May 2028 495.0 497.5 Revolving Credit Facility expires May 2024 — — Equipment financing due May 2024 12.8 16.0 Equipment financing due November 2025 26.1 29.6 Equipment financing due July 2028 36.3 38.2 5.15% Mortgage due November 2025 66.6 67.7 Unamortized debt discount (8.3) (159.9) Debt issuance costs (17.0) (15.2) Total debt, net 1,411.5 1,273.9 Less: current portion 26.3 25.1 Total long-term debt, net $ 1,385.2 $ 1,248.8 0.375% Convertible Senior Notes The Company’s 0.375% Convertible Senior Notes due September 2026 (the “Notes”) have an effective interest rate of 0.76%. The Notes are convertible into the Company’s common stock at an initial conversion rate of 4.4105 shares of common stock per $1,000 principal amount of the notes, which is equivalent to a conversion price of $226.73 per share, subject to adjustment under certain circumstances. The notes will be convertible June 1, 2026 through August 28, 2026 by its holders for any reason and prior to then under certain circumstances and be settled with cash, shares, or a combination of both. Additional interest of 0.5% per annum is payable if the Company fails to timely file required documents or reports with the Securities and Exchange Commission (“SEC”). If the Company merges or consolidates with a foreign entity, the Company may be required to pay additional taxes. The Company determined that the higher interest payments and tax payments required in certain circumstances were embedded derivatives that should be bifurcated and accounted for at fair value. The Company assessed the value of the embedded derivatives at each balance sheet date and determined it had nominal value. In conjunction with the issuance of the Notes, the Company paid $85.4 million to enter into capped call options (“Capped Calls”) on the Company’s common stock with certain counterparties, which was recorded as a reduction to additional paid-in capital on the consolidated balance sheet. By entering into the Capped Calls, the Company expects to reduce the potential dilution to its common stock (or, in the event the conversion is settled in cash, to provide a source of cash to settle a portion of its cash payment obligation) in the event that at the time of conversion its stock price exceeds the conversion price under the Notes. The Capped Calls have an initial strike price of $335.90 per share, which represents a premium of 100% over the last reported sale price of the Company’s common stock of $167.95 per share on the date of the transaction. The Capped Calls cover 3.5 million shares of common stock. Senior Secured Credit Agreement In May 2022, the Company increased the borrowing capacity under the Revolving Credit Facility by $10.0 million bringing the total borrowing capacity to $70.0 million. 1.375% Convertible Senior Notes During the three months ended June 30, 2021, the Company repurchased $370.4 million in principal ($305.7 million net of discount and issuance costs) of its 1.375% Convertible Senior Notes due November 2024 (“1.375% Notes”) for $460.8 million in cash and the issuance of 2.2 million shares with a fair value of $622.7 million. The debt repurchase resulted in a $40.1 million loss on extinguishment, including cash paid to the note holders as an inducement to convert and transaction costs. Fair Value of Debt The carrying amount and the estimated fair value of the Company’s debt were as follows: June 30, 2022 December 31, 2021 (in millions) Carrying Estimated Carrying Estimated Fair Value (1) 0.375% Convertible Senior Notes (1) 787.4 769.0 638.8 938.8 Term loan (2) 483.7 467.8 485.2 498.1 Equipment Financings (3) 75.1 75.1 83.7 83.7 5.15% Mortgage (3) 65.3 65.3 66.2 66.2 Total $ 1,411.5 $ 1,377.2 $ 1,273.9 $ 1,586.8 (1) The Notes are 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. (2) Term debt is classified as Level 1 in the fair value hierarchy. Fair value was determined using quoted market prices. (3) The equipment financings and mortgage are classified as Level 3 in the fair value hierarchy. The fair values were determined using the cost bases of the financial liabilities, which approximate their carrying values.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company is exposed to certain risks relating to its business operations. Risks that relate to interest rate exposure are managed by using interest rate swaps with financial institutions acting as principal counterparties. Changes in a derivative financial instrument’s fair value are recognized in earnings unless specific hedge criteria are met, in which case changes in fair value are recognized as adjustments to other comprehensive income. Under the Company’s interest rate swap agreements, the Company receives variable rate interest payments and pays fixed interest rates on a total notional value of $480 million of its term loan through April 2025. As a result of the interest rate swaps 97% of the term loan exposed to interest rate risk from changes in LIBOR is fixed at a rate of 4.20%. The Company has designated the interest rate swaps as cash flow hedges. The fair value of interest rate swaps, which are classified as Level 2 in the fair value hierarchy, represent the estimated amounts the Company would receive or pay to terminate the contracts and is determined using industry standard valuation models and market-based observable inputs, including credit risk and interest rate yield curves. The fair value of the interest rate swaps was $27.1 million and $4.5 million at June 30, 2022 and December 31, 2021, respectively, and was included in other assets on the consolidated balance sheets.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings 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 expired U.S. Patent 7,931,613. Roche was seeking monetary damages and attorneys’ fees and costs. In July 2022, the Company entered into a Settlement and License Agreement (the “Settlement Agreement”) with Roche to settle the pending litigation. Pursuant to the Settlement Agreement, in exchange for a release of claims, mutual covenant not to sue for five years, and license to the patent in suit from Roche, the Company made a one-time payment of $20 million to Roche. On July 12, 2022, following the filing by the parties of a Stipulation of Dismissal, the Court ordered the case dismissed with prejudice. The $20 million charge is included in selling, general and administrative expenses for both the three and six months ended June 30, 2022. The Company is, from time to time, involved in the normal course of business in various legal proceedings, including intellectual property, contract, employment and product liability suits. The Company does not expect the outcome of these proceedings, either individually or in the aggregate, to have a material adverse effect on its results of operations. Contract Dispute The Company is engaged in negotiations over a contractual dispute involving in-licensed intellectual property. Offers to settle the dispute have been made by both the Company and the other party ranging from $5.7 million to $36 million. In connection with discussions to resolve this matter, during the three months ended June 30, 2022, the Company accrued an estimated liability of $5.7 million. The ultimate resolution of this matter is uncertain and could have a material effect on the Company’s results of operations.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 Cost of revenue $ 0.1 $ 0.1 $ 0.2 $ 0.2 Research and development expenses 2.2 2.0 4.2 3.9 Selling, general and administrative expenses 8.9 6.9 16.3 13.5 Total $ 11.2 $ 9.0 $ 20.7 $ 17.6

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 Six Months Ended June 30, 2022 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income Balance at beginning of period $ (10.4) $ 22.6 $ 12.2 $ (6.7) $ 4.5 $ (2.2) Other comprehensive (loss) income before reclassifications (9.6) 4.4 (5.2) (13.3) 21.9 8.6 Amounts reclassified to net income — 0.2 0.2 — 0.8 0.8 Balance at the end of period $ (20.0) $ 27.2 $ 7.2 $ (20.0) $ 27.2 $ 7.2 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Unrealized Loss on Cash Flow Hedges Accumulated Other Comprehensive Income Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Unrealized Loss on Cash Flow Hedges Accumulated Other Comprehensive Income Balance at beginning of period $ 3.1 $ 0.1 $ — $ 3.2 $ 5.2 $ 0.3 $ — $ 5.5 Other comprehensive loss before reclassifications (1.8) (0.1) (1.0) (2.9) (3.9) (0.3) (1.0) (5.2) Amounts reclassified to net loss — — 0.4 0.4 — — 0.4 0.4 Balance at the end of period $ 1.3 $ — $ (0.6) $ 0.7 $ 1.3 $ — $ (0.6) $ 0.7

Interest Expense, Net

Interest Expense, Net	6 Months Ended
	Jun. 30, 2022
Other Income and Expenses [Abstract]
Interest Expense, Net	Interest Expense, Net Interest expense, net was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 Cash interest, net of interest rate swaps $ 8.1 $ 6.8 $ 16.0 $ 10.5 Accretion of debt discount 0.3 10.7 0.7 21.7 Amortization of debt issuance costs 1.0 1.0 2.1 1.8 Capitalized interest (0.3) (1.9) (0.7) (3.8) Interest expense, net of portion capitalized 9.1 16.6 18.1 30.2 Interest income (0.8) (0.2) (0.9) (0.4) Interest expense, net $ 8.3 $ 16.4 $ 17.2 $ 29.8

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rate for the three and six months ended June 30, 2022 was 2.9% and (6.5)%, compared with 12.1% and 11.2% for the three and six months ended June 30, 2021, 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 June 30, 2022 and December 31, 2021. The Company had no uncertain tax positions at June 30, 2022 and December 31, 2021.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per share is computed using the weighted average number of common shares outstanding and, when dilutive, common share equivalents. The weighted-average number of common shares used in the computation of basic and diluted net loss per share were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Weighted average number of common shares outstanding, basic 69,356 66,696 69,305 66,406 Stock options — — — — Restricted stock units — — — — Weighted average number of common shares outstanding, diluted 69,356 66,696 69,305 66,406 The number of common share equivalents excluded from the computation of diluted net loss 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 June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 1.375% Convertible Senior Notes due November 2024 — 3,657 — 3,988 0.375% Convertible Senior Notes due September 2026 3,528 3,528 3,528 3,528 Restricted stock units 348 283 358 364 Stock options 635 788 607 809 Total 4,511 8,256 4,493 8,689

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022, 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, 2021.
Reclassification of Prior Period Amounts	Reclassification of Prior Period Amounts Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. T he Company reclassified the change in unbilled receivables from the change in prepaid expenses and other current assets to the change in accounts receivable in the prior year statement of cash flows in the amount of $6.4 million. There was no change to previously reported net cash used in operating activities.
Investments	InvestmentsThe Company has investments in privately-held companies in which the Company’s interest is less than 20.0%, the Company does not exercise significant influence over the investee, and the investment does not have a readily determinable fair value. These investments are carried at cost less impairment, if any. If an observable price change is identified, the investment is measured at its fair value as of the date that the observable transaction occurred with the adjustments reflected in other (expense) income in the Company’s consolidated statements of operations.
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.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standard Effective January 1, 2022, the Company adopted Accounting Standards Update (“ASU”) 2020-06, Debt - Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity ’ s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity ’ s Own Equity
Product Warranty Costs	Product Warranty Costs The Company provides a four-year warranty on Personal Diabetes Managers (“PDMs”) and Controllers sold in the United States and PDMs sold in Europe, a five-year warranty

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Accounting Standards Update and Change in Accounting Principle	The following table shows the adjustments made to the consolidated balance sheet as of January 1, 2022 as a result of adopting the new guidance. (in millions) As Reported Adjustments As Adjusted December 31, 2021 January 1, 2022 January 1, 2022 Long-term debt, net (1) $ 1,248.8 $ 147.1 $ 1,395.9 Additional paid-in-capital (2) $ 1,207.9 $ (207.7) $ 1,000.2 Accumulated deficit (3) $ (649.5) $ 60.6 $ (588.9) (1) The increase in debt resulted from the derecognition of the discount associated with the embedded conversion feature, offset by the remaining debt issuance costs reclassified out of equity. (2) The decrease in additional paid-in-capital resulted from the derecognition of the embedded conversion feature and debt issuance costs bifurcated to equity. (3) The decrease to accumulated deficit represents the cumulative interest expense recognized related to the amortization of the bifurcated conversion option and debt issuance costs.

Revenue and Contract Acquisit_2

Revenue and Contract Acquisition Costs (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes the Company’s disaggregated revenue: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 U.S. Omnipod $ 196.4 $ 150.5 $ 370.5 $ 293.8 International Omnipod 89.4 91.6 184.8 181.5 Total Omnipod 285.8 242.1 555.3 475.3 Drug Delivery 13.6 21.1 39.5 40.2 Total revenue $ 299.4 $ 263.2 $ 594.8 $ 515.5
Schedules of Concentration of Risk	The percentages of total revenue for customers that represent 10% or more of total revenue was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Distributor A 19% * 18% * Distributor B 16% 12% 14% 11% Distributor C * 14% * 14% Distributor D 16% * 13% * * Represents less than 10% of revenue for the period. The percentages of total net accounts receivable trade for customers that represent 10% or more of total net accounts receivable trade was as follows: June 30, 2022 December 31, 2021 Distributor A 31% 21% Distributor B 11% * Distributor D 19% 15% * Represents less than 10% of net accounts receivable trade as of period end.
Schedule 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) June 30, 2022 December 31, 2021 Accrued expenses and other current liabilities $ 6.3 $ 3.5 Other liabilities 1.6 1.5 Total deferred revenue $ 7.9 $ 5.0 Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 Deferred revenue recognized $ 0.3 0.2 $ 1.6 3.9
Schedule 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) June 30, 2022 December 31, 2021 Prepaid expenses and other current assets $ 14.0 $ 13.3 Other assets 27.8 26.1 Total capitalized contract acquisition costs, net $ 41.8 $ 39.4

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	6 Months Ended
	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a summary of cash and cash equivalents: (in millions) June 30, 2022 December 31, 2021 Cash $ 106.2 $ 159.3 Money market mutual funds 551.2 630.7 Time deposits 50.0 — Restricted cash 1.2 1.6 Total cash and cash equivalents 708.6 791.6 Restricted cash included in other assets 15.2 14.8 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 723.8 $ 806.4
Schedule of Restricted Cash and Cash Equivalents	The following table provides a summary of cash and cash equivalents: (in millions) June 30, 2022 December 31, 2021 Cash $ 106.2 $ 159.3 Money market mutual funds 551.2 630.7 Time deposits 50.0 — Restricted cash 1.2 1.6 Total cash and cash equivalents 708.6 791.6 Restricted cash included in other assets 15.2 14.8 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 723.8 $ 806.4

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Schedule of Accounts Receivable	At the end of each period, accounts receivable were comprised of the following: (in millions) June 30, 2022 December 31, 2021 Accounts receivable trade, net $ 119.5 $ 101.2 Unbilled receivable 34.6 34.0 Accounts receivable, net $ 154.1 $ 135.2
Schedules of Concentration of Risk	The percentages of total revenue for customers that represent 10% or more of total revenue was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Distributor A 19% * 18% * Distributor B 16% 12% 14% 11% Distributor C * 14% * 14% Distributor D 16% * 13% * * Represents less than 10% of revenue for the period. The percentages of total net accounts receivable trade for customers that represent 10% or more of total net accounts receivable trade was as follows: June 30, 2022 December 31, 2021 Distributor A 31% 21% Distributor B 11% * Distributor D 19% 15% * Represents less than 10% of net accounts receivable trade as of period end.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	At the end of each period, inventories were comprised of the following: (in millions) June 30, 2022 December 31, 2021 Raw materials $ 87.3 $ 70.0 Work in process 64.3 112.6 Finished goods 168.8 120.6 Total inventories $ 320.4 $ 303.2

Cloud Computing Costs (Tables)

Cloud Computing Costs (Tables)	6 Months Ended
	Jun. 30, 2022
Research and Development [Abstract]
Schedule of Capitalized Could Computing Costs	Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows: (in millions) June 30, 2022 December 31, 2021 Short-term portion $ 16.1 $ 18.4 Long-term portion 68.2 49.2 Total capitalized implementation costs 84.3 67.6 Less: accumulated amortization (9.4) (4.4) Capitalized implementation costs, net $ 74.9 $ 63.2

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Allocation of Purchase Consideration to Assets Acquired and Liabilities	The following table summarizes the preliminary fair value allocation of the assets acquired at the date of acquisition: (in millions) Inventories $ 0.5 Property, plant and equipment 0.9 Other assets 0.2 Goodwill (tax deductible) 12.0 Developed technology (15 year useful life) 15.4 Total assets acquired $ 29.0

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The change in the carrying amount of goodwill for the period is as follows: (in millions) Goodwill at December 31, 2021 $ 39.8 Acquisition (Note 7) 12.0 Goodwill at June 30, 2022 $ 51.8
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: June 30, 2022 December 31, 2021 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.3 $ (25.5) $ 17.8 $ 43.4 $ (23.4) $ 20.0 Internal-use software 32.3 (11.1) 21.2 25.5 (10.2) 15.3 Developed technology 15.4 (0.5) 14.9 — — — Intellectual property 1.5 (0.3) 1.2 1.6 (0.3) 1.3 Total intangible assets $ 92.5 $ (37.4) $ 55.1 $ 70.5 $ (33.9) $ 36.6

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
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) June 30, 2022 December 31, 2021 Employee compensation and related costs $ 56.8 $ 70.3 Accrued rebates 38.6 28.7 Professional and consulting services 23.5 22.8 Accrued legal settlement (Note 12) 20.0 — Supplier purchases 6.1 4.7 Other 47.5 37.8 Accrued expenses and other current liabilities $ 192.5 $ 164.3
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 June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 Product warranty liability at beginning of period $ 6.9 $ 6.7 $ 6.8 $ 6.7 Warranty expense 8.1 2.3 11.1 4.9 Warranty claims settled (3.4) (2.5) (6.3) (5.1) Product warranty liability at the end of period $ 11.6 $ 6.5 $ 11.6 $ 6.5

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Outstanding Convertible Debt and Related Debt Issuance Costs	The components of debt consisted of the following: (in millions) June 30, 2022 December 31, 2021 0.375% Convertible Senior Notes due September 2026 800.0 800.0 Term loan due May 2028 495.0 497.5 Revolving Credit Facility expires May 2024 — — Equipment financing due May 2024 12.8 16.0 Equipment financing due November 2025 26.1 29.6 Equipment financing due July 2028 36.3 38.2 5.15% Mortgage due November 2025 66.6 67.7 Unamortized debt discount (8.3) (159.9) Debt issuance costs (17.0) (15.2) Total debt, net 1,411.5 1,273.9 Less: current portion 26.3 25.1 Total long-term debt, net $ 1,385.2 $ 1,248.8
Schedule of Carrying Amount and Estimated Fair Value of Convertible Debt	The carrying amount and the estimated fair value of the Company’s debt were as follows: June 30, 2022 December 31, 2021 (in millions) Carrying Estimated Carrying Estimated Fair Value (1) 0.375% Convertible Senior Notes (1) 787.4 769.0 638.8 938.8 Term loan (2) 483.7 467.8 485.2 498.1 Equipment Financings (3) 75.1 75.1 83.7 83.7 5.15% Mortgage (3) 65.3 65.3 66.2 66.2 Total $ 1,411.5 $ 1,377.2 $ 1,273.9 $ 1,586.8 (1) The Notes are 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. (2) Term debt is classified as Level 1 in the fair value hierarchy. Fair value was determined using quoted market prices. (3) The equipment financings and mortgage are classified as Level 3 in the fair value hierarchy. The fair values were determined using the cost bases of the financial liabilities, which approximate their carrying values.

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	Compensation expense related to stock-based awards was recorded as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 Cost of revenue $ 0.1 $ 0.1 $ 0.2 $ 0.2 Research and development expenses 2.2 2.0 4.2 3.9 Selling, general and administrative expenses 8.9 6.9 16.3 13.5 Total $ 11.2 $ 9.0 $ 20.7 $ 17.6

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (loss), net of tax	Changes in the components of accumulated other comprehensive income (loss), net of tax, were as follows: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income Balance at beginning of period $ (10.4) $ 22.6 $ 12.2 $ (6.7) $ 4.5 $ (2.2) Other comprehensive (loss) income before reclassifications (9.6) 4.4 (5.2) (13.3) 21.9 8.6 Amounts reclassified to net income — 0.2 0.2 — 0.8 0.8 Balance at the end of period $ (20.0) $ 27.2 $ 7.2 $ (20.0) $ 27.2 $ 7.2 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Unrealized Loss on Cash Flow Hedges Accumulated Other Comprehensive Income Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Unrealized Loss on Cash Flow Hedges Accumulated Other Comprehensive Income Balance at beginning of period $ 3.1 $ 0.1 $ — $ 3.2 $ 5.2 $ 0.3 $ — $ 5.5 Other comprehensive loss before reclassifications (1.8) (0.1) (1.0) (2.9) (3.9) (0.3) (1.0) (5.2) Amounts reclassified to net loss — — 0.4 0.4 — — 0.4 0.4 Balance at the end of period $ 1.3 $ — $ (0.6) $ 0.7 $ 1.3 $ — $ (0.6) $ 0.7

Interest Expense, Net (Tables)

Interest Expense, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Other Income and Expenses [Abstract]
Schedule of Interest Expense	Interest expense, net was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 Cash interest, net of interest rate swaps $ 8.1 $ 6.8 $ 16.0 $ 10.5 Accretion of debt discount 0.3 10.7 0.7 21.7 Amortization of debt issuance costs 1.0 1.0 2.1 1.8 Capitalized interest (0.3) (1.9) (0.7) (3.8) Interest expense, net of portion capitalized 9.1 16.6 18.1 30.2 Interest income (0.8) (0.2) (0.9) (0.4) Interest expense, net $ 8.3 $ 16.4 $ 17.2 $ 29.8

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	The weighted-average number of common shares used in the computation of basic and diluted net loss per share were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Weighted average number of common shares outstanding, basic 69,356 66,696 69,305 66,406 Stock options — — — — Restricted stock units — — — — Weighted average number of common shares outstanding, diluted 69,356 66,696 69,305 66,406
Schedule of Antidilutive Securities	The number of common share equivalents excluded from the computation of diluted net loss 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 June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 1.375% Convertible Senior Notes due November 2024 — 3,657 — 3,988 0.375% Convertible Senior Notes due September 2026 3,528 3,528 3,528 3,528 Restricted stock units 348 283 358 364 Stock options 635 788 607 809 Total 4,511 8,256 4,493 8,689

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2022	Jan. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Reclassification [Line Items]
Change in prepaid expenses and other assets					$ (23.3)	$ (23.6)
Change in accounts receivable					24.7	24.6
Payments for strategic investment	$ 2.8	$ 5			7.8	0
Carrying value of investments			$ 8.7		8.7		$ 0.9
Cost of goods and services sold			109.1	$ 80.5	194.8	165.3
Shipping and Handling
Reclassification [Line Items]
Cost of goods and services sold			$ 3.1	$ 2.6	$ 6.2	$ 4.7
Reclassification
Reclassification [Line Items]
Change in prepaid expenses and other assets							6.4
Change in accounts receivable							$ 6.4

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Recently Adopted Accounting Standard (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt, net	$ 1,385.2		$ 1,248.8
Additional paid-in capital	1,011.2		1,207.9
Accumulated deficit	$ (596.1)		$ (649.5)
Accounting Standards Update 2020-06 | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt, net		$ 147.1
Additional paid-in capital		(207.7)
Accumulated deficit		60.6
Accounting Standards Update 2020-06 | Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt, net		1,395.9
Additional paid-in capital		1,000.2
Accumulated deficit		$ (588.9)

Revenue and Contract Acquisit_3

Revenue and Contract Acquisition Costs - Schedule of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 299.4	$ 263.2	$ 594.8	$ 515.5
U.S. Omnipod
Disaggregation of Revenue [Line Items]
Total revenue	196.4	150.5	370.5	293.8
International Omnipod
Disaggregation of Revenue [Line Items]
Total revenue	89.4	91.6	184.8	181.5
Total Omnipod
Disaggregation of Revenue [Line Items]
Total revenue	285.8	242.1	555.3	475.3
Drug Delivery
Disaggregation of Revenue [Line Items]
Total revenue	$ 13.6	$ 21.1	$ 39.5	$ 40.2

Revenue and Contract Acquisit_4

Revenue and Contract Acquisition Costs - Schedule of Revenue from Major Customers - Concentration Risk (Details) - Customer concentration risk - Sales Revenue	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Distributor A
Concentration Risk [Line Items]
Concentration risk, percentage	19%		18%
Distributor B
Concentration Risk [Line Items]
Concentration risk, percentage	16%	12%	14%	11%
Distributor C
Concentration Risk [Line Items]
Concentration risk, percentage		14%		14%
Distributor D
Concentration Risk [Line Items]
Concentration risk, percentage	16%		13%

Revenue and Contract Acquisit_5

Revenue and Contract Acquisition Costs - Summary of Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accrued expenses and other current liabilities	$ 6.3		$ 6.3		$ 3.5
Other liabilities	1.6		1.6		1.5
Total deferred revenue	7.9		7.9		$ 5
Deferred revenue recognized	$ 0.3	$ 0.2	$ 1.6	$ 3.9

Revenue and Contract Acquisit_6

Revenue and Contract Acquisition Costs - Summary of Contract Acquisition Costs (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Prepaid expenses and other current assets	$ 14	$ 13.3
Other assets	27.8	26.1
Total capitalized contract acquisition costs, net	$ 41.8	$ 39.4

Revenue and Contract Acquisit_7

Revenue and Contract Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Amortization of capitalized commission costs	$ 3.6	$ 3	$ 7	$ 6

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 1.2	$ 1.6
Total cash and cash equivalents	708.6	791.6
Restricted cash included in other assets	15.2	14.8
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	723.8	806.4	$ 869.4	$ 922
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	106.2	159.3
Money market mutual funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	551.2	630.7
Time deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 50	$ 0

Accounts Receivable - Schedule

Accounts Receivable - Schedule of Account Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 154.1	$ 135.2
Unbilled receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	34.6	34
Accounts receivable trade, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 119.5	$ 101.2

Accounts Receivable - Schedul_2

Accounts Receivable - Schedule of Net Accounts Receivable Trade from Major Customers (Details) - Accounts and unbilled receivables - Customer concentration risk	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Distributor A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	31%	21%
Distributor B
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	11%
Distributor D
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	19%	15%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 87.3	$ 70
Work in process	64.3	112.6
Finished goods	168.8	120.6
Total inventories	$ 320.4	$ 303.2

Cloud Computing Costs (Details)

Cloud Computing Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Short-term portion	$ 16.1		$ 16.1		$ 18.4
Long-term portion	68.2		68.2		49.2
Total capitalized implementation costs	84.3		84.3		67.6
Less: accumulated amortization	(9.4)		(9.4)		(4.4)
Capitalized implementation costs, net	74.9		74.9		$ 63.2
Capitalized implementation costs, amortization	$ 3.7	$ 0.8	$ 5	$ 1.3
Minimum | Cloud Computing Costs
Finite-Lived Intangible Assets [Line Items]
Expected term			3 years
Maximum | Cloud Computing Costs
Finite-Lived Intangible Assets [Line Items]
Expected term			5 years

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($) $ in Millions		6 Months Ended
	Jan. 03, 2022	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Cash paid		$ 26	$ 0
Dynalloy, Inc
Business Acquisition [Line Items]
Aggregate purchase price	$ 29
Cash paid	26
Amount retained for post-closing working capital adjustment	$ 3
Business combination consideration holdback funds period	12 months

Acquisition - Schedule of Alloc

Acquisition - Schedule of Allocation of Purchase Consideration to Assets Acquired and Liabilities (Details) - USD ($) $ in Millions	Jan. 03, 2022	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill (tax deductible)		$ 51.8	$ 39.8
Dynalloy, Inc
Business Acquisition [Line Items]
Inventories	$ 0.5
Property, plant and equipment	0.9
Other assets	0.2
Goodwill (tax deductible)	12
Developed technology (15 year useful life)	15.4
Total assets acquired	$ 29
Useful life	15 years

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Net - Summary of Changes in Carrying Amounts of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill at December 31, 2021	$ 39.8
Acquisition	12
Goodwill at June 30, 2022	$ 51.8

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Net - Components of Other Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 92.5	$ 70.5
Accumulated Amortization	(37.4)	(33.9)
Net Book Value	55.1	36.6
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	43.3	43.4
Accumulated Amortization	(25.5)	(23.4)
Net Book Value	17.8	20
Internal-use software
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	32.3	25.5
Accumulated Amortization	(11.1)	(10.2)
Net Book Value	21.2	15.3
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	15.4	0
Accumulated Amortization	(0.5)	0
Net Book Value	14.9	0
Intellectual property
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1.5	1.6
Accumulated Amortization	(0.3)	(0.3)
Net Book Value	$ 1.2	$ 1.3

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1.7	$ 1.8	$ 3.5	$ 3.5

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Employee compensation and related costs	$ 56.8	$ 70.3
Accrued rebates	38.6	28.7
Professional and consulting services	23.5	22.8
Accrued legal settlement (Note 12)	20	0
Supplier purchases	6.1	4.7
Other	47.5	37.8
Accrued expenses and other current liabilities	$ 192.5	$ 164.3

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Narrative (Details)	6 Months Ended
	Jun. 30, 2022
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product warranty liability at beginning of period	$ 6.9	$ 6.7	$ 6.8	$ 6.7
Warranty expense	8.1	2.3	11.1	4.9
Warranty claims settled	(3.4)	(2.5)	(6.3)	(5.1)
Product warranty liability at the end of period	$ 11.6	$ 6.5	$ 11.6	$ 6.5

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Unamortized debt discount	$ (8.3)	$ (159.9)
Debt issuance costs	(17)	(15.2)
Total debt, net	1,411.5	1,273.9
Less: current portion	26.3	25.1
Total long-term debt, net	1,385.2	1,248.8
Revolving Credit Facility expires May 2024
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	0
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 | Term loan due May 2028
Debt Instrument [Line Items]
Long-term debt, gross	495	497.5
Secured Debt | Equipment financing due May 2024
Debt Instrument [Line Items]
Long-term debt, gross	12.8	16
Secured Debt | Equipment financing due November 2025
Debt Instrument [Line Items]
Long-term debt, gross	26.1	29.6
Secured Debt | Equipment financing due July 2028
Debt Instrument [Line Items]
Long-term debt, gross	$ 36.3	38.2
Secured Debt | 5.15% Mortgage due November 2025
Debt Instrument [Line Items]
Debt, interest rate	5.15%
Long-term debt, gross	$ 66.6	$ 67.7

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2022 USD ($)	Jun. 30, 2022 USD ($) $ / shares $ / option	Jun. 30, 2021 USD ($) shares	Jun. 30, 2022 USD ($) $ / shares $ / option shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Repayment of convertible debt				$ 0	$ 460,800,000
Loss on extinguishment of debt		$ 0	$ 40,100,000	0	$ 40,100,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, borrowing capacity increase	$ 10,000,000
Increase the borrowing capacity	$ 70,000,000
Long-term debt, gross		$ 0		$ 0		$ 0
1.375% Convertible Senior Notes due November 2024
Debt Instrument [Line Items]
Debt, interest rate			1.375%		1.375%
Convertible Debt | 0.375% Convertible Senior Notes due September 2026
Debt Instrument [Line Items]
Debt, interest rate		0.375%	0.375%	0.375%	0.375%
Debt effective interest rate		0.76%		0.76%
Debt conversion rate				4.4105
Principal amount basis used in conversion rate		$ 1,000		$ 1,000
Conversion price (in dollars per share) | $ / shares		$ 226.73		$ 226.73
Debt instrument, additional interest in event of reporting violation				0.50%
Price at which capped call options entered				$ 85,400,000
Share price (in dollars per share) | $ / shares		$ 167.95		$ 167.95
Number of capped shares (in shares) | shares				3,500,000
Long-term debt, gross		$ 800,000,000		$ 800,000,000		$ 800,000,000
Convertible Debt | 0.375% Convertible Senior Notes due September 2026 | Price Risk Derivative
Debt Instrument [Line Items]
Cap price (in dollars per share) | $ / option		335.90		335.90
Sale price premium (as a percentage)		100%		100%
Convertible Debt | 1.375% Convertible Senior Notes due November 2024
Debt Instrument [Line Items]
Debt, interest rate		1.375%	1.375%	1.375%	1.375%
Debt repurchased face amount			$ 370,400,000		$ 370,400,000
Repurchase amount			305,700,000		$ 305,700,000
Repayment of convertible debt			$ 460,800,000
Issuance of shares for debt extinguishment (in shares) | shares			2,200,000
Issuance of shares for debt extinguishment			$ 622,700,000
Loss on extinguishment of debt			$ 40,100,000

Debt - Summary of Carrying Amou

Debt - Summary of Carrying Amount and Estimated Fair Value of Convertible Debt (Details) - Level 2 - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	$ 1,411.5	$ 1,273.9
Carrying Value | Convertible Senior Notes 0.375%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	787.4	638.8
Carrying Value | Term loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	483.7	485.2
Carrying Value | Equipment Financings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	75.1	83.7
Carrying Value | 5.15% Mortgage
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	65.3	66.2
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	1,377.2	1,586.8
Estimated Fair Value | Convertible Senior Notes 0.375%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	769	938.8
Estimated Fair Value | Term loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	467.8	498.1
Estimated Fair Value | Equipment Financings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	75.1	83.7
Estimated Fair Value | 5.15% Mortgage
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	$ 65.3	$ 66.2

Derivative Instruments (Details

Derivative Instruments (Details) - Interest Rate Swap - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 480
Percentage of debt hedged by interest rate derivatives	97%
Derivative liability	$ 27.1	$ 4.5
LIBOR
Derivative [Line Items]
Derivative fixed interest rate	4.20%

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2022	Jun. 30, 2022	Jun. 30, 2022
Patent Infringement Lawsuit With Roche
Loss Contingencies [Line Items]
Litigation settlement expense		$ 20	$ 20
In-Licensed Intellectual Property Contractual Dispute
Loss Contingencies [Line Items]
Loss contingency liability accrued		5.7
Minimum | In-Licensed Intellectual Property Contractual Dispute
Loss Contingencies [Line Items]
Dispute settlement amount		5.7	5.7
Maximum | In-Licensed Intellectual Property Contractual Dispute
Loss Contingencies [Line Items]
Dispute settlement amount		$ 36	$ 36
Subsequent Event | Patent Infringement Lawsuit With Roche
Loss Contingencies [Line Items]
Litigation settlement, mutual covenant not to sue period	5 years
Litigation settlement amount awarded to other party	$ 20

Stock-Based Compensation Expe_3

Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 11.2	$ 9	$ 20.7	$ 17.6
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0.1	0.1	0.2	0.2
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2.2	2	4.2	3.9
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 8.9	$ 6.9	$ 16.3	$ 13.5

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 446.7	$ 585.3	$ 556.3	$ 603.6
Other comprehensive (loss) income before reclassifications	(5.2)	(2.9)	8.6	(5.2)
Amounts reclassified to net income	0.2	0.4	0.8	0.4
Ending balance	422.4	459.1	422.4	459.1
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(10.4)	3.1	(6.7)	5.2
Other comprehensive (loss) income before reclassifications	(9.6)	(1.8)	(13.3)	(3.9)
Amounts reclassified to net income	0	0	0	0
Ending balance	(20)	1.3	(20)	1.3
Unrealized Gain on Available-for-sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		0.1		0.3
Other comprehensive (loss) income before reclassifications		(0.1)		(0.3)
Amounts reclassified to net income		0		0
Ending balance		0		0
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	22.6	0	4.5	0
Other comprehensive (loss) income before reclassifications	4.4	(1)	21.9	(1)
Amounts reclassified to net income	0.2	0.4	0.8	0.4
Ending balance	27.2	(0.6)	27.2	(0.6)
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	12.2	3.2	(2.2)	5.5
Ending balance	$ 7.2	$ 0.7	$ 7.2	$ 0.7

Interest Expense, Net (Details)

Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Income and Expenses [Abstract]
Cash interest, net of interest rate swaps	$ 8.1	$ 6.8	$ 16	$ 10.5
Accretion of debt discount	0.3	10.7	0.7	21.7
Amortization of debt issuance costs	1	1	2.1	1.8
Capitalized interest	(0.3)	(1.9)	(0.7)	(3.8)
Interest expense, net of portion capitalized	9.1	16.6	18.1	30.2
Interest income	(0.8)	(0.2)	(0.9)	(0.4)
Interest expense, net	$ 8.3	$ 16.4	$ 17.2	$ 29.8

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	2.90%	12.10%	(6.50%)	11.20%
Uncertain tax position	$ 0		$ 0		$ 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of common shares outstanding, basic (in shares)	69,356	66,696	69,305	66,406
Weighted average number of common shares outstanding, diluted (in shares)	69,356	66,696	69,305	66,406
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0	0	0	0
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0	0	0	0

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,511	8,256	4,493	8,689
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)	348	283	358	364
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	635	788	607	809
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%
1.375% Convertible Senior Notes due November 2024 | Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	3,657	0	3,988
1.375% Convertible Senior Notes due November 2024 | Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt, interest rate	1.375%	1.375%	1.375%	1.375%
0.375% Convertible Senior Notes due September 2026 | Convertible Debt Securities
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	3,528	3,528
0.375% Convertible Senior Notes due September 2026 | Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt, interest rate	0.375%	0.375%	0.375%	0.375%