Insulet (PODD) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		69,695,828
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 620.7	$ 674.7
Accounts receivable trade, less allowance for credit losses of $3.1 and $2.5	159.6	140.9
Accounts receivable trade, net — related party	57.6	64.7
Inventories	386.1	346.8
Prepaid expenses and other current assets	106	86.9
Total current assets	1,330	1,314
Property, plant and equipment, net	596.6	599.9
Other intangible assets, net	100.2	75.5
Goodwill	51.7	51.7
Other assets	210.6	210
Total assets	2,289.1	2,251.1
Current Liabilities
Accounts payable	85.9	30.8
Accrued expenses and other current liabilities	263.6	301
Accrued expenses and other current liabilities — related party	6	5.4
Current portion of long-term debt	27.8	27.5
Total current liabilities	383.3	364.7
Long-term debt, net	1,368.8	1,374.3
Other liabilities	34.2	35.7
Total liabilities	1,786.3	1,774.7
Commitments and contingencies (Note 11)
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; 69,694,363 and 69,511,286 issued and outstanding	0.1	0.1
Additional paid-in capital	1,047.3	1,040.6
Accumulated deficit	(560.5)	(584.3)
Accumulated other comprehensive income	15.9	20
Total stockholders’ equity	502.8	476.4
Total liabilities and stockholders’ equity	$ 2,289.1	$ 2,251.1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3.1	$ 2.5
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)	69,694,363	69,511,286
Common stock, outstanding (in shares)	69,694,363	69,511,286

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 261.3	$ 247
Revenue from related party	96.8	48.4
Total revenue	358.1	295.4
Cost of revenue	117.6	85.7
Gross profit	240.5	209.7
Research and development expenses	50.1	43.1
Selling, general and administrative expenses	162.7	128.7
Operating income	27.7	37.9
Interest expense, net	(2.9)	(8.9)
Other (expense) income, net	(0.2)	0.3
Income before income taxes	24.6	29.3
Income tax expense	(0.8)	(1.5)
Net income	$ 23.8	$ 27.8
Net income per share:
Basic (in dollars per share)	$ 0.34	$ 0.40
Diluted (in dollars per share)	$ 0.34	$ 0.40
Weighted-average number of common shares outstanding (in thousands):
Basic (in shares)	69,583	69,254
Diluted (in shares)	70,096	69,858

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 23.8	$ 27.8
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment	1.7	(3.7)
Unrealized (loss) gain on cash flow hedges	(5.8)	18.1
Total other comprehensive (loss) income, net of tax	(4.1)	14.4
Comprehensive income	$ 19.7	$ 42.2

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	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	[1]	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	[1]	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2021				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)				28,000
Exercise of options to purchase common stock	1.1				1.1
Stock-based compensation expense	9.5				9.5
Restricted stock units vested, net of shares withheld for taxes (in shares)				113,000
Restricted stock units vested, net of shares withheld for taxes	(15.3)				(15.3)
Net income	27.8							27.8
Other comprehensive (loss) income	14.4										14.4
Ending balance (in shares) at Mar. 31, 2022				69,320,000
Ending balance at Mar. 31, 2022	$ 446.7			$ 0.1	995.5			(561.1)			12.2
Beginning balance (in shares) at Dec. 31, 2022	69,511,286			69,511,000
Beginning balance at Dec. 31, 2022	$ 476.4			$ 0.1	1,040.6			(584.3)			20
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)				110,000
Exercise of options to purchase common stock	6				6
Stock-based compensation expense	12.1				12.1
Restricted stock units vested, net of shares withheld for taxes (in shares)				73,000
Restricted stock units vested, net of shares withheld for taxes	(11.4)				(11.4)
Net income	23.8							23.8
Other comprehensive (loss) income	$ (4.1)										(4.1)
Ending balance (in shares) at Mar. 31, 2023	69,694,363			69,694,000
Ending balance at Mar. 31, 2023	$ 502.8			$ 0.1	$ 1,047.3			$ (560.5)			$ 15.9
[1]The Company recorded a cumulative effect adjustment to additional paid-in capital and retained earnings to reflect the adoption of Accounting Standards Update 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 . Refer to Note 2 of Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2022.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 23.8	$ 27.8
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	17.2	15.3
Stock-based compensation expense	12.1	9.5
Non-cash interest expense	1.5	1.5
Provision for credit losses	1.2	0.8
Other	0.7	(0.6)
Changes in operating assets and liabilities:
Accounts receivable	(19.2)	(19.9)
Accounts receivable — related party	7.1	(10.1)
Inventories	(38.2)	(13)
Prepaid expenses and other assets	(20.7)	(6.4)
Accounts payable	51.5	14.7
Accrued expenses and other liabilities	(35.9)	(33.7)
Accrued expenses and other liabilities — related party	(0.6)	0.4
Net cash provided by (used in) operating activities	0.5	(13.7)
Cash flows from investing activities
Capital expenditures	(10.5)	(12.8)
Investments in developed software	(1.5)	(3.1)
Acquisition of intangible assets	(25.1)	0
Acquisition of a business	(3)	(26)
Cash paid for investments	(2)	(5)
Net cash used in investing activities	(42.1)	(46.9)
Cash flows from financing activities
Repayment of equipment financings	(4.8)	(4.3)
Repayment of term loan	(1.3)	(1.3)
Repayment of mortgage	(0.6)	(0.5)
Proceeds from exercise of stock options	6	1.1
Payment of withholding taxes in connection with vesting of restricted stock units	(11.4)	(15.3)
Net cash used in financing activities	(12.1)	(20.3)
Effect of exchange rate changes on cash	(0.1)	(0.6)
Net decrease in cash, cash equivalents and restricted cash	(53.8)	(81.5)
Cash, cash equivalents and restricted cash at beginning of period (Note 3)	689.7	806.4
Cash, cash equivalents and restricted cash at end of period (Note 3)	635.9	724.9
Supplemental noncash information:
Purchases of property and equipment included in accounts payable and accrued expenses	5.1	7.8
Purchases of developed software included in accounts payable and accrued expenses	0.8	2.8
Lease liabilities arising from obtaining right-of-use assets	$ 0.1	$ 1.6

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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, 2023 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023, 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, 2022. Related Party Transactions The Company has a distribution agreement with a related party that contains terms 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. Investments In February 2023, the Company made a $2.0 million strategic investment. As of March 31, 2023 and December 31, 2022, the total carrying value of the Company’s investments primarily recorded at cost less impairment was $10.7 million and $8.7 million, respectively. Shipping and Handling Costs Shipping and handling costs included in selling, general and administrative expenses were $2.3 million and $3.1 million for the three months ended March 31, 2023 and 2022, 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 9 for financial assets and liabilities held at carrying amount on the consolidated balance sheet and Note 10 for derivative instruments measured at fair value on a recurring basis.

Revenue and Contract Acquisitio

Revenue and Contract Acquisition Costs	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 U.S. Omnipod $ 259.0 $ 174.1 International Omnipod 98.6 95.4 Total Omnipod 357.6 269.5 Drug Delivery 0.5 25.9 Total revenue $ 358.1 $ 295.4 The percentages of total revenue for customers that represent 10% or more of total revenue were as follows: Three Months Ended March 31, 2023 2022 Distributor A 28% 16% Distributor B 16% 13% Distributor D 20% * * 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) March 31, 2023 December 31, 2022 Accrued expenses and other current liabilities $ 22.2 $ 16.1 Other liabilities 1.7 1.6 Total deferred revenue $ 23.9 $ 17.7 Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows: Three Months Ended March 31, (in millions) 2023 2022 Deferred revenue recognized $ 9.9 $ 1.3 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, 2023 December 31, 2022 Prepaid expenses and other current assets $ 16.0 $ 15.2 Other assets 33.0 31.3 Total capitalized contract acquisition costs, net $ 49.0 $ 46.5

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Cash $ 131.2 $ 136.1 Money market mutual funds 387.5 487.3 Time deposits 102.0 50.8 Restricted cash — 0.5 Total cash and cash equivalents 620.7 674.7 Restricted cash included in other assets 15.2 15.0 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 635.9 $ 689.7 All cash and cash equivalents are Level 1 in the fair value hierarchy. The restricted cash included in other assets on the consolidated balance sheet is held as a compensating balance against long-term borrowings. Certain of the Company’s subsidiaries participate in a multi-currency, notional cash pooling arrangement with a third-party bank provider to manage global liquidity requirements. Under this arrangement, cash deposited by participating subsidiaries may be used to offset amounts owed to the bank by other participating subsidiaries to the extent the overall balance in the cash pool is at least zero, providing legal rights of offset. As of March 31, 2023, the Company had a net cash position of approximately $3.1 million, consisting of a gross cash position of approximately $100.3 million less cash borrowings of approximately $97.2 million by participating subsidiaries, which is reflected as cash and cash equivalents in the consolidated balance sheet.

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net At the end of each period, net accounts receivable were comprised of the following: (in millions) March 31, 2023 December 31, 2022 Accounts receivable trade, net $ 159.2 $ 128.6 Unbilled receivable 0.4 12.3 Accounts receivable, net $ 159.6 $ 140.9 The percentages of total net accounts receivable trade for customers that represent 10% or more of total net accounts receivable trade were as follows: March 31, 2023 December 31, 2022 Distributor A 28% 34% Distributor B 13% 11% Distributor D 24% 23%

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories At the end of each period, inventories were comprised of the following: (in millions) March 31, 2023 December 31, 2022 Raw materials $ 94.2 $ 79.1 Work in process 112.3 84.2 Finished goods 179.6 183.5 Total inventories $ 386.1 $ 346.8 Amounts charged to the consolidated statements of operations for excess and obsolete inventory were $2.2 million and $1.1 million for the three months ended March 31, 2023 and 2022, respectively.

Cloud Computing Costs

Cloud Computing Costs	3 Months Ended
	Mar. 31, 2023
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) March 31, 2023 December 31, 2022 Short-term portion $ 20.0 $ 18.0 Long-term portion 95.0 87.1 Total capitalized implementation costs 115.0 105.1 Less: accumulated amortization (21.4) (17.1) Capitalized implementation costs, net $ 93.6 $ 88.0 Amortization expense is recognized on a straight-line basis over the expected term of the hosting arrangements, which range from three

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets, Net	Goodwill and Other Intangible Assets, Net The carrying amount of goodwill was $51.7 million at both March 31, 2023 and December 31, 2022. The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows: March 31, 2023 December 31, 2022 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.2 $ (28.3) $ 14.9 $ 43.2 $ (27.5) $ 15.7 Internal-use software 36.8 (12.5) 24.3 34.8 (12.0) 22.8 Developed technology 27.4 (1.5) 25.9 27.4 (1.0) 26.4 Patents 36.1 (1.0) 35.1 11.0 (0.4) 10.6 Total intangible assets $ 143.5 $ (43.3) $ 100.2 $ 116.4 $ (40.9) $ 75.5 Amortization expense for intangible assets was $2.4 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively. In February 2023, the Company paid Bigfoot Biomedical, Inc. $25.1 million, including transaction costs, to acquire patent assets related to pump-based automated insulin delivery technologies. The acquired patent assets have a useful life of 11 years.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Employee compensation and related costs $ 55.2 $ 95.9 Accrued rebates 82.6 69.6 Warranty liability - current portion 35.0 57.3 Professional and consulting services 33.2 27.5 Other 57.6 50.7 Accrued expenses and other current liabilities $ 263.6 $ 301.0 Product Warranty Costs The Company provides a four-year warranty on Personal Diabetes Managers (“PDMs”) and Controllers 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. Cost to service the claims reflects the current product cost, reclaim costs, shipping and handling costs and direct and incremental distribution and customer service support costs. 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. Reconciliations of the changes in the Company’s product warranty liability were as follows: Three Months Ended March 31, (in millions) 2023 2022 Product warranty liability at beginning of period $ 62.1 $ 6.8 Warranty expense 5.5 3.0 Change in estimate (8.0) — Warranty fulfillment (20.4) (2.9) Product warranty liability at the end of period $ 39.2 $ 6.9 During the fourth quarter of 2022, the Company issued two voluntary medical device correction notices (“MDCs”), one for its Omnipod DASH PDM relating to its battery and the other for its Omnipod 5 Controller relating to its charging port and cable. During the three months ended March 31, 2023, the Company revised the estimated liability for these MDCs by $8.0 million. The change in estimate primarily relates to lower shipping costs for replacement DASH PDMs and lower expected distribution costs for Omnipod 5 Controllers. As of March 31, 2023, the Company had an estimated liability of $31.0 million related to the MDCs included in its product warranty liability.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The components of debt consisted of the following: (in millions) March 31, 2023 December 31, 2022 Revolving Credit Facility expires May 2024 $ — $ — Equipment financing due May 2024 7.8 9.5 Equipment Financing due November 2025 20.7 22.5 5.15% Mortgage due November 2025 65.0 65.5 0.375% Convertible Senior Notes due September 2026 800.0 800.0 Term loan due May 2028 491.3 492.5 Equipment Financing due July 2028 33.1 34.4 Unamortized debt discount (7.3) (7.6) Debt issuance costs (14.0) (15.0) Total debt, net 1,396.6 1,401.8 Less: current portion 27.8 27.5 Total long-term debt, net $ 1,368.8 $ 1,374.3 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. 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 purchased capped calls on the Company’s common stock with certain counterparties 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. Fair Value of Debt The carrying amount and the estimated fair value of the Company’s debt were as follows: March 31, 2023 December 31, 2022 (in millions) Carrying Estimated Carrying Estimated Fair Value (1) Term loan due May 2028 (1) $ 481.4 $ 490.6 $ 482.1 $ 485.1 0.375% Convertible Senior Notes (2) 789.6 1,125.4 788.8 1,038.7 Equipment financings (3) 61.6 61.6 66.4 66.4 5.15% Mortgage (3) 64.0 64.0 64.5 64.5 Total $ 1,396.6 $ 1,741.6 $ 1,401.8 $ 1,654.7 (1) Term debt is classified as Level 1 in the fair value hierarchy. Fair value was determined using quoted market prices. (2) 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. (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	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative InstrumentsThe Company manages interest rate exposure through the use of interest rate swap transactions with financial institutions acting as principal counterparties. Under the Company’s interest rate swap agreements that expire on April 30, 2025, the Company receives variable rate interest payments and pays fixed interest rates of 0.95% and 0.96% on a total notional value of $480.0 million of its Term Loan. 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 $31.0 million and $36.9 million at March 31, 2023 and December 31, 2022, respectively, and was included in other assets on the consolidated balance sheets. As of March 31, 2023, the Company estimates that $18.9 million of net gains related to the interest rate swaps included in accumulated other comprehensive income will be reclassified into the statement of operations over the next 12 months.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings 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.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Cost of revenue $ 0.1 $ 0.1 Research and development expenses 2.8 2.0 Selling, general and administrative expenses 9.2 7.4 Total $ 12.1 $ 9.5

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Changes in the components of accumulated other comprehensive income, net of tax, were as follows: Three Months Ended March 31, 2023 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income Balance at beginning of period $ (17.0) $ 37.0 $ 20.0 Other comprehensive income (loss) before reclassifications 1.7 (1.4) 0.3 Amounts reclassified to net income — (4.4) (4.4) Balance at the end of period $ (15.3) $ 31.2 $ 15.9 Three Months Ended March 31, 2022 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income Balance at beginning of period $ (6.7) $ 4.5 $ (2.2) Other comprehensive (loss) income before reclassifications (3.7) 17.6 13.9 Amounts reclassified to net income — 0.5 0.5 Balance at the end of period $ (10.4) $ 22.6 $ 12.2

Interest Expense, Net

Interest Expense, Net	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Interest Expense, Net	Interest Expense, Net Interest expense, net was as follows: Three Months Ended March 31, (in millions) 2023 2022 Cash interest, net of interest rate swaps $ 8.3 $ 7.9 Accretion of debt discount 0.4 0.4 Amortization of debt issuance costs 1.1 1.1 Capitalized interest (0.4) (0.4) Interest expense, net of portion capitalized 9.4 9.0 Interest income (6.5) (0.1) Interest expense, net $ 2.9 $ 8.9

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rate was 3.4% and 5.1% for the three months ended March 31, 2023 and 2022, respectively. Income tax benefits have not been recorded for losses in the United Kingdom where a valuation allowance exists 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, 2023 and December 31, 2022. The Company had no uncertain tax positions at March 31, 2023 and December 31, 2022.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed using the weighted average number of common shares outstanding and, when dilutive, common share equivalents. The weighted-average number of common shares used in the computation of basic and diluted net income per share were as follows: Three Months Ended March 31, (in thousands) 2023 2022 Weighted average number of common shares outstanding, basic 69,583 69,254 Stock options 394 488 Restricted stock units 119 116 Weighted average number of common shares outstanding, diluted 70,096 69,858 The number of common share equivalents excluded from the computation of diluted net income per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows: Three Months Ended March 31, (in thousands) 2023 2022 0.375% Convertible Senior Notes due September 2026 3,528 3,528 Restricted stock units 238 251 Stock options 155 90 Total 3,921 3,869

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventIn May 2023, the Company entered into a $24.0 million financing transaction for manufacturing equipment in Acton, Massachusetts.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2023 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023, 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, 2022.
Investments	InvestmentsIn February 2023, the Company made a $2.0 million strategic investment. As of March 31, 2023 and December 31, 2022, the total carrying value of the Company’s investments primarily recorded at cost less impairment was $10.7 million and $8.7 million, respectively.
Shipping and Handling costs	Shipping and Handling CostsShipping and handling costs 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.
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 Europe and a five-year warranty

Revenue and Contract Acquisit_2

Revenue and Contract Acquisition Costs (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes the Company’s disaggregated revenue: Three Months Ended March 31, (in millions) 2023 2022 U.S. Omnipod $ 259.0 $ 174.1 International Omnipod 98.6 95.4 Total Omnipod 357.6 269.5 Drug Delivery 0.5 25.9 Total revenue $ 358.1 $ 295.4
Schedules of Concentration of Risk	The percentages of total revenue for customers that represent 10% or more of total revenue were as follows: Three Months Ended March 31, 2023 2022 Distributor A 28% 16% Distributor B 16% 13% Distributor D 20% * * 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 were as follows: March 31, 2023 December 31, 2022 Distributor A 28% 34% Distributor B 13% 11% Distributor D 24% 23%
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) March 31, 2023 December 31, 2022 Accrued expenses and other current liabilities $ 22.2 $ 16.1 Other liabilities 1.7 1.6 Total deferred revenue $ 23.9 $ 17.7 Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows: Three Months Ended March 31, (in millions) 2023 2022 Deferred revenue recognized $ 9.9 $ 1.3
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) March 31, 2023 December 31, 2022 Prepaid expenses and other current assets $ 16.0 $ 15.2 Other assets 33.0 31.3 Total capitalized contract acquisition costs, net $ 49.0 $ 46.5

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a summary of cash and cash equivalents: (in millions) March 31, 2023 December 31, 2022 Cash $ 131.2 $ 136.1 Money market mutual funds 387.5 487.3 Time deposits 102.0 50.8 Restricted cash — 0.5 Total cash and cash equivalents 620.7 674.7 Restricted cash included in other assets 15.2 15.0 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 635.9 $ 689.7
Schedule of Restricted Cash and Cash Equivalents	The following table provides a summary of cash and cash equivalents: (in millions) March 31, 2023 December 31, 2022 Cash $ 131.2 $ 136.1 Money market mutual funds 387.5 487.3 Time deposits 102.0 50.8 Restricted cash — 0.5 Total cash and cash equivalents 620.7 674.7 Restricted cash included in other assets 15.2 15.0 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 635.9 $ 689.7

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Net Accounts Receivable	At the end of each period, net accounts receivable were comprised of the following: (in millions) March 31, 2023 December 31, 2022 Accounts receivable trade, net $ 159.2 $ 128.6 Unbilled receivable 0.4 12.3 Accounts receivable, net $ 159.6 $ 140.9
Schedules of Concentration of Risk	The percentages of total revenue for customers that represent 10% or more of total revenue were as follows: Three Months Ended March 31, 2023 2022 Distributor A 28% 16% Distributor B 16% 13% Distributor D 20% * * 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 were as follows: March 31, 2023 December 31, 2022 Distributor A 28% 34% Distributor B 13% 11% Distributor D 24% 23%

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	At the end of each period, inventories were comprised of the following: (in millions) March 31, 2023 December 31, 2022 Raw materials $ 94.2 $ 79.1 Work in process 112.3 84.2 Finished goods 179.6 183.5 Total inventories $ 386.1 $ 346.8

Cloud Computing Costs (Tables)

Cloud Computing Costs (Tables)	3 Months Ended
	Mar. 31, 2023
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) March 31, 2023 December 31, 2022 Short-term portion $ 20.0 $ 18.0 Long-term portion 95.0 87.1 Total capitalized implementation costs 115.0 105.1 Less: accumulated amortization (21.4) (17.1) Capitalized implementation costs, net $ 93.6 $ 88.0

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Components of 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, 2023 December 31, 2022 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.2 $ (28.3) $ 14.9 $ 43.2 $ (27.5) $ 15.7 Internal-use software 36.8 (12.5) 24.3 34.8 (12.0) 22.8 Developed technology 27.4 (1.5) 25.9 27.4 (1.0) 26.4 Patents 36.1 (1.0) 35.1 11.0 (0.4) 10.6 Total intangible assets $ 143.5 $ (43.3) $ 100.2 $ 116.4 $ (40.9) $ 75.5

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Employee compensation and related costs $ 55.2 $ 95.9 Accrued rebates 82.6 69.6 Warranty liability - current portion 35.0 57.3 Professional and consulting services 33.2 27.5 Other 57.6 50.7 Accrued expenses and other current liabilities $ 263.6 $ 301.0
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) 2023 2022 Product warranty liability at beginning of period $ 62.1 $ 6.8 Warranty expense 5.5 3.0 Change in estimate (8.0) — Warranty fulfillment (20.4) (2.9) Product warranty liability at the end of period $ 39.2 $ 6.9

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Revolving Credit Facility expires May 2024 $ — $ — Equipment financing due May 2024 7.8 9.5 Equipment Financing due November 2025 20.7 22.5 5.15% Mortgage due November 2025 65.0 65.5 0.375% Convertible Senior Notes due September 2026 800.0 800.0 Term loan due May 2028 491.3 492.5 Equipment Financing due July 2028 33.1 34.4 Unamortized debt discount (7.3) (7.6) Debt issuance costs (14.0) (15.0) Total debt, net 1,396.6 1,401.8 Less: current portion 27.8 27.5 Total long-term debt, net $ 1,368.8 $ 1,374.3
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: March 31, 2023 December 31, 2022 (in millions) Carrying Estimated Carrying Estimated Fair Value (1) Term loan due May 2028 (1) $ 481.4 $ 490.6 $ 482.1 $ 485.1 0.375% Convertible Senior Notes (2) 789.6 1,125.4 788.8 1,038.7 Equipment financings (3) 61.6 61.6 66.4 66.4 5.15% Mortgage (3) 64.0 64.0 64.5 64.5 Total $ 1,396.6 $ 1,741.6 $ 1,401.8 $ 1,654.7 (1) Term debt is classified as Level 1 in the fair value hierarchy. Fair value was determined using quoted market prices. (2) 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. (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)	3 Months Ended
	Mar. 31, 2023
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 March 31, (in millions) 2023 2022 Cost of revenue $ 0.1 $ 0.1 Research and development expenses 2.8 2.0 Selling, general and administrative expenses 9.2 7.4 Total $ 12.1 $ 9.5

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income, net of tax	Changes in the components of accumulated other comprehensive income, net of tax, were as follows: Three Months Ended March 31, 2023 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income Balance at beginning of period $ (17.0) $ 37.0 $ 20.0 Other comprehensive income (loss) before reclassifications 1.7 (1.4) 0.3 Amounts reclassified to net income — (4.4) (4.4) Balance at the end of period $ (15.3) $ 31.2 $ 15.9 Three Months Ended March 31, 2022 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income Balance at beginning of period $ (6.7) $ 4.5 $ (2.2) Other comprehensive (loss) income before reclassifications (3.7) 17.6 13.9 Amounts reclassified to net income — 0.5 0.5 Balance at the end of period $ (10.4) $ 22.6 $ 12.2

Interest Expense, Net (Tables)

Interest Expense, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Schedule of Interest Expense	Interest expense, net was as follows: Three Months Ended March 31, (in millions) 2023 2022 Cash interest, net of interest rate swaps $ 8.3 $ 7.9 Accretion of debt discount 0.4 0.4 Amortization of debt issuance costs 1.1 1.1 Capitalized interest (0.4) (0.4) Interest expense, net of portion capitalized 9.4 9.0 Interest income (6.5) (0.1) Interest expense, net $ 2.9 $ 8.9

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 income per share were as follows: Three Months Ended March 31, (in thousands) 2023 2022 Weighted average number of common shares outstanding, basic 69,583 69,254 Stock options 394 488 Restricted stock units 119 116 Weighted average number of common shares outstanding, diluted 70,096 69,858
Schedule of Antidilutive Securities	The number of common share equivalents excluded from the computation of diluted net income per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows: Three Months Ended March 31, (in thousands) 2023 2022 0.375% Convertible Senior Notes due September 2026 3,528 3,528 Restricted stock units 238 251 Stock options 155 90 Total 3,921 3,869

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Reclassification [Line Items]
Payments for strategic investment	$ 2	$ 2	$ 5
Carrying value of investments		10.7		$ 8.7
Selling, general and administrative expenses		162.7	128.7
Shipping and Handling
Reclassification [Line Items]
Selling, general and administrative expenses		$ 2.3	$ 3.1

Revenue and Contract Acquisit_3

Revenue and Contract Acquisition Costs - Schedule of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 358.1	$ 295.4
U.S. Omnipod
Disaggregation of Revenue [Line Items]
Total revenue	259	174.1
International Omnipod
Disaggregation of Revenue [Line Items]
Total revenue	98.6	95.4
Total Omnipod
Disaggregation of Revenue [Line Items]
Total revenue	357.6	269.5
Drug Delivery
Disaggregation of Revenue [Line Items]
Total revenue	$ 0.5	$ 25.9

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
	Mar. 31, 2023	Mar. 31, 2022
Distributor A
Concentration Risk [Line Items]
Concentration risk, percentage	28%	16%
Distributor B
Concentration Risk [Line Items]
Concentration risk, percentage	16%	13%
Distributor D
Concentration Risk [Line Items]
Concentration risk, percentage	20%

Revenue and Contract Acquisit_5

Revenue and Contract Acquisition Costs - Summary of Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accrued expenses and other current liabilities	$ 22.2		$ 16.1
Other liabilities	1.7		1.6
Total deferred revenue	23.9		$ 17.7
Deferred revenue recognized	$ 9.9	$ 1.3

Revenue and Contract Acquisit_6

Revenue and Contract Acquisition Costs - Summary of Contract Acquisition Costs (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Prepaid expenses and other current assets	$ 16	$ 15.2
Other assets	33	31.3
Total capitalized contract acquisition costs, net	$ 49	$ 46.5

Revenue and Contract Acquisit_7

Revenue and Contract Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Amortization of capitalized commission costs	$ 4	$ 3.4

Cash and Cash Equivalents - Res

Cash and Cash Equivalents - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 0	$ 0.5
Total cash and cash equivalents	620.7	674.7
Restricted cash included in other assets	15.2	15
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	635.9	689.7	$ 724.9	$ 806.4
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	131.2	136.1
Money market mutual funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	387.5	487.3
Time deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 102	$ 50.8

Cash and Cash Equivalents - Nar

Cash and Cash Equivalents - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Cash and Cash Equivalents [Abstract]
Net cash position	$ 3.1
Gross cash position	100.3
Cash borrowings	$ 97.2

Accounts Receivable, Net - Sche

Accounts Receivable, Net - Schedule of Account Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 159.6	$ 140.9
Unbilled receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	0.4	12.3
Accounts receivable trade, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 159.2	$ 128.6

Accounts Receivable, Net - Sc_2

Accounts Receivable, Net - Schedule of Net Accounts Receivable Trade from Major Customers (Details) - Accounts and Unbilled Receivables - Customer Concentration Risk	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Distributor A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	28%	34%
Distributor B
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	13%	11%
Distributor D
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	24%	23%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 94.2		$ 79.1
Work in process	112.3		84.2
Finished goods	179.6		183.5
Total inventories	386.1		$ 346.8
Amounts charged for excess and obsolete inventory	$ 2.2	$ 1.1

Cloud Computing Costs (Details)

Cloud Computing Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Short-term portion	$ 20		$ 18
Long-term portion	95		87.1
Total capitalized implementation costs	115		105.1
Less: accumulated amortization	(21.4)		(17.1)
Capitalized implementation costs, net	93.6		$ 88
Capitalized implementation costs, amortization	$ 4.3	$ 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	10 years

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill		$ 51.7		$ 51.7
Amortization of intangible assets		2.4	$ 1.8
Cash paid to acquire patent assets	$ 25.1	$ 25.1	$ 0
Acquired intangible assets, useful life	11 years

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Net - Components of Other Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 143.5	$ 116.4
Accumulated Amortization	(43.3)	(40.9)
Net Book Value	100.2	75.5
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	43.2	43.2
Accumulated Amortization	(28.3)	(27.5)
Net Book Value	14.9	15.7
Internal-use software
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	36.8	34.8
Accumulated Amortization	(12.5)	(12)
Net Book Value	24.3	22.8
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	27.4	27.4
Accumulated Amortization	(1.5)	(1)
Net Book Value	25.9	26.4
Patents
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	36.1	11
Accumulated Amortization	(1)	(0.4)
Net Book Value	$ 35.1	$ 10.6

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, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Employee compensation and related costs	$ 55.2	$ 95.9
Accrued rebates	82.6	69.6
Warranty liability - current portion	35	57.3
Professional and consulting services	33.2	27.5
Other	57.6	50.7
Accrued expenses and other current liabilities	$ 263.6	$ 301

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 notice	Mar. 31, 2022 USD ($)
Product Warranty Liability [Line Items]
Number of voluntary medical device correction notices issued | notice		2
Change in estimate	$ (8)		$ 0
Estimated liability related to the MDCs	$ 31
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, 2023	Mar. 31, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product warranty liability at beginning of period	$ 62.1	$ 6.8
Warranty expense	5.5	3
Change in estimate	(8)	0
Warranty fulfillment	(20.4)	(2.9)
Product warranty liability at the end of period	$ 39.2	$ 6.9

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Unamortized debt discount	$ (7.3)	$ (7.6)
Debt issuance costs	(14)	(15)
Total debt, net	1,396.6	1,401.8
Less: current portion	27.8	27.5
Total long-term debt, net	1,368.8	1,374.3
Equipment financing due May 2024 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	7.8	9.5
Equipment Financing due November 2025 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 20.7	22.5
5.15% Mortgage due November 2025 | Secured Debt
Debt Instrument [Line Items]
Debt, interest rate	5.15%
Long-term debt, gross	$ 800	65.5
0.375% Convertible Senior Notes due September 2026 | Convertible Debt
Debt Instrument [Line Items]
Debt, interest rate	0.375%		0.375%
Long-term debt, gross	$ 491.3	800
Term loan due May 2028 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	33.1	492.5
Equipment Financing due July 2028 | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	65	34.4
Revolving Credit Facility expires May 2024
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - Convertible Debt - 0.375% Convertible Senior Notes due September 2026 shares in Millions	3 Months Ended
	Mar. 31, 2023 $ / shares $ / option shares	Mar. 31, 2022
Debt Instrument [Line Items]
Debt, interest rate	0.375%	0.375%
Debt effective interest rate	0.76%
Debt conversion rate	0.0044105
Conversion price (in dollars per share)	$ 226.73
Debt instrument, additional interest in event of reporting violation	0.50%
Share price (in dollars per share)	$ 167.95
Number of capped shares (in shares) | shares	3.5
Price Risk Derivative
Debt Instrument [Line Items]
Cap price (in dollars per share) | $ / option	335.90
Sale price premium (as a percentage)	100%

Debt - Summary of Carrying Amou

Debt - Summary of Carrying Amount and Estimated Fair Value of Convertible Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
0.375% Convertible Senior Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, interest rate	0.375%		0.375%
5.15% Mortgage | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, interest rate	5.15%
Level 2 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	$ 1,396.6	$ 1,401.8
Level 2 | Carrying Value | Term loan due May 2028 | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	481.4	482.1
Level 2 | Carrying Value | 0.375% Convertible Senior Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	789.6	788.8
Level 2 | Carrying Value | Equipment Financings | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	61.6	66.4
Level 2 | Carrying Value | 5.15% Mortgage | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	64	64.5
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	1,741.6	1,654.7
Level 2 | Estimated Fair Value | Term loan due May 2028 | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	490.6	485.1
Level 2 | Estimated Fair Value | 0.375% Convertible Senior Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	1,125.4	1,038.7
Level 2 | Estimated Fair Value | Equipment Financings | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	61.6	66.4
Level 2 | Estimated Fair Value | 5.15% Mortgage | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	$ 64	$ 64.5

Derivative Instruments (Details

Derivative Instruments (Details) - Interest Rate Swap - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative, variable interest rate	0.95%
Derivative, fixed interest rate	0.96%
Notional amount	$ 480
Derivative assets	31	$ 36.9
Cash flow hedge gains to be reclassified within 12 months	$ 18.9

Stock-Based Compensation Expe_3

Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 12.1	$ 9.5
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	2.8	2
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 9.2	$ 7.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 476.4	$ 556.3
Other comprehensive income (loss) before reclassifications	0.3	13.9
Amounts reclassified to net income	(4.4)	0.5
Ending balance	502.8	446.7
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(17)	(6.7)
Other comprehensive income (loss) before reclassifications	1.7	(3.7)
Amounts reclassified to net income	0	0
Ending balance	(15.3)	(10.4)
Unrealized Gain on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	37	4.5
Other comprehensive income (loss) before reclassifications	(1.4)	17.6
Amounts reclassified to net income	(4.4)	0.5
Ending balance	31.2	22.6
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	20	(2.2)
Ending balance	$ 15.9	$ 12.2

Interest Expense, Net (Details)

Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Cash interest, net of interest rate swaps	$ 8.3	$ 7.9
Accretion of debt discount	0.4	0.4
Amortization of debt issuance costs	1.1	1.1
Capitalized interest	(0.4)	(0.4)
Interest expense, net of portion capitalized	9.4	9
Interest income	(6.5)	(0.1)
Interest expense, net	$ 2.9	$ 8.9

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	3.40%	5.10%
Uncertain tax position	$ 0		$ 0

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of common shares outstanding, basic (in shares)	69,583	69,254
Weighted average number of common shares outstanding, diluted (in shares)	70,096	69,858
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	394	488
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	119	116

Net Income Per Share - Schedu_2

Net Income Per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,921	3,869
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)	238	251
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	155	90
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
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%

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	May 04, 2023 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Manufacturing equipment financing transaction, amount	$ 24

Uncategorized Items - podd-2023

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]