Insulet (PODD) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		69,827,619
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001145197
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 685.4	$ 674.7
Inventories	410.8	346.8
Prepaid expenses and other current assets	104.6	86.9
Total current assets	1,471.1	1,314
Property, plant and equipment, net	649.2	599.9
Other intangible assets, net	99.5	75.5
Goodwill	51.7	51.7
Other assets	196.2	210
Total assets	2,467.7	2,251.1
Current Liabilities
Accounts payable	77.8	30.8
Current portion of long-term debt	49.8	27.5
Total current liabilities	451.4	364.7
Long-term debt, net	1,370.6	1,374.3
Other liabilities	38.2	35.7
Total liabilities	1,860.2	1,774.7
Commitments and contingencies (Note 12)
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; 69,825,875 and 69,511,286 issued and outstanding	0.1	0.1
Additional paid-in capital	1,081.1	1,040.6
Accumulated deficit	(481.3)	(584.3)
Accumulated other comprehensive income	7.6	20
Total stockholders’ equity	607.5	476.4
Total liabilities and stockholders’ equity	2,467.7	2,251.1
Nonrelated Party
Current Assets
Accounts receivable, net	190.4	140.9
Current Liabilities
Accrued expenses and other current liabilities	319.2	301
Related Party
Current Assets
Accounts receivable, net	79.9	64.7
Current Liabilities
Accrued expenses and other current liabilities	$ 4.6	$ 5.4

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
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)	69,825,875	69,511,286
Common stock, outstanding (in shares)	69,825,875	69,511,286
Nonrelated Party
Allowance for doubtful accounts	$ 2.5	$ 2.5

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue	$ 432.7	$ 340.8	$ 1,187.3	$ 935.6
Cost of revenue	139.4	152.5	388.6	347.3
Gross profit	293.3	188.3	798.7	588.3
Research and development expenses	57.8	45	163	130.7
Selling, general and administrative expenses	180.7	140.4	522.1	443.5
Operating income	54.8	2.9	113.6	14.1
Interest expense	(10.4)	(9.2)	(29.5)	(27.3)
Interest income	8.6	2.4	22.4	3.3
Other income (expense), net	0.7	(1.8)	0.3	(2.6)
Income (loss) before income taxes	53.7	(5.7)	106.8	(12.5)
Income tax (expense) benefit	(1.8)	0.5	(3.8)	0.1
Net income (loss)	$ 51.9	$ (5.2)	$ 103	$ (12.4)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.74	$ (0.08)	$ 1.48	$ (0.18)
Diluted (in dollars per share)	$ 0.74	$ (0.08)	$ 1.47	$ (0.18)
Weighted-average number of common shares outstanding (in thousands):
Basic (in shares)	69,823	69,418	69,715	69,343
Diluted (in shares)	73,624	69,418	70,111	69,343
Nonrelated Party
Revenue	$ 320.7	$ 281.9	$ 869.3	$ 772.8
Related Party
Revenue	$ 112	$ 58.9	$ 318	$ 162.8

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 51.9	$ (5.2)	$ 103	$ (12.4)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment	(6.1)	(11.6)	(6.8)	(24.9)
Unrealized (loss) gain on cash flow hedges	(2.6)	11.2	(5.6)	33.9
Total other comprehensive income (loss), net of tax	(8.7)	(0.4)	(12.4)	9
Comprehensive income (loss)	$ 43.2	$ (5.6)	$ 90.6	$ (3.4)

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
Balance at beginning of period 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)				95,000
Exercise of options to purchase common stock	4.3				4.3
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	29.7				29.7
Restricted stock units vested, net of shares withheld for taxes (in shares)				130,000
Restricted stock units vested, net of shares withheld for taxes	(16.7)				(16.7)
Net income (loss)	(12.4)							(12.4)
Other comprehensive income (loss)	9										9
Ending balance (in shares) at Sep. 30, 2022				69,431,000
Balance at the end of period at Sep. 30, 2022	428			$ 0.1	1,022.4			(601.3)			6.8
Beginning balance (in shares) at Jun. 30, 2022				69,386,000
Balance at beginning of period at Jun. 30, 2022	422.4			$ 0.1	1,011.2			(596.1)			7.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)				43,000
Exercise of options to purchase common stock	2.4				2.4
Stock-based compensation expense	9				9
Restricted stock units vested, net of shares withheld for taxes (in shares)				2,000
Restricted stock units vested, net of shares withheld for taxes	(0.2)				(0.2)
Net income (loss)	(5.2)							(5.2)
Other comprehensive income (loss)	(0.4)										(0.4)
Ending balance (in shares) at Sep. 30, 2022				69,431,000
Balance at the end of period at Sep. 30, 2022	$ 428			$ 0.1	1,022.4			(601.3)			6.8
Beginning balance (in shares) at Dec. 31, 2022	69,511,286			69,511,000
Balance at beginning of period 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)				202,000
Exercise of options to purchase common stock	12.4				12.4
Issuance of shares for employee stock purchase plan (in shares)				23,000
Issuance of shares for employee stock purchase plan	5.5				5.5
Stock-based compensation expense	35.7				35.7
Restricted stock units vested, net of shares withheld for taxes (in shares)				90,000
Restricted stock units vested, net of shares withheld for taxes	(13.1)				(13.1)
Net income (loss)	103							103
Other comprehensive income (loss)	$ (12.4)										(12.4)
Ending balance (in shares) at Sep. 30, 2023	69,825,875			69,826,000
Balance at the end of period at Sep. 30, 2023	$ 607.5			$ 0.1	1,081.1			(481.3)			7.6
Beginning balance (in shares) at Jun. 30, 2023				69,804,000
Balance at beginning of period at Jun. 30, 2023	553.9			$ 0.1	1,070.7			(533.2)			16.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)				19,000
Exercise of options to purchase common stock	0.1				0.1
Stock-based compensation expense	10.5				10.5
Restricted stock units vested, net of shares withheld for taxes (in shares)				3,000
Restricted stock units vested, net of shares withheld for taxes	(0.2)				(0.2)
Net income (loss)	51.9							51.9
Other comprehensive income (loss)	$ (8.7)										(8.7)
Ending balance (in shares) at Sep. 30, 2023	69,825,875			69,826,000
Balance at the end of period at Sep. 30, 2023	$ 607.5			$ 0.1	$ 1,081.1			$ (481.3)			$ 7.6
[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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 103	$ (12.4)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	54	47
Stock-based compensation expense	35.7	29.7
Non-cash interest expense	4.6	4.3
Provision for credit losses	2.1	3.1
Other	(0.2)	1.1
Changes in operating assets and liabilities:
Accounts receivable	(52.1)	(28.3)
Accounts receivable — related party	(15.2)	(22.5)
Inventories	(65.3)	(34.5)
Prepaid expenses and other assets	(24.5)	(32.1)
Accounts payable	41.5	23.3
Net cash provided by operating activities	100.5	68.3
Cash flows from investing activities
Capital expenditures	(46.3)	(58.5)
Investments in developed software	(6.2)	(10.4)
Acquisition of intangible assets	(25.1)	0
Acquisition of a business	(3)	(26)
Cash paid for investments	(7.2)	(7.8)
Net cash used in investing activities	(87.8)	(102.7)
Cash flows from financing activities
Repayment of equipment financings	(14.8)	(13)
Repayment of term loan	(3.8)	(3.7)
Repayment of mortgage	(1.7)	(1.6)
Proceeds from exercise of stock options	12.4	4.3
Proceeds from issuance of common stock under employee stock purchase plan	5.5	4.9
Payment of withholding taxes in connection with vesting of restricted stock units	(13.1)	(16.7)
Other	(0.3)	0
Net cash used in financing activities	(15.8)	(25.8)
Effect of exchange rate changes on cash	(1.2)	(9.1)
Net decrease in cash, cash equivalents and restricted cash	(4.3)	(69.3)
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)	685.4	737.1
Supplemental noncash information:
Purchases of property and equipment included in accounts payable and accrued expenses	7.8	6
Purchases of property, plant and equipment included in long-term debt	12.9	0
Purchases of developed software included in accounts payable and accrued expenses	0.7	0.8
Operating lease liabilities arising from obtaining right-of-use assets	5.1	12.1
Finance lease liability arising from obtaining right-of-use assets	21.8	0
Nonrelated Party
Changes in operating assets and liabilities:
Accrued expenses and other liabilities	16.2	87.8
Related Party
Changes in operating assets and liabilities:
Accrued expenses and other liabilities	$ 0.7	$ 1.8

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 and June 2023, the Company made strategic investments in two companies in the amount of $2.0 million and $5.0 million, respectively. As of September 30, 2023 and December 31, 2022, the total carrying value of the Company’s investments primarily recorded at cost less impairment was $16.7 million and $8.7 million, respectively. Leases The Company determines if an arrangement includes a lease at inception. Lease agreements generally have lease and non-lease components, which are accounted for separately. At lease commencement, the Company recognizes lease liabilities equal to the present value of the future lease payments and lease assets representing the right to use the underlying asset throughout the lease term. Certain leases may contain variable lease payments, including periodic payments that can be avoided by the Company. Variable payments that do not depend on an index or rate are excluded from the right-of-use asset and lease liability and are recognized as expenses in the period in which the obligation for those payments is incurred. Certain of the Company’s leases contain options to extend and/or terminate the lease, and/or to purchase the underlying asset. The Company assesses if it is reasonably certain to exercise options to extend the lease or if it is reasonably certain not to exercise options to terminate the lease to determine whether periods covered by those options should be included in the lease term when the Company measures the lease liability. The Company’s leases do not provide an implicit rate; accordingly, the Company uses an incremental borrowing rate based on the information available at lease commencement in determining the present value of lease payments. The Company’s incremental borrowing rate reflects a secured rate that considers the term of the lease, the nature of the underlying asset and the economic environment. The Company excludes leases with an expected term of one year or less from recognition on the consolidated balance sheet. Right-of-use assets are calculated as the initial measurement of the lease liability plus lease payments made prior to lease commencement and initial direct costs incurred, less lease incentives received. Lease expense is recognized on a straight-line basis over the lease term. For finance leases, the right-of-use asset is amortized to amortization expense and interest expense is recorded in connection with the lease liability. Shipping and Handling Costs Shipping and handling costs included in selling, general and administrative expenses were $3.7 million and $3.5 million for the three months ended September 30, 2023 and 2022, respectively, and were $9.5 million and $9.7 million for the nine months ended September 30, 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 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.

Revenue and Contract Acquisitio

Revenue and Contract Acquisition Costs	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 U.S. Omnipod $ 320.6 $ 238.1 $ 856.4 $ 608.6 International Omnipod 101.4 88.0 303.7 272.8 Total Omnipod 422.0 326.1 1,160.1 881.4 Drug Delivery 10.7 14.7 27.2 54.2 Total revenue $ 432.7 $ 340.8 $ 1,187.3 $ 935.6 The percentages of total revenue for customers that represent 10% or more of total revenue were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Distributor A 26% 17% 27% 18% Distributor B 21% 18% 18% 16% Distributor D 23% 17% 23% 15% Distributor E 11% 10% * * * 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) September 30, 2023 December 31, 2022 Accrued expenses and other current liabilities $ 13.8 $ 16.1 Other liabilities 1.8 1.6 Total deferred revenue $ 15.6 $ 17.7 Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Deferred revenue recognized $ 3.0 $ 0.3 $ 15.2 $ 1.8 Contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet captions in the amounts shown: (in millions) September 30, 2023 December 31, 2022 Prepaid expenses and other current assets $ 16.4 $ 15.2 Other assets 32.4 31.3 Total capitalized contract acquisition costs, net $ 48.8 $ 46.5

Cash and Cash Equivalents

Cash and Cash Equivalents	9 Months Ended
	Sep. 30, 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) September 30, 2023 December 31, 2022 Cash $ 118.1 $ 136.1 Money market mutual funds 447.0 487.3 Time deposits 104.7 50.8 Restricted cash 15.6 0.5 Total cash and cash equivalents 685.4 674.7 Restricted cash included in other assets — 15.0 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 685.4 $ 689.7 All cash and cash equivalents are Level 1 in the fair value hierarchy. Restricted cash 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 September 30, 2023, the Company had a net cash position of approximately $1.7 million, consisting of a gross cash position of approximately $51.9 million less cash borrowings of approximately $50.2 million by participating subsidiaries, which is reflected as cash and cash equivalents in the consolidated balance sheet.

Accounts Receivable, Net

Accounts Receivable, Net	9 Months Ended
	Sep. 30, 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) September 30, 2023 December 31, 2022 Accounts receivable trade, net $ 174.5 $ 128.6 Unbilled receivable 15.9 12.3 Accounts receivable, net $ 190.4 $ 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: September 30, 2023 December 31, 2022 Distributor A 35% 34% Distributor B 14% 11% Distributor D 31% 23%

Inventories

Inventories	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories At the end of each period, inventories were comprised of the following: (in millions) September 30, 2023 December 31, 2022 Raw materials $ 107.2 $ 79.1 Work in process 56.2 84.2 Finished goods 247.4 183.5 Total inventories $ 410.8 $ 346.8 Amounts charged to the consolidated statements of operations for excess and obsolete inventory were $1.5 million and $2.0 million for the three months ended September 30, 2023 and 2022, respectively, and were $1.9 million and $3.5 million for the nine months ended September 30, 2023 and 2022, respectively.

Cloud Computing Costs

Cloud Computing Costs	9 Months Ended
	Sep. 30, 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) September 30, 2023 December 31, 2022 Short-term portion $ 24.1 $ 18.0 Long-term portion 110.3 87.1 Total capitalized implementation costs 134.4 105.1 Less: accumulated amortization (31.0) (17.1) Capitalized implementation costs, net $ 103.4 $ 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	9 Months Ended
	Sep. 30, 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 September 30, 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: September 30, 2023 December 31, 2022 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.2 $ (30.0) $ 13.2 $ 43.2 $ (27.5) $ 15.7 Internal-use software 41.3 (13.5) 27.8 34.8 (12.0) 22.8 Developed technology 27.4 (2.5) 24.9 27.4 (1.0) 26.4 Patents 36.2 (2.6) 33.6 11.0 (0.4) 10.6 Total intangible assets $ 148.1 $ (48.6) $ 99.5 $ 116.4 $ (40.9) $ 75.5 Amortization expense for intangible assets was $2.6 million and $1.9 million for the three months ended September 30, 2023 and 2022, respectively, and was $7.7 million and $5.4 million for the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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) September 30, 2023 December 31, 2022 Accrued rebates $ 127.4 $ 69.6 Employee compensation and related costs 98.7 95.9 Professional and consulting services 38.8 27.5 Warranty liability - current portion 7.0 57.3 Other 47.3 50.7 Accrued expenses and other current liabilities $ 319.2 $ 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 September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Product warranty liability at beginning of period $ 21.3 $ 11.6 $ 62.1 $ 6.8 Warranty expense 5.1 40.2 13.9 51.3 Change in estimate (1.9) (3.1) (10.7) (3.1) Warranty fulfillment (12.6) (3.9) (53.4) (10.2) Product warranty liability at the end of period $ 11.9 $ 44.8 $ 11.9 $ 44.8 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 nine months ended September 30, 2023, the Company revised the estimated liability for these MDCs by $10.7 million. This change in estimate primarily relates to lower distribution costs. The Company had a liability of $2.8 million and $54.6 million related to the MDCs included in its product warranty liability at September 30, 2023 and December 31, 2022, respectively.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Leases As of September 30, 2023, the Company leased certain automobiles and facilities for offices, laboratories, manufacturing, and warehousing, all of which were classified as operating leases. Certain of the Company’s operating leases include escalating rental payments, some include the option to extend for up to 10 years, and some include options to terminate the leases at certain times within the lease term. The Company also leases land and a manufacturing building in Malaysia, which are classified as finance leases. The Company has the option to purchase the property at any point after the completion of the construction of the leased building and is contractually obligated to purchase the property nine months after its completion. Because the Company is reasonably certain to purchase the property, the lease term of each finance lease equals the economic life of the underlying asset. While the building is still under construction, the lease commenced as the Company has obtained access to the building to construct improvements. As of September 30, 2023, lease assets and lease liabilities were included in the following consolidated balance sheet accounts in the amounts shown: (in millions) September 30, 2023 December 31, 2022 Operating leases: Operating lease asset: Other assets $ 28.5 $ 26.0 Operating lease liabilities: Accrued expenses and other current liabilities $ 3.3 $ 3.6 Other liabilities 30.2 27.4 Total operating lease liabilities $ 33.5 $ 31.0 Finance leases: Finance lease assets: Property, plant and equipment, net $ 37.1 $ — Finance lease liabilities: Current portion of long-term debt and finance leases $ 22.1 $ — The Company’s operating and financing lease cost was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Operating lease cost $ 2.3 $ 2.6 $ 6.4 $ 6.5 Finance lease cost: Amortization of leased assets 0.2 — 0.2 — Interest on lease liabilities 0.3 — 0.3 — Total finance lease cost 0.5 — 0.5 — Total operating and financing lease cost $ 2.8 $ 2.6 $ 6.9 $ 6.5 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30, (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 4.3 $ 3.3 Maturities of lease liabilities as of September 30, 2023 are as follows: (in millions) Years Ending December 31, Operating Leases Finance Lease (1) 2023 $ 1.3 $ — 2024 5.6 23.2 2025 4.6 — 2026 2.8 — 2027 2.8 — Thereafter 36.7 — Total future minimum lease payments 53.8 23.2 Less: imputed interest (20.3) (1.1) Present value of future minimum lease payments $ 33.5 $ 22.1 (1) Excludes optional variable lease payments. As of September 30, 2023, the weighted-average remaining lease term and weighted-average discount rate for leases were as follows: Operating Leases Finance Leases Weighted average remaining lease term 12.5 years 1 year Weighted-average discount rate used to determine the operating lease liability 7.1 % 6.0 %
Leases	Leases As of September 30, 2023, the Company leased certain automobiles and facilities for offices, laboratories, manufacturing, and warehousing, all of which were classified as operating leases. Certain of the Company’s operating leases include escalating rental payments, some include the option to extend for up to 10 years, and some include options to terminate the leases at certain times within the lease term. The Company also leases land and a manufacturing building in Malaysia, which are classified as finance leases. The Company has the option to purchase the property at any point after the completion of the construction of the leased building and is contractually obligated to purchase the property nine months after its completion. Because the Company is reasonably certain to purchase the property, the lease term of each finance lease equals the economic life of the underlying asset. While the building is still under construction, the lease commenced as the Company has obtained access to the building to construct improvements. As of September 30, 2023, lease assets and lease liabilities were included in the following consolidated balance sheet accounts in the amounts shown: (in millions) September 30, 2023 December 31, 2022 Operating leases: Operating lease asset: Other assets $ 28.5 $ 26.0 Operating lease liabilities: Accrued expenses and other current liabilities $ 3.3 $ 3.6 Other liabilities 30.2 27.4 Total operating lease liabilities $ 33.5 $ 31.0 Finance leases: Finance lease assets: Property, plant and equipment, net $ 37.1 $ — Finance lease liabilities: Current portion of long-term debt and finance leases $ 22.1 $ — The Company’s operating and financing lease cost was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Operating lease cost $ 2.3 $ 2.6 $ 6.4 $ 6.5 Finance lease cost: Amortization of leased assets 0.2 — 0.2 — Interest on lease liabilities 0.3 — 0.3 — Total finance lease cost 0.5 — 0.5 — Total operating and financing lease cost $ 2.8 $ 2.6 $ 6.9 $ 6.5 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30, (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 4.3 $ 3.3 Maturities of lease liabilities as of September 30, 2023 are as follows: (in millions) Years Ending December 31, Operating Leases Finance Lease (1) 2023 $ 1.3 $ — 2024 5.6 23.2 2025 4.6 — 2026 2.8 — 2027 2.8 — Thereafter 36.7 — Total future minimum lease payments 53.8 23.2 Less: imputed interest (20.3) (1.1) Present value of future minimum lease payments $ 33.5 $ 22.1 (1) Excludes optional variable lease payments. As of September 30, 2023, the weighted-average remaining lease term and weighted-average discount rate for leases were as follows: Operating Leases Finance Leases Weighted average remaining lease term 12.5 years 1 year Weighted-average discount rate used to determine the operating lease liability 7.1 % 6.0 %

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The components of debt consisted of the following: (in millions) September 30, 2023 December 31, 2022 Revolving Credit Facility expires June 2028 $ — $ — Equipment Financing due May 2024 4.4 9.5 Equipment Financing due November 2025 17.1 22.5 5.15% Mortgage due November 2025 63.8 65.5 0.375% Convertible Senior Notes due September 2026 800.0 800.0 Equipment Financing 12.7 — Term loan due May 2028 488.7 492.5 Equipment Financing due July 2028 30.4 34.4 Finance lease obligation (1) 22.1 — Unamortized debt discount (6.8) (7.6) Debt issuance costs (12.0) (15.0) Total debt, net 1,420.4 1,401.8 Less: current portion 49.8 27.5 Total long-term debt, net $ 1,370.6 $ 1,374.3 (1) Refer to Note 9 for information regarding our finance lease obligation. 0.375% Convertible Senior Notes The Company’s 0.375% Convertible Senior Notes due September 2026 (the “Notes” or “Convertible 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. Additionally, on or after September 6, 2023, the Company may redeem for cash all, or any portion of the Notes, if its stock price has been equal to or greater than $294.75 for at least 20 of the prior 30 consecutive trading days including the date which the Company provides notice of redemption. 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. As of September 30, 2023 and December 31, 2022, the net carrying amount of the Notes was $791.1 million and $788.8 million, respectively, net of unamortized issuance costs of $8.9 million and $11.2 million, respectively. The components of interest expense related to the Notes were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Contractual interest expense $ 0.8 $ 0.8 $ 2.3 $ 2.3 Amortization of debt issuance costs 0.7 0.7 2.2 2.2 Total interest recognized on the Convertible Notes $ 1.5 $ 1.5 $ 4.5 $ 4.5 Equipment Financing In May 2023, the Company entered into an arrangement under which the Company may obtain up to $24.0 million of financing for manufacturing equipment. The Company is involved in the construction of the manufacturing equipment; accordingly, it is included in property, plant and equipment on the consolidated balance sheet at September 30, 2023. The Company’s obligation reflects payments made to date by the third-party bank to the equipment manufacturer, net of discount and less repayment of principal. The financing obligation will mature 36 months following completion of construction and has an effective interest rate of approximately 9.4%. Senior Secured Credit Agreement In June 2023, the Company increased the size of its Revolving Credit Facility by $200.0 million bringing the total to $300.0 million and extended the maturity date of the revolving credit facility to the earlier of June 2028 or 91 days prior to the maturity date of the Company’s term loan if still outstanding. Under the amended credit agreement, outstanding borrowings bear interest at a rate of Secured Overnight Financing Rate plus an applicable margin of 2.625% to 3.25%, based on the Company's net leverage ratio and credit rating. Fair Value of Debt The carrying amount and the estimated fair value of the Company’s debt were as follows: September 30, 2023 December 31, 2022 (in millions) Carrying Estimated Carrying Estimated Fair Value (1) Term loan due May 2028 (1) $ 479.9 $ 487.5 $ 482.1 $ 485.1 0.375% Convertible Senior Notes (2) 791.1 562.7 788.8 1,038.7 Equipment financings (3) 64.2 64.2 66.4 66.4 5.15% Mortgage (3) 63.1 63.1 64.5 64.5 Total $ 1,398.3 $ 1,177.5 $ 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 of the financial liabilities approximate their carrying values and were determined using their cost bases.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 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 $31.4 million and $36.9 million at September 30, 2023 and December 31, 2022, respectively, and was included in other assets on the consolidated balance sheets. As of September 30, 2023, the Company estimates that $21.0 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. When recognized, gains and losses on cash flow hedges reclassified from accumulated other comprehensive income are recognized within interest expense, net.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings During the nine months ended September 30, 2022, the Company entered into a Settlement and License Agreement (the “Settlement Agreement”) with Roche Diabetes Care, Inc. (“Roche”) to settle pending patent infringement 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. The $20 million charge is included in selling, general and administrative expenses for the nine months ended September 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.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Cost of revenue $ 0.1 $ 0.1 $ 0.3 $ 0.3 Research and development expenses 3.5 2.1 9.6 6.3 Selling, general and administrative expenses 6.9 6.8 25.8 23.1 Total $ 10.5 $ 9.0 $ 35.7 $ 29.7

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 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 September 30, 2023 Nine Months Ended September 30, 2023 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income Balance at beginning of period $ (17.7) $ 34.0 $ 16.3 $ (17.0) $ 37.0 $ 20.0 Other comprehensive (loss) income before reclassifications (6.1) 2.8 (3.3) (6.8) 9.2 2.4 Amounts reclassified to net income — (5.4) (5.4) — (14.8) (14.8) Balance at the end of period $ (23.8) $ 31.4 $ 7.6 $ (23.8) $ 31.4 $ 7.6 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income Balance at beginning of period $ (20.0) $ 27.2 $ 7.2 $ (6.7) $ 4.5 $ (2.2) Other comprehensive (loss) income before reclassifications (11.6) 12.7 1.1 (24.9) 34.7 9.8 Amounts reclassified to net loss — (1.5) (1.5) — (0.8) (0.8) Balance at the end of period $ (31.6) $ 38.4 $ 6.8 $ (31.6) $ 38.4 $ 6.8

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rate for the three and nine months ended September 30, 2023 was 3.4% and 3.6%, compared with 9.0% and 0.7% for the three and nine months ended September 30, 2022, respectively. The Company had a full valuation allowance against its net deferred tax assets in the United Kingdom and the United States at September 30, 2023 and December 31, 2022. The Company had no uncertain tax positions at September 30, 2023 and December 31, 2022.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (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 computation of basic and diluted net income (loss) per share was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions, except share and per share data) 2023 2022 2023 2022 Net income (loss) $ 51.9 $ (5.2) $ 103.0 $ (12.4) Add back interest expense, net of tax 2.5 — — — Net income (loss), diluted $ 54.4 $ (5.2) $ 103.0 $ (12.4) Weighted average number of common shares outstanding, basic (in thousands) 69,823 69,418 69,715 69,343 Stock options 237 — 317 — Restricted stock units 36 — 79 — Convertible Notes 3,528 — — — Weighted average number of common shares outstanding, diluted (in thousands) 73,624 69,418 70,111 69,343 Net income (loss) per share Basic $ 0.74 $ (0.08) $ 1.48 $ (0.18) Diluted $ 0.74 $ (0.08) $ 1.47 $ (0.18) The number of common share equivalents excluded from the computation of diluted net income (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 September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Restricted stock units 352 227 294 314 Stock options 160 595 157 602 Convertible Notes — 3,528 3,528 3,528 Total 512 4,350 3,979 4,444

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 51.9	$ (5.2)	$ 103	$ (12.4)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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.
Leases	Leases The Company determines if an arrangement includes a lease at inception. Lease agreements generally have lease and non-lease components, which are accounted for separately. At lease commencement, the Company recognizes lease liabilities equal to the present value of the future lease payments and lease assets representing the right to use the underlying asset throughout the lease term. Certain leases may contain variable lease payments, including periodic payments that can be avoided by the Company. Variable payments that do not depend on an index or rate are excluded from the right-of-use asset and lease liability and are recognized as expenses in the period in which the obligation for those payments is incurred. Certain of the Company’s leases contain options to extend and/or terminate the lease, and/or to purchase the underlying asset. The Company assesses if it is reasonably certain to exercise options to extend the lease or if it is reasonably certain not to exercise options to terminate the lease to determine whether periods covered by those options should be included in the lease term when the Company measures the lease liability. The Company’s leases do not provide an implicit rate; accordingly, the Company uses an incremental borrowing rate based on the information available at lease commencement in determining the present value of lease payments. The Company’s incremental borrowing rate reflects a secured rate that considers the term of the lease, the nature of the underlying asset and the economic environment. The Company excludes leases with an expected term of one year or less from recognition on the consolidated balance sheet. Right-of-use assets are calculated as the initial measurement of the lease liability plus lease payments made prior to lease commencement and initial direct costs incurred, less lease incentives received. Lease expense is recognized on a straight-line basis over the lease term. For finance leases, the right-of-use asset is amortized to amortization expense and interest expense is recorded in connection with the lease liability.
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)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes the Company’s disaggregated revenue: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 U.S. Omnipod $ 320.6 $ 238.1 $ 856.4 $ 608.6 International Omnipod 101.4 88.0 303.7 272.8 Total Omnipod 422.0 326.1 1,160.1 881.4 Drug Delivery 10.7 14.7 27.2 54.2 Total revenue $ 432.7 $ 340.8 $ 1,187.3 $ 935.6
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Distributor A 26% 17% 27% 18% Distributor B 21% 18% 18% 16% Distributor D 23% 17% 23% 15% Distributor E 11% 10% * * * 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: September 30, 2023 December 31, 2022 Distributor A 35% 34% Distributor B 14% 11% Distributor D 31% 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) September 30, 2023 December 31, 2022 Accrued expenses and other current liabilities $ 13.8 $ 16.1 Other liabilities 1.8 1.6 Total deferred revenue $ 15.6 $ 17.7 Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Deferred revenue recognized $ 3.0 $ 0.3 $ 15.2 $ 1.8
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) September 30, 2023 December 31, 2022 Prepaid expenses and other current assets $ 16.4 $ 15.2 Other assets 32.4 31.3 Total capitalized contract acquisition costs, net $ 48.8 $ 46.5

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2023 December 31, 2022 Cash $ 118.1 $ 136.1 Money market mutual funds 447.0 487.3 Time deposits 104.7 50.8 Restricted cash 15.6 0.5 Total cash and cash equivalents 685.4 674.7 Restricted cash included in other assets — 15.0 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 685.4 $ 689.7
Schedule of Restricted Cash and Cash Equivalents	The following table provides a summary of cash and cash equivalents: (in millions) September 30, 2023 December 31, 2022 Cash $ 118.1 $ 136.1 Money market mutual funds 447.0 487.3 Time deposits 104.7 50.8 Restricted cash 15.6 0.5 Total cash and cash equivalents 685.4 674.7 Restricted cash included in other assets — 15.0 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 685.4 $ 689.7

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Schedule of Net Accounts Receivable	At the end of each period, net accounts receivable were comprised of the following: (in millions) September 30, 2023 December 31, 2022 Accounts receivable trade, net $ 174.5 $ 128.6 Unbilled receivable 15.9 12.3 Accounts receivable, net $ 190.4 $ 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Distributor A 26% 17% 27% 18% Distributor B 21% 18% 18% 16% Distributor D 23% 17% 23% 15% Distributor E 11% 10% * * * 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: September 30, 2023 December 31, 2022 Distributor A 35% 34% Distributor B 14% 11% Distributor D 31% 23%

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	At the end of each period, inventories were comprised of the following: (in millions) September 30, 2023 December 31, 2022 Raw materials $ 107.2 $ 79.1 Work in process 56.2 84.2 Finished goods 247.4 183.5 Total inventories $ 410.8 $ 346.8

Cloud Computing Costs (Tables)

Cloud Computing Costs (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2023 December 31, 2022 Short-term portion $ 24.1 $ 18.0 Long-term portion 110.3 87.1 Total capitalized implementation costs 134.4 105.1 Less: accumulated amortization (31.0) (17.1) Capitalized implementation costs, net $ 103.4 $ 88.0

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2023 December 31, 2022 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.2 $ (30.0) $ 13.2 $ 43.2 $ (27.5) $ 15.7 Internal-use software 41.3 (13.5) 27.8 34.8 (12.0) 22.8 Developed technology 27.4 (2.5) 24.9 27.4 (1.0) 26.4 Patents 36.2 (2.6) 33.6 11.0 (0.4) 10.6 Total intangible assets $ 148.1 $ (48.6) $ 99.5 $ 116.4 $ (40.9) $ 75.5

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2023 December 31, 2022 Accrued rebates $ 127.4 $ 69.6 Employee compensation and related costs 98.7 95.9 Professional and consulting services 38.8 27.5 Warranty liability - current portion 7.0 57.3 Other 47.3 50.7 Accrued expenses and other current liabilities $ 319.2 $ 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 September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Product warranty liability at beginning of period $ 21.3 $ 11.6 $ 62.1 $ 6.8 Warranty expense 5.1 40.2 13.9 51.3 Change in estimate (1.9) (3.1) (10.7) (3.1) Warranty fulfillment (12.6) (3.9) (53.4) (10.2) Product warranty liability at the end of period $ 11.9 $ 44.8 $ 11.9 $ 44.8

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of ROU Assets and Operating Lease Liabilities	As of September 30, 2023, lease assets and lease liabilities were included in the following consolidated balance sheet accounts in the amounts shown: (in millions) September 30, 2023 December 31, 2022 Operating leases: Operating lease asset: Other assets $ 28.5 $ 26.0 Operating lease liabilities: Accrued expenses and other current liabilities $ 3.3 $ 3.6 Other liabilities 30.2 27.4 Total operating lease liabilities $ 33.5 $ 31.0 Finance leases: Finance lease assets: Property, plant and equipment, net $ 37.1 $ — Finance lease liabilities: Current portion of long-term debt and finance leases $ 22.1 $ — As of September 30, 2023, the weighted-average remaining lease term and weighted-average discount rate for leases were as follows: Operating Leases Finance Leases Weighted average remaining lease term 12.5 years 1 year Weighted-average discount rate used to determine the operating lease liability 7.1 % 6.0 %
Schedule of Lease Cost	The Company’s operating and financing lease cost was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Operating lease cost $ 2.3 $ 2.6 $ 6.4 $ 6.5 Finance lease cost: Amortization of leased assets 0.2 — 0.2 — Interest on lease liabilities 0.3 — 0.3 — Total finance lease cost 0.5 — 0.5 — Total operating and financing lease cost $ 2.8 $ 2.6 $ 6.9 $ 6.5 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30, (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 4.3 $ 3.3
Schedule of Operating Lease Maturity	Maturities of lease liabilities as of September 30, 2023 are as follows: (in millions) Years Ending December 31, Operating Leases Finance Lease (1) 2023 $ 1.3 $ — 2024 5.6 23.2 2025 4.6 — 2026 2.8 — 2027 2.8 — Thereafter 36.7 — Total future minimum lease payments 53.8 23.2 Less: imputed interest (20.3) (1.1) Present value of future minimum lease payments $ 33.5 $ 22.1
Schedule of Finance Leases Maturity	Maturities of lease liabilities as of September 30, 2023 are as follows: (in millions) Years Ending December 31, Operating Leases Finance Lease (1) 2023 $ 1.3 $ — 2024 5.6 23.2 2025 4.6 — 2026 2.8 — 2027 2.8 — Thereafter 36.7 — Total future minimum lease payments 53.8 23.2 Less: imputed interest (20.3) (1.1) Present value of future minimum lease payments $ 33.5 $ 22.1

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Components of Debt	The components of debt consisted of the following: (in millions) September 30, 2023 December 31, 2022 Revolving Credit Facility expires June 2028 $ — $ — Equipment Financing due May 2024 4.4 9.5 Equipment Financing due November 2025 17.1 22.5 5.15% Mortgage due November 2025 63.8 65.5 0.375% Convertible Senior Notes due September 2026 800.0 800.0 Equipment Financing 12.7 — Term loan due May 2028 488.7 492.5 Equipment Financing due July 2028 30.4 34.4 Finance lease obligation (1) 22.1 — Unamortized debt discount (6.8) (7.6) Debt issuance costs (12.0) (15.0) Total debt, net 1,420.4 1,401.8 Less: current portion 49.8 27.5 Total long-term debt, net $ 1,370.6 $ 1,374.3 (1) Refer to Note 9 for information regarding our finance lease obligation.
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: September 30, 2023 December 31, 2022 (in millions) Carrying Estimated Carrying Estimated Fair Value (1) Term loan due May 2028 (1) $ 479.9 $ 487.5 $ 482.1 $ 485.1 0.375% Convertible Senior Notes (2) 791.1 562.7 788.8 1,038.7 Equipment financings (3) 64.2 64.2 66.4 66.4 5.15% Mortgage (3) 63.1 63.1 64.5 64.5 Total $ 1,398.3 $ 1,177.5 $ 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 of the financial liabilities approximate their carrying values and were determined using their cost bases.
Schedule of Interest Expense	The components of interest expense related to the Notes were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Contractual interest expense $ 0.8 $ 0.8 $ 2.3 $ 2.3 Amortization of debt issuance costs 0.7 0.7 2.2 2.2 Total interest recognized on the Convertible Notes $ 1.5 $ 1.5 $ 4.5 $ 4.5

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Cost of revenue $ 0.1 $ 0.1 $ 0.3 $ 0.3 Research and development expenses 3.5 2.1 9.6 6.3 Selling, general and administrative expenses 6.9 6.8 25.8 23.1 Total $ 10.5 $ 9.0 $ 35.7 $ 29.7

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 Nine Months Ended September 30, 2023 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income Balance at beginning of period $ (17.7) $ 34.0 $ 16.3 $ (17.0) $ 37.0 $ 20.0 Other comprehensive (loss) income before reclassifications (6.1) 2.8 (3.3) (6.8) 9.2 2.4 Amounts reclassified to net income — (5.4) (5.4) — (14.8) (14.8) Balance at the end of period $ (23.8) $ 31.4 $ 7.6 $ (23.8) $ 31.4 $ 7.6 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income Foreign Currency Translation Adjustment Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income Balance at beginning of period $ (20.0) $ 27.2 $ 7.2 $ (6.7) $ 4.5 $ (2.2) Other comprehensive (loss) income before reclassifications (11.6) 12.7 1.1 (24.9) 34.7 9.8 Amounts reclassified to net loss — (1.5) (1.5) — (0.8) (0.8) Balance at the end of period $ (31.6) $ 38.4 $ 6.8 $ (31.6) $ 38.4 $ 6.8

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Weighted-average Number of Common Shares Used in the Computation of Basic and Diluted Net Income Per Share	The computation of basic and diluted net income (loss) per share was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions, except share and per share data) 2023 2022 2023 2022 Net income (loss) $ 51.9 $ (5.2) $ 103.0 $ (12.4) Add back interest expense, net of tax 2.5 — — — Net income (loss), diluted $ 54.4 $ (5.2) $ 103.0 $ (12.4) Weighted average number of common shares outstanding, basic (in thousands) 69,823 69,418 69,715 69,343 Stock options 237 — 317 — Restricted stock units 36 — 79 — Convertible Notes 3,528 — — — Weighted average number of common shares outstanding, diluted (in thousands) 73,624 69,418 70,111 69,343 Net income (loss) per share Basic $ 0.74 $ (0.08) $ 1.48 $ (0.18) Diluted $ 0.74 $ (0.08) $ 1.47 $ (0.18)
Schedule of Antidilutive Securities	The number of common share equivalents excluded from the computation of diluted net income (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 September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Restricted stock units 352 227 294 314 Stock options 160 595 157 602 Convertible Notes — 3,528 3,528 3,528 Total 512 4,350 3,979 4,444

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		9 Months Ended
	Jun. 30, 2023	Feb. 28, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Reclassification [Line Items]
Payments for strategic investment	$ 5	$ 2			$ 7.2	$ 7.8
Carrying value of investments			$ 16.7		16.7		$ 8.7
Selling, general and administrative expenses			180.7	$ 140.4	522.1	443.5
Shipping and Handling
Reclassification [Line Items]
Selling, general and administrative expenses			$ 3.7	$ 3.5	$ 9.5	$ 9.7

Revenue and Contract Acquisit_3

Revenue and Contract Acquisition Costs - Schedule of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 432.7	$ 340.8	$ 1,187.3	$ 935.6
Total Omnipod
Disaggregation of Revenue [Line Items]
Total revenue	422	326.1	1,160.1	881.4
U.S. Omnipod
Disaggregation of Revenue [Line Items]
Total revenue	320.6	238.1	856.4	608.6
International Omnipod
Disaggregation of Revenue [Line Items]
Total revenue	101.4	88	303.7	272.8
Drug Delivery
Disaggregation of Revenue [Line Items]
Total revenue	$ 10.7	$ 14.7	$ 27.2	$ 54.2

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Distributor A
Concentration Risk [Line Items]
Percentage of concentration risk	26%	17%	27%	18%
Distributor B
Concentration Risk [Line Items]
Percentage of concentration risk	21%	18%	18%	16%
Distributor D
Concentration Risk [Line Items]
Percentage of concentration risk	23%	17%	23%	15%
Distributor E
Concentration Risk [Line Items]
Percentage of concentration risk	11%	10%

Revenue and Contract Acquisit_5

Revenue and Contract Acquisition Costs - Schedule of Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accrued expenses and other current liabilities	$ 13.8		$ 13.8		$ 16.1
Other liabilities	1.8		1.8		1.6
Total deferred revenue	15.6		15.6		$ 17.7
Deferred revenue recognized	$ 3	$ 0.3	$ 15.2	$ 1.8

Revenue and Contract Acquisit_6

Revenue and Contract Acquisition Costs - Schedule of Contract Acquisition Costs (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Prepaid expenses and other current assets	$ 16.4	$ 15.2
Other assets	32.4	31.3
Total capitalized contract acquisition costs, net	$ 48.8	$ 46.5

Revenue and Contract Acquisit_7

Revenue and Contract Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Amortization of capitalized commission costs	$ 4.1	$ 3.7	$ 12.1	$ 10.7

Cash and Cash Equivalents - Res

Cash and Cash Equivalents - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 15.6	$ 0.5
Total cash and cash equivalents	685.4	674.7
Restricted cash included in other assets	0	15
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	685.4	689.7	$ 737.1	$ 806.4
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	118.1	136.1
Money market mutual funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	447	487.3
Time deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 104.7	$ 50.8

Cash and Cash Equivalents - Nar

Cash and Cash Equivalents - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Cash and Cash Equivalents [Abstract]
Net cash position	$ 1.7
Gross cash position	51.9
Cash borrowings	$ 50.2

Accounts Receivable, Net - Sche

Accounts Receivable, Net - Schedule of Account Receivable (Details) - Nonrelated Party - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 190.4	$ 140.9
Unbilled receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	15.9	12.3
Accounts receivable trade, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 174.5	$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Distributor A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of concentration risk	35%	34%
Distributor B
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of concentration risk	14%	11%
Distributor D
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of concentration risk	31%	23%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 107.2		$ 107.2		$ 79.1
Work in process	56.2		56.2		84.2
Finished goods	247.4		247.4		183.5
Total inventories	410.8		410.8		$ 346.8
Amounts charged for excess and obsolete inventory	$ 1.5	$ 2	$ 1.9	$ 3.5

Cloud Computing Costs (Details)

Cloud Computing Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Short-term portion	$ 24.1		$ 24.1		$ 18
Long-term portion	110.3		110.3		87.1
Total capitalized implementation costs	134.4		134.4		105.1
Less: accumulated amortization	(31)		(31)		(17.1)
Capitalized implementation costs, net	103.4		103.4		$ 88
Capitalized implementation costs, amortization	$ 5.4	$ 3.8	$ 14.7	$ 8.8
Minimum | Cloud Computing Costs
Finite-Lived Intangible Assets [Line Items]
Expected term	3 years		3 years
Maximum | Cloud Computing Costs
Finite-Lived Intangible Assets [Line Items]
Expected term	10 years		10 years

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill		$ 51.7		$ 51.7		$ 51.7
Amortization of intangible assets		$ 2.6	$ 1.9	7.7	$ 5.4
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	Sep. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 148.1	$ 116.4
Accumulated Amortization	(48.6)	(40.9)
Net Book Value	99.5	75.5
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	43.2	43.2
Accumulated Amortization	(30)	(27.5)
Net Book Value	13.2	15.7
Internal-use software
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	41.3	34.8
Accumulated Amortization	(13.5)	(12)
Net Book Value	27.8	22.8
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	27.4	27.4
Accumulated Amortization	(2.5)	(1)
Net Book Value	24.9	26.4
Patents
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	36.2	11
Accumulated Amortization	(2.6)	(0.4)
Net Book Value	$ 33.6	$ 10.6

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - Nonrelated Party - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accrued rebates	$ 127.4	$ 69.6
Employee compensation and related costs	98.7	95.9
Professional and consulting services	38.8	27.5
Warranty liability - current portion	7	57.3
Other	47.3	50.7
Accrued expenses and other current liabilities	$ 319.2	$ 301

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Narrative (Details) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($)	Mar. 31, 2023 notice	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Product Warranty Liability [Line Items]
Number of voluntary medical device correction notices issued | notice		2
Change in estimate	$ (1.9)		$ (3.1)	$ (10.7)	$ (3.1)
Estimated liability related to the MDCs	$ 2.8			$ 2.8		$ 54.6
United States
Product Warranty Liability [Line Items]
Product warranty term for PDMs				4 years
CANADA
Product Warranty Liability [Line Items]
Product warranty term for PDMs				5 years

Accrued Expenses and Other Cu_5

Accrued Expenses and Other Current Liabilities - Product Warranty Liability (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product warranty liability at beginning of period	$ 21.3	$ 11.6	$ 62.1	$ 6.8
Warranty expense	5.1	40.2	13.9	51.3
Change in estimate	(1.9)	(3.1)	(10.7)	(3.1)
Warranty fulfillment	(12.6)	(3.9)	(53.4)	(10.2)
Product warranty liability at the end of period	$ 11.9	$ 44.8	$ 11.9	$ 44.8

Leases - Narrative (Details)

Leases - Narrative (Details)	Sep. 30, 2023
Leases [Abstract]
Option to extend lease, maximum number of years	10 years

Leases - Schedule of ROU Assets

Leases - Schedule of ROU Assets and Operating Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Operating leases:
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Operating lease asset:
Other assets	$ 28.5	$ 26
Operating lease liabilities:
Accrued expenses and other current liabilities	3.3	3.6
Other liabilities	30.2	27.4
Total operating lease liabilities	$ 33.5	$ 31
Finance leases:
Finance lease assets, statement of financial position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt	Current portion of long-term debt
Finance lease assets:
Property, plant and equipment, net	$ 37.1	$ 0
Finance lease liabilities:
Current portion of long-term debt and finance leases	$ 22.1	$ 0

Leases- Lease Cost (Details)

Leases- Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 2.3	$ 2.6	$ 6.4	$ 6.5
Finance lease cost:
Amortization of leased assets	0.2	0	0.2	0
Interest on lease liabilities	0.3	0	0.3	0
Total finance lease cost	0.5	0	0.5	0
Total operating and financing lease cost	$ 2.8	$ 2.6	$ 6.9	$ 6.5

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 4.3	$ 3.3

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Operating Leases
2023	$ 1.3
2024	5.6
2025	4.6
2026	2.8
2027	2.8
Thereafter	36.7
Total future minimum lease payments	53.8
Less: imputed interest	(20.3)
Present value of future minimum lease payments	33.5	$ 31
Finance Lease
2023	0
2024	23.2
2025	0
2026	0
2027	0
Thereafter	0
Total future minimum lease payments	23.2
Less: imputed interest	(1.1)
Present value of future minimum lease payments	$ 22.1

Leases - Weighted-Average Remai

Leases - Weighted-Average Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2023
Leases [Abstract]
Operating leases, weighted average remaining lease term	12 years 6 months
Finance leases, weighted average remaining lease term	1 year
Operating leases, Weighted-average discount rate used to determine the operating lease liability	7.10%
Finance leases, Weighted-average discount rate used to determine the operating lease liability	6%

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance lease obligation	$ 22.1	$ 0
Unamortized debt discount	(6.8)	(7.6)
Debt issuance costs	(12)	(15)
Total debt, net	1,420.4	1,401.8
Less: current portion	49.8	27.5
Total long-term debt, net	1,370.6	1,374.3
Equipment Financing due May 2024 | Secured Debt
Debt Instrument [Line Items]
Long-Term Debt, Gross	4.4	9.5
Equipment Financing due November 2025 | Secured Debt
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 17.1	22.5
5.15% Mortgage due November 2025 | Secured Debt
Debt Instrument [Line Items]
Debt, interest rate	5.15%
Long-Term Debt, Gross	$ 63.8	65.5
0.375% Convertible Senior Notes due September 2026 | Convertible Debt
Debt Instrument [Line Items]
Debt, interest rate	0.375%
Long-Term Debt, Gross	$ 800	800
Equipment Financing | Secured Debt
Debt Instrument [Line Items]
Long-Term Debt, Gross	12.7	0
Term loan due May 2028 | Secured Debt
Debt Instrument [Line Items]
Long-Term Debt, Gross	488.7	492.5
Equipment Financing due July 2028 | Secured Debt
Debt Instrument [Line Items]
Long-Term Debt, Gross	30.4	34.4
Revolving Credit Facility expires June 2028
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 0	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) $ / shares in Units, shares in Millions	1 Months Ended		9 Months Ended
	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($)	Sep. 30, 2023 USD ($) day $ / shares $ / option shares	Dec. 31, 2022 USD ($)
Convertible Debt | 0.375% Convertible Senior Notes due September 2026
Debt Instrument [Line Items]
Debt, interest rate			0.375%
Debt effective interest rate			0.76%
Debt conversion rate			0.0044105
Debt instrument, additional interest in event of reporting violation			0.50%
Share price (in dollars per share) | $ / shares			$ 167.95
Number of capped shares (in shares) | shares			3.5
Debt carrying value			$ 791,100,000	$ 788,800,000
Debt unamortized issuance costs			$ 8,900,000	$ 11,200,000
Convertible Debt | 0.375% Convertible Senior Notes due September 2026 | Before September 6, 2023
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares			$ 226.73
Convertible Debt | 0.375% Convertible Senior Notes due September 2026 | On or after September 6, 2023
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares			$ 294.75
Threshold trading days | day			20
Threshold consecutive trading days | day			30
Convertible Debt | 0.375% Convertible Senior Notes due September 2026 | Price Risk Derivative
Debt Instrument [Line Items]
Initial strike price (in USD per share) | $ / option			335.90
Premium percentage over last reported sale price			100%
Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, borrowing capacity increase	$ 200,000,000
Credit facility, maximum borrowing capacity	$ 300,000,000
Secured Debt | Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)	2.625%
Secured Debt | Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)	3.25%
Secured Debt | Equipment Financing
Debt Instrument [Line Items]
Debt effective interest rate		9.40%
Debt, face amount		$ 24,000,000
Debt instrument, term		36 months

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Total interest recognized on the Convertible Notes	$ 10.4	$ 9.2	$ 29.5	$ 27.3
0.375% Convertible Senior Notes due September 2026 | Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	0.8	0.8	2.3	2.3
Amortization of debt issuance costs	0.7	0.7	2.2	2.2
Total interest recognized on the Convertible Notes	$ 1.5	$ 1.5	$ 4.5	$ 4.5

Debt - Schedule of Carrying Amo

Debt - Schedule of Carrying Amount and Estimated Fair Value of Convertible Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 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%
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	$ 1,398.3	$ 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	479.9	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	791.1	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	64.2	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	63.1	64.5
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	1,177.5	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	487.5	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	562.7	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	64.2	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	$ 63.1	$ 64.5

Derivative Instruments (Details

Derivative Instruments (Details) - Interest Rate Swap - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Variable interest rate	0.95%
Fixed interest rate	0.96%
Notional amount	$ 480
Fair value of the interest rate swaps	31.4	$ 36.9
Cash flow hedge gains to be reclassified within 12 months	$ 21

Commitments and Contingencies (

Commitments and Contingencies (Details) - Patent Infringement Lawsuit With Roche $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Litigation settlement, mutual covenant not to sue period	5 years
Litigation settlement amount awarded to other party	$ 20
Litigation settlement expense	$ 20

Stock-Based Compensation Expe_3

Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 10.5	$ 9	$ 35.7	$ 29.7
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0.1	0.1	0.3	0.3
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3.5	2.1	9.6	6.3
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 6.9	$ 6.8	$ 25.8	$ 23.1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 553.9	$ 422.4	$ 476.4	$ 556.3
Other comprehensive (loss) income before reclassifications	(3.3)	1.1	2.4	9.8
Amounts reclassified to net income (loss)	(5.4)	(1.5)	(14.8)	(0.8)
Balance at the end of period	607.5	428	607.5	428
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	16.3	7.2	20	(2.2)
Balance at the end of period	7.6	6.8	7.6	6.8
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(17.7)	(20)	(17)	(6.7)
Other comprehensive (loss) income before reclassifications	(6.1)	(11.6)	(6.8)	(24.9)
Amounts reclassified to net income (loss)	0	0	0	0
Balance at the end of period	(23.8)	(31.6)	(23.8)	(31.6)
Unrealized Gain on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	34	27.2	37	4.5
Other comprehensive (loss) income before reclassifications	2.8	12.7	9.2	34.7
Amounts reclassified to net income (loss)	(5.4)	(1.5)	(14.8)	(0.8)
Balance at the end of period	$ 31.4	$ 38.4	$ 31.4	$ 38.4

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	3.40%	9%	3.60%	0.70%
Uncertain tax position	$ 0		$ 0		$ 0

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)	$ 51.9	$ (5.2)	$ 103	$ (12.4)
Add back interest expense, net of tax	2.5
Net income (loss), diluted	$ 54.4	$ (5.2)	$ 103	$ (12.4)
Weighted average number of common shares outstanding, basic (in shares)	69,823	69,418	69,715	69,343
Convertible Notes (in shares)	3,528	0	0	0
Weighted average number of common shares outstanding, diluted (in shares)	73,624	69,418	70,111	69,343
Net income (loss) per share: basic (in dollars per share)	$ 0.74	$ (0.08)	$ 1.48	$ (0.18)
Net income (loss) per shares: diluted (in dollars per share)	$ 0.74	$ (0.08)	$ 1.47	$ (0.18)
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	237	0	317	0
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	36	0	79	0

Net Income (Loss) Per Share -_2

Net Income (Loss) Per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	512	4,350	3,979	4,444
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)	352	227	294	314
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	160	595	157	602
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	3,528	3,528	3,528

Uncategorized Items - podd-2023

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