EXHIBIT 12.1
INSULET CORPORATION
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Insulet Corporation’s computation of ratios of earnings to fixed charges:
| Three Months Ended | ||||||||||||||||||||||||||||
| 2009 | 2010 | 2011 | 2012 | 2013 | March 31, 2013 | March 31, 2014 | ||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
(Loss) before income taxes | $ | (72,344 | ) | $ | (61,159 | ) | $ | (57,043 | ) | $ | (51,655 | ) | $ | (44,874 | ) | $ | (10,534 | ) | $ | (6,079 | ) | |||||||
Adjustments: | ||||||||||||||||||||||||||||
Accretion | — | — | — | — | — | — | — | |||||||||||||||||||||
Capitalized interest | (106 | ) | (202 | ) | (404 | ) | (633 | ) | (292 | ) | (102 | ) | (39 | ) | ||||||||||||||
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Adjusted (loss) before income taxes | (72,450 | ) | (61,361 | ) | (57,447 | ) | (52,288 | ) | (45,166 | ) | (10,636 | ) | (6,118 | ) | ||||||||||||||
Add: Fixed charges | 13,440 | 22,990 | 15,261 | 16,626 | 17,697 | 4,507 | 4,572 | |||||||||||||||||||||
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Loss adjusted for fixed charges | $ | (59,010 | ) | $ | (38,371 | ) | $ | (42,186 | ) | $ | (35,662 | ) | $ | (27,469 | ) | $ | (6,129 | ) | $ | (1,546 | ) | |||||||
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Fixed Charges | ||||||||||||||||||||||||||||
Interest Expense | 13,226 | 22,694 | 14,715 | 15,794 | 17,214 | 4,355 | 4,489 | |||||||||||||||||||||
Capitalized interest | 106 | 202 | 404 | 633 | 292 | 102 | 39 | |||||||||||||||||||||
Amortization of convertible notes offering cost | — | — | — | — | — | — | — | |||||||||||||||||||||
Estimated interest portion of rent expense | 108 | 94 | 142 | 199 | 191 | 50 | 44 | |||||||||||||||||||||
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Total Fixed Charges | $ | 13,440 | $ | 22,990 | $ | 15,261 | $ | 16,626 | $ | 17,697 | $ | 4,507 | $ | 4,572 | ||||||||||||||
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Ratio of earnings to fixed charges (1) | (4.4 | ) | (1.7 | ) | (2.8 | ) | (2.1 | ) | (1.6 | ) | (1.4 | ) | (0.3 | ) | ||||||||||||||
| (1) | For purposes of computing this ratio of earnings to fixed charges, fixed charges consist of interest expense on long-term debt and capital leases, amortization of deferred financing costs and that portion of rental expense deemed to be representative of interest. Earnings consist of loss before income taxes plus fixed charges. Earnings were insufficient to cover fixed charges by $72.5 million in 2009, $61.4 million in 2010, $57.4 million in 2011, $52.3 million in 2012, $45.2 million in 2013, $10.6 million in the three months ended March 31, 2013 and $6.1 million in the three months ended March 31, 2014. |
| Three Months Ended | ||||||||||||||||||||||||||||
| 2009 | 2010 | 2011 | 2012 | 2013 | March 31, 2013 | March 31, 2014 | ||||||||||||||||||||||
Loss adjusted for fixed charges | $ | 59,010 | $ | 38,371 | $ | 42,186 | $ | 35,662 | $ | 27,469 | $ | 6,129 | $ | 1,546 | ||||||||||||||
