Revenue Performance - Q3'233,4 • Total Company - $432.7, an increase of 27.0%, or 25.1% in constant currency • Total Omnipod - $422.0, an increase of 29.4%, or 27.5% in constant currency • U.S. Omnipod - $320.6, an increase of 34.6% • International Omnipod - $101.4, an increase of 15.2%, or 8.0% in constant currency Other Financial Highlights - Q3'23 • Gross margin of 67.8%, up 1,250 basis points, compared to gross margin of 55.3% in the prior year. Adjusted gross margin4 of 67.3%, up 120 basis points, excl ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-33462 ___________________________________________________________ INSULET CORPORATION (Exact name of Registrant as specified in its charter) ___________________________________________ ...

Financial Performance - In Q2 2023, Insulet Corporation reported total revenue growth of 32%, exceeding expectations, with total Omnipod growth of 33% and U.S. growth of 41% [9][43] - The company raised its revenue growth outlook for the year, now expecting total Omnipod revenue growth of 25% to 28% and total company revenue growth of 22% to 25% [52][61] - Gross margin improved to 66.8%, up approximately 320 basis points year-over-year, driven by volume growth in the pharmacy channel and improved manufacturing efficiencies [47][49] Business Lines Performance - Omnipod 5 was responsible for nearly 95% of new customer starts in the U.S., indicating its strong market position [10][14] - International Omnipod revenue increased by 15%, driven by strong adoption of Omnipod DASH and timing of order and revenue recognition [46] - The U.S. pharmacy channel accounted for over 90% of total U.S. volume, enhancing customer access and affordability [45][18] Market Data - The company noted that the diabetes market remains vastly underpenetrated, with expectations that Omnipod will drive pump penetration to over 70% in the type 1 market from approximately 40% [17] - The U.S. market for type 2 diabetes patients needing intensive insulin therapy is estimated at 2.5 million, representing a significant opportunity for growth [78] Company Strategy and Industry Competition - Insulet is focused on expanding access to Omnipod 5 globally and leading in advanced innovation, with plans for a broader rollout in Europe in 2024 [38][42] - The company is actively defending its intellectual property and has taken legal action against competitors infringing on its patents [35][36] - The introduction of Omnipod GO aims to address barriers to insulin therapy, expanding the addressable market by at least 3 million people in the U.S. [29][30] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth momentum, citing record new customer starts and strong demand for Omnipod 5 [64][68] - The company anticipates challenges in the second half of 2023 due to tougher comparisons but remains optimistic about maintaining growth rates [52][84] - Management highlighted the importance of ongoing innovation and clinical programs to drive long-term growth [28][33] Other Important Information - The company has submitted a 510(k) application to the FDA for the Omnipod 5 iOS app, which is highly requested by customers [32][119] - Insulet is advancing integration efforts with CGM partners to enhance the value proposition of Omnipod 5 [33] Q&A Session Summary Question: How to maintain momentum in Omnipod growth amid tough comparisons? - Management noted strong demand and record new customer starts for Omnipod 5, indicating continued growth potential [64][68] Question: Impact of GLP-1 drugs on type 2 diabetes market? - Management believes that GLP-1 drugs coexist with insulin therapies and that the market for intensive insulin therapy remains significant and largely untapped [71][78] Question: Insights on U.S. guidance and new patient additions? - Management provided insights on the impact of tough comparisons and emphasized the importance of new customer starts for sustaining growth [82][84] Question: International rollout of Omnipod 5 and growth expectations? - Management expressed excitement about the U.K. launch and noted that the growth dynamics in Europe differ from the U.S. due to contractual obligations [91][96] Question: Conversion of Omnipod Classic users to Omnipod 5? - Management confirmed that the conversion process is progressing well, with no significant increase in attrition rates observed [109][111]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________ Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-33462 ___________________________________________________________ INSULET CORPORATION (Exact name of R ...

Christian D Podder Since 2020 Risks and uncertainties include, but are not limited to adverse changes in general economic conditions as well as risks associated with public health crises and pandemics, such as the COVID-19 global pandemic, government actions and restrictive measures implemented in response, supply chain disruptions, delays in clinical trials, and other impacts to the business, our customers, suppliers, and employees; dependence on a principal product platform; ability to maintain and grow o ...

Financial Data and Key Metrics Changes - The company reported a 23% revenue growth in Q1, finishing above the high end of their guidance range, driven by a total global Omnipod growth of 35% [11][44] - U.S. Omnipod revenue growth was 49%, exceeding guidance, with total revenue impacted by a 210 basis point headwind from foreign currency [44][45] - Gross margin was 67.2%, representing a 380 basis point decrease, influenced by a favorable foreign currency impact of approximately 30 basis points [46] Business Line Data and Key Metrics Changes - Omnipod 5 represented almost 95% of U.S. new customer starts in Q1, with a shift in the mix of new customers coming from multiple daily injections (MDI) and legacy tubed pumps to a 70/30 split [61][62] - Drug delivery revenue declined 98%, within guidance range, while the company expects a continued decline of 55% to 45% for the full year [46][76] Market Data and Key Metrics Changes - International Omnipod revenue increased 10% in Q1, exceeding guidance, driven by ongoing Omnipod DASH adoption [45] - The company expects international Omnipod growth of 13% to 16%, partially offset by AID competitive headwinds [52] Company Strategy and Development Direction - The company is focusing on expanding its international presence and transitioning to a structure with distinct commercial leaders for U.S. and international markets [15][39] - The launch of Omnipod GO is expected in 2024, targeting the type 2 market and potentially doubling the U.S. total addressable market [29][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong growth trajectory for 2023, with expectations for continued strong Omnipod 5 adoption and new customer starts [8][76] - The company is optimistic about the long-term growth potential, particularly in the type 2 market, where penetration remains low [64][85] Other Important Information - The company ended the quarter with over $620 million in cash, maintaining a strong financial position to invest in growth [47] - Insulet was added to the S&P 500, reflecting the company's growth and operational success [70] Q&A Session All Questions and Answers Question: How is the international business expected to grow given competitive factors? - Management indicated that Q1 performance was strong at 10%, with expectations for higher growth in Q2 due to order timing, projecting full-year growth around 6% to 10% [55] Question: What is needed to make pumps standard of care in the type 1 population? - Management noted that the ease of use of Omnipod 5 is compelling, and they believe it will drive higher adoption rates among patients and prescribers [56][85] Question: How does the company view the future of drug delivery? - Management acknowledged that while drug delivery has been a good business, it is becoming less material as Omnipod 5 grows, and they expect continued decline in drug delivery revenue [90][92]

PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) The unaudited condensed consolidated financial statements for Q1 2023 report total revenue of **$358.1 million** and net income of **$23.8 million** [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets reached **$2,289.1 million** as of March 31, 2023, with total liabilities at **$1,786.3 million** and stockholders' equity at **$502.8 million** Balance Sheet Items | Balance Sheet Items (in millions) | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $1,330.0 | $1,314.0 | | **Total assets** | $2,289.1 | $2,251.1 | | **Total current liabilities** | $383.3 | $364.7 | | **Total liabilities** | $1,786.3 | $1,774.7 | | **Total stockholders' equity** | $502.8 | $476.4 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2023 total revenue increased **21.2%** to **$358.1 million**, but operating income declined to **$27.7 million** and net income to **$23.8 million** Income Statement Items | Income Statement Items (in millions) | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **Total revenue** | $358.1 | $295.4 | | **Gross profit** | $240.5 | $209.7 | | **Operating income** | $27.7 | $37.9 | | **Net income** | $23.8 | $27.8 | | **Diluted EPS** | $0.34 | $0.40 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2023 saw **$0.5 million** net cash from operations, **$42.1 million** used in investing, and a **$53.8 million** net decrease in cash Cash Flow Summary | Cash Flow Summary (in millions) | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $0.5 | $(13.7) | | **Net cash used in investing activities** | $(42.1) | $(46.9) | | **Net cash used in financing activities** | $(12.1) | $(20.3) | | **Net decrease in cash** | $(53.8) | $(81.5) | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, with U.S. Omnipod revenue at **$259.0 million**, a **$25.1 million** patent acquisition, and an **$8.0 million** liability revision Revenue by Segment | Revenue by Segment (in millions) | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **U.S. Omnipod** | $259.0 | $174.1 | | **International Omnipod** | $98.6 | $95.4 | | **Drug Delivery** | $0.5 | $25.9 | | **Total revenue** | $358.1 | $295.4 | - In February 2023, the company acquired patent assets related to pump-based automated insulin delivery technologies from Bigfoot Biomedical, Inc. for **$25.1 million**[40](index=40&type=chunk) - The company revised its estimated liability for the Omnipod DASH and Omnipod 5 voluntary medical device corrections by **$8.0 million**, primarily due to lower anticipated shipping and distribution costs for replacements[42](index=42&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses **21.2%** revenue growth driven by Omnipod 5, a gross margin decline to **67.2%**, and strategic plans for international expansion and manufacturing capacity [Overview](index=16&type=section&id=Overview) The company focuses on the Omnipod System, planning Omnipod 5 international launches, type 2 diabetes expansion, and a new Malaysian manufacturing facility by 2024 - The company plans to launch Omnipod 5 in the U.K. and Germany in 2023, with a broader international rollout in 2024[60](index=60&type=chunk) - A new manufacturing plant is being constructed in Malaysia, with production expected to begin in 2024 to support international expansion and improve gross margins over time[62](index=62&type=chunk) - In April 2023, the company received FDA clearance for Omnipod GO™, a basal-only Pod for individuals with type 2 diabetes, with commercialization planned for 2024[63](index=63&type=chunk) [Results of Operations](index=16&type=section&id=Results%20of%20Operations) Q1 2023 total revenue grew **21.2%** to **$358.1 million**, driven by U.S. Omnipod, while gross margin declined to **67.2%** due to higher costs Revenue Growth (YoY) | Revenue Growth (YoY) | Q1 2023 vs Q1 2022 | | :--- | :--- | | **Total Revenue Growth** | 21.2% | | **Constant Currency Growth** | 23.3% | | **U.S. Omnipod Growth** | 48.8% | | **International Omnipod Growth** | 3.4% (9.6% constant currency) | | **Drug Delivery Growth** | (98.1)% | - Gross margin decreased to **67.2%** from **71.0%** in Q1 2022, primarily due to higher costs for Omnipod 5 production, increased U.S. manufacturing, and lower Drug Delivery production, partially offset by a **220 basis point** positive adjustment to the warranty accrual for prior MDCs[76](index=76&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **26.4%** to **$162.7 million**, driven by higher customer service costs for Omnipod 5, increased headcount, and investments in new systems[79](index=79&type=chunk) [Liquidity and Capital Resources](index=19&type=section&id=Liquidity%20and%20Capital%20Resources) Q1 2023 ended with **$620.7 million** in cash, **$1,396.6 million** in net debt, and **$0.5 million** net cash from operations, with sufficient liquidity Financial Position | Financial Position (in millions) | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $620.7 | $674.7 | | **Total debt, net** | $1,396.6 | $1,401.8 | | **Total stockholders' equity** | $502.8 | $476.4 | - In May 2023, the Company entered into a **$24.0 million** financing transaction for manufacturing equipment in Acton, Massachusetts[57](index=57&type=chunk)[92](index=92&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=23&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the 2022 Annual Report on Form 10-K for detailed disclosures on market risks, providing no new information - The company refers to its 2022 Annual Report on Form 10-K for discussion of its market price sensitive instruments and foreign currency exchange risk[111](index=111&type=chunk) [Item 4. Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting - Based on an evaluation as of March 31, 2023, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[113](index=113&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[114](index=114&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings but does not expect their outcomes to materially adversely affect its results of operations - The company does not expect the outcome of its various legal proceedings, either individually or in the aggregate, to have a material adverse effect on its results of operations[50](index=50&type=chunk) [Item 1A. Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's 2022 Annual Report on Form 10-K were reported - There have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022[116](index=116&type=chunk) [Other Items (Items 2, 3, 4, 5)](index=25&type=section&id=Other%20Items) The company reported no unregistered sales of equity securities, defaults upon senior securities, mine safety disclosures, or other material information for the quarter - The company reported no unregistered sales of equity securities, defaults upon senior securities, or other material information for the quarter[117](index=117&type=chunk)[118](index=118&type=chunk)[120](index=120&type=chunk) [Item 6. Exhibits](index=25&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and iXBRL formatted financial data - The exhibits filed with the report include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, and iXBRL formatted financial statements[121](index=121&type=chunk)

Financial Data and Key Metrics Changes - In Q4, the company achieved revenue growth of 23%, exceeding guidance, driven by total Omnipod growth of 36% [34] - U.S. Omnipod revenue growth was 45%, surpassing guidance, while international Omnipod revenue increased by 19% [35][38] - Adjusted gross margin was 64.5%, reflecting a 480 basis point decrease year-over-year, primarily due to increased costs associated with the ramping of Omnipod 5 [40][42] - The company ended the year with $675 million in cash and increased available borrowings under its credit agreement to $100 million [43] Business Line Data and Key Metrics Changes - The Omnipod platform now has approximately 360,000 active global customers, with over 100,000 on Omnipod 5, which represented over 90% of U.S. new customer starts in Q4 [11][34] - The percentage of customers coming from multiple daily injections (MDI) and traditional tube pumps was an estimated 65-35 split, indicating a shift from the historical 80-20 mix [15] - Drug Delivery revenue declined by 90%, slightly better than guidance, reflecting challenges in that segment [39] Market Data and Key Metrics Changes - The company expects total Omnipod revenue growth of 17% to 22% for 2023, with U.S. Omnipod revenue growth projected at 21% to 26% [44] - International Omnipod revenue growth is expected to be 6% to 10%, driven by ongoing Omnipod DASH adoption [45] - The total addressable market for the new basal-only pod is estimated at approximately 3 million people in the U.S., potentially doubling the U.S. total addressable market [26] Company Strategy and Development Direction - The company is focused on expanding access and awareness through initiatives in the U.S. pharmacy channel, aiming for broad coverage and affordability [20][18] - A commitment to innovation is central to the company's strategy, with a strong pipeline that includes future AID offerings and digital capabilities [25][28] - The company plans to launch Omnipod 5 more broadly internationally in 2024, with initial launches in the U.K. and Germany expected in mid and late 2023, respectively [29][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for Omnipod 5, anticipating that this demand will persist beyond 2023 [54][55] - The company acknowledged that while current growth is driven by converting customers, the overall business is expected to continue performing well with record new customer starts [93][94] - Management highlighted the importance of integrating Omnipod 5 with CGM systems and the ongoing development of an iOS app [68][69] Other Important Information - The company entered into a mutual agreement with Medtronic regarding patent assertions, providing more certainty around covered products for the next seven years [31] - A medical device correction for Omnipod 5 was classified as a Class 2 correction by the FDA, with replacements being provided to customers upon request [16] Q&A Session All Questions and Answers Question: Sustainability of New Patient Growth - Management believes the strong demand for Omnipod 5 is sustainable and indicative of a longer-term trend, not just early adopters [54][55] Question: Volume Benefits from Retail Pharmacy and Upgrades - Management confirmed that conversions from older Omnipod products to Omnipod 5 are significant, with expectations to complete most conversions by the end of 2023 [62][63] Question: G7 Integration Timeline - Management is working closely with partners on CGM integration and is optimistic about progress, though no specific timelines were provided [68][69] Question: Pricing Impact in 2023 - Management noted that pricing is a smaller component of revenue growth, with volume being the primary driver, especially from new customer conversions [70][71] Question: International Launch of Omnipod 5 - Management acknowledged strong pent-up demand for Omnipod 5 internationally and is focused on expediting its launch in various markets [98]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33462 INSULET CORPORATION (Exact name of Registrant as specified in its charter) Delaware 04-3523891 (State or Other Jurisdiction ...

Insulet Corporation (NASDAQ:PODD) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET Company Participants Deborah Gordon - Vice President, Investor Relations Jim Hollingshead - President and Chief Executive Officer Wayde McMillan - Executive Vice President and Chief Financial Officer Bret Christensen - Executive Vice President and Chief Commercial Officer Conference Call Participants Jeff Johnson - Baird Travis Steed - Bank of America Securities Robbie Marcus - JPMorgan Margaret Kaczor - William B ...