Core Insights - Insulet Corporation (PODD) reported second-quarter adjusted earnings of $1.17 per share, surpassing the consensus estimate of 92 cents [1] - The company achieved sales of $649.1 million, reflecting a year-over-year increase of 32.9% (31.3% in constant currency), exceeding the consensus of $612.22 million [1] Revenue Breakdown - Total Omnipod revenue reached $639 million, up 33.0% year-over-year, or 31.4% in constant currency [2] - U.S. Omnipod revenue was $453.2 million, an increase of 28.7%, while International Omnipod revenue was $185.8 million, up 45% (38.8% in constant currency) [2] - Drug Delivery revenue amounted to $10.2 million [2] Profitability Metrics - Gross margin improved to 69.7%, up 190 basis points from the prior year [3] - Operating income was $121.1 million, representing 18.7% of revenue, an increase of 750 basis points year-over-year [3] - Adjusted EBITDA reached $157.5 million, or 24.3% of revenue, up 570 basis points from the previous year [3] Future Guidance - For 2025, Insulet expects revenue growth between 24% and 27%, an increase from the prior range of 19%-22% [4] - The company raised its fiscal 2025 sales guidance to $2.57 billion-$2.63 billion, compared to the previous range of $2.47 billion-$2.53 billion [4] - Omnipod sales are projected to increase by 25%-28%, up from the previous estimate of 20%-23% [4] Third Quarter Forecast - Insulet forecasts third-quarter revenue growth between 22%-25%, with U.S. Omnipod sales expected to rise by 21%-24% and International Omnipod sales by 33%-36% [5] - Projected third-quarter sales are estimated at $663.56 million-$679.88 million, exceeding the consensus of $645.86 million [5] Market Adoption - Over 25,000 healthcare providers are now prescribing Omnipod 5 in the U.S., marking a 20% increase from the previous year [6] - Insulet's stock price increased by 4.55% to $289.91 at the time of publication [6]

Insulet (PODD) came out with quarterly earnings of $1.17 per share, beating the Zacks Consensus Estimate of $0.93 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non- recurring items. This quarterly report represents an earnings surprise of +25.81%. A quarter ago, it was expected that this maker of insulin infusion systems would post earnings of $0.81 per share when it actually produced earnings of $1.02, delivering a surprise of +25.93%. Over the last four ...

Financial Data and Key Metrics Changes - The company reported revenue of $649 million for the quarter, representing a 31% year-over-year growth, surpassing the $600 million mark for the first time [8][30] - Adjusted operating margin expanded to 17.8%, and adjusted EBITDA margin was 24.3% for the quarter [35][36] - The company raised its full-year revenue growth guidance to a range of 24% to 27% [40][44] Business Line Data and Key Metrics Changes - U.S. revenue grew by 28.7%, driven by strong demand for Omnipod five, with new customer starts increasing year-over-year and sequentially [32][29] - International revenue grew by 38.8%, primarily due to demand for Omnipod five and customer base growth [33][34] - Over 85% of U.S. new customer starts came from multiple daily injections (MDI), with over 30% being Type two patients [29][30] Market Data and Key Metrics Changes - The international business accounted for approximately 30% of total revenues, with significant growth in the UK, France, and Germany [22][34] - The company has expanded Omnipod five to 14 markets, driving strong adoption and positive price mix realization [53][72] - The U.S. market remains the largest customer base, with over 25,000 healthcare providers prescribing Omnipod five, reflecting a 20% increase from the previous year [12][12] Company Strategy and Development Direction - The company aims to enhance commercial capabilities, build brand power globally, drive operational and financial scale, and accelerate innovation [25][27] - Focus on expanding the Type two market while maintaining leadership in Type one, leveraging strong clinical evidence and market access [21][57] - Continued investment in manufacturing capabilities and automation to meet growing global demand [14][80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's unique strengths and future growth potential, citing a large underpenetrated market and strong brand engagement [18][28] - The company is committed to driving at least 100 basis points of adjusted operating margin expansion annually [45] - Management highlighted the importance of integrating new technologies and maintaining strong relationships with healthcare providers to drive adoption [24][90] Other Important Information - The company ended the quarter with $1.1 billion in cash and $500 million available under its credit facility [36] - The company repurchased 93,000 shares for approximately $30 million under its share repurchase authorization [38] - A leadership update was announced, with Claire Trachman joining as the new Vice President of Investor Relations [48] Q&A Session Summary Question: Drivers of upside in U.S. and international markets - Management noted strong adoption in Type one and Type two markets, with significant growth in new customer starts and effective integration of clinical evidence [50][51] Question: Acceleration in Type two new starts - The company highlighted strong clinical evidence, market access, and ease of use as key drivers for the acceleration in Type two new starts [56][58] Question: Guidance framework and expectations - Management indicated that guidance reflects strong business fundamentals and momentum, with a focus on realistic targets [61][63] Question: International expansion strategy - The company is focused on deepening penetration in existing markets while exploring new markets in a financially disciplined manner [70][72] Question: Competitive conversions and MDI growth - Management confirmed that both MDI and competitive conversions have accelerated, driven by impactful innovation and strong market execution [105][108] Question: Go-to-market strategy for primary care vs. endocrinologists - The company is adapting its strategy to engage primary care physicians, leveraging the simplicity of its technology to drive adoption among Type two patients [110][112]

Financial Data and Key Metrics Changes - The company reported revenue of $649 million for Q2 2025, representing a 31% year-over-year growth, surpassing the $600 million mark for the first time [6][28] - Adjusted operating margin expanded to 17.8%, and adjusted EBITDA margin was 24.3% for the quarter [32] - Gross margin was reported at 69.7%, with a year-to-date gross margin of 70.7% [32][39] Business Line Data and Key Metrics Changes - U.S. revenue grew by 28.7%, driven by strong demand for Omnipod five, with over 85% of new customer starts coming from multiple daily injections (MDI) and over 30% from Type two [27][29] - International revenue grew by 38.8%, primarily due to demand for Omnipod five and customer base growth, with significant growth in the UK, Germany, and France [30][31] Market Data and Key Metrics Changes - The international business accounted for approximately 30% of total revenues, with nearly 40% year-over-year growth [19][30] - The U.S. market continues to see strong adoption of Omnipod five, with over 25,000 healthcare providers prescribing it, marking a 20% increase from the previous year [10][19] Company Strategy and Development Direction - The company aims to deepen its market penetration, enhance commercial capabilities, and drive innovation in technology and customer experience [22][24] - Focus on expanding the Type two market, leveraging strong clinical evidence and market access to drive adoption [18][53] - Plans to invest in market development capabilities and commercial excellence to accelerate growth [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's unique strengths, including a strong brand, engaged customers, and differentiated technology [15][25] - The company anticipates continued growth in both U.S. and international markets, supported by strong demand trends and consistent patient conversions from MDI [37][39] Other Important Information - The company has extinguished $420 million of convertible notes due in 2026 and initiated the redemption of the remaining $380 million [34] - A new Vice President of Investor Relations will join the company, reflecting the strengthening of the leadership team [43] Q&A Session Summary Question: Drivers of upside in U.S. and international markets - Management highlighted strong adoption in Type one and Type two markets, with significant growth in new customer starts and strong clinical outcomes driving demand [46][50] Question: Acceleration in Type two new starts - The acceleration is attributed to strong clinical evidence, market access, and the expansion of the field force to promote the product [52][54] Question: Guidance framework and expectations - Management indicated that guidance is set with the intent to achieve it, reflecting strong business fundamentals and momentum [58][60] Question: International expansion strategy - The company plans to deepen penetration in existing markets while exploring new markets for expansion, ensuring a financially disciplined approach [66][68] Question: Impact of Medicare proposals on the business - Management supports increased access to technology and believes their business model positions them well against potential changes in the DME channel [80][82] Question: Type two indication and competition - The Type two indication is helping to build the market, with strong clinical outcomes resonating with prescribers and differentiating the product from competitors [88][89] Question: Primary care physician engagement - The company is seeing early traction with primary care physicians due to the simplicity of the technology and strong clinical evidence [110][112]

Company Overview and Market Position - Insulet is a global leader in diabetes management with $2.1 billion in 2024 revenue[21] - The company has approximately 500,000 active customers globally[21] - Omnipod is the 1 AID system requested and prescribed in the U S [21] - Omnipod 5 is the first AID system FDA-cleared for both type 1 and type 2 diabetes in the U S [21] Financial Performance and Growth - The company is growing revenue beyond $2.5 billion[24] - The company anticipates approximately 24%-27% constant currency revenue growth for full year 2025[25] - The company is experiencing rapid expansion of adjusted operating margin, with an anticipated expansion of approximately 1,000 bps to reach 17%-17 5%[24, 25] Product Innovation and Clinical Outcomes - Omnipod 5 is the first and only tubeless, waterproof AID in the U S [27] - Omnipod 5 leads to a 20%-23% increase in time in range for adults with type 1 and type 2 diabetes, respectively[27] - Strong SECURE-T2D clinical results show a 0 8% reduction in mean A1c in 13 weeks[29] Market Opportunity and Expansion - The total addressable market is approximately 14 million patients[40] - The company is expanding its market presence outside the U S [50] - The company is building the power of its Omnipod 5 brand globally[57]

[Executive Summary & Highlights](index=1&type=section&id=Executive_Summary_Highlights) [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second_Quarter_2025_Financial_Highlights) Insulet reported robust second-quarter 2025 financial results, with total revenue increasing 32.9% year-over-year to $649.1 million, surpassing guidance, driven by strong Omnipod revenue growth and international expansion, while GAAP net income decreased due to prior-year tax benefits and current-year debt extinguishment losses Financial Performance Summary | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | YoY Change (%) | Constant Currency YoY Change (%) | | :----------------------- | :--------------------- | :--------------------- | :------------- | :------------------------------- | | **Revenue** | | | | | | Total Revenue | $649.1 | $488.5 | 32.9% | 31.3% | | Total Omnipod Revenue | $639.0 | $480.4 | 33.0% | 31.4% | | U.S. Omnipod Revenue | $453.2 | $352.3 | 28.7% | 28.7% | | International Omnipod Revenue | $185.8 | $128.2 | 45.0% | 38.8% | | Drug Delivery Revenue | $10.2 | $8.1 | 25.7% | 25.7% | | **Profitability** | | | | | | Gross Margin | 69.7% | 67.8% | +190 bps | | | Operating Income | $121.1 | $54.5 | +750 bps (as % of revenue) | | | Adjusted Operating Income | $115.8 | N/A | +670 bps (as % of revenue) | | | Net Income | $22.5 | $188.6 | -88.1% | | | Adjusted Net Income | $83.7 | $38.3 | +118.5% | | | Diluted EPS | $0.32 | $2.59 | -87.6% | | | Adjusted Diluted EPS | $1.17 | $0.55 | +112.7% | | | Adjusted EBITDA | $157.5 | $90.9 | +570 bps (as % of revenue) | | [Recent Strategic Highlights](index=1&type=section&id=Recent_Strategic_Highlights) Insulet advanced its Omnipod 5 platform with expanded compatibility and international availability, launched a unique marketing collaboration, presented strong clinical data, and undertook significant financial restructuring - Omnipod 5 App for iPhone compatible with Dexcom's G7 Continuous Glucose Monitor (CGM) sensor fully available in the U.S[3](index=3&type=chunk) - Integrated Omnipod 5 with Dexcom's G7 CGM sensor in Germany and Abbott's FreeStyle Libre 2 Plus CGM sensor in Australia[3](index=3&type=chunk) - Collaborated with Marvel to launch comic book hero, Dyasonic, who lives with type 1 diabetes[3](index=3&type=chunk) - Presented strong clinical data at the American Diabetes Association (ADA) Scientific Session from SECURE-T2D and RADIANT trials, showing improved glycemic outcomes for type 2 diabetes patients using Omnipod 5[3](index=3&type=chunk) - Initiated redemption for remaining **$380 million** principal of convertible notes and refinanced Term Loan B[3](index=3&type=chunk) - Advanced sustainability efforts, detailed in Insulet's 2024 Sustainability Report[3](index=3&type=chunk) [CEO Commentary](index=2&type=section&id=CEO_Commentary) CEO Ashley McEvoy highlighted robust second-quarter results, attributing success to strong team performance and the compelling impact of Omnipod 5, expressing confidence in future growth and value creation for stakeholders - CEO Ashley McEvoy stated, "We delivered robust second quarter results, reflecting our team's strong performance and the compelling impact and appeal of Omnipod 5 for people living with diabetes" She expressed confidence in the company's ability to grow and create value for all stakeholders[4](index=4&type=chunk) [Financial Outlook](index=2&type=section&id=Financial_Outlook) [2025 Guidance](index=2&type=section&id=2025_Guidance) Insulet raised its full-year 2025 revenue guidance to 24%-27% constant currency growth (up from 19%-22%) and increased its adjusted operating margin guidance to 17.0%-17.5% (up from ~16.5%), with Q3 2025 revenue guidance set at 22%-25% constant currency growth Full-Year and Q3 2025 Guidance | Metric (Constant Currency) | Q3 2025 Guidance (as of 8/7/2025) | FY 2025 Guidance (as of 8/7/2025) | FY 2025 Prior Guidance (as of 5/8/2025) | | :------------------------- | :--------------------------------- | :-------------------------------- | :-------------------------------------- | | U.S. Omnipod Revenue Growth | 21% - 24% | 22% - 25% | 18% - 21% | | International Omnipod Revenue Growth | 33% - 36% | 34% - 37% | 27% - 30% | | Total Omnipod Revenue Growth | 24% - 27% | 25% - 28% | 20% - 23% | | Drug Delivery Revenue Growth | (80)% - (75)% | (30)% - (25)% | (35)% - (25)% | | Total Revenue Growth | 22% - 25% | 24% - 27% | 19% - 22% | | Gross Margin | N/A | ~71.0% | ~71.0% | | Adjusted Operating Margin | N/A | 17.0% - 17.5% | ~16.5% | [Company Information](index=2&type=section&id=Company_Information) [About Insulet Corporation](index=2&type=section&id=About_Insulet_Corporation) Insulet Corporation is a Massachusetts-headquartered medical device company specializing in tubeless insulin pump technology, primarily through its Omnipod product platform, offering automated blood sugar management and adapting its technology for non-insulin subcutaneous drug delivery - Insulet Corporation (NASDAQ: PODD) is a global leader in tubeless insulin pump technology with its Omnipod brand of products[1](index=1&type=chunk) - The Omnipod Insulin Management System provides a unique alternative to traditional insulin delivery methods with a simple, wearable, tubeless disposable Pod for up to three days of non-stop insulin delivery[1](index=1&type=chunk) - The Omnipod 5 Automated Insulin Delivery System integrates with a continuous glucose monitor to manage blood sugar, controllable by a compatible smartphone or Omnipod 5 Controller[7](index=7&type=chunk) - Insulet also leverages its Omnipod technology platform for the delivery of non-insulin subcutaneous drugs across other therapeutic areas[7](index=7&type=chunk) [Conference Call Details](index=2&type=section&id=Conference_Call_Details) Insulet will host a conference call on August 7, 2025, at 8:00 a.m. Eastern Time to discuss its financial results and outlook, with access available via the Investor Relations section of the company's website or by dialing in - Date: **August 7, 2025**[6](index=6&type=chunk) - Time: **8:00 a.m. (Eastern Time)**[6](index=6&type=chunk) - Access: Live webcast on investors.insulet.com ("Events and Presentations") or by phone (domestic: (888) 770-7129, international: (929) 203-2109, passcode: 5904836)[6](index=6&type=chunk) [Investor Relations & Media Contacts](index=5&type=section&id=Investor_Relations_Media_Contacts) Contact information for Insulet's Investor Relations and Corporate Communications departments is provided for inquiries - Investor Relations: June Lazaroff, Senior Director, Investor Relations, (978) 600-7718, jlazaroff@insulet.com[17](index=17&type=chunk) - Media: Angela Geryak Wiczek, Senior Director, Corporate Communications, (978) 932-0611, awiczek@insulet.com[17](index=17&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=Non_GAAP_Financial_Measures) [Explanation of Non-GAAP Measures](index=3&type=section&id=Explanation_of_Non_GAAP_Measures) Insulet utilizes non-GAAP financial measures as supplemental tools for management to assess performance and for investors to compare results across periods, emphasizing that these measures should not replace GAAP results and may differ from those used by other entities - Management uses non-GAAP financial measures as supplemental measures in assessing the Company's performance[9](index=9&type=chunk) - These measures are helpful to investors and other interested parties as measures of comparative performance from period to period and are commonly used in determining business value[9](index=9&type=chunk) - Non-GAAP financial measures should be considered supplemental to, and not a substitute for, the Company's reported financial results prepared in accordance with GAAP[10](index=10&type=chunk) - The Company's definition of these non-GAAP measures may differ from similarly titled measures used by others, and investors are encouraged to review consolidated financial statements in their entirety[10](index=10&type=chunk) [Non-GAAP Definitions](index=3&type=section&id=Non_GAAP_Definitions) The report defines several non-GAAP financial measures, including constant currency revenue growth, adjusted gross margin/operating income/net income/diluted EPS, adjusted EBITDA, and free cash flow, each excluding specific non-recurring or non-cash items - Constant currency revenue growth: Represents the change in revenue between current and prior year periods using the exchange rate in effect during the applicable prior year period[12](index=12&type=chunk) - Adjusted gross margin, adjusted operating income, adjusted net income, and adjusted diluted earnings per share: Exclude the impact of certain significant transactions or events, such as legal settlements, medical device corrections, gains (losses) on investments, and loss on extinguishment of debt[12](index=12&type=chunk) - Adjusted EBITDA: Represents net income plus net interest expense, income tax expense, depreciation and amortization, stock-based compensation expense, and other significant transactions or events affecting period-to-period comparability[12](index=12&type=chunk) - Free cash flow: Defined as net cash provided by operating activities less capital expenditures[12](index=12&type=chunk) [Forward-Looking Statements & Risks](index=3&type=section&id=Forward_Looking_Statements_Risks) [Forward-Looking Statement Disclaimer](index=3&type=section&id=Forward_Looking_Statement_Disclaimer) The press release contains forward-looking statements about future performance, product success, and regulatory approvals, which are based on management's current beliefs and assumptions, but are not guarantees, and actual results could differ materially due to underlying risks and uncertainties - This press release contains forward-looking statements regarding future operating and financial performance, product success and efficacy, the outcome of studies and trials, and the approval of products by regulatory bodies[11](index=11&type=chunk) - These statements are based on management's current beliefs, assumptions, and estimates and are not intended to be a guarantee of future events or performance[11](index=11&type=chunk) - Actual results could vary materially from expectations if management's underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize[13](index=13&type=chunk) [Risks and Uncertainties](index=4&type=section&id=Risks_and_Uncertainties) Insulet faces various risks, including dependence on its product platform, intense competition, challenges in maintaining sales and customer base, reimbursement issues, product development hurdles, intellectual property protection, macroeconomic and geopolitical uncertainties, international business risks, manufacturing concentration, supply chain disruptions, regulatory compliance, use of AI tools, and potential recalls or cyberattacks - Dependence on a principal product platform; impact of competitive products, technological change, and product innovation[14](index=14&type=chunk) - Ability to maintain an effective sales force, expand distribution network, and grow customer base; securing and retaining adequate coverage or reimbursement from third-party payors[14](index=14&type=chunk) - Ability to design, develop, manufacture, and commercialize future products; unfavorable results of clinical studies or negative publications[14](index=14&type=chunk) - Ability to protect intellectual property and potential conflicts with third-party IP; inability to maintain or enter new license agreements for CGMs or data management systems[14](index=14&type=chunk) - Worldwide macroeconomic and geopolitical uncertainty, public health crises, supply chain disruptions, and international regulatory/commercial/logistics business risks[15](index=15&type=chunk) - Concentration of manufacturing operations and storage of inventory; supply problems or price fluctuations with sole source or third-party suppliers[15](index=15&type=chunk) - Challenges to the future development of the non-insulin drug delivery product line; failure to comply with FDA quality system regulations or other manufacturing difficulties[15](index=15&type=chunk) - Extensive government regulation applicable to medical devices, as well as complex and evolving privacy and data protection laws; use of artificial intelligence tools[15](index=15&type=chunk) - Adverse regulatory or legal actions relating to current or future Omnipod products; potential adverse impacts from recalls, safety issues, or product liability lawsuits[15](index=15&type=chunk) - Breaches or failures of product or information technology systems, including by cyberattack; ability to attract, motivate, and retain key personnel[15](index=15&type=chunk) - Risks associated with potential future acquisitions or investments; ability to raise additional funds; volatility of common stock; and changes in tax laws[15](index=15&type=chunk) [Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Condensed_Consolidated_Financial_Statements_Unaudited) [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed_Consolidated_Statements_of_Income) The unaudited condensed consolidated statements of income show Insulet's financial performance for the three and six months ended June 30, 2025, compared to 2024, with significant revenue growth but a decrease in net income due to a large loss on extinguishment of debt and a prior-year tax benefit Statements of Income | (dollars in millions, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Revenue | $649.1 | $488.5 | $1,218.1 | $930.2 | | Cost of revenue | $196.9 | $157.6 | $356.8 | $292.5 | | Gross profit | $452.2 | $330.9 | $861.3 | $637.7 | | Research and development expenses | $73.4 | $53.9 | $133.0 | $104.1 | | Selling, general and administrative expenses | $257.7 | $222.5 | $518.4 | $422.2 | | Operating income | $121.1 | $54.5 | $209.9 | $111.5 | | Interest expense, net | $(9.5) | $(1.7) | $(8.5) | $(3.0) | | Loss on extinguishment of debt | $(84.4) | — | $(123.9) | — | | Other income (expense), net | $1.3 | $(1.8) | $(0.9) | $(2.5) | | Income before income taxes | $28.4 | $51.1 | $76.5 | $106.0 | | Income tax (expense) benefit | $(5.9) | $137.5 | $(18.6) | $134.1 | | Net income | $22.5 | $188.6 | $57.9 | $240.1 | | Diluted EPS | $0.32 | $2.59 | $0.82 | $3.32 | [Reconciliation of Diluted Net Income](index=6&type=section&id=Reconciliation_of_Diluted_Net_Income) The reconciliation shows the adjustment from net income to diluted net income, primarily by adding back interest expense, net of tax, attributable to the assumed conversion of convertible notes, which was applicable in 2024 but not 2025 Diluted Net Income Reconciliation | (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net income | $22.5 | $188.6 | $57.9 | $240.1 | | Add back interest expense, net of tax attributable to assumed conversion of convertible notes | — | $2.5 | — | $4.9 | | Net income, diluted | $22.5 | $191.1 | $57.9 | $245.0 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed_Consolidated_Balance_Sheets) Insulet's unaudited condensed consolidated balance sheets show an increase in total assets to $3,469.2 million as of June 30, 2025, from $3,087.7 million at December 31, 2024, driven by increases in cash, accounts receivable, and prepaid expenses, while total liabilities also increased due to a rise in the current portion of long-term debt, and stockholders' equity grew to $1,462.9 million Balance Sheet Overview | (dollars in millions) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | **ASSETS** | | | | Cash and cash equivalents | $1,121.6 | $953.4 | | Accounts receivable, net | $444.5 | $365.5 | | Inventories | $446.9 | $430.4 | | Prepaid expenses and other current assets | $266.7 | $142.0 | | Total current assets | $2,279.7 | $1,891.3 | | Property, plant and equipment, net | $720.4 | $723.1 | | Other intangible assets, net | $102.3 | $98.5 | | Goodwill | $51.7 | $51.5 | | Other assets | $315.1 | $323.3 | | Total assets | $3,469.2 | $3,087.7 | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Accounts payable | $96.1 | $19.8 | | Accrued expenses and other current liabilities | $453.4 | $424.9 | | Current portion of long-term debt | $460.7 | $83.8 | | Total current liabilities | $1,010.1 | $528.4 | | Long-term debt, net | $939.0 | $1,296.1 | | Other liabilities | $57.1 | $51.7 | | Total liabilities | $2,006.3 | $1,876.1 | | Stockholders' equity | $1,462.9 | $1,211.6 | | Total liabilities and stockholders' equity | $3,469.2 | $3,087.7 | [Non-GAAP Reconciliations (Unaudited)](index=8&type=section&id=Non_GAAP_Reconciliations_Unaudited) [Constant Currency Revenue Growth](index=8&type=section&id=Constant_Currency_Revenue_Growth) In Q2 2025, total revenue grew 32.9% (31.3% in constant currency), with International Omnipod revenue showing the highest growth at 45.0% (38.8% constant currency), and for the six months ended June 30, 2025, total revenue grew 30.9% (30.6% constant currency) Revenue Growth by Segment | (dollars in millions) | 2025 Revenue | 2024 Revenue | Percent Change | Currency Impact | Constant Currency | | :-------------------- | :----------- | :----------- | :------------- | :-------------- | :---------------- | | **Three Months Ended June 30,** | | | | | | | U.S. Omnipod | $453.2 | $352.3 | 28.7% | —% | 28.7% | | International Omnipod | $185.8 | $128.2 | 45.0% | 6.2% | 38.8% | | Total Omnipod Products | $639.0 | $480.4 | 33.0% | 1.6% | 31.4% | | Drug Delivery | $10.2 | $8.1 | 25.7% | —% | 25.7% | | Total | $649.1 | $488.5 | 32.9% | 1.6% | 31.3% | | **Six Months Ended June 30,** | | | | | | | U.S. Omnipod | $854.9 | $670.0 | 27.6% | —% | 27.6% | | International Omnipod | $338.1 | $243.4 | 38.9% | 1.4% | 37.5% | | Total Omnipod Products | $1,193.0 | $913.4 | 30.6% | 0.4% | 30.2% | | Drug Delivery | $25.1 | $16.8 | 49.2% | —% | 49.2% | | Total | $1,218.1 | $930.2 | 30.9% | 0.4% | 30.6% | [Adjusted Operating Income, Net Income & Diluted EPS](index=9&type=section&id=Adjusted_Operating_Income_Net_Income_Diluted_EPS) This section provides reconciliations of GAAP operating income, net income, and diluted EPS to their adjusted non-GAAP counterparts for various periods, with key adjustments including CEO transition costs, loss on extinguishment of debt, loss on investments, and significant tax matters impacting period-to-period comparability [Three Months Ended June 30, 2025](index=9&type=section&id=Adjusted_Operating_Income_Net_Income_Diluted_EPS_Q2_2025) Reconciliation for Q2 2025 | (in millions, except per share data) | GAAP | CEO Transition Costs | Loss on Extinguishment of Debt | Tax Matters | Interest Expense (Convertible Notes) | Non-GAAP | | :--------------------------------- | :--- | :------------------- | :----------------------------- | :---------- | :--------------------------------- | :------- | | Operating Income | $121.1 | $(5.3) | — | — | — | $115.8 | | Income before Income Taxes | $28.4 | $(5.3) | $84.4 | — | — | $107.5 | | Net Income | $22.5 | $(5.5) | $84.1 | $(17.3) | — | $83.7 | | Net Income, Diluted | $22.5 | $(5.5) | $84.1 | $(17.3) | $1.2 | $85.0 | | Diluted Earnings per Share | $0.32 | $(0.08) | $1.16 | $(0.24) | $0.02 | $1.17 | [Six Months Ended June 30, 2025](index=9&type=section&id=Adjusted_Operating_Income_Net_Income_Diluted_EPS_H1_2025) Reconciliation for H1 2025 | (in millions, except per share data) | GAAP | CEO Transition Costs | Loss on Investments | Loss on Extinguishment of Debt | Tax Matters | Interest Expense (Convertible Notes) | Non-GAAP | | :--------------------------------- | :--- | :------------------- | :------------------ | :----------------------------- | :---------- | :--------------------------------- | :------- | | Operating Income | $209.9 | $(5.3) | $4.7 | — | — | — | $209.2 | | Income before Income Taxes | $76.5 | $(5.3) | $7.5 | $123.9 | — | — | $202.6 | | Net Income | $57.9 | $(5.5) | $5.8 | $123.0 | $(23.8) | — | $157.4 | | Net Income, Diluted | $57.9 | $(5.5) | $5.8 | $123.0 | $(23.8) | $2.9 | $160.3 | | Diluted Earnings per Share | $0.82 | $(0.07) | $0.08 | $1.68 | $(0.32) | $0.04 | $2.19 | [Three Months Ended June 30, 2024](index=11&type=section&id=Adjusted_Operating_Income_Net_Income_Diluted_EPS_Q2_2024) Reconciliation for Q2 2024 | (dollars in millions) | GAAP | Loss on Investments | Tax Matters | Non-GAAP | | :-------------------- | :--- | :------------------ | :---------- | :------- | | Income before Income Taxes | $51.1 | $1.8 | — | $52.8 | | Net Income | $188.6 | $1.4 | $(151.7) | $38.3 | | Net Income, Diluted | $191.1 | $1.4 | $(151.7) | $40.8 | | Diluted Earnings per Share | $2.59 | $0.02 | $(2.06) | $0.55 | [Six Months Ended June 30, 2024](index=11&type=section&id=Adjusted_Operating_Income_Net_Income_Diluted_EPS_H1_2024) Reconciliation for H1 2024 | (dollars in millions) | GAAP | Loss on Investments | Tax Matters | Non-GAAP | | :-------------------- | :--- | :------------------ | :---------- | :------- | | Income before Income Taxes | $106.0 | $1.8 | — | $107.7 | | Net Income | $240.1 | $1.4 | $(158.3) | $83.2 | | Net Income, Diluted | $245.0 | $1.4 | $(158.3) | $88.2 | | Diluted Earnings per Share | $3.32 | $0.02 | $(2.15) | $1.19 | [Diluted Shares](index=9&type=section&id=Diluted_Shares) The non-GAAP diluted weighted average common shares outstanding for Q2 2025 were 72,514 thousand, an increase from the GAAP figure of 70,652 thousand due to the inclusion of convertible notes, with non-GAAP diluted shares for the six months ended June 30, 2025, at 73,312 thousand Diluted Shares Calculation | (in thousands) | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :-------------------------------------------------- | :------------------------------- | :------------------------------- | | GAAP weighted average number of common shares outstanding, diluted | 70,652 | 70,641 | | Convertible notes | 1,862 | 2,671 | | Non-GAAP weighted average number of common shares outstanding, diluted | 72,514 | 73,312 | [Adjusted EBITDA](index=12&type=section&id=Adjusted_EBITDA) Insulet's Adjusted EBITDA for Q2 2025 was $157.5 million (24.3% of revenue), significantly up from $90.9 million (18.6% of revenue) in Q2 2024, and for the six months ended June 30, 2025, it was $291.5 million (23.9% of revenue), compared to $180.0 million (19.4% of revenue) in the prior year, with key adjustments including loss on extinguishment of debt and CEO transition costs in 2025, and a large tax benefit in 2024 Adjusted EBITDA Reconciliation | (dollars in millions) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------- | :------ | :------ | :------ | :------ | | Net income | $22.5 | $188.6 | $57.9 | $240.1 | | Interest expense, net | $9.5 | $1.7 | $8.5 | $3.0 | | Income tax expense (benefit) | $5.9 | $(137.5) | $18.6 | $(134.1) | | Depreciation and amortization | $22.3 | $19.3 | $44.0 | $38.0 | | Stock-based compensation expense | $7.5 | $17.0 | $25.7 | $31.2 | | CEO transition | $5.4 | — | $5.4 | — | | Loss on extinguishment of debt | $84.4 | — | $123.9 | — | | Loss on investments | — | $1.8 | $7.5 | $1.8 | | **Adjusted EBITDA** | **$157.5** | **$90.9** | **$291.5** | **$180.0** | | **Adjusted EBITDA as % of Revenue** | **24.3%** | **18.6%** | **23.9%** | **19.4%** | [Free Cash Flow](index=12&type=section&id=Free_Cash_Flow) For the six months ended June 30, 2025, Insulet generated $229.4 million in free cash flow, calculated from $260.3 million in net cash provided by operating activities minus $30.9 million in capital expenditures Free Cash Flow Calculation | (in millions) | Six Months Ended June 30, 2025 | | :-------------------------------- | :------------------------------- | | Net cash provided by operating activities | $260.3 | | Capital expenditures | $(30.9) | | **Free cash flow** | **$229.4** | [Revenue Guidance (Non-GAAP)](index=13&type=section&id=Revenue_Guidance_Non_GAAP) Insulet's non-GAAP revenue guidance for FY 2025 projects total revenue growth of 24%-27% in constant currency, with U.S. Omnipod at 22%-25% and International Omnipod at 34%-37%, while Q3 2025 total revenue growth is guided at 22%-25% in constant currency Non-GAAP Revenue Guidance | Revenue Growth (Constant Currency) | Year Ending December 31, 2025 | Three Months Ended September 30, 2025 | | :--------------------------------- | :---------------------------- | :------------------------------------ | | U.S. Omnipod | 22% - 25% | 21% - 24% | | International Omnipod | 34% - 37% | 33% - 36% | | Total Omnipod | 25% - 28% | 24% - 27% | | Drug Delivery | (30)% - (25)% | (80)% - (75)% | | Total | 24% - 27% | 22% - 25% |

The average prediction of analysts places 'Revenue- Total Omnipod' at $605.82 million. The estimate indicates a year-over-year change of +26.1%. Analysts expect 'Revenue- Drug Delivery' to come in at $9.07 million. The estimate indicates a change of +12% from the prior-year quarter. In its upcoming report, Insulet (PODD) is predicted by Wall Street analysts to post quarterly earnings of $0.93 per share, reflecting an increase of 69.1% compared to the same period last year. Revenues are forecasted to be $615 ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Insulet (PODD) reports results for the quarter ended June 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 7, might help the stock move higher if these key numbers are better than expectations. O ...

Investment Rating - The report maintains a "Buy" rating for Boston Scientific (BSX), Edwards Lifesciences (EW), GE Healthcare (GEHC), Intuitive Surgical (ISRG), and Haemonetics (HAE), while downgrading Tandem Diabetes (TNDM) to "Sell/High Risk" from "Neutral/High Risk" [1][5][20]. Core Insights - The MedTech sector has shown resilience against healthcare headwinds, with a focus on returning to fundamentals and several catalysts expected to drive momentum in the second half of 2025 [1][9]. - The S&P Equipment and Supplies Index has outperformed the broader market, with a year-to-date increase of 7.2%, while relative P/E multiples remain below historical averages [2][12]. - Key upcoming catalysts include product launches and data readouts from various companies, which are anticipated to influence stock performance positively [3][10][11]. Summary by Sections Market Overview - The MedTech industry has largely absorbed tariff impacts, with a weakening USD providing additional support [1][9]. - The S&P 500 is up 6.2% year-to-date, while the S&P Equipment and Supplies Index has increased by 7.2% [2][12]. Company-Specific Insights - Boston Scientific (BSX) is expected to benefit from Farapulse and new product launches, projecting a revenue increase of 80.1% year-over-year in 2Q25 [3][10]. - Edwards Lifesciences (EW) anticipates pivotal data releases and the reopening of TAVR NCD, which could enhance its market position [3][10]. - Intuitive Surgical (ISRG) plans a broad launch of its DV5 system, which is expected to drive stock performance [4][10]. - Haemonetics (HAE) has been upgraded to "Buy" due to improved guidance and revenue growth expectations [5][20]. - Tandem Diabetes (TNDM) faces competitive pressures, leading to its downgrade to "Sell/High Risk" [5][20]. Valuation and Target Prices - Target prices have been adjusted for several companies, with BSX at $125, EW at $95, GEHC at $86, and ISRG at $650 [20][21]. - The report highlights that the relative P/E multiple for the MedTech sector is currently at 1.14x, below historical averages, indicating potential undervaluation [2][12][14].

Financial Performance & Growth - Insulet achieved market-leading revenue growth and value creation[11] - The company is driving financial results through strong execution and margin expansion[7, 55] - In 2023, Insulet marked its 8th consecutive year of total company revenue growth of 20% or more[18] - Q3 2024 saw a gross margin of 693%, a +150 bps increase, and an operating margin of 162%, a +350 bps increase[18] - Q3 2024 U S revenue growth was 23%, total Omnipod revenue growth was 26%, and international revenue growth was 35%[18] - The company's revenue has grown from $07 billion in 2019 to $21 billion in 2024E, with a 23% CAGR[15] Omnipod 5 Platform & Clinical Outcomes - Omnipod 5 simplifies diabetes management and is winning on all dimensions[28, 31] - Omnipod 5 demonstrated a 175%-20% increase in time in range in adults with T1D and T2D, respectively[32] - Real-world results in 70000 Omnipod 5 users showed adults (18+ yrs) achieved 688% time in range and pediatrics (2-17 yrs) achieved 644% time in range[36, 37] - The SECURE-T2D trial demonstrated a 08% reduction in A1C with Omnipod 5 in T2D patients[39] Market Opportunity & Sustainability - Insulet is well-positioned for large market opportunities, with ~14M TAM across markets in different stages of pump penetration[23] - The company is focused on healthcare providers and direct-to-consumer initiatives to drive awareness[47] - Insulet is committed to sustainability, with initiatives including increased renewable energy generation (802kW potential) and a 77% reduced carbon footprint in redesigned U S Omnipod 5 starter kit packaging[48, 49]