INSULET CORP, 10-Q filed on 5/9/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
May 01, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
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, $0.001 Par Value Per Share  
Trading Symbol PODD  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   70,374,923
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001145197  
Current Fiscal Year End Date --12-31  
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 1,283.1 $ 953.4
Inventories 440.8 430.4
Prepaid expenses and other current assets 202.2 142.0
Total current assets 2,328.4 1,891.3
Property, plant and equipment, net 718.7 723.1
Other intangible assets, net 99.8 98.5
Goodwill 51.5 51.5
Other assets (includes $1.4 and $10.2 at fair value) 318.9 323.3
Total assets 3,517.3 3,087.7
Current Liabilities    
Accounts payable 57.6 19.8
Current portion of long-term debt 83.1 83.8
Total current liabilities 520.4 528.4
Long-term debt, net 1,612.3 1,296.1
Other liabilities 53.9 51.6
Total liabilities 2,186.6 1,876.1
Commitments and contingencies (note 12)
Stockholders’ Equity    
Preferred stock, $.001 par value, 5,000,000 authorized; none issued and outstanding 0.0 0.0
Common stock, $.001 par value, 100,000,000 authorized; 70,361,846 and 70,196,031 issued and outstanding 0.1 0.1
Additional paid-in capital 1,260.9 1,184.4
Accumulated earnings 75.7 40.3
Accumulated other comprehensive loss (6.0) (13.2)
Treasury stock (0.2) 0.0
Deferred compensation 0.2 0.0
Total stockholders’ equity 1,330.7 1,211.6
Total liabilities and stockholders’ equity 3,517.3 3,087.7
Nonrelated Party    
Current Assets    
Accounts receivable, net 283.1 252.5
Current Liabilities    
Accrued expenses and other current liabilities 378.6 423.8
Related Party    
Current Assets    
Accounts receivable, net 119.2 113.0
Current Liabilities    
Accrued expenses and other current liabilities $ 1.1 $ 1.0
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Other assets, at fair value $ 1.4 $ 10.2
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) 70,361,846 70,196,031
Common stock, outstanding (in shares) 70,361,846 70,196,031
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue $ 569.0 $ 441.7
Cost of revenue 160.0 134.9
Gross profit 409.0 306.8
Research and development expenses 59.6 50.2
Selling, general and administrative expenses 260.6 199.7
Operating income 88.8 56.9
Interest expense (9.2) (10.7)
Interest income 10.3 9.4
Loss on extinguishment of debt (39.5) 0.0
Other expense, net (2.3) (0.7)
Income before income taxes 48.1 54.9
Income tax expense (12.7) (3.4)
Net income $ 35.4 $ 51.5
Earnings per share:    
Basic (in dollars per share) $ 0.50 $ 0.74
Diluted (in dollars per share) $ 0.50 $ 0.73
Weighted-average number of common shares outstanding (in thousands):    
Basic (in shares) 70,272 69,957
Diluted (in shares) 74,111 73,741
Nonrelated Party    
Revenue $ 420.5 $ 329.9
Related Party    
Revenue $ 148.5 $ 111.8
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 35.4 $ 51.5
Other comprehensive income (loss), net of tax:    
Foreign currency translation adjustment 10.3 (6.6)
Unrealized loss on cash flow hedges, net of tax (3.1) (1.9)
Other comprehensive income (loss), net of tax 7.2 (8.5)
Comprehensive income $ 42.6 $ 43.0
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Accumulated Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Deferred Compensation
Beginning balance (in shares) at Dec. 31, 2023   69,907,000          
Balance at beginning of period at Dec. 31, 2023 $ 732.7 $ 0.1 $ 1,102.6 $ (378.0) $ 8.0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 51.5     51.5      
Other comprehensive income (loss) , net of tax (8.5)       (8.5)    
Exercise of options to purchase common stock (in shares)   55,000          
Exercise of options to purchase common stock 5.8   5.8        
Stock-based compensation expense 14.2   14.2        
Restricted stock units vested, net of shares withheld for taxes (in shares)   58,000          
Restricted stock units vested, net of shares withheld for taxes (5.0)   (5.0)        
Ending balance (in shares) at Mar. 31, 2024   70,020,000          
Balance at the end of period at Mar. 31, 2024 $ 790.7 $ 0.1 1,117.6 (326.5) (0.5)    
Beginning balance (in shares) at Dec. 31, 2024 70,196,031 70,196,000          
Balance at beginning of period at Dec. 31, 2024 $ 1,211.6 $ 0.1 1,184.4 40.3 (13.2) $ 0.0 $ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 35.4     35.4      
Other comprehensive income (loss) , net of tax 7.2       7.2    
Exercise of options to purchase common stock (in shares)   38,000          
Exercise of options to purchase common stock 2.5   2.5        
Stock-based compensation expense 18.2   18.2   0.0    
Restricted stock units vested, net of shares withheld for taxes (in shares)   128,000          
Restricted stock units vested, net of shares withheld for taxes (21.2)   (21.2)        
Deferred compensation 0.0         (0.2) 0.2
Settlement of capped call options $ 77.0   77.0        
Ending balance (in shares) at Mar. 31, 2025 70,361,846 70,362,000          
Balance at the end of period at Mar. 31, 2025 $ 1,330.7 $ 0.1 $ 1,260.9 $ 75.7 $ (6.0) $ 0.2 $ 0.2
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 35.4 $ 51.5
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 21.7 18.8
Stock-based compensation expense 18.2 14.2
Non-cash interest expense 2.5 2.0
Loss on extinguishment of debt 39.5 0.0
Provision for credit losses 4.8 1.2
Other 6.7 0.1
Changes in operating assets and liabilities:    
Inventories (6.6) (29.6)
Prepaid expenses and other assets (12.8) (0.4)
Accounts payable 36.5 55.5
Net cash provided by operating activities 63.8 87.6
Cash flows from investing activities    
Capital expenditures (12.3) (22.1)
Investments in developed software (3.4) (1.9)
Net cash used in investing activities (15.7) (24.0)
Cash flows from financing activities    
Proceeds from issuance of senior unsecured notes, net of issuance costs 440.7 0.0
Repayment of convertible debt (163.9) 0.0
Proceeds from settlement of capped calls options 23.1 0.0
Repayment of term loan B (1.3) (1.3)
Repayment of equipment financings (3.5) (7.2)
Financing lease payments 0.0 (5.8)
Repayment of mortgage (0.6) (0.6)
Proceeds from secured borrowing (note 3) 15.4 0.0
Repayment of secured borrowing (note 3) (13.4) 0.0
Proceeds from exercise of stock options 2.5 5.8
Payment of withholding taxes in connection with vesting of restricted stock units (21.2) (5.0)
Net cash provided by (used in) financing activities 277.8 (14.1)
Effect of exchange rate changes on cash and cash equivalents 3.8 (2.5)
Net increase in cash, cash equivalents and restricted cash 329.7 47.0
Cash and cash equivalents at beginning of period 953.4 704.2
Cash and cash equivalents at end of period 1,283.1 751.2
Supplemental Cash Flow Elements [Abstract]    
Purchases of property and equipment included in accounts payable and accrued expenses 3.5 7.0
Purchases of property, plant and equipment included in long-term debt 2.4 0.0
Nonrelated Party    
Changes in operating assets and liabilities:    
Accounts receivable (27.2) 3.5
Accrued expenses and other liabilities (48.8) (62.4)
Related Party    
Changes in operating assets and liabilities:    
Accounts receivable (6.2) 33.1
Accrued expenses and other liabilities $ 0.1 $ 0.1
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
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 income of Insulet Corporation and its subsidiaries (“Insulet” or the “Company”). The unaudited consolidated financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. In management’s opinion, the unaudited consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the interim results reported. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025, 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, 2024.
Related Party Transactions
The spouse of one of the members of the Company's Board of Directors is an executive officer of one of the Company's distributors. The terms of the distribution agreement are consistent with those prevailing at arm's length.
Shipping and Handling Costs
Shipping and handling costs included in selling, general and administrative expenses were $4.6 million and $3.4 million for the three months ended March 31, 2025 and 2024, respectively.
Advertising Costs
Advertising costs were $19.2 million and $9.5 million for the three months ended March 31, 2025 and 2024, respectively and were included in selling, general and administrative expenses.
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.
Judgement is involved in estimating inputs, such as discount rates, used in Level 3 fair value measurements. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized.
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.
v3.25.1
Revenue and Contract Acquisition Costs
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue and Contract Acquisition Costs Revenue and Contract Acquisition Costs
The following table summarizes the Company’s disaggregated revenue:
Three Months Ended March 31,
(in millions)20252024
U.S.
$401.7 $317.7 
International
152.4 115.3 
Total Omnipod products
554.1 433.0 
Drug Delivery14.9 8.7 
Total revenue$569.0 $441.7 
The percentages of total revenue for customers that represent 10% or more of total revenue were as follows:
Three Months Ended March 31,

20252024
Distributor A25 %25 %
Distributor B24 %31 %
Distributor C
23 %22 %
Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown:
(in millions)
March 31, 2025December 31, 2024
Accrued expenses and other current liabilities$15.4 $12.0 
Other liabilities0.7 2.0 
Total deferred revenue$16.1 $14.0 
Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows:
Three Months Ended March 31,
(in millions)20252024
Deferred revenue recognized$5.6 $3.1 
Contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet captions in the amounts shown:
(in millions)March 31, 2025December 31, 2024
Prepaid expenses and other current assets$21.4 $20.1 
Other assets43.7 40.8 
Total capitalized contract acquisition costs, net$65.1 $60.9 
The Company recognized $5.1 million and $4.2 million of amortization of capitalized contract acquisition costs during the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
Accounts Receivable, Net
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Accounts Receivable, Net Accounts Receivable, Net
Accounts receivable were comprised of the following:
(in millions)March 31, 2025December 31, 2024
Accounts receivable trade, net$271.8 $242.8 
Unbilled receivable11.3 9.7 
Accounts receivable, net$283.1 $252.5 
The percentages of accounts receivable trade for customers that represent 10% or more of total accounts receivable trade were as follows:

March 31, 2025December 31, 2024
Distributor A30 %35 %
Distributor B24 %27 %
Distributor C
13 %15 %
The following table presents the activity in the allowance for credit losses:
Three Months Ended March 31,
(in millions)20252024
Credit losses at beginning of year$1.4 $2.5 
Provision for expected credit losses0.1 1.2 
Write-offs charged against allowance(0.1)(0.2)
Recoveries of amounts previously reserved— — 
Credit losses at the end of period
$1.4 $3.5 
The Company outsources the insurance claim submissions process to a third-party service provider in one country in which it operates. Under this agreement, the Company transfers certain receivables in exchange for cash in advance. If the third-party service provider is unable to collect on the transferred receivables, the third-party service provider has recourse to the Company. This arrangement is accounted for as a secured borrowing with a pledge of collateral as the transfer does not meet the criteria for sale accounting. Receivables pledged as collateral of $14.8 million and $12.2 million are included in accounts receivable on the consolidated balance sheet as of March 31, 2025 and December 31, 2024, respectively. Liabilities associated with the secured borrowings of $14.8 million and $12.2 million are included within accrued expenses and other current liabilities in the consolidated balance sheet at March 31, 2025 and December 31, 2024, respectively. The classification within current liabilities is based on the expected resolution of the underlying receivables. The proceeds from and repayments of secured borrowings are reflected as cash flows provided by (used in) financing activities in the consolidated statement of cash flows.
v3.25.1
Inventories
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories were comprised of the following:
(in millions)March 31, 2025December 31, 2024
Raw materials$163.7 $156.7 
Work in process62.2 81.2 
Finished goods214.9 192.5 
    Total inventories$440.8 $430.4 
v3.25.1
Cloud Computing Costs
 3 Months Ended
Mar. 31, 2025
Research and Development [Abstract]  
Cloud Computing Costs Cloud Computing Costs
Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows: 
(in millions)March 31, 2025December 31, 2024
Short-term portion$32.7 $31.7 
Long-term portion140.0 135.3 
Total capitalized implementation costs172.7 167.0 
Less: accumulated amortization(70.0)(62.4)
Capitalized implementation costs, net$102.7 $104.6 
Amortization expense was $7.6 million and $6.1 million for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
Goodwill and Other Intangible Assets, Net
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, Net Goodwill and Other Intangible Assets, Net
The carrying amount of goodwill was $51.5 million at both March 31, 2025 and December 31, 2024.
The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows:
March 31, 2025December 31, 2024
(in millions)
Gross
Carrying Amount		Accumulated AmortizationNet
Book Value		Gross
Carrying Amount		Accumulated AmortizationNet
Book Value
Customer relationships$43.1 $(34.1)$9.0 $43.1 $(33.5)$9.6 
Internal-use software56.1 (16.2)39.9 52.4 (15.6)36.8 
Developed technology27.4 (5.4)22.0 27.4 (4.9)22.5 
Patents36.2 (7.3)28.9 36.2 (6.6)29.6 
Total intangible assets$162.8 $(63.0)$99.8 $159.1 $(60.6)$98.5 
Amortization expense for intangible assets was $2.4 million for both the three months ended March 31, 2025 and 2024.
v3.25.1
Investments
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Equity Securities Measured at Fair Value on a Non-Recurring Basis
The total carrying value of the Company’s investments in equity securities without readily determinable fair values was $19.1 million and $21.9 million as of March 31, 2025 and December 31, 2024, respectively, and was included within other assets on the consolidated balance sheets. These investments are carried at cost less impairment, if any. If an observable price change in orderly transactions for the identical or similar investment in the same issuer is identified, the investments are measured at fair value as of the date that the observable transaction occurred and categorized as Level 2 in the fair value hierarchy. A $2.8 million impairment was recorded during the three months ended March 31, 2025. As of both March 31, 2025 and December 31, 2024 cumulative gains were $0.8 million.
Debt Securities
The Company has a strategic investment in debt securities of a privately held entity, which mature in December 2026 unless converted earlier and is included in other assets on the consolidated balance sheets. During the three months ended March 31, 2025, the Company recorded a $4.7 million provision for credit loss associated with this debt investment, which is included in selling, general and administrative expenses. The amortized cost basis of the debt securities was $5.0 million as of both March 31, 2025 and December 31, 2024. The amount of interest earned on the investment for the three months ended March 31, 2025 and 2024 was insignificant. Refer to note 10 for the fair values.
v3.25.1
Accrued Expenses and Other Current Liabilities
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
The components of accrued expenses and other current liabilities were as follows:
(in millions)March 31, 2025December 31, 2024
Accrued rebates$162.7 $148.3 
Employee compensation and related costs89.5 142.8 
Professional and consulting services42.1 51.6 
Other84.3 81.1 
Accrued expenses and other current liabilities$378.6 $423.8 
Product Warranty Costs
The Company provides a four-year warranty on its Controllers and Personal Diabetes Managers (“PDMs”) 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 income.
Reconciliations of the changes in the Company’s product warranty liability were as follows: 
Three Months Ended March 31,
(in millions)20252024
Product warranty liability at beginning of period$13.9 $10.3 
Warranty expense7.6 5.5 
Warranty fulfillment(5.4)(4.5)
Product warranty liability at the end of period$16.1 $11.3 
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The components of debt consisted of the following:
March 31, 2025December 31, 2024
(in millions)
Maturity Date
Amount
Amount
Equipment financing
2025$6.7 $8.6 
Mortgage
202560.3 61.0 
Convertible Senior Notes
2026674.8 800.0 
Equipment financing
19.8 17.5 
Equipment financing
202821.9 23.4 
Revolving Credit Facility2030— — 
Term Loan B
2031481.2 482.5 
Senior Unsecured Notes
2033450.0 — 
Unamortized debt discount2025 - 2033(4.4)(5.4)
Debt issuance costs2025 - 2033(14.9)(7.7)
Total debt, net1,695.4 1,379.9 
Less: current portion83.183.8
Total long-term debt, net$1,612.3 $1,296.1 
Equipment Financing
The Company has two outstanding loans secured by manufacturing lines located at the Company’s Acton, Massachusetts manufacturing facility. Additionally, in 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’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 the date the lender has completed their inspection of the equipment, which is included in property, plant and equipment on the consolidated balance sheets.

Convertible Senior Notes
The Company’s 0.375% Convertible Senior Notes due September 2026 (the “Convertible Senior Notes”) have an effective interest rate of 0.76%. The components of interest expense related to the Convertible Senior Notes for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended March 31,
(in millions)
20252024
Contractual interest expense
$0.8 $0.8 
Amortization of debt issuance costs
0.7 0.7 
  Total interest recognized on the Convertible Notes
$1.5 $1.5 
As of March 31, 2025 and December 31, 2024, unamortized issuance costs associated with the Convertible Notes were $3.7 million and $5.1 million, respectively.
The Convertible Notes are convertible into cash, shares of the Company’s common stock, or the combination of cash and shares of common stock, at the Company’s election, 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 at the holder’s election, from June 1, 2026 through August 28, 2026 and prior to then under certain circumstances as set forth in the agreement. Additionally, on or after September 6, 2023, the Company may redeem for cash all or a portion of the Convertible 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 they had nominal value.
In conjunction with the issuance of the Convertible 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) if, at the time of conversion, its stock price exceeds the conversion price under the Convertible 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 and are recorded within stockholders’ equity on the consolidated balance sheets.
In March 2025, the Company repurchased $125.2 million in principal ($124.5 million net of issuance costs) of its 0.375% Convertible Senior Notes for $162.5 million in cash. The debt repurchase resulted in a $39.5 million loss on extinguishment, including transaction costs. Additionally, the Company received $23.1 million of proceeds from the settlement of a portion of the capped calls options that corresponds to the amount of Convertible Senior Notes repurchased.
In April 2025, the Company repurchased an additional $294.8 million in principal ($293.2 million net of issuance costs) of the Convertible Senior Notes for $377.6 million in cash. This debt repurchase resulted in an $84.4 million loss on extinguishment. Additionally, the Company received $52.6 million of proceeds from the settlement of capped calls options associated with the repurchase of the Convertible Senior Notes. Following this transaction, the Company has approximately $380.0 million aggregate principal amount of Convertible Senior Notes outstanding. The remaining capped call options cover 1.7 million shares of common stock.
Revolving Credit Facility
In March 2025, the Company upsized the borrowing capacity under its Revolving Credit Facility to $500 million and extended the maturity date to March 2030.
Senior Unsecured Notes
In March 2025, the Company issued $450 million aggregate principal amount of 6.5% senior unsecured notes due April 2033, which have an effective interest rate of 6.84%. The net proceeds of $440.7 million were used to repurchase a portion of the Convertible Senior Notes. The senior unsecured notes contains leverage and fixed charge coverage ratio covenants, both of which are measured upon the incurrence of future debt, as well as other customary covenants.
Carrying Value
At the end of each period, the carrying value of the Company’s debt was comprised of the following:
(in millions)
March 31, 2025December 31, 2024
Convertible Notes$671.1 $794.9 
Term Loan B
475.3 475.1 
Senior Unsecured Notes
440.7 — 
Equipment financings48.2 49.3 
Mortgage60.1 60.6 
  Total debt, net$1,695.4 $1,379.9 
v3.25.1
Financial Instruments and Fair Value
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Financial Instruments and Fair Value
Fair value disclosures for equity investments without readily determinable fair values are disclosed in note 7.
Financial Instruments Disclosed at Fair Value
The following tables provide a summary of the significant financial instruments that are disclosed at fair value on a recurring basis:
Fair Value Measurements at March 31, 2025
(in millions)Level 1Level 2Level 3Total
Term Loan B(1)
$482.8 $— $— $482.8 
Senior Unsecured Notes (1)
457.4 — — 457.4 
Convertible Senior Notes(2)
— 856.1 — 856.1 
Equipment financings(3)
— — 48.2 48.2 
Mortgage(3)
— — 60.1 60.1 
Total $940.2 $856.1 $108.3 $1,904.6 
Fair Value Measurements at December 31, 2024
(in millions)Level 1Level 2Level 3Total
Term Loan B(1)
$485.8 $— $— $485.8 
Convertible Senior Notes(2)
— 1,018.8 — 1,018.8 
Equipment financings(3)
— — 49.3 49.3 
Mortgage(3)
— — 60.6 60.6 
Total $485.8 $1,018.8 $109.9 $1,614.5 
(1) Fair value was determined using quoted market prices.
(2) Fair value was determined using market prices obtained from third-party pricing sources.
(3) Fair value approximates carrying value and was determined using the cost basis.
Assets Measured at Fair Value on a Recurring Basis
The following tables provide a summary of assets that are measured at fair value on a recurring basis:
Fair Value Measurements at March 31, 2025
(in millions)Level 1Level 2Level 3Total
Cash(1)
$141.2 $— $— $141.2 
Money market mutual funds(1)
1,014.6 — — 1,014.6 
Term deposits(1)
— 127.3 — 127.3 
Interest rate swaps(2)
— 1.4 — 1.4 
Total assets
$1,155.8 $128.7 $— $1,284.5 
Fair Value Measurements at December 31, 2024
(in millions)Level 1Level 2Level 3Total
Cash(1)
$133.4 $— $— $133.4 
Money market mutual funds(1)
820.0 — — 820.0 
Interest rate swaps(2)
— 5.5 — 5.5 
Debt securities(3)
— — 4.7 4.7 
Total assets
$953.4 $5.5 $4.7 $963.6 
(1) Cash and cash equivalents are carried at face amounts, which approximate their fair values.
(2) Fair value represents 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 swaps is included in other assets on the consolidated balance sheets.
(3) Fair value is determined using industry standard valuation models and market-based unobservable inputs, including credit spread and risk free rate ranging from 4.0% to 4.7%.
Judgement is involved in estimating inputs, such as discount rates, used in Level 3 fair value measurements. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized. There was a change in the fair value of the Level 3 debt securities during the three months ended March 31, 2025 resulting from a $4.7 million provision for credit loss. There were no changes in the fair values of the Level 3 debt securities during the three months ended March 31, 2024.
Below is a reconciliation of changes in fair value of our debt and equity investment for the three months ended March 31, 2025.
(in millions)
Debt Securities
Equity Securities
Total
Balance at beginning of period$4.7 $2.8 $7.5 
Provision for credit loss included in selling, general and administrative expenses
(4.7)— (4.7)
Unrealized loss included in other expense, net— (2.8)(2.8)
Balance at the end of period$— $— $— 
There were no changes in the fair value of our debt and equity investments during the three months ended March 31, 2024.
v3.25.1
Derivative Instruments
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
The 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, 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 B. The Company has designated the interest rate swaps as cash flow hedges.
As of March 31, 2025, $1.4 million of net gains related to the interest rate swaps included in accumulated other comprehensive income will be reclassified into the statement of income over the next 12 months. When recognized, gains and losses on cash flow hedges reclassified from accumulated other comprehensive income (loss) are recognized within interest expense, net in the consolidated statement of income.
In April 2025, these interest rate swaps expired and were replaced with interest rate swaps in which the Company pays fixed interest at a weighted average rate of 3.47% on a total notional value of $460.0 million of the Term Loan B. The Company has designated the interest rate swaps as cash flow hedges.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
On April 24, 2025, the United States District Court for the District of Massachusetts entered final judgment in favor of Insulet Corporation in its ongoing litigation against EOFlow Co., Ltd.; EOFlow, Inc.; Nephria Bio, Inc.; and EOFlow’s CEO, Jesse Kim (collectively, “Defendants”), Insulet Corp. v. EOFlow Co. Ltd. et al., 1:23-cv-11780-FDS (D. Mass.). The litigation concerned the Defendants’ misappropriation of Insulet’s proprietary trade secrets relating to the design and manufacture of the Omnipod insulin patch pump. On December 3, 2024, a unanimous jury found four trade secrets asserted by Insulet valid and misappropriated and awarded Insulet total damages of $452 million, composed of $170 million in compensatory damages and $282 million in exemplary damages. The Court’s April 24, 2025 orders upheld the jury verdict and further entered a permanent injunction against Defendants. The injunction prohibits Defendants and others subject to the order from using, possessing, selling, distributing, or seeking regulatory approval for any products that were designed, developed, or manufactured, in whole or in part, using or relying on Insulet’s trade secrets. The injunction is worldwide and takes effect immediately subject to a limited exception that permits six months of continuing sales to those patients of EOFlow that existed in the Republic of Korea and the European Union as of October 2023. The permanent injunction further requires EOFlow to assign certain patent applications to Insulet, disgorge any break-up fees received from Medtronic in connection with a previously contemplated acquisition, and submit to ongoing audits to ensure compliance with the Court’s orders. In view of the scope of the permanent injunction, the Court reduced Insulet’s monetary award to $59.4 million to avoid a double recovery. Insulet anticipates Defendants to appeal the final judgment and permanent injunction; accordingly, the Company has not recorded the damages awarded in the Company’s consolidated statement of income.
v3.25.1
Segment and Geographic Data
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Data Segment and Geographic Data
The Company’s product offering primarily consists of the Omnipod platform and drug delivery device based on the Omnipod platform. Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated on a regular basis by the chief operating decision-maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance of the segment. The Company has concluded that its Chief Executive Officer (“CEO”) is the CODM as the CEO is the ultimate decision maker for key operating decisions, determining the allocation of resources and assessing the financial performance of the Company. The Company operates under one reportable segment. While decisions, allocations, and assessments are performed by the CODM using consolidated operating income, net income is also provided to the CODM.
Geographic information about revenue, based on customer location, is as follows:
Three Months Ended March 31,
(in millions)20252024
U.S.$416.6 $326.4 
International152.4 115.3 
Total revenue$569.0 $441.7 
The following table presents selected financial information for the Company’s single operating segment, including significant expenses:
Three Months Ended March 31,
(in millions)20252024
Total revenue
$569.0 $441.7 
Materials(1)
78.6 65.5 
Factory conversion(2)
46.3 38.9 
Depreciation and amortization(3)
4.7 6.1 
Other costs of revenue(4)
30.4 24.4 
Cost of revenue160.0 134.9 
Labor(5)
147.1 114.9 
Outside services(6)
67.0 63.1 
Depreciation and amortization
12.9 11.2 
Other operating expenses(7)
93.2 60.7 
Operating income88.8 56.9 
Interest expense, net
1.1 (1.3)
Loss on extinguishment of debt
(39.5)— 
Other expense, net(2.3)(0.7)
Income tax expense
(12.7)(3.4)
Net income$35.4 $51.5 
(1) Consists of raw materials utilized included in cost of revenue.
(2) Consists of manufacturing labor, factory overhead and depreciation of plant and equipment primarily at our Acton manufacturing plant.
(3) Consists of depreciation and amortization included in cost of revenue, except for depreciation of plant and equipment included in factory conversion.
(4) Consists primarily of warranty expense, cost to manufacture Controllers/and Personal Diabetes Managers, provision for inventory reserves, cost of data plans and licensing, and costs to train users.
(5) Consists of labor expenses included in research and development expenses and selling, general and administrative expenses, excluding stock-based compensation expense.
(6) Consists primarily of contract labor and professional and consulting fees.
(7) Consists primarily of advertising expense, license fees, stock-based compensation expense and travel and expenses.
Geographic information about long-lived assets, net, excluding goodwill and other intangible assets is as follows:
(in millions)March 31, 2025December 31, 2024
U.S.$471.4 $475.9 
Malaysia157.8 159.1 
China76.0 78.5 
Other13.5 9.6 
Total long-lived assets, net$718.7 $723.1 
v3.25.1
Equity
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Equity
Compensation expense related to stock-based awards was recorded as follows:
Three Months Ended March 31,
(in millions)20252024
Cost of revenue$0.2 $0.1 
Research and development expenses2.6 2.1 
Selling, general and administrative expenses15.4 12.0 
Total$18.2 $14.2 
Performance Share Units
In February 2025, the Company granted 89,393 performance stock units (“PSUs”) with a weighted-average grant-date fair value per share of $283.91. The PSUs included a relative total shareholder return (total shareholder return for the Company compared with total shareholder return of a peer group) as a market component. Depending on the achievement of the performance criteria and the Company's relative market performance during the three-year performance period, a recipient of the award could ultimately vest at up to 250% of the target award. Stock-based payments that contain both performance and market condition are recognized when performance conditions are probable of being achieved based on the grant date fair value. The Company uses the Monte Carlo model to estimate the probability of satisfying the market condition. The assumptions used in the Monte Carlo model for PSUs granted were:
Risk-free interest rate
4.04 %
Expected stock price volatility 41.7 %
Peer group stock price volatility 45.9 %
Correlation of returns 0.30 
Deferred Compensation Plan
The Company has an unfunded, non-qualified deferred compensation plan for non-employee directors that allows participants to defer receipt of RSUs or cash compensation in the form of stock until a later date. Deferred awards are credited to a deferred stock account. The shares are held in a rabbi trust, which is classified and accounted for as equity in a manner consistent with the accounting for treasury stock. As of March 31, 2025, 735 shares were held in the trust. No shares were held in the trust as of December 31, 2024. The shares will be distributed when board service ceases.
Share Repurchase Program
In March 2025, the Company’s Board of Directors authorized a program to repurchase up to $125 million of common stock through December 31, 2026 to offset dilution from stock-based compensation.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective tax rate for the three months ended March 31, 2025 was 26.4%, compared with 6.2% for the three months ended March 31, 2024. For the quarter ended March 31, 2025, the tax rate varied from the U.S. statutory rate primarily due to non-deductible charges from the repurchase of a portion of the Company's convertible debt, partially reduced by windfall tax benefits from employee stock -based compensation. For the quarter ended March 31, 2024, the tax rate varied from the U.S. statutory rate primarily due to the valuation allowance against deferred tax assets, most of which was subsequently released.
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings 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 earnings per share was as follows:
Three Months Ended March 31,
(in millions, except share and per share data)
20252024
Net income
$35.4 $51.5 
    Add back interest expense, net of tax
1.8 2.6 
Net income, diluted
$37.2 $54.1 
Weighted average number of common shares outstanding, basic (in thousands)70,272 69,957 
Convertible Notes
3,479 3,528 
Restricted stock units
231 82 
Stock options
129 174 
Weighted average number of common shares outstanding, diluted (in thousands)
74,111 73,741 
Earnings per share
    Basic
$0.50 $0.74 
    Diluted
$0.50 $0.73 
The number of common share equivalents excluded from the computation of diluted earnings per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows:
Three Months Ended March 31,
 (in thousands)
20252024
Restricted stock units
422 459 
Stock options
138 213 
Total560 672 
v3.25.1
Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
Changes in the components of accumulated other comprehensive income (loss), net of tax, were as follows:
Three Months Ended March 31, 2025
(in millions)Foreign Currency Translation Adjustment
Unrealized Loss on Securities
Unrealized Gain on Cash Flow Hedges
Accumulated Other Comprehensive Loss
Balance at beginning of period$(22.3)$(0.3)$9.4 $(13.2)
Other comprehensive income (loss) before reclassifications (1)
10.3 — (8.4)1.9 
Amounts reclassified to net income (1)
— — 5.3 5.3 
Balance at the end of period$(12.0)$(0.3)$6.3 $(6.0)
Three Months Ended March 31, 2024
(in millions)Foreign Currency Translation Adjustment
Unrealized Loss on Securities
Unrealized Gain on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period$(14.5)$(0.3)$22.8 $8.0 
Other comprehensive income (loss) before reclassifications
(6.6)— (8.5)(15.1)
Amounts reclassified to net income— — 6.6 6.6 
Balance at the end of period$(21.1)$(0.3)$20.9 $(0.5)
(1) Tax benefit on cash flow hedges in other comprehensive income (loss) before reclassification for the three months ended March 31, 2025 was $0.9 million. There was no tax impact for the three months ended March 31, 2024. Additionally, there is no income tax impact on currency translation adjustments.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income $ 35.4 $ 51.5
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Prem Singh [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 14, 2025, Prem Singh, Senior Vice President, Global Operations, adopted a written trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act to sell up to 4,992 shares of our common stock between June 13, 2025 and March 13, 2026. The trading plan will cease upon the earlier of March 13, 2026 or the sale of all shares subject to the trading plan.
Name Prem Singh
Title Senior Vice President, Global Operations
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 14, 2025
Expiration Date March 13, 2026
Arrangement Duration 273 days
Aggregate Available 4,992
Daniel Manea [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 14, 2025, Daniel Manea, Senior Vice President and Chief Human Resources Officer, adopted a written trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act to sell up to 1,300 shares of our common stock between June 13, 2025 and March 12, 2026. The trading plan will cease upon the earlier of March 12, 2026 or the sale of all shares subject to the trading plan.
Name Daniel Manea
Title Senior Vice President and Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 14, 2025
Expiration Date March 12, 2026
Arrangement Duration 272 days
Aggregate Available 1,300
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying financial statements reflect the consolidated income of Insulet Corporation and its subsidiaries (“Insulet” or the “Company”). The unaudited consolidated financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. In management’s opinion, the unaudited consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the interim results reported. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025, 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, 2024.
Shipping and Handling costs
Shipping and Handling Costs
Shipping and handling costs included in selling, general and administrative expenses
Advertising Costs
Advertising Costs
Advertising costs were $19.2 million and $9.5 million for the
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.
Judgement is involved in estimating inputs, such as discount rates, used in Level 3 fair value measurements. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized.
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.
Product Warranty Costs
Product Warranty Costs
The Company provides a four-year warranty on its Controllers and Personal Diabetes Managers (“PDMs”) 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 income.
v3.25.1
Revenue and Contract Acquisition Costs (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table summarizes the Company’s disaggregated revenue:
Three Months Ended March 31,
(in millions)20252024
U.S.
$401.7 $317.7 
International
152.4 115.3 
Total Omnipod products
554.1 433.0 
Drug Delivery14.9 8.7 
Total revenue$569.0 $441.7 
Schedules of Concentration of Risk
The percentages of total revenue for customers that represent 10% or more of total revenue were as follows:
Three Months Ended March 31,

20252024
Distributor A25 %25 %
Distributor B24 %31 %
Distributor C
23 %22 %
The percentages of accounts receivable trade for customers that represent 10% or more of total accounts receivable trade were as follows:

March 31, 2025December 31, 2024
Distributor A30 %35 %
Distributor B24 %27 %
Distributor C
13 %15 %
Schedule of Deferred Revenue
Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown:
(in millions)
March 31, 2025December 31, 2024
Accrued expenses and other current liabilities$15.4 $12.0 
Other liabilities0.7 2.0 
Total deferred revenue$16.1 $14.0 
Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows:
Three Months Ended March 31,
(in millions)20252024
Deferred revenue recognized$5.6 $3.1 
Schedule of Contract Acquisition Costs
Contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet captions in the amounts shown:
(in millions)March 31, 2025December 31, 2024
Prepaid expenses and other current assets$21.4 $20.1 
Other assets43.7 40.8 
Total capitalized contract acquisition costs, net$65.1 $60.9 
v3.25.1
Accounts Receivable, Net (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Net Accounts Receivable
Accounts receivable were comprised of the following:
(in millions)March 31, 2025December 31, 2024
Accounts receivable trade, net$271.8 $242.8 
Unbilled receivable11.3 9.7 
Accounts receivable, net$283.1 $252.5 
Schedules of Concentration of Risk
The percentages of total revenue for customers that represent 10% or more of total revenue were as follows:
Three Months Ended March 31,

20252024
Distributor A25 %25 %
Distributor B24 %31 %
Distributor C
23 %22 %
The percentages of accounts receivable trade for customers that represent 10% or more of total accounts receivable trade were as follows:

March 31, 2025December 31, 2024
Distributor A30 %35 %
Distributor B24 %27 %
Distributor C
13 %15 %
Schedule of Allowance for Credit Loss
The following table presents the activity in the allowance for credit losses:
Three Months Ended March 31,
(in millions)20252024
Credit losses at beginning of year$1.4 $2.5 
Provision for expected credit losses0.1 1.2 
Write-offs charged against allowance(0.1)(0.2)
Recoveries of amounts previously reserved— — 
Credit losses at the end of period
$1.4 $3.5 
v3.25.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories were comprised of the following:
(in millions)March 31, 2025December 31, 2024
Raw materials$163.7 $156.7 
Work in process62.2 81.2 
Finished goods214.9 192.5 
    Total inventories$440.8 $430.4 
v3.25.1
Cloud Computing Costs (Tables)
 3 Months Ended
Mar. 31, 2025
Research and Development [Abstract]  
Schedule of Capitalized Could Computing Costs
Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows: 
(in millions)March 31, 2025December 31, 2024
Short-term portion$32.7 $31.7 
Long-term portion140.0 135.3 
Total capitalized implementation costs172.7 167.0 
Less: accumulated amortization(70.0)(62.4)
Capitalized implementation costs, net$102.7 $104.6 
v3.25.1
Goodwill and Other Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Components of Intangible Assets
The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows:
March 31, 2025December 31, 2024
(in millions)
Gross
Carrying Amount		Accumulated AmortizationNet
Book Value		Gross
Carrying Amount		Accumulated AmortizationNet
Book Value
Customer relationships$43.1 $(34.1)$9.0 $43.1 $(33.5)$9.6 
Internal-use software56.1 (16.2)39.9 52.4 (15.6)36.8 
Developed technology27.4 (5.4)22.0 27.4 (4.9)22.5 
Patents36.2 (7.3)28.9 36.2 (6.6)29.6 
Total intangible assets$162.8 $(63.0)$99.8 $159.1 $(60.6)$98.5 
v3.25.1
Accrued Expenses and Other Current Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Components of Accrued Expenses and Other Current Liabilities
The components of accrued expenses and other current liabilities were as follows:
(in millions)March 31, 2025December 31, 2024
Accrued rebates$162.7 $148.3 
Employee compensation and related costs89.5 142.8 
Professional and consulting services42.1 51.6 
Other84.3 81.1 
Accrued expenses and other current liabilities$378.6 $423.8 
Schedule of Reconciliation of Changes in Product Warranty Liability
Reconciliations of the changes in the Company’s product warranty liability were as follows: 
Three Months Ended March 31,
(in millions)20252024
Product warranty liability at beginning of period$13.9 $10.3 
Warranty expense7.6 5.5 
Warranty fulfillment(5.4)(4.5)
Product warranty liability at the end of period$16.1 $11.3 
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Components of Debt
The components of debt consisted of the following:
March 31, 2025December 31, 2024
(in millions)
Maturity Date
Amount
Amount
Equipment financing
2025$6.7 $8.6 
Mortgage
202560.3 61.0 
Convertible Senior Notes
2026674.8 800.0 
Equipment financing
19.8 17.5 
Equipment financing
202821.9 23.4 
Revolving Credit Facility2030— — 
Term Loan B
2031481.2 482.5 
Senior Unsecured Notes
2033450.0 — 
Unamortized debt discount2025 - 2033(4.4)(5.4)
Debt issuance costs2025 - 2033(14.9)(7.7)
Total debt, net1,695.4 1,379.9 
Less: current portion83.183.8
Total long-term debt, net$1,612.3 $1,296.1 
Schedule of Interest Expense The components of interest expense related to the Convertible Senior Notes for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended March 31,
(in millions)
20252024
Contractual interest expense
$0.8 $0.8 
Amortization of debt issuance costs
0.7 0.7 
  Total interest recognized on the Convertible Notes
$1.5 $1.5 
Schedule of Carrying Amount and Estimated Fair Value of Convertible Debt
At the end of each period, the carrying value of the Company’s debt was comprised of the following:
(in millions)
March 31, 2025December 31, 2024
Convertible Notes$671.1 $794.9 
Term Loan B
475.3 475.1 
Senior Unsecured Notes
440.7 — 
Equipment financings48.2 49.3 
Mortgage60.1 60.6 
  Total debt, net$1,695.4 $1,379.9 
v3.25.1
Financial Instruments and Fair Value (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Disclosed at Fair value on Recurring Basis
The following tables provide a summary of the significant financial instruments that are disclosed at fair value on a recurring basis:
Fair Value Measurements at March 31, 2025
(in millions)Level 1Level 2Level 3Total
Term Loan B(1)
$482.8 $— $— $482.8 
Senior Unsecured Notes (1)
457.4 — — 457.4 
Convertible Senior Notes(2)
— 856.1 — 856.1 
Equipment financings(3)
— — 48.2 48.2 
Mortgage(3)
— — 60.1 60.1 
Total $940.2 $856.1 $108.3 $1,904.6 
Fair Value Measurements at December 31, 2024
(in millions)Level 1Level 2Level 3Total
Term Loan B(1)
$485.8 $— $— $485.8 
Convertible Senior Notes(2)
— 1,018.8 — 1,018.8 
Equipment financings(3)
— — 49.3 49.3 
Mortgage(3)
— — 60.6 60.6 
Total $485.8 $1,018.8 $109.9 $1,614.5 
(1) Fair value was determined using quoted market prices.
(2) Fair value was determined using market prices obtained from third-party pricing sources.
(3) Fair value approximates carrying value and was determined using the cost basis.
Assets Measured at Fair Value on a Recurring Basis
The following tables provide a summary of assets that are measured at fair value on a recurring basis:
Fair Value Measurements at March 31, 2025
(in millions)Level 1Level 2Level 3Total
Cash(1)
$141.2 $— $— $141.2 
Money market mutual funds(1)
1,014.6 — — 1,014.6 
Term deposits(1)
— 127.3 — 127.3 
Interest rate swaps(2)
— 1.4 — 1.4 
Total assets
$1,155.8 $128.7 $— $1,284.5 
Fair Value Measurements at December 31, 2024
(in millions)Level 1Level 2Level 3Total
Cash(1)
$133.4 $— $— $133.4 
Money market mutual funds(1)
820.0 — — 820.0 
Interest rate swaps(2)
— 5.5 — 5.5 
Debt securities(3)
— — 4.7 4.7 
Total assets
$953.4 $5.5 $4.7 $963.6 
(1) Cash and cash equivalents are carried at face amounts, which approximate their fair values.
(2) Fair value represents 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 swaps is included in other assets on the consolidated balance sheets.
(3) Fair value is determined using industry standard valuation models and market-based unobservable inputs, including credit spread and risk free rate ranging from 4.0% to 4.7%.
Schedule of Reconciliation of Changes in Fair Value of Investments
Below is a reconciliation of changes in fair value of our debt and equity investment for the three months ended March 31, 2025.
(in millions)
Debt Securities
Equity Securities
Total
Balance at beginning of period$4.7 $2.8 $7.5 
Provision for credit loss included in selling, general and administrative expenses
(4.7)— (4.7)
Unrealized loss included in other expense, net— (2.8)(2.8)
Balance at the end of period$— $— $— 
v3.25.1
Segment and Geographic Data (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Revenue by Geographic Region Based on Delivery Location
Geographic information about revenue, based on customer location, is as follows:
Three Months Ended March 31,
(in millions)20252024
U.S.$416.6 $326.4 
International152.4 115.3 
Total revenue$569.0 $441.7 
Schedule of Selected Financial Information for the Company’s Single Operating Segment, Including Significant Expenses
The following table presents selected financial information for the Company’s single operating segment, including significant expenses:
Three Months Ended March 31,
(in millions)20252024
Total revenue
$569.0 $441.7 
Materials(1)
78.6 65.5 
Factory conversion(2)
46.3 38.9 
Depreciation and amortization(3)
4.7 6.1 
Other costs of revenue(4)
30.4 24.4 
Cost of revenue160.0 134.9 
Labor(5)
147.1 114.9 
Outside services(6)
67.0 63.1 
Depreciation and amortization
12.9 11.2 
Other operating expenses(7)
93.2 60.7 
Operating income88.8 56.9 
Interest expense, net
1.1 (1.3)
Loss on extinguishment of debt
(39.5)— 
Other expense, net(2.3)(0.7)
Income tax expense
(12.7)(3.4)
Net income$35.4 $51.5 
(1) Consists of raw materials utilized included in cost of revenue.
(2) Consists of manufacturing labor, factory overhead and depreciation of plant and equipment primarily at our Acton manufacturing plant.
(3) Consists of depreciation and amortization included in cost of revenue, except for depreciation of plant and equipment included in factory conversion.
(4) Consists primarily of warranty expense, cost to manufacture Controllers/and Personal Diabetes Managers, provision for inventory reserves, cost of data plans and licensing, and costs to train users.
(5) Consists of labor expenses included in research and development expenses and selling, general and administrative expenses, excluding stock-based compensation expense.
(6) Consists primarily of contract labor and professional and consulting fees.
(7) Consists primarily of advertising expense, license fees, stock-based compensation expense and travel and expenses.
Schedule of Long-lived assets, Net, Excluding Goodwill and Other Intangible Assets by Geographic Area
Geographic information about long-lived assets, net, excluding goodwill and other intangible assets is as follows:
(in millions)March 31, 2025December 31, 2024
U.S.$471.4 $475.9 
Malaysia157.8 159.1 
China76.0 78.5 
Other13.5 9.6 
Total long-lived assets, net$718.7 $723.1 
v3.25.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
Compensation expense related to stock-based awards was recorded as follows:
Three Months Ended March 31,
(in millions)20252024
Cost of revenue$0.2 $0.1 
Research and development expenses2.6 2.1 
Selling, general and administrative expenses15.4 12.0 
Total$18.2 $14.2 
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions The assumptions used in the Monte Carlo model for PSUs granted were:
Risk-free interest rate
4.04 %
Expected stock price volatility 41.7 %
Peer group stock price volatility 45.9 %
Correlation of returns 0.30 
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Weighted-average Number of Common Shares Used in the Computation of Basic and Diluted Earnings Per Share The computation of basic and diluted earnings per share was as follows:
Three Months Ended March 31,
(in millions, except share and per share data)
20252024
Net income
$35.4 $51.5 
    Add back interest expense, net of tax
1.8 2.6 
Net income, diluted
$37.2 $54.1 
Weighted average number of common shares outstanding, basic (in thousands)70,272 69,957 
Convertible Notes
3,479 3,528 
Restricted stock units
231 82 
Stock options
129 174 
Weighted average number of common shares outstanding, diluted (in thousands)
74,111 73,741 
Earnings per share
    Basic
$0.50 $0.74 
    Diluted
$0.50 $0.73 
Schedule of Antidilutive Securities
The number of common share equivalents excluded from the computation of diluted earnings per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows:
Three Months Ended March 31,
 (in thousands)
20252024
Restricted stock units
422 459 
Stock options
138 213 
Total560 672 
v3.25.1
Accumulated Other Comprehensive Income (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income, Net of Tax
Changes in the components of accumulated other comprehensive income (loss), net of tax, were as follows:
Three Months Ended March 31, 2025
(in millions)Foreign Currency Translation Adjustment
Unrealized Loss on Securities
Unrealized Gain on Cash Flow Hedges
Accumulated Other Comprehensive Loss
Balance at beginning of period$(22.3)$(0.3)$9.4 $(13.2)
Other comprehensive income (loss) before reclassifications (1)
10.3 — (8.4)1.9 
Amounts reclassified to net income (1)
— — 5.3 5.3 
Balance at the end of period$(12.0)$(0.3)$6.3 $(6.0)
Three Months Ended March 31, 2024
(in millions)Foreign Currency Translation Adjustment
Unrealized Loss on Securities
Unrealized Gain on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period$(14.5)$(0.3)$22.8 $8.0 
Other comprehensive income (loss) before reclassifications
(6.6)— (8.5)(15.1)
Amounts reclassified to net income— — 6.6 6.6 
Balance at the end of period$(21.1)$(0.3)$20.9 $(0.5)
(1) Tax benefit on cash flow hedges in other comprehensive income (loss) before reclassification for the three months ended March 31, 2025 was $0.9 million. There was no tax impact for the three months ended March 31, 2024. Additionally, there is no income tax impact on currency translation adjustments.
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reclassification [Line Items]    
Selling, general and administrative expenses $ 260.6 $ 199.7
Advertising expense 19.2 9.5
Shipping and Handling    
Reclassification [Line Items]    
Selling, general and administrative expenses $ 4.6 $ 3.4
v3.25.1
Revenue and Contract Acquisition Costs - Schedule of Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Total revenue $ 569.0 $ 441.7
Total Omnipod products    
Disaggregation of Revenue [Line Items]    
Total revenue 554.1 433.0
U.S.    
Disaggregation of Revenue [Line Items]    
Total revenue 401.7 317.7
International    
Disaggregation of Revenue [Line Items]    
Total revenue 152.4 115.3
Drug Delivery    
Disaggregation of Revenue [Line Items]    
Total revenue $ 14.9 $ 8.7
v3.25.1
Revenue and Contract Acquisition Costs - Schedule of Revenue from Major Customers - Concentration Risk (Details) - Customer Concentration Risk - Sales Revenue
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Distributor A    
Concentration Risk [Line Items]    
Percentage of concentration risk 25.00% 25.00%
Distributor B    
Concentration Risk [Line Items]    
Percentage of concentration risk 24.00% 31.00%
Distributor C    
Concentration Risk [Line Items]    
Percentage of concentration risk 23.00% 22.00%
v3.25.1
Revenue and Contract Acquisition Costs - Schedule of Deferred Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]      
Accrued expenses and other current liabilities $ 15.4   $ 12.0
Other liabilities 0.7   2.0
Total deferred revenue 16.1   $ 14.0
Deferred revenue recognized $ 5.6 $ 3.1  
v3.25.1
Revenue and Contract Acquisition Costs - Schedule of Contract Acquisition Costs (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Prepaid expenses and other current assets $ 21.4 $ 20.1
Other assets 43.7 40.8
Total capitalized contract acquisition costs, net $ 65.1 $ 60.9
v3.25.1
Revenue and Contract Acquisition Costs - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Amortization of capitalized commission costs $ 5.1 $ 4.2
v3.25.1
Accounts Receivable, Net - Schedule of Account Receivable (Details) - Nonrelated Party - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, net $ 283.1 $ 252.5
Unbilled receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, net 11.3 9.7
Accounts receivable trade, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, net $ 271.8 $ 242.8
v3.25.1
Accounts Receivable, Net - Schedule of Net Accounts Receivable Trade from Major Customers (Details) - Accounts and Unbilled Receivables - Customer Concentration Risk
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Distributor A    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage of concentration risk 30.00% 35.00%
Distributor B    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage of concentration risk 24.00% 27.00%
Distributor C    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage of concentration risk 13.00% 15.00%
v3.25.1
Accounts Receivable, Net - Summary of Allowance For Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Credit losses at beginning of year $ 1.4 $ 2.5
Provision for expected credit losses 0.1 1.2
Write-offs charged against allowance (0.1) (0.2)
Recoveries of amounts previously reserved 0.0 0.0
Credit losses at the end of period $ 1.4 $ 3.5
v3.25.1
Accounts Receivable, Net - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Receivables [Abstract]    
Accounts receivable, receivables pledged as collateral $ 14.8 $ 12.2
secured borrowings $ 14.8 $ 12.2
v3.25.1
Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 163.7 $ 156.7
Work in process 62.2 81.2
Finished goods 214.9 192.5
Total inventories $ 440.8 $ 430.4
v3.25.1
Cloud Computing Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Research and Development [Abstract]      
Short-term portion $ 32.7   $ 31.7
Long-term portion 140.0   135.3
Total capitalized implementation costs 172.7   167.0
Less: accumulated amortization (70.0)   (62.4)
Capitalized implementation costs, net 102.7   $ 104.6
Capitalized implementation costs, amortization $ 7.6 $ 6.1  
v3.25.1
Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill $ 51.5   $ 51.5
Amortization of intangible assets $ 2.4 $ 2.4  
v3.25.1
Goodwill and Other Intangible Assets, Net - Components of Other Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 162.8 $ 159.1
Accumulated Amortization (63.0) (60.6)
Net Book Value 99.8 98.5
Customer relationships    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 43.1 43.1
Accumulated Amortization (34.1) (33.5)
Net Book Value 9.0 9.6
Internal-use software    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 56.1 52.4
Accumulated Amortization (16.2) (15.6)
Net Book Value 39.9 36.8
Developed technology    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 27.4 27.4
Accumulated Amortization (5.4) (4.9)
Net Book Value 22.0 22.5
Patents    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 36.2 36.2
Accumulated Amortization (7.3) (6.6)
Net Book Value $ 28.9 $ 29.6
v3.25.1
Investments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Equity securities without readily determinable fair value $ 19.1 $ 21.9
Fair value, impairment loss, cumulative amount (2.8)  
Debt securities, available-for-sale, amortized cost 5.0 5.0
Unfunded Loan Commitment    
Debt Securities, Available-for-sale [Line Items]    
Provision for loan, lease, and other losses (4.7)  
Level 2 | Fair Value, Nonrecurring    
Debt Securities, Available-for-sale [Line Items]    
Cumulative gains on investments in equity securities without readily determinable fair values $ 0.8 $ 0.8
v3.25.1
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - Nonrelated Party - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Accrued rebates $ 162.7 $ 148.3
Employee compensation and related costs 89.5 142.8
Professional and consulting services 42.1 51.6
Other 84.3 81.1
Accrued expenses and other current liabilities $ 378.6 $ 423.8
v3.25.1
Accrued Expenses and Other Current Liabilities - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
United States and Europe  
Product Warranty Liability [Line Items]  
Product warranty term for PDMs (in years) 4 years
CANADA  
Product Warranty Liability [Line Items]  
Product warranty term for PDMs (in years) 5 years
v3.25.1
Accrued Expenses and Other Current Liabilities - Product Warranty Liability (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]    
Product warranty liability at beginning of period $ 13.9 $ 10.3
Warranty expense 7.6 5.5
Warranty fulfillment (5.4) (4.5)
Product warranty liability at the end of period $ 16.1 $ 11.3
v3.25.1
Debt - Narrative (Details)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2025
USD ($)
shares
Mar. 31, 2025
USD ($)
loans
$ / shares
$ / option
Mar. 31, 2025
USD ($)
day
loans
$ / shares
$ / option
shares
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]            
Number of loans | loans   2 2      
Repayment of convertible debt     $ 163.9 $ 0.0    
Loss on extinguishment of debt     39.5 $ 0.0    
Series A Preferred Stock            
Debt Instrument [Line Items]            
Repurchase amount   $ 124.5 124.5      
Net proceeds     440.7      
Subsequent Event | Series A Preferred Stock            
Debt Instrument [Line Items]            
Repurchase amount $ 293.2          
Secured Debt | Revolving Credit Facility expires 2028            
Debt Instrument [Line Items]            
Credit facility, borrowing capacity   $ 500.0 $ 500.0      
Equipment financing | Secured Debt            
Debt Instrument [Line Items]            
Debt instrument, face amount         $ 24.0  
Debt instrument, term         36 months  
Convertible Senior Notes | Secured Debt            
Debt Instrument [Line Items]            
Debt instrument stated percentage   0.375% 0.375%      
Convertible Senior Notes | Convertible Debt            
Debt Instrument [Line Items]            
Debt instrument stated percentage   0.375% 0.375%      
Debt instrument, interest rate, effective percentage   0.76% 0.76%      
Debt unamortized issuance costs   $ (3.7) $ (3.7)     $ (5.1)
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 $ 167.95      
Number of capped shares (in shares) | shares     3.5      
Repurchased face amount   $ 125.2 $ 125.2      
Repayment of convertible debt   162.5        
Loss on extinguishment of debt   39.5        
Proceeds from settlement of capped calls options   $ 23.1        
Convertible Senior Notes | Convertible Debt | Subsequent Event            
Debt Instrument [Line Items]            
Debt instrument, face amount $ 380.0          
Number of capped shares (in shares) | shares 1.7          
Repurchased face amount $ 294.8          
Repayment of convertible debt 377.6          
Loss on extinguishment of debt 84.4          
Proceeds from settlement of capped calls options $ 52.6          
Convertible Senior Notes | Convertible Debt | Price Risk Derivative            
Debt Instrument [Line Items]            
Initial strike price (in dollars per share) | $ / option   335.90 335.90      
Premium percentage over last reported sale price   100.00% 100.00%      
Convertible Senior Notes | Convertible Debt | Before September 6, 2023            
Debt Instrument [Line Items]            
Conversion price (in dollars per share) | $ / shares   $ 226.73 $ 226.73      
Convertible Senior Notes | Convertible Debt | On or after September 6, 2023            
Debt Instrument [Line Items]            
Conversion price (in dollars per share) | $ / shares   $ 294.75 $ 294.75      
Threshold trading days | day     20      
Threshold consecutive trading days | day     30      
Senior Unsecured Notes | Secured Debt            
Debt Instrument [Line Items]            
Debt instrument, face amount   $ 450.0 $ 450.0      
Debt instrument stated percentage   6.50% 6.50%      
Debt instrument, interest rate, effective percentage   6.84% 6.84%      
v3.25.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Unamortized debt discount $ (4.4) $ (5.4)
Debt issuance costs (14.9) (7.7)
Total debt, net 1,695.4 1,379.9
Less: current portion 83.1 83.8
Total long-term debt, net 1,612.3 1,296.1
Revolving Credit Facility expires 2028    
Debt Instrument [Line Items]    
Long-term debt, gross 0.0 0.0
Equipment Financing Due November 2025 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross 6.7 8.6
Mortgage | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross 60.3 61.0
Convertible Senior Notes | Convertible Debt    
Debt Instrument [Line Items]    
Long-term debt, gross 674.8 800.0
Equipment financing | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross 19.8 17.5
Equipment financing 2028 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross 21.9 23.4
Term Loan B | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross 481.2 482.5
Senior Unsecured Notes | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 450.0 $ 0.0
v3.25.1
Debt - Components of Interest Expense (Details) - Convertible Senior Notes - Convertible Debt - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt Instrument [Line Items]    
Contractual interest expense $ 0.8 $ 0.8
Amortization of debt issuance costs 0.7 0.7
Total interest recognized on the Convertible Notes $ 1.5 $ 1.5
v3.25.1
Debt - Schedule of Carrying Amount and Estimated Fair Value of Convertible Debt (Details) - Level 2 - Reported Value Measurement - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument fair value $ 1,695.4 $ 1,379.9
Convertible Notes | Convertible Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument fair value 671.1 794.9
Term Loan B | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument fair value 475.3 475.1
Senior Unsecured Notes | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument fair value 440.7 0.0
Equipment financings | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument fair value 48.2 49.3
Mortgage | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument fair value $ 60.1 $ 60.6
v3.25.1
Financial Instruments and Fair Value - Schedule of Financial Instruments Disclosed at Fair Value (Details) - Recurring fair value measurements - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total $ 1,904.6 $ 1,614.5
Term Loan B | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 482.8 485.8
Senior Unsecured Notes | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 457.4  
Convertible Notes | Convertible Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 856.1 1,018.8
Equipment financings | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 48.2 49.3
Mortgage | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 60.1 60.6
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 940.2 485.8
Level 1 | Term Loan B | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 482.8 485.8
Level 1 | Senior Unsecured Notes | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 457.4  
Level 1 | Convertible Notes | Convertible Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 1 | Equipment financings | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 1 | Mortgage | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 856.1 1,018.8
Level 2 | Term Loan B | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 2 | Senior Unsecured Notes | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0  
Level 2 | Convertible Notes | Convertible Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 856.1 1,018.8
Level 2 | Equipment financings | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 2 | Mortgage | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 108.3 109.9
Level 3 | Term Loan B | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 3 | Senior Unsecured Notes | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0  
Level 3 | Convertible Notes | Convertible Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 3 | Equipment financings | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 48.2 49.3
Level 3 | Mortgage | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value $ 60.1 $ 60.6
v3.25.1
Financial Instruments and Fair Value - Schedule of Assets and Liabilities Measured at Fair Value Recurring Basis (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets (includes $1.4 and $10.2 at fair value) Other assets (includes $1.4 and $10.2 at fair value)
Measurement Input, Risk Free Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets   $ 963.6
Measurement Input, Risk Free Interest Rate | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input   0.040
Measurement Input, Risk Free Interest Rate | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input   0.047
Level 1 | Measurement Input, Risk Free Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets   $ 953.4
Level 2 | Measurement Input, Risk Free Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets   5.5
Level 3 | Measurement Input, Risk Free Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets   4.7
Recurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swaps $ 1.4 5.5
Debt securities   4.7
Total assets 1,284.5  
Recurring fair value measurements | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swaps 0.0 0.0
Debt securities   0.0
Total assets 1,155.8  
Recurring fair value measurements | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swaps 1.4 5.5
Debt securities   0.0
Total assets 128.7  
Recurring fair value measurements | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swaps 0.0 0.0
Debt securities   4.7
Total assets 0.0  
Cash | Recurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 141.2 133.4
Cash | Recurring fair value measurements | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 141.2 133.4
Cash | Recurring fair value measurements | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 0.0 0.0
Cash | Recurring fair value measurements | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 0.0 0.0
Money market mutual funds | Recurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 1,014.6 820.0
Money market mutual funds | Recurring fair value measurements | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 1,014.6 820.0
Money market mutual funds | Recurring fair value measurements | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 0.0 0.0
Money market mutual funds | Recurring fair value measurements | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 0.0 $ 0.0
Term deposits | Recurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 127.3  
Term deposits | Recurring fair value measurements | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 0.0  
Term deposits | Recurring fair value measurements | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 127.3  
Term deposits | Recurring fair value measurements | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value $ 0.0  
v3.25.1
Financial Instruments and Fair Value - Additional Information (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Gain (Loss) on Securities [Line Items]  
Fair value, impairment loss, cumulative amount $ (2.8)
Level 3 | Recurring fair value measurements  
Gain (Loss) on Securities [Line Items]  
Fair value, impairment loss, cumulative amount $ (4.7)
v3.25.1
Financial Instruments and Fair Value - Schedule of Reconciliation of Changes in Fair Value of investments (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Balance at beginning of period $ 7.5
Provision for credit loss included in selling, general and administrative expenses (4.7)
Unrealized loss included in other expense, net (2.8)
Balance at the end of period 0.0
Debt Securities  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Balance at beginning of period 4.7
Provision for credit loss included in selling, general and administrative expenses (4.7)
Unrealized loss included in other expense, net 0.0
Balance at the end of period 0.0
Equity Securities  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Balance at beginning of period 2.8
Provision for credit loss included in selling, general and administrative expenses 0.0
Unrealized loss included in other expense, net (2.8)
Balance at the end of period $ 0.0
v3.25.1
Derivative Instruments (Details) - Interest Rate Swap - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Apr. 30, 2025
Derivative [Line Items]    
Variable interest rate (in percent) 0.95%  
Fixed interest rate (in percent) 0.96%  
Notional amount $ 480.0  
Cash flow hedge gains to be reclassified within 12 months $ 1.4  
Subsequent Event    
Derivative [Line Items]    
Fixed interest rate (in percent)   3.47%
Notional amount   $ 460.0
v3.25.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Apr. 24, 2025
Dec. 03, 2024
Subsequent Event    
Loss Contingencies [Line Items]    
Litigation settlement, amount awarded from other party $ 59.4  
Insulet Corporation vs. EOFLOW Co., Ltd.    
Loss Contingencies [Line Items]    
Litigation settlement, amount awarded from other party   $ 452.0
Insulet Corporation vs. EOFLOW Co., Ltd., Compensatory Damages    
Loss Contingencies [Line Items]    
Litigation settlement, amount awarded from other party   170.0
Insulet Corporation vs. EOFLOW Co., Ltd., Exemplary Damages    
Loss Contingencies [Line Items]    
Litigation settlement, amount awarded from other party   $ 282.0
v3.25.1
Segment and Geographic Data - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.1
Segment and Geographic Data - Revenue by Geographic Location (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Revenue $ 569.0 $ 441.7
U.S.    
Segment Reporting Information [Line Items]    
Revenue 416.6 326.4
International    
Segment Reporting Information [Line Items]    
Revenue $ 152.4 $ 115.3
v3.25.1
Segment and Geographic Data - Financial Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
segment
Mar. 31, 2024
USD ($)
Segment Reporting [Abstract]    
Number of operating segments (in segments) | segment 1  
Segment Reporting Information [Line Items]    
Total revenue $ 569.0 $ 441.7
Cost of revenue 160.0 134.9
Depreciation and amortization 21.7 18.8
Operating income 88.8 56.9
Loss on extinguishment of debt (39.5) 0.0
Other expense, net (2.3) (0.7)
Income tax expense (12.7) (3.4)
Net income 35.4 51.5
Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 569.0 441.7
Materials 78.6 65.5
Factory conversion 46.3 38.9
Depreciation and amortization 4.7 6.1
Other costs of revenue 30.4 24.4
Cost of revenue 160.0 134.9
Labor 147.1 114.9
Outside services 67.0 63.1
Depreciation and amortization 12.9 11.2
Other operating expenses 93.2 60.7
Operating income 88.8 56.9
Interest expense 1.1 (1.3)
Loss on extinguishment of debt (39.5) 0.0
Other expense, net (2.3) (0.7)
Income tax expense (12.7) (3.4)
Net income $ 35.4 $ 51.5
v3.25.1
Segment and Geographic Data - Long-lived Assets by Geographical Location (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Total long-lived assets, net $ 718.7 $ 723.1
U.S.    
Segment Reporting Information [Line Items]    
Total long-lived assets, net 471.4 475.9
Malaysia    
Segment Reporting Information [Line Items]    
Total long-lived assets, net 157.8 159.1
China    
Segment Reporting Information [Line Items]    
Total long-lived assets, net 76.0 78.5
Other    
Segment Reporting Information [Line Items]    
Total long-lived assets, net $ 13.5 $ 9.6
v3.25.1
Equity - Schedule of Equity (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 18.2 $ 14.2
Cost of revenue    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 0.2 0.1
Research and development expenses    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 2.6 2.1
Selling, general and administrative expenses    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 15.4 $ 12.0
v3.25.1
Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended
Feb. 28, 2025
Mar. 31, 2025
Dec. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Common stock, shares held in employee trust, shares   735  
Deferred compensation trust assets     $ 0
Share repurchase program, authorized   $ 125,000  
Performance Shares      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Granted performance stock units (in shares) 89,393    
Granted (in dollars per share) $ 283.91    
Vesting period   3 years  
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 250.00%    
v3.25.1
Equity - Schedule of Equity (Details) - Performance Shares
 3 Months Ended
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Risk-free interest rate 4.04%
Expected stock price volatility 41.70%
Peer group stock price volatility 45.90%
Correlation of returns 30.00%
v3.25.1
Income Taxes (Details)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Effective tax rate (in percent) 26.40% 6.20%
v3.25.1
Earnings Per Share - Schedule of Net Income Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Net income $ 35.4 $ 51.5
Add back interest expense, net of tax 1.8 2.6
Net income, diluted $ 37.2 $ 54.1
Weighted average number of common shares outstanding, basic (in shares) 70,272 69,957
Convertible Notes (in shares) 3,479 3,528
Weighted average number of common shares outstanding, diluted (in shares) 74,111 73,741
Earnings per share    
Earnings per share - Basic (in dollars per share) $ 0.50 $ 0.74
Earnings per share - Diluted (in dollars per share) $ 0.50 $ 0.73
Restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Effect of dilutive securities (in shares) 231 82
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Effect of dilutive securities (in shares) 129 174
v3.25.1
Earnings Per Share - Potential Common Shares Excluded from Computation of Diluted Net Income Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share (in shares) 560 672
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) 422 459
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share (in shares) 138 213
v3.25.1
Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period $ 1,211.6 $ 732.7
Other comprehensive income (loss) before reclassifications 1.9 (15.1)
Amounts reclassified to net income 5.3 6.6
Balance at the end of period 1,330.7 790.7
Other comprehensive income before reclassification (0.9) 0.0
Accumulated Other Comprehensive Loss    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (13.2) 8.0
Balance at the end of period (6.0) (0.5)
Foreign Currency Translation Adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (22.3) (14.5)
Other comprehensive income (loss) before reclassifications 10.3 (6.6)
Amounts reclassified to net income 0.0 0.0
Balance at the end of period (12.0) (21.1)
Unrealized Loss on Securities    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (0.3) (0.3)
Other comprehensive income (loss) before reclassifications 0.0 0.0
Amounts reclassified to net income 0.0 0.0
Balance at the end of period (0.3) (0.3)
Unrealized Gain on Cash Flow Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period 9.4 22.8
Other comprehensive income (loss) before reclassifications (8.4) (8.5)
Amounts reclassified to net income 5.3 6.6
Balance at the end of period $ 6.3 $ 20.9