INSULET CORP, 10-K filed on 2/21/2025
Annual Report
v3.25.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 13, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2024    
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    
Title of 12(b) Security Common Stock, $0.001 Par Value Per Share    
Trading Symbol PODD    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 14.1
Entity Common Stock, Shares Outstanding   70,226,104  
Documents Incorporated by Reference
The registrant intends to file a proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2024. Portions of such proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001145197    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 248
Auditor Name GRANT THORNTON LLP
Auditor Location Boston, Massachusetts
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 953.4 $ 704.2
Inventories 430.4 402.6
Prepaid expenses and other current assets 142.0 116.4
Total current assets 1,891.3 1,582.9
Property, plant and equipment, net 723.1 664.9
Other intangible assets, net 98.5 98.7
Goodwill 51.5 51.7
Deferred tax assets 141.8 1.8
Other assets (includes $10.2 and $31.3 at fair value) 181.5 188.2
Total assets 3,087.7 2,588.2
Current Liabilities    
Accounts payable 19.8 19.2
Current portion of long-term debt 83.8 49.4
Total current liabilities 528.4 451.2
Long-term debt, net 1,296.1 1,366.4
Other liabilities 51.6 37.9
Total liabilities 1,876.1 1,855.5
Commitments and contingencies (Note 18)
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; 70,196,031 and 69,907,289 issued and outstanding 0.1 0.1
Additional paid-in capital 1,184.4 1,102.6
Accumulated earnings (deficit) 40.3 (378.0)
Accumulated other comprehensive (loss) income (13.2) 8.0
Total stockholders’ equity 1,211.6 732.7
Total liabilities and stockholders’ equity 3,087.7 2,588.2
Nonrelated Party    
Current Assets    
Accounts receivable, net 252.5 240.2
Current Liabilities    
Accrued expenses and other current liabilities 423.8 373.7
Related Party    
Current Assets    
Accounts receivable, net 113.0 119.5
Current Liabilities    
Accrued expenses and other current liabilities $ 1.0 $ 8.9
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Other assets, at fair value $ 10.2 $ 31.3
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) 70,196,031 69,907,289
Common stock, outstanding (in shares) 70,196,031 69,907,289
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue $ 2,071.6 $ 1,697.1 $ 1,305.3
Cost of revenue 625.9 537.2 499.7
Gross profit 1,445.7 1,159.9 805.6
Research and development expenses 219.6 205.0 180.2
Selling, general and administrative expenses 917.2 734.9 587.8
Operating income 308.9 220.0 37.6
Interest expense, net of portion capitalized (Note 9) (42.7) (36.2) (36.0)
Interest income 39.5 28.6 9.3
Other (expense) income, net (5.5) 2.2 (1.1)
Income before income taxes 300.2 214.6 9.8
Income tax benefit (expense) 118.1 (8.3) (5.2)
Net income $ 418.3 $ 206.3 $ 4.6
Net income per share:      
Basic (in dollars per share) $ 5.97 $ 2.96 $ 0.07
Diluted (in dollars per share) $ 5.78 $ 2.94 $ 0.07
Weighted-average number of common shares outstanding (in thousands):      
Basic (in shares) 70,076 69,751 69,375
Diluted (in shares) 73,890 73,633 69,910
Nonrelated Party      
Revenue $ 1,483.8 $ 1,223.4 $ 1,055.4
Related Party      
Revenue $ 587.8 $ 473.7 $ 249.9
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 418.3 $ 206.3 $ 4.6
Other comprehensive (loss) income, net of tax      
Foreign currency translation adjustment (7.8) 2.5 (10.3)
Unrealized (loss) gain on cash flow hedges (13.4) (14.2) 32.5
Unrealized loss on securities 0.0 (0.3) 0.0
Other comprehensive (loss) income, net of tax (21.2) (12.0) 22.2
Comprehensive income $ 397.1 $ 194.3 $ 26.8
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjustment
Accumulated (Deficit) Earnings
Accumulated (Deficit) Earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2021     69,179,000          
Beginning balance at Dec. 31, 2021 $ 556.3   $ 0.1 $ 1,207.9   $ (649.5)   $ (2.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of options to purchase common stock (in shares)     147,000          
Exercise of options to purchase common stock 6.9     6.9        
Issuance of shares for employee stock purchase plan (in shares)     53,000          
Issuance of shares for employee stock purchase plan 9.4     9.4        
Stock-based compensation expense 40.9     40.9        
Restricted stock units vested, net of shares withheld for taxes (in shares)     132,000          
Restricted stock units vested, net of shares withheld for taxes (16.8)     (16.8)        
Net income 4.6         4.6    
Other comprehensive income 22.2             22.2
Ending balance (in shares) at Dec. 31, 2022     69,511,000          
Ending balance at Dec. 31, 2022 $ 476.4 $ (147.1) $ 0.1 1,040.6 $ (207.7) (584.3) $ 60.6 20.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2020-06              
Exercise of options to purchase common stock (in shares)     249,000          
Exercise of options to purchase common stock $ 16.3     16.3        
Issuance of shares for employee stock purchase plan (in shares)     55,000          
Issuance of shares for employee stock purchase plan 10.6     10.6        
Stock-based compensation expense 48.3     48.3        
Restricted stock units vested, net of shares withheld for taxes (in shares)     92,000          
Restricted stock units vested, net of shares withheld for taxes (13.2)     (13.2)        
Net income 206.3         206.3    
Other comprehensive income $ (12.0)             (12.0)
Ending balance (in shares) at Dec. 31, 2023 69,907,289   69,907,000          
Ending balance at Dec. 31, 2023 $ 732.7   $ 0.1 1,102.6   (378.0)   8.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of options to purchase common stock (in shares) 127,125   127,000          
Exercise of options to purchase common stock $ 8.2     8.2        
Issuance of shares for employee stock purchase plan (in shares)     78,000          
Issuance of shares for employee stock purchase plan 11.9     11.9        
Stock-based compensation expense 69.3     69.3        
Restricted stock units vested, net of shares withheld for taxes (in shares)     84,000          
Restricted stock units vested, net of shares withheld for taxes (7.6)     (7.6)        
Net income 418.3         418.3    
Other comprehensive income $ (21.2)             (21.2)
Ending balance (in shares) at Dec. 31, 2024 70,196,031   70,196,000          
Ending balance at Dec. 31, 2024 $ 1,211.6   $ 0.1 $ 1,184.4   $ 40.3   $ (13.2)
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 418.3 $ 206.3 $ 4.6
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 80.8 72.8 63.2
Stock-based compensation expense 69.3 48.3 40.9
Deferred income taxes (136.9) 0.5 (1.0)
Non-cash interest expense 7.3 6.7 5.8
Provision for credit losses (0.2) 2.3 4.2
Unrealized loss (gain) on investments 3.8 (2.6) 0.0
Other 4.9 2.0 3.8
Changes in operating assets and liabilities:      
Inventories (32.4) (53.6) (49.1)
Prepaid expenses and other assets (21.9) (42.1) (36.8)
Accounts payable 2.2 (11.0) (2.4)
Net cash provided by operating activities 430.3 145.7 119.0
Cash flows from investing activities      
Capital expenditures (124.9) (75.6) (122.9)
Investments in developed software (9.1) (8.5) (12.9)
Cash paid for investments (12.2) (7.2) (7.8)
Acquisition of other intangible assets 0.0 (25.1) (21.5)
Acquisition of a business 0.0 (3.0) (26.0)
Net cash used in investing activities (146.2) (119.4) (191.1)
Cash flows from financing activities      
Proceeds from issuance of term loan, net of issuance costs 130.0 0.0 0.0
Repayment of term loan (137.2) (5.0) (5.0)
Repayment of equipment financings (19.0) (19.8) (17.4)
Financing lease payments (22.7) 0.0 (15.3)
Repayment of mortgage (2.4) (2.2) (2.1)
Proceeds from secured borrowing (Note 6) 45.5 0.0 0.0
Repayment of secured borrowing (Note 6) (34.8) 0.0 0.0
Proceeds from exercise of stock options 8.2 16.3 6.9
Proceeds from issuance of common stock under employee stock purchase plan 11.9 10.6 9.4
Payment of withholding taxes in connection with vesting of restricted stock units (7.6) (13.2) (16.8)
Other 0.0 (0.3) 0.0
Net cash used in financing activities (28.1) (13.6) (40.3)
Effect of exchange rate changes on cash (6.8) 1.8 (4.3)
Net increase (decrease) in cash, cash equivalents, and restricted cash 249.2 14.5 (116.7)
Cash, cash equivalents, and restricted cash, beginning of year 704.2 689.7 806.4
Cash, cash equivalents, and restricted cash, end of year 953.4 704.2 689.7
Nonrelated Party      
Changes in operating assets and liabilities:      
Accounts receivable (16.9) (99.4) (12.9)
Accrued expenses and other liabilities 53.4 73.8 133.9
Related Party      
Changes in operating assets and liabilities:      
Accounts receivable 6.5 (54.8) (38.9)
Accrued expenses and other liabilities $ (7.9) $ (3.5) $ 3.7
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Nature of the Business
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of the Business Nature of the Business
Insulet Corporation (the “Company”) is primarily engaged in the development, manufacture, and sale of its proprietary continuous insulin delivery system for people with insulin-dependent diabetes. The Company generates most of its revenue from sales of its Omnipod products. The Omnipod platform includes: Omnipod® 5 and its predecessors Omnipod DASH and Classic Omnipod. Each product features a small, lightweight, self-adhesive disposable tubeless Omnipod device (“Pod”) that the user fills with insulin and wears directly on the body for up to three days at a time, which delivers personalized doses of insulin and eliminates the need for multiple daily injections using syringes or insulin pens or the use of pump and tubing. Omnipod 5, which builds on the Omnipod DASH mobile platform, is a tubeless automated insulin delivery system, that integrates with a continuous glucose monitor (“CGM”) to manage blood sugar and is fully controlled by a compatible personal smartphone or Omnipod 5 Controller. The CGM is sold separately by third parties. Omnipod DASH features a secure Bluetooth enabled Pod that is controlled by a smartphone-like Personal Diabetes Manager (“PDM”) with a color touch screen user interface. Following the launch of Omnipod 5, the Company began phasing-out Classic Omnipod.
The Company’s Omnipod products are currently sold in the United States, Europe, Canada, the Middle East, and Australia either indirectly through intermediaries or directly to end-users. Intermediaries include wholesalers who sell the Company’s product to end-users through the pharmacy channel in the United States and independent distributors who resell Omnipod products to end-users. Substantially all of the Company’s Drug Delivery revenue consists of sales of pods to Amgen for use in the Neulasta® Onpro® kit, a delivery system for Amgen’s Neulasta to help reduce the risk of infection after intense chemotherapy.
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements reflect the consolidated operations of Insulet Corporation and its subsidiaries. The 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.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.
Foreign Currency Translation
The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars using exchange rates as of the balance sheet date, while income and expenses of foreign subsidiaries are translated using the average exchange rates in effect for the related month. The net effect of these translation adjustments is reported in accumulated other comprehensive income (loss) within stockholders’ equity on the consolidated balance sheets. Net realized and unrealized losses from foreign currency transactions are included in other (expense) income, net in the consolidated statements of income and were $2.3 million, $0.4 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Cash and Cash Equivalents
The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase to be cash equivalents. Cash equivalents may include money market mutual funds, commercial paper, and U.S. government and agency bonds, that are carried at cost.
Certain of the Company’s subsidiaries participate in a multi-currency, notional cash pooling arrangement with a third-party bank provider to manage global liquidity requirements. Under this arrangement, cash deposited by participating subsidiaries may be in positive or negative cash positions to the extent the overall balance in the cash pool is at least zero. The net cash balance of the notional cash pooling arrangement is included within cash and cash equivalents in the consolidated balance sheets and was insignificant at both December 31, 2024 and 2023.
Investments
The Company has investments in equity securities of privately held companies, in which the Company’s interest is less than 20%, the Company does not exercise significant influence over the investee, and the investment does not have a readily determinable fair value. 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 investment is measured at its fair value as of the date that the observable transaction occurred with the adjustments reflected in other (expense) income, net in the Company’s consolidated statements of income. Investments in equity securities are recorded within other assets on the consolidated balance sheets.
The Company also has investments in debt securities of privately held companies, which are either classified as available-for-sale securities or for which the Company has elected the fair value option. The available-for-sale securities are recorded at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity on the consolidated balance sheets. The other investment is a debt security that contains embedded derivatives. Unrealized gains and losses for this investment are recorded as a component of other (expense) income, net in the consolidated statements of income. Investments in debt securities are recorded within other assets on the consolidated balance sheets.
The Company may also invest in marketable securities, including term deposits, commercial paper, U.S. government and agency bonds, and corporate bonds, which are classified as available-for-sale and carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity on the consolidated balance sheets. Investments with a stated maturity date of more than one year from the balance sheet date and that are not expected to be used in current operations are classified as long-term investments within other assets on the consolidated balance sheets. The Company reviews investments for other-than-temporary impairment when the fair value of an investment is less than its amortized cost. If an available-for-sale security is other than temporarily impaired, the loss is included in other (expense) income, net in the consolidated statements of income.
Accounts Receivable and Allowance for Credit Losses
Trade accounts receivable consist of amounts due from intermediaries, third-party payors, and customers and are presented at amortized cost. The allowance for credit losses reflects an estimate of losses inherent in the Company’s accounts receivable portfolio determined based on historical experience, specific allowances for known troubled accounts, and other available evidence. Accounts receivable are written off when management determines they are uncollectible.
The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods:
Direct Customer Receivables—The Company measures expected credit losses on direct customer receivables using an aging methodology. The risk of loss for direct customer receivables is higher than other portfolios. The Company relies on third-party payors to accept and timely process claims and on direct consumers to have the ability to pay. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and supportable forecasts.
Distributor Receivables—The Company measures expected credit losses on distributor receivables using an individual reserve methodology. The risk of loss in this portfolio is low based on the Company’s historical experience. The estimate of expected credit losses considers payment history and the financial condition of the distributors.
National Healthcare System Receivables—The Company measures expected credit losses on national healthcare system receivables using an individual reserve methodology. The risk of loss in this portfolio is low based on the Company’s historical experience. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and supportable forecasts.
Inventories
Inventories are stated at the lower of cost or net realizable value, with cost determined under the first-in, first-out method. The Company reduces the carrying value of inventories for those items that are potentially excess, obsolete, or slow-moving based on changes in customer demand, technology developments, or other economic factors in order to state inventories at net realizable value. Factors influencing these adjustments include inventories on hand compared to estimated future usage and sales.
Contract Acquisition Costs
The Company incurs commission costs to obtain a contract related to new customer starts. These costs are capitalized as contract assets in other assets on the consolidated balance sheet, net of the short-term portion included in prepaid expenses and other current assets. Costs to obtain a contract are amortized to selling, general and administrative expense on a straight-line basis over the expected period of benefit, which considers future product upgrades. These costs are periodically reviewed for impairment.
Derivative Instruments
The Company is exposed to certain risks relating to its business operations. Risks that relate to interest rate exposure are managed by using interest rate swaps. The Company recognizes derivative instruments as either assets or liabilities at fair value on the consolidated balance sheet. Changes in a derivative financial instrument’s fair value are recognized in earnings unless specific hedge criteria are met, in which case changes in fair value are recognized as adjustments to other comprehensive income. The Company has designated its interest rate swap contracts as cash flow hedges. Additional information on the Company’s derivative instruments is included in Note 17 and fair values are included in Note 16.
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, and accrued expenses and other current liabilities, are carried at cost, which approximates their fair value because of their short-term maturity.
Property, Plant and Equipment
Property, plant and equipment is stated at cost less accumulated depreciation. Major improvements are capitalized, while routine repairs and maintenance are expensed as incurred. Depreciation for property, plant and equipment, other than land and construction in progress, is based upon the following estimated useful lives using the straight-line method:
Building and building improvements
20 to 39 years
Leasehold improvementsLesser of lease term or useful life of asset
Machinery and equipment
2 to 15 years
Furniture and fixtures
3 to 5 years
The Company assesses the recoverability of assets whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable. The Company recognizes an impairment loss if the carrying amount of a long-lived asset is not recoverable based on its undiscounted future cash flows. The impairment loss is measured as the difference between the carrying amount and the fair value of the asset.
Business Combinations
The Company recognizes the assets and liabilities assumed in business combinations based on their estimated fair values at the date of acquisition. The Company allocates the purchase price in excess of net tangible assets acquired to identifiable intangible assets. The Company assesses the fair value of assets, including intangible assets, using a variety of methods and each asset is measured at fair value from the perspective of a market participant. Assets recorded from the perspective of a market participant that are determined to not have economic use for the Company are expensed immediately. Any excess purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Transaction costs and restructuring costs associated with a business combination are expensed as incurred.
Goodwill and Other Intangible Assets
Goodwill represents the excess of the purchase price of an acquired entity over the amounts assigned to assets and liabilities assumed in a business combination. The Company performs an assessment of its goodwill for impairment annually on October 1 or whenever events or changes in circumstances indicate there might be impairment. Goodwill is evaluated for impairment at the reporting unit level.
The Company may assess its goodwill for impairment initially using a qualitative approach to determine whether conditions exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying value. If management concludes, based on its assessment of relevant events, facts, and circumstances that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis will be performed to determine if there is any impairment. Alternatively, the Company may elect to initially perform a quantitative analysis instead of starting with a qualitative analysis. The Company would record an impairment loss to the extent that the carrying value of the reporting unit’s goodwill exceeds its fair value.
Intangible assets acquired in a business combination are recorded at fair value, while intangible assets purchased or software developed for internal-use are recorded at cost and are stated at cost less accumulated amortization. Intangible assets with finite useful lives are amortized based on the pattern in which the economic benefits of the assets are estimated to be consumed over the following estimated useful lives of the assets:
Customer relationships14 years
Internal-use software
3 to 5 years
Developed technology
13 to 15 years
Patents
8 to 15 years
Amortization expense is included in selling, general and administrative expenses in the consolidated statement of income. The Company reviews intangible assets for impairment by comparing the fair value of the assets, estimated using an income approach, with their carrying value. If the carrying value exceeds the fair value of the intangible asset, the Company recognizes an impairment equal to the difference between the carrying value of the asset and the present value of future cash flows. The Company assesses the remaining useful life and the recoverability of intangible assets whenever events or circumstances indicate that the carrying value of an asset may not be recoverable using undiscounted cash flows.
Cloud Computing Arrangements
Cloud computing arrangements includes services used to support certain internal corporate functions as well as technology platforms that support commercial initiatives. The Company capitalizes costs incurred to implement cloud computing arrangements that are service contracts within other current and non-current assets and amortizes such costs over the expected term of the hosting arrangement using the straight-line method to the same income statement line as the associated cloud operating expenses. The Company assesses the recoverability of capitalized implementation costs in accordance with the policy disclosed under Property, Plant and Equipment.
Leases
The Company determines if an arrangement includes a lease at inception. At lease commencement, the Company recognizes lease liabilities equal to the present value of the future lease payments and lease assets representing the right to use the underlying asset throughout the lease term. The Company uses an incremental borrowing rate based on the information available at lease commencement in determining the present value of lease payments, when the implicit rate is not readily determinable. The Company’s incremental borrowing rate reflects a secured rate that considers the term of the lease, the nature of the underlying asset and the economic environment. Lease terms may include options to extend and/or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Right-of-use assets are calculated as the initial measurement of the lease liability plus lease payments made prior to lease commencement and initial direct costs incurred, less lease incentives received. The Company excludes leases with an expected term of one year or less from recognition on the consolidated balance sheet and does not separate lease and non-lease components.
Loss Contingencies
The Company records a liability on the consolidated balance sheet for loss contingencies when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. Legal costs associated with loss contingencies are expensed as incurred.
Product Warranty
The Company provides a four-year warranty on its Controllers and PDMs Controllers sold in the United States and Europe and a five-year warranty on PDMs sold in Canada and may replace Pods that do not function in accordance with product specifications. The Company estimates its warranty obligation at the time the product is shipped based on historical experience and the estimated cost to service the claims. Costs to service the claims reflect 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.
Revenue Recognition
The Company generates revenue from the sale of its Controller/PDM and Pods. We generally recognize revenue when control is transferred to our customers in an amount that reflects the net consideration to which we expect to be entitled. In determining how revenue should be recognized, a five-step process is used, which includes identifying performance obligations in the contract, determining whether the performance obligations are separate, allocating the transaction price to each separate performance obligation, estimating the amount of variable consideration to include in the transaction price, and determining the timing of revenue recognition for separate performance obligations.
•Contracts and Performance Obligations. The Company generally considers customer purchase orders, which in most cases are governed by agreements with distributors or third-party payors, to be contracts with a customer. The Company considers the obligation to transfer the Controller/PDM, the initial and subsequent quantity of Pods ordered, and product training, each of which are distinct, to be separate performance obligations.
•Transaction Price. Transaction price for the Controller/PDM and Pods reflects the net consideration to which the Company expects to be entitled. The prices charged depend on the Company’s pricing as established with third-party payors and intermediaries. Variable consideration is estimated at the outset of the contract and includes, but is not limited to reductions for: consideration payable to customers, such as rebates, chargebacks, and administrative fees paid to distributors; product returns provision; prompt payment discounts; and various other promotional or incentive arrangements. If a contract contains more than one performance obligation, the transaction price is allocated to each performance obligation based on relative standalone selling price.
•Rebates. The Company is subject to rebates on pricing programs with managed care organizations, such as pharmacy benefit managers, governmental and third-party commercial payors, primarily in the United States. The Company estimates provisions for rebates primarily based on historical experience, revenue growth, distribution channel lag, and known events or trends.
•Chargebacks. The Company participates in chargeback programs in the United States, under which pricing on products below negotiated list prices is provided to participating entities. Distributors selling to participating entities receive a chargeback equal to the difference between their acquisition cost and the lower negotiated price. The Company estimates provisions for chargebacks primarily based on historical experience on a program basis and current contract prices.
•Administrative fees paid to distributors. The Company pays administrative fees to certain distributors, which is generally based on a fixed percentage multiplied by either gross purchases from Insulet or gross sales of Insulet products sold by the distributor. These fees are not in exchange for a distinct good or service and therefore are recognized as a reduction of the transaction price. The Company accrues for these fees based on gross sales and contractual fee rates negotiated with the customer.
•Product Returns. The Company estimates product returns provision primarily based on historical experience by applying a historical return rate to the amounts of revenue estimated to be subject to returns. Additionally, the Company considers other specific factors such as the estimated shelf life of inventory in the distribution channel and changes to customer terms.
•Discounts. The Company provides customers with prompt payment discounts, which may result in adjustments to the price that is invoiced for the product transferred, in the case that payments are made within a defined period. The Company estimates prompt payment discount accruals based on actual gross sales and contractual discount rates.
•Other Arrangements. Other incentive or promotional arrangements may be offered to customers, including but not limited to copayment assistance for users with commercial insurance. We record a provision for the incentive earned based on the number of estimated claims and our estimate of the cost per claim related to product sales that have been recognized as revenue.
•Revenue Recognition. The Company records revenue upon transfer of control of the product to the customers, which is generally when the product is shipped or delivered and title passes to the customer. Revenue from product training is recognized in the period it is provided. The Company records deferred revenue if a customer pays consideration, or the Company has the right to invoice, before the Company transfers a good or service to a customer. Deferred revenue primarily represents product training as there is generally a lag between when the customer is billed and when the end-user receives training.
The Company’s Drug Delivery product line includes sales of a modified version of the Pod to pharmaceutical and biotechnology companies who use the Company’s technology as a delivery method for their drugs. For the majority of this product line, revenue is recognized, with an associated unbilled receivable, as the product is produced pursuant to the customer’s firm purchase commitments. The Company has an enforceable right to payment for performance completed to date and the inventory has no alternative use to the Company. The Company recognizes revenue over time using a blend of costs incurred to date relative to total estimated costs at completion and time incurred to date relative to total production time to measure progress toward the satisfaction of its performance obligations. The Company believes that both incurred cost and elapsed time reflect the value generated, which best depicts the transfer of control to the customer. Contract costs include third-party costs as well as an allocation of manufacturing overhead.
Research and Software Development Costs
Internal research and development costs are expensed as incurred. Research and development expenses include salary and benefits, allocated overhead and occupancy costs, clinical trial and related clinical manufacturing costs, contract services, and other costs.
Costs incurred in the research, design, and development of software embedded in products to be sold to customers are charged to expense until technological feasibility of the ultimate product to be sold is established. The Company’s policy is that technological feasibility is achieved when a working model, with the key features and functions of the product, is available for customer testing. Software development costs incurred after the establishment of technological feasibility and until the product is available for general release are capitalized, provided recoverability is reasonably assured. Capitalized software development costs are amortized over their estimated useful life and recorded within cost of revenue.
Shipping and Handling Costs
The Company does not typically charge its customers for shipping and handling costs associated with shipping its product to its customers unless non-standard shipping and handling services are requested. These shipping and handling costs are included in selling, general and administrative expenses and were $16.3 million, $12.4 million, and $12.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Advertising Costs
The Company expenses advertising costs as they are incurred. Advertising costs are included in selling, general and administrative expenses and were $84.3 million, $63.1 million, and $41.2 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Stock-Based Compensation Expense
The Company measures stock-based compensation on the grant date based on the fair value of the award and recognizes the compensation expense over the requisite service period, which is generally the vesting period. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Income Taxes
The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that will be in effect in the years in which the differences are expected to reverse. The Company reviews its deferred tax assets for recoverability by considering all available positive and negative evidence, including historical profitability, projected future taxable income, and the expected timing of the reversals of existing temporary differences and tax planning strategies. A valuation allowance is provided to reduce the deferred tax assets if, based on the available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. The effect of a change in enacted tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Interest and penalties are classified as a component of income tax expense.
Concentration Risk
Credit Risk—Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents and accounts receivable. The Company maintains most of its cash and investments in money market funds with a limited number of financial institutions that have a high investment grade credit rating. See Notes 4 and 6 for customer concentration.
Supply Risk—The Company uses different types of semiconductor chips, which are sourced from external suppliers, in the manufacturing of its products. While the Company has multiple suppliers of semiconductor chips, each type is typically sourced from a single supplier. Supply chain disruptions, supplier shortages, logistic delays, or quality problems could result in manufacturing delays, increased costs, or a possible loss of sales, which could adversely affect operating results.
Recently Adopted Accounting Standards
Segment Reporting—The Company adopted Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures during the fourth quarter of 2024. ASU 2023-07 requires incremental disclosures on reportable segments, primarily significant segment expenses. The required disclosures are included in Note 3.
Convertible Debt—Effective January 1, 2022, the Company adopted ASU 2020-06, Debt – Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity using the modified retrospective method for convertible debt instruments outstanding as of the date of adoption. Under ASU 2020-06, a convertible debt instrument is generally reported as a single liability at its amortized cost with no separate accounting for embedded conversion features. Consequently, the effective interest rate of convertible debt instruments is closer to the coupon interest rate under this guidance. The cumulative effect of adopting ASU 2020-06 resulted in a $207.7 million decrease to the opening balance of additional paid-in-capital upon adoption resulting from the derecognition of the embedded conversion feature and debt issuance costs bifurcated to equity, a $60.6 million decrease to the opening balance of accumulated deficit representing the cumulative interest expense recognized related to the amortization of the bifurcated conversion option and debt issuance costs, and a $147.1 million increase in long-term debt resulting from the derecognition of the discount associated with the embedded conversion feature, offset by the remaining debt issuance costs reclassified out of equity. In addition, the Company wrote-off the related deferred tax liabilities with a corresponding adjustment to the valuation allowance, resulting in no net impact to the cumulative adjustment recorded to accumulated deficit. Adoption of this standard had no impact on the Company’s diluted earnings per share as the Company historically calculated earnings per share using the if-converted method.
Reference Rate Reform—ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Reporting and ASU 2021-01, Reference Rate Reform (Topic 848) – Scope allow companies to elect optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform (e.g., discontinuation of the London Interbank Offered Rate (“LIBOR”)) if certain criteria are met. During the fourth quarter of 2022, the Company elected to apply optional expedients for contract modifications to all eligible debt instruments and hedging relationships affected by the transition from LIBOR to the Secured Overnight Financing Rate (“SOFR”). Accordingly, the Company did not have to assess whether the contract modification should be accounted for as a debt extinguishment. Additionally, the Company was not required to de-designate hedging relationships when the contractual terms changed. The adoption of these standards had no impact on our consolidated financial statements.
v3.25.0.1
Segment and Geographic Data
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment and Geographic Data Segment and Geographic Data
As described in Note 1, 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:
Years Ended December 31,
(in millions)202420232022
U.S.$1,548.2 $1,287.0 $942.3 
International523.4 410.1 363.0 
Total revenue$2,071.6 $1,697.1 $1,305.3 
The following table presents selected financial information for the Company’s single operating segment, including significant expenses:
Years Ended December 31,
(in millions)202420232022
Total revenue
2,071.6 1,697.1 1,305.3 
Materials(1)
296.7 261.3 198.0 
Factory conversion(2)
176.9 151.2 125.7 
Depreciation and amortization(3)
25.9 26.3 21.9 
Other costs of revenue(4)
126.4 98.4 154.1 
Cost of revenue625.9 537.2 499.7 
Labor(5)
478.4 398.4 343.7 
Outside services(6)
260.5 225.4 157.6 
Depreciation and amortization
47.0 40.7 28.9 
Other operating expenses(7)
350.9 275.4 237.8 
Operating income308.9 220.0 37.6 
Interest expense, net
(3.2)(7.6)(26.7)
Other (expense) income, net(5.5)2.2 (1.1)
Income tax benefit (expense)
118.1 (8.3)(5.2)
Net income$418.3 $206.3 $4.6 
(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 as described in Note 2.
(4) Consists primarily of warranty expense, cost to manufacture Controllers/PDMs, 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:
As of December 31,
(in millions)20242023
U.S.
$475.9 $461.3 
Malaysia159.1 113.7 
China
78.5 82.0 
Other9.6 7.9 
Total long-lived assets, net
$723.1 $664.9 
v3.25.0.1
Revenue and Contract Acquisition Costs
 12 Months Ended
Dec. 31, 2024
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:
Years Ended December 31,
(in millions)202420232022
U.S.$1,509.3 $1,251.0 $884.8 
International523.4 410.1 363.0 
Total Omnipod products
2,032.7 1,661.1 1,247.8 
Drug Delivery38.9 36.0 57.5 
Total revenue$2,071.6 $1,697.1 $1,305.3 
The percentages of total revenue for customers that represent 10% or more of total revenue was as follows:
Years Ended December 31,

202420232022
Distributor A28%28%19%
Distributor B26%24%16%
Distributor C21%19%17%
Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown:
As of December 31,
(in millions)202420232022
Accrued expenses and other current liabilities$12.0 $15.4 $16.1 
Other liabilities2.0 1.9 1.6 
Total deferred revenue$14.0 $17.3 $17.7 
Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows:
As of December 31,
(in millions)202420232022
Deferred revenue recognized$15.4 $16.0 $2.1 
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:
As of December 31,
(in millions)20242023
Prepaid expenses and other current assets$20.1 $16.6 
Other assets40.8 32.0 
Total capitalized contract acquisition costs, net$60.9 $48.6 
The Company recognized $18.2 million, $16.3 million, and $14.6 million of amortization of capitalized contract acquisition costs for the years ended December 31, 2024, 2023, and 2022, respectively.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions 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. The Company recorded $587.8 million, $473.7 million and $249.9 million of net revenues from the distributor for the years ended December 31, 2024, 2023, and 2022, respectively.
Related party transactions recorded on the consolidated balance sheets were as follows:
As of December 31,
(in millions)20242023
Accounts receivable, net$113.0 $119.5 
Distribution fees payable(1)
$— $6.1 
Deferred revenue(1)
$1.0 $2.8 
(1) Balances are included in accrued expenses and other current liabilities.
v3.25.0.1
Accounts Receivable
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Accounts Receivable Accounts Receivable
Accounts receivable were comprised of the following:
As of December 31,
(in millions)202420232022
Accounts receivable trade, net$242.8 $234.5 $128.6 
Unbilled receivable9.7 5.7 12.3 
Accounts receivable, net$252.5 $240.2 $140.9 
The percentages of total net accounts receivable trade for customers that represent 10% or more of total net accounts receivable trade were as follows:
As of December 31,

20242023
Distributor A35%35%
Distributor B27%25%
Distributor C15%18%
The following table presents the activity in the allowance for credit losses:
Years Ended December 31,
(in millions)202420232022
Credit losses at beginning of year$2.5 $2.5 $2.7 
Provision for expected credit losses(0.2)2.3 4.2 
Write-offs charged against allowance(0.9)(2.6)(4.9)
Recoveries of amounts previously reserved— 0.3 0.5 
Credit losses at end of year$1.4 $2.5 $2.5 
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 $12.2 million are included in accounts receivable on the consolidated balance sheet as of December 31, 2024. Liabilities associated with the secured borrowings of $12.2 million are included within accrued expenses and other current liabilities in the consolidated balance sheet as of December 31, 2024. No amounts were outstanding as of December 31, 2023. 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.
v3.25.0.1
Inventories
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories were comprised of the following:
As of December 31,
(in millions)20242023
Raw materials$156.7 $118.2 
Work in process81.2 60.6 
Finished goods192.5 223.8 
    Total inventories$430.4 $402.6 
Following the strategic decision to not move forward with the commercialization of Omnipod GO, the Company recorded a charge of $13.5 million related to certain inventory components that it no longer expected to utilize, which is included in cost of revenue in the consolidated statement of income for the year ended December 31, 2024.
v3.25.0.1
Cloud Computing Costs
 12 Months Ended
Dec. 31, 2024
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: 
 As of December 31,
(in millions)20242023
Short-term portion$31.7 $26.4 
Long-term portion135.3 116.9 
Total capitalized implementation costs167.0 143.3 
Less: accumulated amortization(62.4)(36.6)
Capitalized implementation costs, net$104.6 $106.7 
Amortization expense is recognized on a straight-line basis over the expected term of the hosting arrangements, which range from three to ten years. Amortization expense was $26.8 million, $20.3 million, and $12.7 million for the years ended December 31, 2024, 2023, and 2022, respectively.
v3.25.0.1
Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment at cost and accumulated depreciation were as follows: 
 As of December 31,
(in millions)20242023
Land
$12.2 $9.0 
Building and building improvements
226.8 205.3 
Machinery and equipment672.7 572.2 
Furniture and fixtures20.8 18.1 
Leasehold improvements16.4 16.0 
Construction in process136.6 137.5 
Property, plant and equipment, gross1,085.5 958.1 
Less: accumulated depreciation
(362.4)(293.2)
Property, plant and equipment, net$723.1 $664.9 
Capitalized interest expense was $1.5 million, $1.6 million, and $1.3 million for the years ended December 31, 2024, 2023, and 2022, respectively. Depreciation expense related to property and equipment was $71.0 million, $62.6 million, and $56.0 million for the years ended December 31, 2024, 2023, and 2022, respectively. Construction in process primarily consists of equipment and tooling expected to be placed into service during 2025.
v3.25.0.1
Business Combination
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combination Business Combination
On January 3, 2022, the Company acquired substantially all of the assets related to the manufacture and production of shape-memory alloy wire assemblies that are used in the production of Pods from Dynalloy, Inc., a maker of dynamic alloys. The aggregate purchase price was $29.0 million, of which $26.0 million was paid in cash upon closing, and the remaining $3.0 million was paid in January 2023. Transaction costs were expensed as incurred and were not material. The following table summarizes the fair value allocation of the assets acquired at the date of acquisition:
(in millions)
Inventories$0.5 
Property, plant and equipment0.9 
Other assets0.2 
Goodwill (tax deductible)12.0 
Developed technology (15 year useful life)
15.4 
Total assets acquired$29.0 
The primary factor that contributed to an acquisition price in excess of the fair value of assets acquired and the establishment of goodwill was the expected cost savings resulting from the integration of a supplier.
v3.25.0.1
Goodwill and Other Intangible Assets, Net
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, Net Goodwill and Other Intangible Assets, Net
Goodwill
The change in the carrying amount of goodwill for the period is as follows:
Years Ended December 31,
(in millions)
2024
2023
Goodwill at beginning of the year
$51.7 $51.7 
Foreign currency translation(0.2)— 
Goodwill at end of the year$51.5 $51.7 
Intangible Assets, Net
The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows:
 As of December 31,
20242023
(in millions)Gross Carrying AmountAccumulated AmortizationNet Book ValueGross Carrying AmountAccumulated AmortizationNet Book Value
Customer relationships$43.1 $(33.5)$9.6 $43.2 $(30.9)$12.3 
Internal-use software52.4 (15.6)36.8 43.1 (13.9)29.2 
Developed technology
27.4 (4.9)22.5 27.4 (3.0)24.4 
Patents
36.2 (6.6)29.6 36.2 (3.4)32.8 
Total intangible assets $159.1 $(60.6)$98.5 $149.9 $(51.2)$98.7 
Amortization expense for intangible assets was $9.8 million, $10.2 million, and $7.2 million for the years ended December 31, 2024, 2023, and 2022, respectively.
In February 2023, the Company paid Bigfoot Biomedical, Inc. $25.1 million, including transaction costs, to acquire patent assets related to pump-based automated insulin delivery technologies. The acquired patent assets have a useful life of 11 years.
Amortization expense associated with the intangible assets included on the Company’s consolidated balance sheet as of December 31, 2024 is expected to be as follows:
Years Ending December 31, (in millions)
2025$14.2 
2026$15.1 
2027$14.0 
2028$12.9 
2029$12.3 
v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Equity Securities
In 2024, the Company made a strategic investment in equity securities of a privately held entity in the amount of $12.0 million. As of December 31, 2024 and 2023, the total carrying value of the Company’s investments in equity securities without readily determinable fair values was $21.9 million and $9.7 million, respectively. There were no unrealized gains or losses recorded due to changes in the fair value of equity investments during the years ended December 31, 2024 and 2022, and the unrealized gain recorded was insignificant for the year ended December 31, 2023. Refer to “Assets Measured at Fair Value on a Non-Recurring Basis” in Note 16 for disclosures regarding equity securities without readily determinable fair values.
Debt Securities
In 2023, the Company made a strategic investment in debt securities of a privately held entity in the amount of $5.0 million, which is included in other assets on the consolidated balance sheets. The debt securities mature in December 2026, unless converted earlier. The amortized cost basis of the debt securities was $5.0 million at both December 31, 2024 and December 31, 2023. The amount of interest earned on the investment for the years ended December 31, 2024 and 2023 was insignificant. Refer to Note 16 for the fair values.
Other
In 2023, the Company made a strategic investment in a privately held entity in the amount of $2.0 million. The investment is a debt security with embedded derivatives and is accounted for by applying the fair value option, as this approach best reflects the underlying economics of the transaction. The fair value of the investment is calculated using a combination of the market approach and income approach methodologies and is reported within other assets on the consolidated balance sheet. Refer to Note 16 for the fair values and unrealized losses recorded.
v3.25.0.1
Accrued Expenses and Other Current Liabilities
 12 Months Ended
Dec. 31, 2024
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:
As of December 31,
(in millions)20242023
Accrued rebates
$148.3 $144.0 
Employee compensation and related costs142.8 122.0 
Professional and consulting services51.6 34.1 
Liability associated with secured borrowings
12.2 — 
Other68.9 73.6 
Accrued expenses and other current liabilities$423.8 $373.7 
Product Warranty Costs
Reconciliations of the changes in the Company’s product warranty liability were as follows:  
Years Ended December 31,
(in millions)202420232022
Product warranty liability at beginning of year$10.3 $62.1 $6.8 
Warranty expense24.1 18.6 87.0 
Change in estimate(0.4)(11.5)(14.0)
Warranty fulfillment(20.1)(58.9)(17.7)
Product warranty liability at end of year$13.9 $10.3 $62.1 
In 2022, the Company issued two voluntary medical device correction notices (“MDCs”), one for its Omnipod DASH PDM relating to its battery and the other for its Omnipod 5 Controller relating to its charging port and cable. The Company initially accrued an estimated liability of $68.9 million related to these MDCs, which was subsequently revised by $11.0 million due to significantly fewer customers requesting a replacement Omnipod DASH PDM prior the Company’s updated PDM being available, resulting in a net charge of $57.9 million for the year ended December 31, 2022. During the year ended December 31, 2023, the Company further revised the estimated liability for these MDCs by 11.5 million. This change in estimate primarily resulted from lower shipping costs for replacement DASH PDMs and lower expected distribution costs for Omnipod 5 Controllers. The liability related to the MDCs included in product warranty liability at December 31, 2023 was insignificant and no amount was remaining as of December 31, 2024.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
As of December 31, 2024, the Company leased certain automobiles and facilities for offices, laboratories, manufacturing, and warehousing, all of which were classified as operating leases. Certain of the Company’s operating leases include escalating rental payments, some include the option to extend for up to 10 years, and some include options to terminate the leases at certain times within the lease term. In 2023, the Company also leased land and a manufacturing building in Malaysia, which were classified as finance leases until the Company exercised its option to purchase this property for $18.1 million in 2024.
Lease assets and lease liabilities were included in the following consolidated balance sheet accounts in the amounts shown:
Years Ended December 31,
(in millions)20242023
Operating leases
Operating lease asset:
Other assets$36.7 $27.9 
Operating lease liabilities:
Accrued expenses and other current liabilities$2.1 $3.5 
Other liabilities40.0 29.5 
   Total operating lease liabilities$42.1 $33.0 
Finance leases
Finance lease assets:
Property, plant and equipment, net$— $37.8 
Finance lease liabilities:
Current portion of long-term debt and finance leases$— $22.9 
The Company’s operating and financing lease cost was as follows:
Years Ended December 31,
(in millions)
2024
2023
2022
Operating lease cost$7.3 $8.8 $8.8 
Finance lease cost:
    Amortization of leased assets0.7 0.4 — 
    Interest on lease liabilities1.0 0.6 — 
Total finance lease cost1.7 1.0 — 
    Total operating and financing lease cost$9.0 $9.8 $8.8 
Supplemental cash flow information related to leases is as follows:
Years Ended December 31,
(in millions)202420232022
Right-of-use assets obtained in exchange for lease liabilities
Operating leases
$8.0 $5.4 $25.5 
Finance lease
$— $22.3 $— 
Lease payment made for amounts included in the measurement of operating lease liabilities
    Cash paid for operating leases included in operating cash flows $5.8 $5.7 $4.6 
    Cash paid for finance lease included in operating cash flows
$1.1 $— $— 
    Cash paid for finance lease included in financing cash flows
$22.7 $— $— 
Maturities of lease liabilities as of December 31, 2024 are as follows:
Years Ending December 31,
(in millions)
2025$5.4 
20264.9 
20275.5 
20285.7 
20296.0 
Thereafter40.1 
    Total future minimum lease payments67.6 
Less: imputed interest(25.5)
    Present value of future minimum lease payments$42.1 
As of December 31, 2024, the weighted average remaining lease term for operating leases was 11.4 and the weighted-average discount rate used to determine the operating lease liability was 8.1%.
Leases Leases
As of December 31, 2024, the Company leased certain automobiles and facilities for offices, laboratories, manufacturing, and warehousing, all of which were classified as operating leases. Certain of the Company’s operating leases include escalating rental payments, some include the option to extend for up to 10 years, and some include options to terminate the leases at certain times within the lease term. In 2023, the Company also leased land and a manufacturing building in Malaysia, which were classified as finance leases until the Company exercised its option to purchase this property for $18.1 million in 2024.
Lease assets and lease liabilities were included in the following consolidated balance sheet accounts in the amounts shown:
Years Ended December 31,
(in millions)20242023
Operating leases
Operating lease asset:
Other assets$36.7 $27.9 
Operating lease liabilities:
Accrued expenses and other current liabilities$2.1 $3.5 
Other liabilities40.0 29.5 
   Total operating lease liabilities$42.1 $33.0 
Finance leases
Finance lease assets:
Property, plant and equipment, net$— $37.8 
Finance lease liabilities:
Current portion of long-term debt and finance leases$— $22.9 
The Company’s operating and financing lease cost was as follows:
Years Ended December 31,
(in millions)
2024
2023
2022
Operating lease cost$7.3 $8.8 $8.8 
Finance lease cost:
    Amortization of leased assets0.7 0.4 — 
    Interest on lease liabilities1.0 0.6 — 
Total finance lease cost1.7 1.0 — 
    Total operating and financing lease cost$9.0 $9.8 $8.8 
Supplemental cash flow information related to leases is as follows:
Years Ended December 31,
(in millions)202420232022
Right-of-use assets obtained in exchange for lease liabilities
Operating leases
$8.0 $5.4 $25.5 
Finance lease
$— $22.3 $— 
Lease payment made for amounts included in the measurement of operating lease liabilities
    Cash paid for operating leases included in operating cash flows $5.8 $5.7 $4.6 
    Cash paid for finance lease included in operating cash flows
$1.1 $— $— 
    Cash paid for finance lease included in financing cash flows
$22.7 $— $— 
Maturities of lease liabilities as of December 31, 2024 are as follows:
Years Ending December 31,
(in millions)
2025$5.4 
20264.9 
20275.5 
20285.7 
20296.0 
Thereafter40.1 
    Total future minimum lease payments67.6 
Less: imputed interest(25.5)
    Present value of future minimum lease payments$42.1 
As of December 31, 2024, the weighted average remaining lease term for operating leases was 11.4 and the weighted-average discount rate used to determine the operating lease liability was 8.1%.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
The components of debt consisted of the following: 
 December 31, 2024December 31, 2023
(in millions)
Maturity Date
Amount
Effective Interest Rate
Amount
Effective Interest Rate
Equipment financing
2024$— 7.83 %$2.7 5.76 %
Equipment financing
20258.6 5.90 %15.2 4.77 %
Mortgage
202561.0 5.74 %63.3 5.73 %
Convertible Senior Notes
2026800.0 0.76 %800.0 0.76 %
Equipment financing
17.5 8.87 %12.7 9.37 %
Revolving Credit Facility
2028— — 
Equipment financing
202823.4 4.27 %29.0 4.27 %
Term Loan
2031482.5 487.5 
Finance lease obligation(1)
— 22.9 
Unamortized debt discount2025 - 2031(5.4)(6.4)
Debt issuance costs2025 - 2031(7.7)(11.1)
Total debt, net1,379.9 1,415.8 
Less: current portion83.8 49.4 
Total long term-debt, net$1,296.1 $1,366.4 
(1) Refer to Note 14 for information regarding finance lease obligation.
Equipment Financings
The Company has two outstanding loans secured by manufacturing lines located at the Company’s Acton, Massachusetts manufacturing facility. Additionally, in May 2023, the Company entered into an arrangement under which the Company may obtain up to $24.0 million of financing for manufacturing equipment. The Company is involved in the construction of the manufacturing equipment; accordingly, it is included in property, plant and equipment on the consolidated balance sheets. The Company’s obligation reflects payments made to date by the third-party bank to the equipment manufacturer, net of discount and less repayment of principal. The financing obligation will mature 36 months following completion of construction.
Mortgage
The Company has an outstanding loan that is secured by the Company’s Acton, Massachusetts headquarters. The Mortgage contains non-financial customary covenants, none of which are considered restrictive to the Company’s operations.
Convertible Senior Notes
The Company has $800.0 million aggregate principal amount of 0.375% Convertible Senior Notes due September 2026 (the “Convertible Senior Notes”) outstanding. The Convertible Senior 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 Senior 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 Senior Notes, the Company purchased capped call options (“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 Senior 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.
As of December 31, 2024 and 2023, the net carrying amount of the Notes was $794.9 million and $791.8 million, respectively, net of unamortized issuance costs of $5.1 million and $8.2 million, respectively.
The components of interest expense related to the Notes were as follows:
Years Ended December 31,
(in millions)
202420232022
Contractual interest expense
$3.0 $3.0 $3.0 
Amortization of debt issuance costs
3.0 3.0 3.0 
Total interest recognized on the Convertible Senior Notes
$6.0 $6.0 $6.0 
Senior Secured Credit Agreement
In May 2021, the Company entered into a senior secured credit agreement (the “Credit Agreement”), which includes a $500 million seven-year senior secured term loan B (the “Term Loan”). On November 30, 2022, the Company amended the Term Loan to bear interest at a rate of SOFR plus 3.25%, with a 0.50% SOFR floor and in January 2024, amended it again to bear interest at a rate of SOFR plus 3.0%, with a 0% SOFR floor. At the same time, the Company amended its senior secured revolving credit facility (the “Revolving Credit Facility”) discussed below such that outstanding borrowings bear interest at a rate of SOFR plus an applicable margin of 2.375% to 3.0% (previously 2.625% to 3.25%) based on the Company’s net leverage ratio and credit rating. In August 2024, the Company amended its Term Loan to bear interest at a rate of SOFR plus 2.5% and extended the term to August 2031. At the same time, the Company amended its Revolving Credit Facility such that outstanding borrowings bear interest at a rate of SOFR plus an applicable margin of 2% to 2.5% based on the Company’s net leverage ratio. The Term Loan contains leverage and fixed charge coverage ratio covenants, both of which are measured upon the incurrence of future debt.
Under the same agreement, the Company obtained a Revolving Credit Facility. In 2023, the Company increased the borrowing capacity under the Revolving Credit Facility to $300.0 million and extended the maturity date to the earlier of June 2028 or 91 days prior to the maturity date of the Company's term loan if still outstanding. The Revolving Credit Facility contains a covenant to maintain a specified leverage ratio under certain conditions when there are amounts outstanding.
Borrowings under the Credit Agreement are guaranteed by certain wholly owned domestic subsidiaries of the Company and are secured by substantially all assets of the Company and of each subsidiary guarantor, subject to certain exceptions. Additionally, borrowings under the Credit Agreement are senior to all of the Company’s unsecured indebtedness, including the Convertible Senior Notes.
The carrying value amounts of the Company’s debt were as follows:
As of December 31,
(in millions)20242023
Term Loan
$475.1 $479.2 
Convertible Senior Notes
794.9 791.8 
Equipment financings
49.3 59.3 
Mortgage
60.6 62.6 
Finance lease obligation— 22.9 
Total debt, net$1,379.9 $1,415.8 
Maturity of Debt
The maturity of debt as of December 31, 2024 is as follows:
Years Ending December 31, (in millions)
2025$83.8 
2026$817.1 
2027$18.1 
2028$11.4 
2029$5.0 
v3.25.0.1
Financial Instruments and Fair Value
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Financial Instruments and Fair Value
Financial Instruments Disclosed at Fair Value
The following tables provide a summary of the significant financial instruments disclosed at fair value on a recurring basis:
 Fair Value Measurements at December 31, 2024
(in millions)Level 1Level 2Level 3Total
Term Loan(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 
 Fair Value Measurements at December 31, 2023
(in millions)Level 1Level 2Level 3Total
Term Loan(1)
$490.2 $— $— $490.2 
Convertible Senior Notes(2)
— 928.7 — 928.7 
Equipment financings(3)
— — 59.3 59.3 
Mortgage(3)
— — 62.6 62.6 
Total
$490.2 $928.7 $121.9 $1,540.8 
(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 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 
Fair Value Measurements at December 31, 2023
(in millions)Level 1Level 2Level 3Total
Cash(1)
$103.7 $— $— $103.7 
Money market mutual funds(1)
547.0 — — 547.0 
Term deposits(1)
— 53.5 — 53.5 
Interest rate swaps(2)
— 22.8 — 22.8 
Debt securities(3)
— — 4.7 4.7 
Other investments(3)
— — 3.8 3.8 
Total assets
$650.7 $76.3 $8.5 $735.5 
(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. The range used for the risk free rate is 4.0% - 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.
Below is a reconciliation of changes in fair value of debt and other investments:
(in millions)Debt Securities Other Investments Total
Balance at December 31, 2022
$— $— $— 
Purchases5.0 2.0 7.0 
Unrealized gain included in other (expense) income, net
— 1.8 1.8 
Unrealized loss on securities included in other comprehensive income(0.3)— (0.3)
Balance at December 31, 2023
4.7 3.8 8.5 
Unrealized loss included in other (expense) income, net
— (3.8)(3.8)
Balance at December 31, 2024
$4.7 $— $4.7 
Assets Measured at Fair Value on a Non-Recurring Basis
Due to an observable price change in an orderly transaction during 2023, the Company adjusted the carrying value of certain investments in equity securities held as of December 31, 2023, which resulted in an unrealized gain of $0.8 million. As of both December 31, 2024 and December 31, 2023, cumulative gains were $0.8 million. The investments are classified as Level 2 in the fair value hierarchy.
v3.25.0.1
Derivative Instruments
 12 Months Ended
Dec. 31, 2024
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 that expire on April 30, 2025, the Company receives variable rate interest payments and pays fixed interest rates of 0.95% and 0.96% on a total notional value of $480.0 million of its Term Loan. The Company has designated the interest rate swaps as cash flow hedges.
Gains and losses on cash flow hedges reported in accumulated other comprehensive income are reclassified into interest expense, net in the consolidated statement of income when the hedged transactions affect earnings, that is, when interest expense is recognized for the Term Loan. As of December 31, 2024, the Company estimates that $5.4 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.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
On December 3, 2024, a jury verdict was returned in favor of the Company in the matter of Insulet Corporation vs. EOFlow Co., Ltd. et al. pending in the U.S. District Court of Massachusetts Case No. 1:23-cv-11780. The jury found that EOFlow Co., Ltd. (“EOFlow”) and several other defendants misappropriated certain of the Company’s trade secrets. The jury awarded the Company $170 million in compensatory damages from EOFlow and an additional $282 million in exemplary damages from EOFlow for willful and malicious misappropriation, for a total damages award of $452 million. On January 24, 2025, EOFlow moved for a directed verdict and for a new trial, as well as for a reduction of the jury award. On January 24, 2025, the Company moved for a permanent worldwide injunction on the sale of EOFlow’s EOPatch 2 product and any other products that embody Insulet’s trade secrets. EOFlow and other defendants may seek to appeal the verdict. EOFlow may not be able to satisfy this damage award; accordingly, it has not been recorded in the Company’s consolidated statement of income.
In June 2020, Roche Diabetes Care, Inc. (“Roche”) filed a patent infringement lawsuit against the Company in the United States District Court for the District of Delaware alleging that the Company’s manufacture and sale of its Omnipod Insulin Management System, including Pods, PDMs, and other components of the system, and kits in the United States infringed Roche’s now-expired U.S. Patent 7,931,613. Roche was seeking monetary damages and attorneys’ fees and costs. In July 2022, the Company entered into a Settlement and License Agreement (the “Settlement Agreement”) with Roche to settle the pending litigation. Pursuant to the Settlement Agreement, in exchange for a release of claims, mutual covenant not to sue for five years, and license to the patent in suit from Roche, the Company made a one-time payment of $20.0 million to Roche. On July 12, 2022, following the filing by the parties of a Stipulation of Dismissal, the Court ordered the case dismissed with prejudice. The $20.0 million charge is included in selling, general and administrative expenses for the year ended December 31, 2022.
The Company is, from time to time, involved in the normal course of business in various legal proceedings, including intellectual property, contract, employment, and product liability suits. The Company does not expect the outcome of these proceedings, either individually or in the aggregate, to have a material adverse effect on its results of operations.
Contract Dispute
Throughout 2022, the Company was engaged in negotiations over a contractual dispute involving in-licensed intellectual property. In December 2022, the Company entered into an agreement with Automated Glucose Control LLC (the “Asset Purchase Agreement”). Pursuant to the Asset Purchase Agreement, the Company made a one-time payment of $25.0 million for the acquisition of developed technology and patents and the release of future obligations, including any future royalty obligations. This amount, together with transaction costs, was allocated between the assets acquired and the settlement of the contractual dispute. A value of $12.0 million was allocated to acquired developed technology and a value of $9.5 million was allocated to acquired patents. The acquired developed technology and patents are being amortized over their useful lives of 13 years. The remaining $3.6 million was allocated to the settlement and is included in selling, general and administrative expenses for the year ended December 31, 2022.
Letters of Credit
The Company had $0.8 million and $20.9 million of letters of credit outstanding as of December 31, 2024 and December 31, 2023, respectively. The letters of credit outstanding at December 31, 2023 primarily served as security for our manufacturing facility in Malaysia until we purchased the property in 2024.
v3.25.0.1
Stock-Based Compensation Expense
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Expense Stock-Based Compensation Expense
Equity Award Plan
In May 2017, the Company adopted the 2017 Stock Option and Incentive Plan (the “2017 Plan”), which replaced its previous stock option and incentive plan (the “2007 Plan”). The 2017 Plan provides for a maximum of 5.2 million shares to be issued, in addition to the number of shares related to awards outstanding under the 2007 Plan that are terminated by expiration, forfeiture, or cancellation. The shares can be issued as stock options, restricted stock units, stock appreciation rights, deferred stock awards, restricted stock, unrestricted stock, cash-based awards, performance share awards, or dividend equivalent rights. As of December 31, 2024, 1.6 million shares remain available for future issuance under the 2017 Plan.
Stock-Based Compensation Expense
Compensation expense related to stock-based awards was recorded as follows:
Years Ended December 31,
(in millions)202420232022
Cost of revenue$0.7 $0.4 $0.4 
Research and development9.0 11.5 8.9 
Selling, general and administrative59.6 36.4 31.6 
Total$69.3 $48.3 $40.9 
Stock Options
Options are granted to purchase common shares at prices that are equal to the fair market value of the shares on the date the options are granted. Options generally vest in equal annual installments over a period of four years and expire 10 years after the date of grant. The grant-date fair value of options, adjusted for estimated forfeitures, is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period.
The following summarizes the activity under the Company’s stock option plans:
Number of
Options		Weighted Average
Exercise Price		Weighted Average Remaining Contractual Term
(in years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 31, 2023
436,094 $135.37 
Granted138,108 $166.62 
Exercised(127,125)$64.24 $16.5 
Forfeited and canceled(47,682)$246.17 
Outstanding at December 31, 2024
399,395 $155.65 6$43.4 
Vested, December 31, 2024
202,279 $113.10 3.3$30.5 
Vested or expected to vest, December 31, 2024
370,691 $153.06 5.7$41.2 
The aggregate intrinsic value of options exercised for the years ended December 31, 2023 and 2022 was $52.7 million and $31.7 million, respectively.
The Company uses the Black-Scholes pricing model to determine the fair value of options granted. The assumptions used in the Black-Scholes pricing model are as follows:
•Risk-free Interest Rate—The risk-free interest rate is the implied yield available on U.S. treasury zero-coupon issues with a remaining term equal to the option’s expected term on the grant date.
•Expected Term—The expected term of options granted represents the period of time for which the options are expected to be outstanding. The Company estimates the expected term using both historical and hypothetical exercise data for outstanding options.
•Dividend Yield—The Company has never declared or paid any cash dividends on any of its capital stock and does not expect to do so in the foreseeable future. Accordingly, the Company uses an expected dividend yield of zero to calculate the grant-date fair value of a stock option.
•Expected Volatility—The expected volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate during the expected term of options granted. The Company determines the expected volatility based primarily upon the historical volatility of the Company’s common stock over a period commensurate with the option’s expected term.
The assumptions used in the Black-Scholes pricing model for options granted during each year, along with the weighted-average grant-date fair values, were as follows:
 Years Ended December 31,
 202420232022
Risk-free interest rate
4.4%
4.3%
1.8%
Expected life of options (in years)
4.1
4.2
4.2
Dividend yield—%—%—%
Expected stock price volatility
46.2%
45.7%
42.8%
Fair value per option$69.48$115.32$93.26
As of December 31, 2024, there was $11.9 million of unrecognized compensation cost related to non-vested stock options. This cost is expected to be recognized over a weighted average period of 2.7 years.
Restricted Stock Units
Restricted Stock Units (“RSUs”) generally vest in equal annual installments over a three-year period. The grant-date fair value of RSUs, adjusted for estimated forfeitures, is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The Company determines the fair value of RSUs based on the closing price of its common stock on the date of grant.
Activity for RSUs is as follows:
Number of
Shares		Weighted
Average
Fair Value
Outstanding at December 31, 2023
249,194 $255.31 
Granted279,528 $171.23 
Vested(108,839)$260.01 
Forfeited(27,137)$215.48 
Outstanding at December 31, 2024
392,746 $196.74 
The weighted-average grant-date fair value per share of RSUs granted was $259.86 and $248.02 for the years ended December 31, 2023 and 2022, respectively. The total fair value of RSUs vested was $28.3 million, $24.1 million, and $20.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.
As of December 31, 2024, there was $50.0 million of unrecognized compensation cost related to time-based RSUs, which is expected to be recognized over a weighted-average period of 1.8 years.
Performance Stock Units
Performance stock units (“PSUs”) generally vest over a three-year period from the grant date and include both a service and performance component. Stock-based payments that contain performance conditions are recognized when such conditions are probable of being achieved. Certain of these PSUs could ultimately vest at up to 200% of the target award depending on the achievement of the performance criteria. The Company determines the fair value of PSUs based on the closing price of its common stock on the date of grant.
Activity for PSUs is as follows:
Number of
Shares		Weighted
Average
Fair Value
Outstanding at December 31, 2023
122,466 $261.65 
Granted(1)
137,383 $166.86 
Vested(16,677)$278.97 
Forfeited(6,400)$261.63 
Outstanding at December 31, 2024(2)
236,772 $205.74 
(1) Includes a 675 share adjustment to awards granted in 2021 for the three-year performance cycle award period ended 2023, based on the actual performance achievement of 111%.
(2) Based on 169% achievement of the performance metrics, approximately 83,000 shares of Insulet were earned for awards that were granted in 2022 for the performance period ended December 31, 2024. These shares vest in February 2025.
The weighted-average grant-date fair value per share of PSUs granted was $276.36 and $250.25 for the years ended December 31, 2023 and 2022, respectively. The total fair value of PSUs vested was $4.7 million, $8.7 million, and $7.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.
As of December 31, 2024, there was $44.8 million of unrecognized compensation cost related to PSUs, which is expected to be recognized over a weighted-average period of 1.8 years.
Employee Stock Purchase Plan
The Employee Stock Purchase Plan (“ESPP”) authorizes the issuance of up to 880,000 shares of common stock to participating employees. Employees that participate in the Company’s ESPP may annually purchase up to a maximum of 800 shares per offering period or $25,000 worth of common stock by authorizing payroll deductions of up to 10% of their base salary. The purchase price for each share purchased is 85% of the lower of the fair market value of the common stock on the first or last day of the offering period. The Company issued 78,068, 55,439, and 52,724 shares of common stock for the years ended December 31, 2024, 2023, and 2022, respectively, to employees participating in the ESPP. As of December 31, 2024, 286,428 shares remain available for future issuance under the ESPP.
The Company uses the Black-Scholes pricing model to determine the fair value of shares purchased under the ESPP. The calculation of the fair value of shares purchased is affected by the stock price on the purchase date, the expected volatility of the Company’s stock over the expected term, the risk-free interest rate, and the dividend yield.
The estimated fair value of shares purchased under the ESPP were based on the following assumptions:
 Years Ended December 31,
 202420232022
Risk-free interest rate
 4.4% - 5.4%
5.3% - 5.4%
1.6% - 4.7%
Expected term (in years)0.50.50.5
Dividend yield—%—%—%
Expected stock price volatility
34.2% - 40.9%
29.1% - 47.0%
44.3% - 50.1%
The weighted average grant date fair value of the six-month option inherent in the ESPP was $58.54, $60.67, and $74.50, for the years ended December 31, 2024, 2023, and 2022, respectively.
As of December 31, 2024, there was $1.9 million of unrecognized compensation cost related to the ESPP. This cost is expected to be recognized over a weighted average period of 0.4 years.
v3.25.0.1
Accumulated Other Comprehensive (Loss) Income
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive (Loss) Income Accumulated Other Comprehensive (Loss) Income
Changes in the components of accumulated other comprehensive income (loss), net of tax, were as follows:
(in millions)Foreign Currency Translation Adjustment
Unrealized Losses on Securities
Unrealized Gains on Cash Flow Hedges
Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2021
$(6.7)$— $4.5 $(2.2)
Other comprehensive income (loss) before reclassifications
(10.3)— 36.5 26.2 
Amounts reclassified to net income— — (4.0)(4.0)
Balance, December 31, 2022
(17.0)— 37.0 20.0 
Other comprehensive income (loss) before reclassifications
2.5 (0.3)6.1 8.3 
Amounts reclassified to net income— — (20.3)(20.3)
Balance, December 31, 2023
(14.5)(0.3)22.8 8.0 
Other comprehensive income (loss) before reclassifications(7.8)— (39.4)(47.2)
Amounts reclassified to net income(1)
— — 26.0 26.0 
Balance, December 31, 2024
$(22.3)$(0.3)$9.4 $(13.2)
(1) Income tax expense on cash flow hedges in other comprehensive income (loss) before reclassification for the year ended December 31, 2024 was $3.9 million. There was no tax impact for the years ended December 31, 2023 and 2022. Additionally, there is no income tax impact on currency translation adjustments.
v3.25.0.1
Defined Contribution Plan
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Defined Contribution Plan Defined Contribution PlanThe Company maintains a tax-qualified 401(k) retirement plan in the United States. The Company generally makes a matching contribution equal to 50% of each employee’s elective contribution to the plan up to 6% of the employee’s eligible pay. In addition, the Company offers defined contribution plans for eligible employees in its foreign subsidiaries. The total amount contributed by the Company to these defined contribution plans was $13.3 million, $12.1 million, and $9.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The U.S. and foreign components of income before income taxes were as follows:
Years Ended December 31,
(in millions)202420232022
U.S.$253.9 $199.5 $11.8 
Foreign
46.3 15.1 (2.0)
Income before income taxes$300.2 $214.6 $9.8 
The provision for income taxes consists of the following: 
Years Ended December 31,
(in millions)202420232022
Current:
Federal
$5.8 $— $— 
State
6.4 3.7 1.3 
Foreign
6.6 4.1 4.8 
Total current tax expense
18.8 7.8 6.1 
Deferred:
Federal
(111.1)0.1 — 
State(18.6)— — 
Foreign
(7.2)0.4 (0.9)
Total deferred tax (benefit) expense
(136.9)0.5 (0.9)
Income tax (benefit) expense
$(118.1)$8.3 $5.2 
Reconciliations of the U.S. federal statutory rate to the Company’s effective tax rate are as follows:
 Years Ended December 31,
 202420232022
U.S. federal statutory rate
21.0 %21.0 %21.0 %
Foreign tax rate differential
1.1 0.6 13.2 
State taxes, net of federal benefit2.3 2.4 (5.0)
Federal and state R&D credits
(4.4)(5.9)(49.4)
Stock-based compensation0.5 (3.2)(94.8)
Non-deductible officers’ compensation0.6 1.3 52.4 
Permanent items
1.1 0.7 6.3 
Foreign income taxed in the U.S.0.9 0.7 14.5 
Change in valuation allowance(59.8)(10.8)124.4 
Tax rate changes— 0.5 (30.9)
Change to prior year R&D credit
(2.8)(2.8)— 
Other0.2 (0.6)1.7 
Effective tax rate(39.3)%3.9 %53.4 %
The income tax benefit in 2024 primarily resulted from the release of substantially all of the valuation allowance maintained against deferred tax assets discussed below and the completion of a research and development (“R&D”) credit study for the
periods 2017 through 2022, which resulted in a $8.3 million income tax benefit from the increase to U.S. federal and state R&D credit carryforwards.
For all periods presented, no provision for income taxes has been provided on undistributed earnings of the Company’s foreign subsidiaries, except for Canada, because such earnings are indefinitely reinvested in the foreign operations. The Company has recorded a deferred tax liability for the tax costs on these earnings to the extent they cannot be repatriated in a tax-free manner. A deferred tax liability related to the repatriation of approximately $57.3 million indefinitely reinvested earnings has not been recorded. Events that could trigger a tax liability include, but are not limited to, distributions, reorganizations or restructurings, and/or tax law changes. Determining the amount of unrecognized deferred tax liabilities on these indefinitely reinvested earnings is not practicable due to complexities associated with the hypothetical calculation.
The Company files federal, state, and foreign tax returns, which are subject to examination by the relevant tax authorities. The Company’s U.S. federal and state tax returns are currently open to examination for tax years 2021 through 2023. In addition, the Company’s U.S. net operating loss carryforwards from 2001 and forward may be subject to examination in the periods that they are utilized.
The following table summarizes the activity related to the Company’s unrecognized tax benefits:
Years Ended December 31,
(in millions)20242023
Unrecognized tax benefits at beginning of year
$5.0 $— 
Additions related to current period tax positions
2.7 2.6 
Additions related to prior period tax positions
5.1 2.4 
Unrecognized tax benefits at end of year
$12.8 $5.0 
As of December 31, 2024 and 2023, the Company had unrecognized tax benefits that would impact the effective tax rate if recognized of $12.8 million and $5.0 million, respectively. As of December 31, 2022, the Company had no unrecognized tax benefits that would impact the effective tax rates. No interest and penalties were recognized related to uncertain tax positions for the years ended December 31, 2024, 2023, and 2022, respectively, and no interest or penalties were accrued as of December 31, 2024 and 2023, respectively. The Company does not anticipate that the amount of existing unrecognized tax benefits will materially increase or decrease within the next 12 months.
The components of the net deferred tax asset were as follows:
 As of December 31,
(in millions)20242023
Deferred tax assets:
Net operating loss carryforwards$23.4 $91.4 
Tax credits56.6 54.1 
Capitalized research and development expenditures78.8 53.3 
Accrued expenses34.4 25.1 
Amortization of debt discount4.2 7.8 
Inventory capitalization8.2 6.5 
Intangible assets6.4 8.0 
Incentive compensation14.7 13.5 
Stock-based compensation10.2 8.0 
Other7.1 5.4 
Total deferred tax assets244.0 273.1 
Deferred tax liabilities:
Prepaid assets(9.3)(7.7)
Property, plant and equipment(47.4)(38.1)
Capitalized contract acquisition costs(13.1)(10.4)
Unrealized gains on cash flow hedges(1.2)(5.1)
Other(7.4)(7.7)
Total deferred tax liabilities(78.4)(69.0)
Net deferred tax asset before valuation allowance165.6 204.1 
Valuation allowance(23.9)(202.9)
Net deferred tax asset$141.7 $1.2 
The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making such assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets and, based on the weight of available evidence, whether it is more-likely-than-not that some or all of the deferred tax assets will not be realized. During the year ended December 31, 2024, the Company recorded a $182.5 million non-cash income tax benefit related to the release of a substantial portion of its valuation allowance against deferred tax assets. This was based on the Company’s evaluation of the positive and negative evidence including cumulative income (loss) position, revenue growth, current profitability and expectations regarding future forecasted income. The remaining change in the valuation allowance is comprised of a $4.8 million increase related to current year state R&D credits, partially offset by $1.3 million of federal R&D credits that will not be utilized prior to expiration. The valuation allowance at December 31, 2024 primarily relates to certain U.S. state tax credits and state net operating loss carryforwards.
As of December 31, 2024, the Company’s net operating loss carryforwards were as follows:
(in millions)
Expiration Period
Net Operating Loss Carryforwards
U.S. federal
2029
$54.9 
State
2025 - 2042
$203.1 
Foreign
Indefinite
$1.7 
As of December 31, 2024, the Company’s tax credit carryforwards were as follows:
(in millions)
Expiration Period
Tax Credit Carryforwards
U.S. federal
2025 - 2044$44.3 
State2025 - 2044$30.7 
The above loss and credit carryforwards, which may be utilized in a future period, may be subject to limitations based on changes in the ownership of the Company ordinary shares.
v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
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:
Years Ended December 31,
(in millions, except share and per share data)202420232022
Net income$418.3 $206.3 $4.6 
Add back interest expense, net of tax attributable to assumed conversion of convertible senior notes
9.1 10.4 — 
Net income, diluted$427.4 $216.7 $4.6 
Weighted average number of common shares outstanding, basic
(in thousands)
70,076 69,751 69,375 
Convertible Senior Notes
3,528 3,528 — 
Stock options150 286 454 
Restricted stock units136 68 81 
Weighted average number of common shares outstanding, diluted
(in thousands)
73,890 73,633 69,910 
Earnings per share
    Basic
$5.97 $2.96 $0.07 
    Diluted
$5.78 $2.94 $0.07 
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:
Years Ended December 31,
(in thousands)202420232022
Restricted stock units464 322 227 
Stock options209 163 137 
Convertible Senior Notes
— — 3,528 
Total673 485 3,892 
v3.25.0.1
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Years Ended December 31,
(in millions)202420232022
Cash paid for interest, net of amount capitalized$47.1 $49.9 $34.2 
Cash paid for taxes$20.6 $8.1 $5.5 
Purchases of property and equipment included in accounts payable and accrued expenses$3.2 $7.1 $3.9 
Purchases of property, plant and equipment included in long-term debt$7.1 $12.9 $— 
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
The following table sets forth activities in the Company’s valuation allowance accounts:
DescriptionBalance at
Beginning of
Year		Additions Charged 
to Costs and
Expenses
Other
DeductionsBalance at
End
of Year
(in millions)
Year Ended December 31, 2024
Reserve for rebates, chargebacks and wholesaler fees
$157.7 $587.8 $— $(573.8)$171.7 
Deferred tax valuation allowance$202.9 $5.1 $— $(184.1)$23.9 
Year Ended December 31, 2023
Reserve for rebates, chargebacks and wholesaler fees
$77.3 $465.5 $— $(385.1)$157.7 
Deferred tax valuation allowance$222.8 $73.5 $3.7 $(97.1)$202.9 
Year Ended December 31, 2022
Reserve for rebates, chargebacks and wholesaler fees
$34.1 $247.1 $— $(203.9)$77.3 
Deferred tax valuation allowance(1)
$182.4 $72.5 $37.8 $(69.9)$222.8 
(1) Other represents the increase in deferred tax valuation allowance resulting from the adoption of ASU 2020-06, Debt — Debt with Conversations and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. Refer to Note 2 to the consolidated financial statements included in Item 8 for additional information.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 418.3 $ 206.3 $ 4.6
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
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  
Wayne A. I. Frederick [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 3, 2024, Wayne A. I. Frederick, a member of our Board of Directors, adopted a written trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act to sell up to 1,825 shares of our common stock between March 5, 2025 and December 31, 2025. The trading plan will terminate upon the earlier of December 31, 2025, or the sale of all shares subject to the trading plan.
Name Wayne A. I. Frederick  
Title member of our Board of Directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 3, 2024  
Arrangement Duration 301 days  
Aggregate Available 1,825 1,825
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We leverage the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework to better manage and respond to cybersecurity risks in protecting our infrastructure and sensitive data. We have mapped and base-lined our people, processes, and technology in alignment with the categories defined in the NIST industry standard framework: Identify, Protect, Detect, Respond, and Recover. Additionally, Insulet’s information security management system is ISO 27001 and 27701 certified. For the seventh consecutive year, Insulet received re-certification from the ISO, which is the recognized standard for information security management and privacy best practices that adheres to the highest international data security standards. In 2024, we also added ISO certifications specific to Cloud Computing and Health Informatics, which pairs with and supports other applicable medical device and international certification requirements.
We regularly assess the threat landscape and take a holistic view of cybersecurity risks, with a layered cybersecurity strategy based on prevention, detection, and mitigation. We maintain a cybersecurity risk register, and cybersecurity team leaders hold monthly meetings to discuss and prioritize risks as well as the status of any remediation activity. Key facets of our cybersecurity program include:
•24/7 cyber monitoring. Our security operations center is located in multiple time zones to ensure around-the-clock coverage and timely threat detection and response.
•External Threat Landscape Assessment. Our integrated privacy, legal, and security teams are continuously monitoring for any external threat that may impact our operations. Third-party threat intelligence feeds are leveraged to monitor Insulet’s digital footprint and activity that may cause brand damage.
•Insider Risk Detection. We have targeted tools aimed at detecting insider threats and suspicious data movement.
•Cloud and Vulnerability Management. To enhance cloud and data security, we reduce the attack surface by establishing secure defaults, implementing least privilege, and monitoring configurations continuously. As part of vulnerability and overall security posture management, we have a focused cross-functional team that meets regularly to address issues identified by security scans and security configuration checks to maintain hygiene of Insulet’s computing devices.
•Testing and Audits. Regular penetration testing, incident response tabletop testing, and audits are performed by trusted third-party security consultants. These final reports and gap analysis documents are logged into our risk register as appropriate.
•Operating Technology (“OT”) Visibility. As a manufacturer of medical devices, OT is a vital component of our business operations. Interconnectedness between OT technology and other business critical information technology
infrastructure can create a material cyber risk. Insult deploys segmentation and OT-specific monitoring capabilities to mitigate and monitor this risk.
•Vendor Management. Vendors and key partners are subject to Insulet’s Vendor Risk assessment process and subsequently monitored by our threat intelligence capability, which tracks our key vendors and suppliers.
•Training and Culture. Training, awareness, and incorporating security into Insulet’s culture is key to reducing risk around common threats such as phishing. We have an operational information security training program for all employees. In addition to annual trainings, we require and monitor completion of frequent “nanolearning” targeted trainings. These quick trainings provide constant reminders to our employees to be vigilant and give them the tools to recognize and protect against cyber threats. We also conduct phishing simulations to test effectiveness of our training program with the aim of reducing the percentage of employees who click on suspicious emails.
We are intensely focused on protecting the security of our products; our guiding principle of “security and privacy by design” underlies all of our product development. We have a cybersecurity team embedded with our research and development group to deliver on this mission as well as a Product Cybersecurity Risk Management Policy that aligns with FDA guidance. Omnipod 5 incorporates cybersecurity by design principles, which includes secure data transfer between the Pod, Controller, cloud storage, and compatible CGMs. Our Secure Software Development Lifecycle enforces application testing and continuous monitoring to identify security risks. Omnipod 5 is certified by ISO (27001, 27017 and 27799) and the U.K. Cyber Essentials. Omnipod 5 incorporates authentication, encryption, and cybersecurity protection to ensure only trusted devices and authorized people can access the system.
Notwithstanding the extensive approach we take to cybersecurity, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. Should a cyber incident occur, we have in place the Insulet Cybersecurity Incident Response Procedure (“CIRP”) and Crisis Management Plan, which are designed to enable us to respond efficiently to any incidents. Pursuant to the CIRP, cybersecurity incidents are reviewed and rated by our CISO and his team. A cybersecurity incident rated at predefined risk levels will be escalated to CTO, the Chief Compliance Officer, and the General Counsel and assessed for materiality and disclosure to the CEO and the Board. Our internal Disclosure Committee will review any planned public disclosures or filings. CIRP provides the organizational and operational structure to respond to incidents that may affect the confidentiality, integrity or availability of our information systems.
We currently do not believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected the Company’s business strategy, results of operations, or financial condition. While Insulet maintains cybersecurity insurance, the costs related to cybersecurity threats or disruptions may not be fully insured. See Item 1A. “Risk Factors” for a discussion of cybersecurity and other risks which may impact Insulet.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We regularly assess the threat landscape and take a holistic view of cybersecurity risks, with a layered cybersecurity strategy based on prevention, detection, and mitigation. We maintain a cybersecurity risk register, and cybersecurity team leaders hold monthly meetings to discuss and prioritize risks as well as the status of any remediation activity. Key facets of our cybersecurity program include:
•24/7 cyber monitoring. Our security operations center is located in multiple time zones to ensure around-the-clock coverage and timely threat detection and response.
•External Threat Landscape Assessment. Our integrated privacy, legal, and security teams are continuously monitoring for any external threat that may impact our operations. Third-party threat intelligence feeds are leveraged to monitor Insulet’s digital footprint and activity that may cause brand damage.
•Insider Risk Detection. We have targeted tools aimed at detecting insider threats and suspicious data movement.
•Cloud and Vulnerability Management. To enhance cloud and data security, we reduce the attack surface by establishing secure defaults, implementing least privilege, and monitoring configurations continuously. As part of vulnerability and overall security posture management, we have a focused cross-functional team that meets regularly to address issues identified by security scans and security configuration checks to maintain hygiene of Insulet’s computing devices.
•Testing and Audits. Regular penetration testing, incident response tabletop testing, and audits are performed by trusted third-party security consultants. These final reports and gap analysis documents are logged into our risk register as appropriate.
•Operating Technology (“OT”) Visibility. As a manufacturer of medical devices, OT is a vital component of our business operations. Interconnectedness between OT technology and other business critical information technology
infrastructure can create a material cyber risk. Insult deploys segmentation and OT-specific monitoring capabilities to mitigate and monitor this risk.
•Vendor Management. Vendors and key partners are subject to Insulet’s Vendor Risk assessment process and subsequently monitored by our threat intelligence capability, which tracks our key vendors and suppliers.
•Training and Culture. Training, awareness, and incorporating security into Insulet’s culture is key to reducing risk around common threats such as phishing. We have an operational information security training program for all employees. In addition to annual trainings, we require and monitor completion of frequent “nanolearning” targeted trainings. These quick trainings provide constant reminders to our employees to be vigilant and give them the tools to recognize and protect against cyber threats. We also conduct phishing simulations to test effectiveness of our training program with the aim of reducing the percentage of employees who click on suspicious emails.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
We manage cyber risk on a daily basis, as we face a multitude of threats ranging from ransomware, phishing attacks, business email compromise, and a wide array of other cyber-criminal tactics aimed at impacting our operations and compromising our sensitive information. Our customers, suppliers, subcontractors, and partners face similar cybersecurity threats, and a cybersecurity incident impacting us or any of these entities could materially adversely affect our operations, performance and results of operations. Accordingly, we have invested in resources (people, processes, and technology) aimed at identifying, assessing, and responding to cyber threats.
Our Board of Directors (“Board”) oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure to our strategic objectives. While the Board reviews the Company’s cybersecurity program annually, the Nominating, Governance, and Risk Committee (“NGR Committee”) of the Board has primary responsibility for cybersecurity as part of its risk oversight mandate. The NGR Committee is updated on cybersecurity matters from our Chief Information Security Officer (“CISO”) and members of the CISO’s team at least twice annually. The CISO discusses management’s actions to identify and detect threats and reviews the structure of and enhancements to the Company’s defenses as well as management’s progress on its cybersecurity strategic roadmap. The NGR Committee Chair reports to the full Board after each Committee meeting, including information relating to the cybersecurity discussions.
Our Cybersecurity organization, which includes infrastructure security, product security, technology risk management, and security awareness and culture is led by our CISO. Our CISO, reports directly to our Chief Technology Officer (“CTO”) and is responsible for developing and implementing our cybersecurity program, including setting the directional security strategy and continuous improvement plans for the overall security program. Our CISO has over a decade of experience leading cyber-security and technology risk management programs in both healthcare and medical device manufacturing organizations and maintains multiple industry certifications, including Certified Information Systems Security Professional and Certified Information Security Manager.
The CTO ensures cyber-security measures are prioritized across research and development, software engineering, and our information technology functions. The CTO supports the CISO in chairing a quarterly Technology Risk Committee aimed at providing proper oversight and governance of the cybersecurity program, remediation of identified technology risks, and execution of the cybersecurity strategy. Our processes for assessing, identifying, and managing cybersecurity-related risks is also included within our overall enterprise risk management (ERM) program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our CISO, reports directly to our Chief Technology Officer (“CTO”) and is responsible for developing and implementing our cybersecurity program, including setting the directional security strategy and continuous improvement plans for the overall security program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Cybersecurity organization, which includes infrastructure security, product security, technology risk management, and security awareness and culture is led by our CISO. Our CISO, reports directly to our Chief Technology Officer (“CTO”) and is responsible for developing and implementing our cybersecurity program, including setting the directional security strategy and continuous improvement plans for the overall security program. Our CISO has over a decade of experience leading cyber-security and technology risk management programs in both healthcare and medical device manufacturing organizations and maintains multiple industry certifications, including Certified Information Systems Security Professional and Certified Information Security Manager.
The CTO ensures cyber-security measures are prioritized across research and development, software engineering, and our information technology functions. The CTO supports the CISO in chairing a quarterly Technology Risk Committee aimed at providing proper oversight and governance of the cybersecurity program, remediation of identified technology risks, and execution of the cybersecurity strategy. Our processes for assessing, identifying, and managing cybersecurity-related risks is also included within our overall enterprise risk management (ERM) program.
Cybersecurity Risk Role of Management [Text Block]
Our Board of Directors (“Board”) oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure to our strategic objectives. While the Board reviews the Company’s cybersecurity program annually, the Nominating, Governance, and Risk Committee (“NGR Committee”) of the Board has primary responsibility for cybersecurity as part of its risk oversight mandate. The NGR Committee is updated on cybersecurity matters from our Chief Information Security Officer (“CISO”) and members of the CISO’s team at least twice annually. The CISO discusses management’s actions to identify and detect threats and reviews the structure of and enhancements to the Company’s defenses as well as management’s progress on its cybersecurity strategic roadmap. The NGR Committee Chair reports to the full Board after each Committee meeting, including information relating to the cybersecurity discussions.
Our Cybersecurity organization, which includes infrastructure security, product security, technology risk management, and security awareness and culture is led by our CISO. Our CISO, reports directly to our Chief Technology Officer (“CTO”) and is responsible for developing and implementing our cybersecurity program, including setting the directional security strategy and continuous improvement plans for the overall security program. Our CISO has over a decade of experience leading cyber-security and technology risk management programs in both healthcare and medical device manufacturing organizations and maintains multiple industry certifications, including Certified Information Systems Security Professional and Certified Information Security Manager.
The CTO ensures cyber-security measures are prioritized across research and development, software engineering, and our information technology functions. The CTO supports the CISO in chairing a quarterly Technology Risk Committee aimed at providing proper oversight and governance of the cybersecurity program, remediation of identified technology risks, and execution of the cybersecurity strategy. Our processes for assessing, identifying, and managing cybersecurity-related risks is also included within our overall enterprise risk management (ERM) program.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Board of Directors (“Board”) oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure to our strategic objectives. While the Board reviews the Company’s cybersecurity program annually, the Nominating, Governance, and Risk Committee (“NGR Committee”) of the Board has primary responsibility for cybersecurity as part of its risk oversight mandate. The NGR Committee is updated on cybersecurity matters from our Chief Information Security Officer (“CISO”) and members of the CISO’s team at least twice annually. The CISO discusses management’s actions to identify and detect threats and reviews the structure of and enhancements to the Company’s defenses as well as management’s progress on its cybersecurity strategic roadmap. The NGR Committee Chair reports to the full Board after each Committee meeting, including information relating to the cybersecurity discussions.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO has over a decade of experience leading cyber-security and technology risk management programs in both healthcare and medical device manufacturing organizations and maintains multiple industry certifications, including Certified Information Systems Security Professional and Certified Information Security Manager.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Chief Information Security Officer (“CISO”)
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying financial statements reflect the consolidated operations of Insulet Corporation and its subsidiaries. The 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.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.
Foreign Currency Translation
Foreign Currency Translation
The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars using exchange rates as of the balance sheet date, while income and expenses of foreign subsidiaries are translated using the average exchange rates in effect for the related month. The net effect of these translation adjustments is reported in accumulated other comprehensive income (loss) within stockholders’ equity on the consolidated balance sheets. Net realized and unrealized losses from foreign currency transactions are included in other (expense) income, net in the consolidated statements of income and were $2.3 million, $0.4 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase to be cash equivalents. Cash equivalents may include money market mutual funds, commercial paper, and U.S. government and agency bonds, that are carried at cost.
Certain of the Company’s subsidiaries participate in a multi-currency, notional cash pooling arrangement with a third-party bank provider to manage global liquidity requirements. Under this arrangement, cash deposited by participating subsidiaries may be in positive or negative cash positions to the extent the overall balance in the cash pool is at least zero. The net cash balance of the notional cash pooling arrangement is included within cash and cash equivalents in the consolidated balance sheets and was insignificant at both December 31, 2024 and 2023.
Investments
Investments
The Company has investments in equity securities of privately held companies, in which the Company’s interest is less than 20%, the Company does not exercise significant influence over the investee, and the investment does not have a readily determinable fair value. 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 investment is measured at its fair value as of the date that the observable transaction occurred with the adjustments reflected in other (expense) income, net in the Company’s consolidated statements of income. Investments in equity securities are recorded within other assets on the consolidated balance sheets.
The Company also has investments in debt securities of privately held companies, which are either classified as available-for-sale securities or for which the Company has elected the fair value option. The available-for-sale securities are recorded at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity on the consolidated balance sheets. The other investment is a debt security that contains embedded derivatives. Unrealized gains and losses for this investment are recorded as a component of other (expense) income, net in the consolidated statements of income. Investments in debt securities are recorded within other assets on the consolidated balance sheets.
The Company may also invest in marketable securities, including term deposits, commercial paper, U.S. government and agency bonds, and corporate bonds, which are classified as available-for-sale and carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity on the consolidated balance sheets. Investments with a stated maturity date of more than one year from the balance sheet date and that are not expected to be used in current operations are classified as long-term investments within other assets on the consolidated balance sheets. The Company reviews investments for other-than-temporary impairment when the fair value of an investment is less than its amortized cost. If an available-for-sale security is other than temporarily impaired, the loss is included in other (expense) income, net in the consolidated statements of income.
Accounts Receivable and Allowance for Credit Losses
Accounts Receivable and Allowance for Credit Losses
Trade accounts receivable consist of amounts due from intermediaries, third-party payors, and customers and are presented at amortized cost. The allowance for credit losses reflects an estimate of losses inherent in the Company’s accounts receivable portfolio determined based on historical experience, specific allowances for known troubled accounts, and other available evidence. Accounts receivable are written off when management determines they are uncollectible.
The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods:
Direct Customer Receivables—The Company measures expected credit losses on direct customer receivables using an aging methodology. The risk of loss for direct customer receivables is higher than other portfolios. The Company relies on third-party payors to accept and timely process claims and on direct consumers to have the ability to pay. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and supportable forecasts.
Distributor Receivables—The Company measures expected credit losses on distributor receivables using an individual reserve methodology. The risk of loss in this portfolio is low based on the Company’s historical experience. The estimate of expected credit losses considers payment history and the financial condition of the distributors.
National Healthcare System Receivables—The Company measures expected credit losses on national healthcare system receivables using an individual reserve methodology. The risk of loss in this portfolio is low based on the Company’s historical experience. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and supportable forecasts.
Inventories
Inventories
Inventories are stated at the lower of cost or net realizable value, with cost determined under the first-in, first-out method. The Company reduces the carrying value of inventories for those items that are potentially excess, obsolete, or slow-moving based on changes in customer demand, technology developments, or other economic factors in order to state inventories at net realizable value. Factors influencing these adjustments include inventories on hand compared to estimated future usage and sales.
Contract Acquisition Costs and Revenue Recognition
Contract Acquisition Costs
The Company incurs commission costs to obtain a contract related to new customer starts. These costs are capitalized as contract assets in other assets on the consolidated balance sheet, net of the short-term portion included in prepaid expenses and other current assets. Costs to obtain a contract are amortized to selling, general and administrative expense on a straight-line basis over the expected period of benefit, which considers future product upgrades. These costs are periodically reviewed for impairment.
Revenue Recognition
The Company generates revenue from the sale of its Controller/PDM and Pods. We generally recognize revenue when control is transferred to our customers in an amount that reflects the net consideration to which we expect to be entitled. In determining how revenue should be recognized, a five-step process is used, which includes identifying performance obligations in the contract, determining whether the performance obligations are separate, allocating the transaction price to each separate performance obligation, estimating the amount of variable consideration to include in the transaction price, and determining the timing of revenue recognition for separate performance obligations.
•Contracts and Performance Obligations. The Company generally considers customer purchase orders, which in most cases are governed by agreements with distributors or third-party payors, to be contracts with a customer. The Company considers the obligation to transfer the Controller/PDM, the initial and subsequent quantity of Pods ordered, and product training, each of which are distinct, to be separate performance obligations.
•Transaction Price. Transaction price for the Controller/PDM and Pods reflects the net consideration to which the Company expects to be entitled. The prices charged depend on the Company’s pricing as established with third-party payors and intermediaries. Variable consideration is estimated at the outset of the contract and includes, but is not limited to reductions for: consideration payable to customers, such as rebates, chargebacks, and administrative fees paid to distributors; product returns provision; prompt payment discounts; and various other promotional or incentive arrangements. If a contract contains more than one performance obligation, the transaction price is allocated to each performance obligation based on relative standalone selling price.
•Rebates. The Company is subject to rebates on pricing programs with managed care organizations, such as pharmacy benefit managers, governmental and third-party commercial payors, primarily in the United States. The Company estimates provisions for rebates primarily based on historical experience, revenue growth, distribution channel lag, and known events or trends.
•Chargebacks. The Company participates in chargeback programs in the United States, under which pricing on products below negotiated list prices is provided to participating entities. Distributors selling to participating entities receive a chargeback equal to the difference between their acquisition cost and the lower negotiated price. The Company estimates provisions for chargebacks primarily based on historical experience on a program basis and current contract prices.
•Administrative fees paid to distributors. The Company pays administrative fees to certain distributors, which is generally based on a fixed percentage multiplied by either gross purchases from Insulet or gross sales of Insulet products sold by the distributor. These fees are not in exchange for a distinct good or service and therefore are recognized as a reduction of the transaction price. The Company accrues for these fees based on gross sales and contractual fee rates negotiated with the customer.
•Product Returns. The Company estimates product returns provision primarily based on historical experience by applying a historical return rate to the amounts of revenue estimated to be subject to returns. Additionally, the Company considers other specific factors such as the estimated shelf life of inventory in the distribution channel and changes to customer terms.
•Discounts. The Company provides customers with prompt payment discounts, which may result in adjustments to the price that is invoiced for the product transferred, in the case that payments are made within a defined period. The Company estimates prompt payment discount accruals based on actual gross sales and contractual discount rates.
•Other Arrangements. Other incentive or promotional arrangements may be offered to customers, including but not limited to copayment assistance for users with commercial insurance. We record a provision for the incentive earned based on the number of estimated claims and our estimate of the cost per claim related to product sales that have been recognized as revenue.
•Revenue Recognition. The Company records revenue upon transfer of control of the product to the customers, which is generally when the product is shipped or delivered and title passes to the customer. Revenue from product training is recognized in the period it is provided. The Company records deferred revenue if a customer pays consideration, or the Company has the right to invoice, before the Company transfers a good or service to a customer. Deferred revenue primarily represents product training as there is generally a lag between when the customer is billed and when the end-user receives training.
The Company’s Drug Delivery product line includes sales of a modified version of the Pod to pharmaceutical and biotechnology companies who use the Company’s technology as a delivery method for their drugs. For the majority of this product line, revenue is recognized, with an associated unbilled receivable, as the product is produced pursuant to the customer’s firm purchase commitments. The Company has an enforceable right to payment for performance completed to date and the inventory has no alternative use to the Company. The Company recognizes revenue over time using a blend of costs incurred to date relative to total estimated costs at completion and time incurred to date relative to total production time to measure progress toward the satisfaction of its performance obligations. The Company believes that both incurred cost and elapsed time reflect the value generated, which best depicts the transfer of control to the customer. Contract costs include third-party costs as well as an allocation of manufacturing overhead.
Derivative Instruments
Derivative Instruments
The Company is exposed to certain risks relating to its business operations. Risks that relate to interest rate exposure are managed by using interest rate swaps. The Company recognizes derivative instruments as either assets or liabilities at fair value on the consolidated balance sheet. Changes in a derivative financial instrument’s fair value are recognized in earnings unless specific hedge criteria are met, in which case changes in fair value are recognized as adjustments to other comprehensive income. The Company has designated its interest rate swap contracts as cash flow hedges. Additional information on the Company’s derivative instruments is included in Note 17 and fair values are included in Note 16.
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, and accrued expenses and other current liabilities, are carried at cost, which approximates their fair value because of their short-term maturity.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment is stated at cost less accumulated depreciation. Major improvements are capitalized, while routine repairs and maintenance are expensed as incurred. Depreciation for property, plant and equipment, other than land and construction in progress, is based upon the following estimated useful lives using the straight-line method:
Building and building improvements
20 to 39 years
Leasehold improvementsLesser of lease term or useful life of asset
Machinery and equipment
2 to 15 years
Furniture and fixtures
3 to 5 years
The Company assesses the recoverability of assets whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable. The Company recognizes an impairment loss if the carrying amount of a long-lived asset is not recoverable based on its undiscounted future cash flows. The impairment loss is measured as the difference between the carrying amount and the fair value of the asset.
Business Combinations
Business Combinations
The Company recognizes the assets and liabilities assumed in business combinations based on their estimated fair values at the date of acquisition. The Company allocates the purchase price in excess of net tangible assets acquired to identifiable intangible assets. The Company assesses the fair value of assets, including intangible assets, using a variety of methods and each asset is measured at fair value from the perspective of a market participant. Assets recorded from the perspective of a market participant that are determined to not have economic use for the Company are expensed immediately. Any excess purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Transaction costs and restructuring costs associated with a business combination are expensed as incurred.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill represents the excess of the purchase price of an acquired entity over the amounts assigned to assets and liabilities assumed in a business combination. The Company performs an assessment of its goodwill for impairment annually on October 1 or whenever events or changes in circumstances indicate there might be impairment. Goodwill is evaluated for impairment at the reporting unit level.
The Company may assess its goodwill for impairment initially using a qualitative approach to determine whether conditions exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying value. If management concludes, based on its assessment of relevant events, facts, and circumstances that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis will be performed to determine if there is any impairment. Alternatively, the Company may elect to initially perform a quantitative analysis instead of starting with a qualitative analysis. The Company would record an impairment loss to the extent that the carrying value of the reporting unit’s goodwill exceeds its fair value.
Intangible assets acquired in a business combination are recorded at fair value, while intangible assets purchased or software developed for internal-use are recorded at cost and are stated at cost less accumulated amortization. Intangible assets with finite useful lives are amortized based on the pattern in which the economic benefits of the assets are estimated to be consumed over the following estimated useful lives of the assets:
Customer relationships14 years
Internal-use software
3 to 5 years
Developed technology
13 to 15 years
Patents
8 to 15 years
Amortization expense is included in selling, general and administrative expenses in the consolidated statement of income. The Company reviews intangible assets for impairment by comparing the fair value of the assets, estimated using an income approach, with their carrying value. If the carrying value exceeds the fair value of the intangible asset, the Company recognizes an impairment equal to the difference between the carrying value of the asset and the present value of future cash flows. The Company assesses the remaining useful life and the recoverability of intangible assets whenever events or circumstances indicate that the carrying value of an asset may not be recoverable using undiscounted cash flows.
Cloud Computing Arrangements
Cloud Computing Arrangements
Cloud computing arrangements includes services used to support certain internal corporate functions as well as technology platforms that support commercial initiatives. The Company capitalizes costs incurred to implement cloud computing arrangements that are service contracts within other current and non-current assets and amortizes such costs over the expected term of the hosting arrangement using the straight-line method to the same income statement line as the associated cloud operating expenses. The Company assesses the recoverability of capitalized implementation costs in accordance with the policy disclosed under Property, Plant and Equipment.
Leases
Leases
The Company determines if an arrangement includes a lease at inception. At lease commencement, the Company recognizes lease liabilities equal to the present value of the future lease payments and lease assets representing the right to use the underlying asset throughout the lease term. The Company uses an incremental borrowing rate based on the information available at lease commencement in determining the present value of lease payments, when the implicit rate is not readily determinable. The Company’s incremental borrowing rate reflects a secured rate that considers the term of the lease, the nature of the underlying asset and the economic environment. Lease terms may include options to extend and/or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Right-of-use assets are calculated as the initial measurement of the lease liability plus lease payments made prior to lease commencement and initial direct costs incurred, less lease incentives received. The Company excludes leases with an expected term of one year or less from recognition on the consolidated balance sheet and does not separate lease and non-lease components.
Loss Contingencies
Loss Contingencies
The Company records a liability on the consolidated balance sheet for loss contingencies when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. Legal costs associated with loss contingencies are expensed as incurred.
Product Warranty
Product Warranty
The Company provides a four-year warranty on its Controllers and PDMs Controllers sold in the United States and Europe and a five-year warranty on PDMs sold in Canada and may replace Pods that do not function in accordance with product specifications. The Company estimates its warranty obligation at the time the product is shipped based on historical experience and the estimated cost to service the claims. Costs to service the claims reflect 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.
Research and Software Development Costs
Research and Software Development Costs
Internal research and development costs are expensed as incurred. Research and development expenses include salary and benefits, allocated overhead and occupancy costs, clinical trial and related clinical manufacturing costs, contract services, and other costs.
Costs incurred in the research, design, and development of software embedded in products to be sold to customers are charged to expense until technological feasibility of the ultimate product to be sold is established. The Company’s policy is that technological feasibility is achieved when a working model, with the key features and functions of the product, is available for customer testing. Software development costs incurred after the establishment of technological feasibility and until the product is available for general release are capitalized, provided recoverability is reasonably assured. Capitalized software development costs are amortized over their estimated useful life and recorded within cost of revenue.
Shipping and Handling Costs
Shipping and Handling Costs
The Company does not typically charge its customers for shipping and handling costs associated with shipping its product to its customers unless non-standard shipping and handling services are requested. These shipping and handling costs are included in selling, general and administrative expenses
Advertising Costs
Advertising Costs
The Company expenses advertising costs as they are incurred.
Stock-Based Compensation Expense
Stock-Based Compensation Expense
The Company measures stock-based compensation on the grant date based on the fair value of the award and recognizes the compensation expense over the requisite service period, which is generally the vesting period. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Income Taxes
Income Taxes
The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that will be in effect in the years in which the differences are expected to reverse. The Company reviews its deferred tax assets for recoverability by considering all available positive and negative evidence, including historical profitability, projected future taxable income, and the expected timing of the reversals of existing temporary differences and tax planning strategies. A valuation allowance is provided to reduce the deferred tax assets if, based on the available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. The effect of a change in enacted tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Interest and penalties are classified as a component of income tax expense.
Concentration Risk
Concentration Risk
Credit Risk—Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents and accounts receivable. The Company maintains most of its cash and investments in money market funds with a limited number of financial institutions that have a high investment grade credit rating. See Notes 4 and 6 for customer concentration.
Supply Risk—The Company uses different types of semiconductor chips, which are sourced from external suppliers, in the manufacturing of its products. While the Company has multiple suppliers of semiconductor chips, each type is typically sourced from a single supplier. Supply chain disruptions, supplier shortages, logistic delays, or quality problems could result in manufacturing delays, increased costs, or a possible loss of sales, which could adversely affect operating results.
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards
Segment Reporting—The Company adopted Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures during the fourth quarter of 2024. ASU 2023-07 requires incremental disclosures on reportable segments, primarily significant segment expenses. The required disclosures are included in Note 3.
Convertible Debt—Effective January 1, 2022, the Company adopted ASU 2020-06, Debt – Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity using the modified retrospective method for convertible debt instruments outstanding as of the date of adoption. Under ASU 2020-06, a convertible debt instrument is generally reported as a single liability at its amortized cost with no separate accounting for embedded conversion features. Consequently, the effective interest rate of convertible debt instruments is closer to the coupon interest rate under this guidance. The cumulative effect of adopting ASU 2020-06 resulted in a $207.7 million decrease to the opening balance of additional paid-in-capital upon adoption resulting from the derecognition of the embedded conversion feature and debt issuance costs bifurcated to equity, a $60.6 million decrease to the opening balance of accumulated deficit representing the cumulative interest expense recognized related to the amortization of the bifurcated conversion option and debt issuance costs, and a $147.1 million increase in long-term debt resulting from the derecognition of the discount associated with the embedded conversion feature, offset by the remaining debt issuance costs reclassified out of equity. In addition, the Company wrote-off the related deferred tax liabilities with a corresponding adjustment to the valuation allowance, resulting in no net impact to the cumulative adjustment recorded to accumulated deficit. Adoption of this standard had no impact on the Company’s diluted earnings per share as the Company historically calculated earnings per share using the if-converted method.
Reference Rate Reform—ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Reporting and ASU 2021-01, Reference Rate Reform (Topic 848) – Scope allow companies to elect optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform (e.g., discontinuation of the London Interbank Offered Rate (“LIBOR”)) if certain criteria are met. During the fourth quarter of 2022, the Company elected to apply optional expedients for contract modifications to all eligible debt instruments and hedging relationships affected by the transition from LIBOR to the Secured Overnight Financing Rate (“SOFR”). Accordingly, the Company did not have to assess whether the contract modification should be accounted for as a debt extinguishment. Additionally, the Company was not required to de-designate hedging relationships when the contractual terms changed. The adoption of these standards had no impact on our consolidated financial statements.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Property, Plant and Equipment Depreciation for property, plant and equipment, other than land and construction in progress, is based upon the following estimated useful lives using the straight-line method:
Building and building improvements
20 to 39 years
Leasehold improvementsLesser of lease term or useful life of asset
Machinery and equipment
2 to 15 years
Furniture and fixtures
3 to 5 years
Property, plant and equipment at cost and accumulated depreciation were as follows: 
 As of December 31,
(in millions)20242023
Land
$12.2 $9.0 
Building and building improvements
226.8 205.3 
Machinery and equipment672.7 572.2 
Furniture and fixtures20.8 18.1 
Leasehold improvements16.4 16.0 
Construction in process136.6 137.5 
Property, plant and equipment, gross1,085.5 958.1 
Less: accumulated depreciation
(362.4)(293.2)
Property, plant and equipment, net$723.1 $664.9 
Schedule of Components of Intangible Assets Intangible assets with finite useful lives are amortized based on the pattern in which the economic benefits of the assets are estimated to be consumed over the following estimated useful lives of the assets:
Customer relationships14 years
Internal-use software
3 to 5 years
Developed technology
13 to 15 years
Patents
8 to 15 years
The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows:
 As of December 31,
20242023
(in millions)Gross Carrying AmountAccumulated AmortizationNet Book ValueGross Carrying AmountAccumulated AmortizationNet Book Value
Customer relationships$43.1 $(33.5)$9.6 $43.2 $(30.9)$12.3 
Internal-use software52.4 (15.6)36.8 43.1 (13.9)29.2 
Developed technology
27.4 (4.9)22.5 27.4 (3.0)24.4 
Patents
36.2 (6.6)29.6 36.2 (3.4)32.8 
Total intangible assets $159.1 $(60.6)$98.5 $149.9 $(51.2)$98.7 
v3.25.0.1
Segment and Geographic Data (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Revenue by Geographic Region Based on Delivery Location
Geographic information about revenue, based on customer location, is as follows:
Years Ended December 31,
(in millions)202420232022
U.S.$1,548.2 $1,287.0 $942.3 
International523.4 410.1 363.0 
Total revenue$2,071.6 $1,697.1 $1,305.3 
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:
Years Ended December 31,
(in millions)202420232022
Total revenue
2,071.6 1,697.1 1,305.3 
Materials(1)
296.7 261.3 198.0 
Factory conversion(2)
176.9 151.2 125.7 
Depreciation and amortization(3)
25.9 26.3 21.9 
Other costs of revenue(4)
126.4 98.4 154.1 
Cost of revenue625.9 537.2 499.7 
Labor(5)
478.4 398.4 343.7 
Outside services(6)
260.5 225.4 157.6 
Depreciation and amortization
47.0 40.7 28.9 
Other operating expenses(7)
350.9 275.4 237.8 
Operating income308.9 220.0 37.6 
Interest expense, net
(3.2)(7.6)(26.7)
Other (expense) income, net(5.5)2.2 (1.1)
Income tax benefit (expense)
118.1 (8.3)(5.2)
Net income$418.3 $206.3 $4.6 
(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 as described in Note 2.
(4) Consists primarily of warranty expense, cost to manufacture Controllers/PDMs, 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:
As of December 31,
(in millions)20242023
U.S.
$475.9 $461.3 
Malaysia159.1 113.7 
China
78.5 82.0 
Other9.6 7.9 
Total long-lived assets, net
$723.1 $664.9 
v3.25.0.1
Revenue and Contract Acquisition Costs (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table summarizes the Company’s disaggregated revenue:
Years Ended December 31,
(in millions)202420232022
U.S.$1,509.3 $1,251.0 $884.8 
International523.4 410.1 363.0 
Total Omnipod products
2,032.7 1,661.1 1,247.8 
Drug Delivery38.9 36.0 57.5 
Total revenue$2,071.6 $1,697.1 $1,305.3 
Schedules of Concentration of Risk
The percentages of total revenue for customers that represent 10% or more of total revenue was as follows:
Years Ended December 31,

202420232022
Distributor A28%28%19%
Distributor B26%24%16%
Distributor C21%19%17%
The percentages of total net accounts receivable trade for customers that represent 10% or more of total net accounts receivable trade were as follows:
As of December 31,

20242023
Distributor A35%35%
Distributor B27%25%
Distributor C15%18%
Schedule of Deferred Revenue
Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown:
As of December 31,
(in millions)202420232022
Accrued expenses and other current liabilities$12.0 $15.4 $16.1 
Other liabilities2.0 1.9 1.6 
Total deferred revenue$14.0 $17.3 $17.7 
Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows:
As of December 31,
(in millions)202420232022
Deferred revenue recognized$15.4 $16.0 $2.1 
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:
As of December 31,
(in millions)20242023
Prepaid expenses and other current assets$20.1 $16.6 
Other assets40.8 32.0 
Total capitalized contract acquisition costs, net$60.9 $48.6 
v3.25.0.1
Related Party Disclosures (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Related party transactions recorded on the consolidated balance sheets were as follows:
As of December 31,
(in millions)20242023
Accounts receivable, net$113.0 $119.5 
Distribution fees payable(1)
$— $6.1 
Deferred revenue(1)
$1.0 $2.8 
(1) Balances are included in accrued expenses and other current liabilities.
v3.25.0.1
Accounts Receivable (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Accounts Receivable
Accounts receivable were comprised of the following:
As of December 31,
(in millions)202420232022
Accounts receivable trade, net$242.8 $234.5 $128.6 
Unbilled receivable9.7 5.7 12.3 
Accounts receivable, net$252.5 $240.2 $140.9 
Schedules of Concentration of Risk
The percentages of total revenue for customers that represent 10% or more of total revenue was as follows:
Years Ended December 31,

202420232022
Distributor A28%28%19%
Distributor B26%24%16%
Distributor C21%19%17%
The percentages of total net accounts receivable trade for customers that represent 10% or more of total net accounts receivable trade were as follows:
As of December 31,

20242023
Distributor A35%35%
Distributor B27%25%
Distributor C15%18%
Schedule of Allowance for Credit Loss
The following table presents the activity in the allowance for credit losses:
Years Ended December 31,
(in millions)202420232022
Credit losses at beginning of year$2.5 $2.5 $2.7 
Provision for expected credit losses(0.2)2.3 4.2 
Write-offs charged against allowance(0.9)(2.6)(4.9)
Recoveries of amounts previously reserved— 0.3 0.5 
Credit losses at end of year$1.4 $2.5 $2.5 
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories were comprised of the following:
As of December 31,
(in millions)20242023
Raw materials$156.7 $118.2 
Work in process81.2 60.6 
Finished goods192.5 223.8 
    Total inventories$430.4 $402.6 
v3.25.0.1
Cloud Computing Costs (Tables)
 12 Months Ended
Dec. 31, 2024
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: 
 As of December 31,
(in millions)20242023
Short-term portion$31.7 $26.4 
Long-term portion135.3 116.9 
Total capitalized implementation costs167.0 143.3 
Less: accumulated amortization(62.4)(36.6)
Capitalized implementation costs, net$104.6 $106.7 
v3.25.0.1
Property, Plant and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment, Net Depreciation for property, plant and equipment, other than land and construction in progress, is based upon the following estimated useful lives using the straight-line method:
Building and building improvements
20 to 39 years
Leasehold improvementsLesser of lease term or useful life of asset
Machinery and equipment
2 to 15 years
Furniture and fixtures
3 to 5 years
Property, plant and equipment at cost and accumulated depreciation were as follows: 
 As of December 31,
(in millions)20242023
Land
$12.2 $9.0 
Building and building improvements
226.8 205.3 
Machinery and equipment672.7 572.2 
Furniture and fixtures20.8 18.1 
Leasehold improvements16.4 16.0 
Construction in process136.6 137.5 
Property, plant and equipment, gross1,085.5 958.1 
Less: accumulated depreciation
(362.4)(293.2)
Property, plant and equipment, net$723.1 $664.9 
v3.25.0.1
Business Combination (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Allocation of Assets Acquired The following table summarizes the fair value allocation of the assets acquired at the date of acquisition:
(in millions)
Inventories$0.5 
Property, plant and equipment0.9 
Other assets0.2 
Goodwill (tax deductible)12.0 
Developed technology (15 year useful life)
15.4 
Total assets acquired$29.0 
v3.25.0.1
Goodwill and Other Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
The change in the carrying amount of goodwill for the period is as follows:
Years Ended December 31,
(in millions)
2024
2023
Goodwill at beginning of the year
$51.7 $51.7 
Foreign currency translation(0.2)— 
Goodwill at end of the year$51.5 $51.7 
Schedule of Other Intangible Assets Intangible assets with finite useful lives are amortized based on the pattern in which the economic benefits of the assets are estimated to be consumed over the following estimated useful lives of the assets:
Customer relationships14 years
Internal-use software
3 to 5 years
Developed technology
13 to 15 years
Patents
8 to 15 years
The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows:
 As of December 31,
20242023
(in millions)Gross Carrying AmountAccumulated AmortizationNet Book ValueGross Carrying AmountAccumulated AmortizationNet Book Value
Customer relationships$43.1 $(33.5)$9.6 $43.2 $(30.9)$12.3 
Internal-use software52.4 (15.6)36.8 43.1 (13.9)29.2 
Developed technology
27.4 (4.9)22.5 27.4 (3.0)24.4 
Patents
36.2 (6.6)29.6 36.2 (3.4)32.8 
Total intangible assets $159.1 $(60.6)$98.5 $149.9 $(51.2)$98.7 
Schedule of Amortization Expense Expected for Next Five Years
Amortization expense associated with the intangible assets included on the Company’s consolidated balance sheet as of December 31, 2024 is expected to be as follows:
Years Ending December 31, (in millions)
2025$14.2 
2026$15.1 
2027$14.0 
2028$12.9 
2029$12.3 
v3.25.0.1
Accrued Expenses and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Current Liabilities
The components of accrued expenses and other current liabilities were as follows:
As of December 31,
(in millions)20242023
Accrued rebates
$148.3 $144.0 
Employee compensation and related costs142.8 122.0 
Professional and consulting services51.6 34.1 
Liability associated with secured borrowings
12.2 — 
Other68.9 73.6 
Accrued expenses and other current liabilities$423.8 $373.7 
Schedule of Reconciliation of Changes in Product Warranty Liability
Reconciliations of the changes in the Company’s product warranty liability were as follows:  
Years Ended December 31,
(in millions)202420232022
Product warranty liability at beginning of year$10.3 $62.1 $6.8 
Warranty expense24.1 18.6 87.0 
Change in estimate(0.4)(11.5)(14.0)
Warranty fulfillment(20.1)(58.9)(17.7)
Product warranty liability at end of year$13.9 $10.3 $62.1 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of ROU Assets and Operating Lease Liabilities
Lease assets and lease liabilities were included in the following consolidated balance sheet accounts in the amounts shown:
Years Ended December 31,
(in millions)20242023
Operating leases
Operating lease asset:
Other assets$36.7 $27.9 
Operating lease liabilities:
Accrued expenses and other current liabilities$2.1 $3.5 
Other liabilities40.0 29.5 
   Total operating lease liabilities$42.1 $33.0 
Finance leases
Finance lease assets:
Property, plant and equipment, net$— $37.8 
Finance lease liabilities:
Current portion of long-term debt and finance leases$— $22.9 
Schedule of Lease Cost
The Company’s operating and financing lease cost was as follows:
Years Ended December 31,
(in millions)
2024
2023
2022
Operating lease cost$7.3 $8.8 $8.8 
Finance lease cost:
    Amortization of leased assets0.7 0.4 — 
    Interest on lease liabilities1.0 0.6 — 
Total finance lease cost1.7 1.0 — 
    Total operating and financing lease cost$9.0 $9.8 $8.8 
Supplemental cash flow information related to leases is as follows:
Years Ended December 31,
(in millions)202420232022
Right-of-use assets obtained in exchange for lease liabilities
Operating leases
$8.0 $5.4 $25.5 
Finance lease
$— $22.3 $— 
Lease payment made for amounts included in the measurement of operating lease liabilities
    Cash paid for operating leases included in operating cash flows $5.8 $5.7 $4.6 
    Cash paid for finance lease included in operating cash flows
$1.1 $— $— 
    Cash paid for finance lease included in financing cash flows
$22.7 $— $— 
Schedule of Future Minimum Undiscounted Lease Payments
Maturities of lease liabilities as of December 31, 2024 are as follows:
Years Ending December 31,
(in millions)
2025$5.4 
20264.9 
20275.5 
20285.7 
20296.0 
Thereafter40.1 
    Total future minimum lease payments67.6 
Less: imputed interest(25.5)
    Present value of future minimum lease payments$42.1 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The components of debt consisted of the following: 
 December 31, 2024December 31, 2023
(in millions)
Maturity Date
Amount
Effective Interest Rate
Amount
Effective Interest Rate
Equipment financing
2024$— 7.83 %$2.7 5.76 %
Equipment financing
20258.6 5.90 %15.2 4.77 %
Mortgage
202561.0 5.74 %63.3 5.73 %
Convertible Senior Notes
2026800.0 0.76 %800.0 0.76 %
Equipment financing
17.5 8.87 %12.7 9.37 %
Revolving Credit Facility
2028— — 
Equipment financing
202823.4 4.27 %29.0 4.27 %
Term Loan
2031482.5 487.5 
Finance lease obligation(1)
— 22.9 
Unamortized debt discount2025 - 2031(5.4)(6.4)
Debt issuance costs2025 - 2031(7.7)(11.1)
Total debt, net1,379.9 1,415.8 
Less: current portion83.8 49.4 
Total long term-debt, net$1,296.1 $1,366.4 
(1) Refer to Note 14 for information regarding finance lease obligation.
Schedule of Interest Expense
The components of interest expense related to the Notes were as follows:
Years Ended December 31,
(in millions)
202420232022
Contractual interest expense
$3.0 $3.0 $3.0 
Amortization of debt issuance costs
3.0 3.0 3.0 
Total interest recognized on the Convertible Senior Notes
$6.0 $6.0 $6.0 
Schedule of Carrying Amount and Estimated Fair Value of Convertible Debt
The carrying value amounts of the Company’s debt were as follows:
As of December 31,
(in millions)20242023
Term Loan
$475.1 $479.2 
Convertible Senior Notes
794.9 791.8 
Equipment financings
49.3 59.3 
Mortgage
60.6 62.6 
Finance lease obligation— 22.9 
Total debt, net$1,379.9 $1,415.8 
Schedule of Maturities of Debt
The maturity of debt as of December 31, 2024 is as follows:
Years Ending December 31, (in millions)
2025$83.8 
2026$817.1 
2027$18.1 
2028$11.4 
2029$5.0 
v3.25.0.1
Financial Instruments and Fair Value (Tables)
 12 Months Ended
Dec. 31, 2024
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 disclosed at fair value on a recurring basis:
 Fair Value Measurements at December 31, 2024
(in millions)Level 1Level 2Level 3Total
Term Loan(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 
 Fair Value Measurements at December 31, 2023
(in millions)Level 1Level 2Level 3Total
Term Loan(1)
$490.2 $— $— $490.2 
Convertible Senior Notes(2)
— 928.7 — 928.7 
Equipment financings(3)
— — 59.3 59.3 
Mortgage(3)
— — 62.6 62.6 
Total
$490.2 $928.7 $121.9 $1,540.8 
(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 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 
Fair Value Measurements at December 31, 2023
(in millions)Level 1Level 2Level 3Total
Cash(1)
$103.7 $— $— $103.7 
Money market mutual funds(1)
547.0 — — 547.0 
Term deposits(1)
— 53.5 — 53.5 
Interest rate swaps(2)
— 22.8 — 22.8 
Debt securities(3)
— — 4.7 4.7 
Other investments(3)
— — 3.8 3.8 
Total assets
$650.7 $76.3 $8.5 $735.5 
(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. The range used for the risk free rate is 4.0% - 4.7%.
Schedule of Reconciliation of Changes in Fair Value of investments
Below is a reconciliation of changes in fair value of debt and other investments:
(in millions)Debt Securities Other Investments Total
Balance at December 31, 2022
$— $— $— 
Purchases5.0 2.0 7.0 
Unrealized gain included in other (expense) income, net
— 1.8 1.8 
Unrealized loss on securities included in other comprehensive income(0.3)— (0.3)
Balance at December 31, 2023
4.7 3.8 8.5 
Unrealized loss included in other (expense) income, net
— (3.8)(3.8)
Balance at December 31, 2024
$4.7 $— $4.7 
v3.25.0.1
Stock-Based Compensation Expense (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
Compensation expense related to stock-based awards was recorded as follows:
Years Ended December 31,
(in millions)202420232022
Cost of revenue$0.7 $0.4 $0.4 
Research and development9.0 11.5 8.9 
Selling, general and administrative59.6 36.4 31.6 
Total$69.3 $48.3 $40.9 
Schedule of Stock Option Activity
The following summarizes the activity under the Company’s stock option plans:
Number of
Options		Weighted Average
Exercise Price		Weighted Average Remaining Contractual Term
(in years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 31, 2023
436,094 $135.37 
Granted138,108 $166.62 
Exercised(127,125)$64.24 $16.5 
Forfeited and canceled(47,682)$246.17 
Outstanding at December 31, 2024
399,395 $155.65 6$43.4 
Vested, December 31, 2024
202,279 $113.10 3.3$30.5 
Vested or expected to vest, December 31, 2024
370,691 $153.06 5.7$41.2 
Schedule of Assumptions Used for Options Granted
The assumptions used in the Black-Scholes pricing model for options granted during each year, along with the weighted-average grant-date fair values, were as follows:
 Years Ended December 31,
 202420232022
Risk-free interest rate
4.4%
4.3%
1.8%
Expected life of options (in years)
4.1
4.2
4.2
Dividend yield—%—%—%
Expected stock price volatility
46.2%
45.7%
42.8%
Fair value per option$69.48$115.32$93.26
Schedule of Restricted Stock Units
Activity for RSUs is as follows:
Number of
Shares		Weighted
Average
Fair Value
Outstanding at December 31, 2023
249,194 $255.31 
Granted279,528 $171.23 
Vested(108,839)$260.01 
Forfeited(27,137)$215.48 
Outstanding at December 31, 2024
392,746 $196.74 
Schedule of Performance Stock Units
Activity for PSUs is as follows:
Number of
Shares		Weighted
Average
Fair Value
Outstanding at December 31, 2023
122,466 $261.65 
Granted(1)
137,383 $166.86 
Vested(16,677)$278.97 
Forfeited(6,400)$261.63 
Outstanding at December 31, 2024(2)
236,772 $205.74 
(1) Includes a 675 share adjustment to awards granted in 2021 for the three-year performance cycle award period ended 2023, based on the actual performance achievement of 111%.
(2) Based on 169% achievement of the performance metrics, approximately 83,000 shares of Insulet were earned for awards that were granted in 2022 for the performance period ended December 31, 2024. These shares vest in February 2025.
Schedule of Estimated Fair Value of Share Purchase Under ESPP
The estimated fair value of shares purchased under the ESPP were based on the following assumptions:
 Years Ended December 31,
 202420232022
Risk-free interest rate
 4.4% - 5.4%
5.3% - 5.4%
1.6% - 4.7%
Expected term (in years)0.50.50.5
Dividend yield—%—%—%
Expected stock price volatility
34.2% - 40.9%
29.1% - 47.0%
44.3% - 50.1%
v3.25.0.1
Accumulated Other Comprehensive (Loss) Income (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss), Net of Tax
Changes in the components of accumulated other comprehensive income (loss), net of tax, were as follows:
(in millions)Foreign Currency Translation Adjustment
Unrealized Losses on Securities
Unrealized Gains on Cash Flow Hedges
Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2021
$(6.7)$— $4.5 $(2.2)
Other comprehensive income (loss) before reclassifications
(10.3)— 36.5 26.2 
Amounts reclassified to net income— — (4.0)(4.0)
Balance, December 31, 2022
(17.0)— 37.0 20.0 
Other comprehensive income (loss) before reclassifications
2.5 (0.3)6.1 8.3 
Amounts reclassified to net income— — (20.3)(20.3)
Balance, December 31, 2023
(14.5)(0.3)22.8 8.0 
Other comprehensive income (loss) before reclassifications(7.8)— (39.4)(47.2)
Amounts reclassified to net income(1)
— — 26.0 26.0 
Balance, December 31, 2024
$(22.3)$(0.3)$9.4 $(13.2)
(1) Income tax expense on cash flow hedges in other comprehensive income (loss) before reclassification for the year ended December 31, 2024 was $3.9 million. There was no tax impact for the years ended December 31, 2023 and 2022. Additionally, there is no income tax impact on currency translation adjustments.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Taxes
The U.S. and foreign components of income before income taxes were as follows:
Years Ended December 31,
(in millions)202420232022
U.S.$253.9 $199.5 $11.8 
Foreign
46.3 15.1 (2.0)
Income before income taxes$300.2 $214.6 $9.8 
Schedule of Income Tax (Benefit) Provision
The provision for income taxes consists of the following: 
Years Ended December 31,
(in millions)202420232022
Current:
Federal
$5.8 $— $— 
State
6.4 3.7 1.3 
Foreign
6.6 4.1 4.8 
Total current tax expense
18.8 7.8 6.1 
Deferred:
Federal
(111.1)0.1 — 
State(18.6)— — 
Foreign
(7.2)0.4 (0.9)
Total deferred tax (benefit) expense
(136.9)0.5 (0.9)
Income tax (benefit) expense
$(118.1)$8.3 $5.2 
Schedule of Reconciliations of the Federal Statutory Rate
Reconciliations of the U.S. federal statutory rate to the Company’s effective tax rate are as follows:
 Years Ended December 31,
 202420232022
U.S. federal statutory rate
21.0 %21.0 %21.0 %
Foreign tax rate differential
1.1 0.6 13.2 
State taxes, net of federal benefit2.3 2.4 (5.0)
Federal and state R&D credits
(4.4)(5.9)(49.4)
Stock-based compensation0.5 (3.2)(94.8)
Non-deductible officers’ compensation0.6 1.3 52.4 
Permanent items
1.1 0.7 6.3 
Foreign income taxed in the U.S.0.9 0.7 14.5 
Change in valuation allowance(59.8)(10.8)124.4 
Tax rate changes— 0.5 (30.9)
Change to prior year R&D credit
(2.8)(2.8)— 
Other0.2 (0.6)1.7 
Effective tax rate(39.3)%3.9 %53.4 %
Schedule of Unrecognized Tax Benefits
The following table summarizes the activity related to the Company’s unrecognized tax benefits:
Years Ended December 31,
(in millions)20242023
Unrecognized tax benefits at beginning of year
$5.0 $— 
Additions related to current period tax positions
2.7 2.6 
Additions related to prior period tax positions
5.1 2.4 
Unrecognized tax benefits at end of year
$12.8 $5.0 
Schedule of Company's Deferred Tax Assets (Liabilities)
The components of the net deferred tax asset were as follows:
 As of December 31,
(in millions)20242023
Deferred tax assets:
Net operating loss carryforwards$23.4 $91.4 
Tax credits56.6 54.1 
Capitalized research and development expenditures78.8 53.3 
Accrued expenses34.4 25.1 
Amortization of debt discount4.2 7.8 
Inventory capitalization8.2 6.5 
Intangible assets6.4 8.0 
Incentive compensation14.7 13.5 
Stock-based compensation10.2 8.0 
Other7.1 5.4 
Total deferred tax assets244.0 273.1 
Deferred tax liabilities:
Prepaid assets(9.3)(7.7)
Property, plant and equipment(47.4)(38.1)
Capitalized contract acquisition costs(13.1)(10.4)
Unrealized gains on cash flow hedges(1.2)(5.1)
Other(7.4)(7.7)
Total deferred tax liabilities(78.4)(69.0)
Net deferred tax asset before valuation allowance165.6 204.1 
Valuation allowance(23.9)(202.9)
Net deferred tax asset$141.7 $1.2 
Schedule of Net Operating Loss and Tax Credit Carryforwards
As of December 31, 2024, the Company’s net operating loss carryforwards were as follows:
(in millions)
Expiration Period
Net Operating Loss Carryforwards
U.S. federal
2029
$54.9 
State
2025 - 2042
$203.1 
Foreign
Indefinite
$1.7 
As of December 31, 2024, the Company’s tax credit carryforwards were as follows:
(in millions)
Expiration Period
Tax Credit Carryforwards
U.S. federal
2025 - 2044$44.3 
State2025 - 2044$30.7 
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earning Per Share The computation of basic and diluted earnings per share was as follows:
Years Ended December 31,
(in millions, except share and per share data)202420232022
Net income$418.3 $206.3 $4.6 
Add back interest expense, net of tax attributable to assumed conversion of convertible senior notes
9.1 10.4 — 
Net income, diluted$427.4 $216.7 $4.6 
Weighted average number of common shares outstanding, basic
(in thousands)
70,076 69,751 69,375 
Convertible Senior Notes
3,528 3,528 — 
Stock options150 286 454 
Restricted stock units136 68 81 
Weighted average number of common shares outstanding, diluted
(in thousands)
73,890 73,633 69,910 
Earnings per share
    Basic
$5.97 $2.96 $0.07 
    Diluted
$5.78 $2.94 $0.07 
Schedule of Potential Common Shares Excluded from Computation of Diluted Earning per Share
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:
Years Ended December 31,
(in thousands)202420232022
Restricted stock units464 322 227 
Stock options209 163 137 
Convertible Senior Notes
— — 3,528 
Total673 485 3,892 
v3.25.0.1
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information
Years Ended December 31,
(in millions)202420232022
Cash paid for interest, net of amount capitalized$47.1 $49.9 $34.2 
Cash paid for taxes$20.6 $8.1 $5.5 
Purchases of property and equipment included in accounts payable and accrued expenses$3.2 $7.1 $3.9 
Purchases of property, plant and equipment included in long-term debt$7.1 $12.9 $— 
v3.25.0.1
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jan. 01, 2022
Significant Accounting Policies [Line Items]        
Net foreign currency realized and unrealized loss $ 2.3 $ 0.4 $ 1.3  
Selling, general and administrative expenses 917.2 734.9 587.8  
Advertising expense 84.3 63.1 41.2  
Additional paid-in-capital 1,184.4 1,102.6    
Accumulated earnings (deficit) 40.3 (378.0)    
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06        
Significant Accounting Policies [Line Items]        
Additional paid-in-capital       $ (207.7)
Accumulated earnings (deficit)       60.6
Long-term debt, net       $ 147.1
Shipping and handling        
Significant Accounting Policies [Line Items]        
Selling, general and administrative expenses $ 16.3 $ 12.4 $ 12.8  
United States And Europe        
Significant Accounting Policies [Line Items]        
Product warranty term for PDMs 4 years      
CANADA        
Significant Accounting Policies [Line Items]        
Product warranty term for PDMs 5 years      
v3.25.0.1
Summary of Significant Accounting Policies - Property Plant and Equipment (Details)
Dec. 31, 2024
Minimum | Building and building improvements  
Property, Plant and Equipment [Line Items]  
Useful life of property plant and equipment 20 years
Minimum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Useful life of property plant and equipment 2 years
Minimum | Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Useful life of property plant and equipment 3 years
Maximum | Building and building improvements  
Property, Plant and Equipment [Line Items]  
Useful life of property plant and equipment 39 years
Maximum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Useful life of property plant and equipment 15 years
Maximum | Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Useful life of property plant and equipment 5 years
v3.25.0.1
Summary of Significant Accounting Policies - Intangible Assets (Details)
Dec. 31, 2024
Customer relationships  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 14 years
Minimum | Internal-use software  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 3 years
Minimum | Developed technology  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 13 years
Minimum | Patents  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 8 years
Maximum | Internal-use software  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 5 years
Maximum | Developed technology  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 15 years
Maximum | Patents  
Finite-Lived Intangible Assets [Line Items]  
Useful life of finite-lived intangible asset 15 years
v3.25.0.1
Segment and Geographic Data - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segment 1
v3.25.0.1
Segment and Geographic Data - Revenue by Geographic Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenue $ 2,071.6 $ 1,697.1 $ 1,305.3
U.S.      
Segment Reporting Information [Line Items]      
Revenue 1,548.2 1,287.0 942.3
International      
Segment Reporting Information [Line Items]      
Revenue $ 523.4 $ 410.1 $ 363.0
v3.25.0.1
Segment and Geographic Data - Financial Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting [Abstract]      
Number of operating segments (in segments) | segment 1    
Segment Reporting Information [Line Items]      
Total revenue $ 2,071.6 $ 1,697.1 $ 1,305.3
Cost of revenue 625.9 537.2 499.7
Depreciation and amortization 80.8 72.8 63.2
Operating income 308.9 220.0 37.6
Other (expense) income, net (5.5) 2.2 (1.1)
Income tax benefit (expense) 118.1 (8.3) (5.2)
Net income 418.3 206.3 4.6
Operating Segments      
Segment Reporting Information [Line Items]      
Total revenue 2,071.6 1,697.1 1,305.3
Materials 296.7 261.3 198.0
Factory conversion 176.9 151.2 125.7
Depreciation and amortization 25.9 26.3 21.9
Other costs of revenue 126.4 98.4 154.1
Cost of revenue 625.9 537.2 499.7
Labor 478.4 398.4 343.7
Outside services 260.5 225.4 157.6
Depreciation and amortization 47.0 40.7 28.9
Other operating expenses 350.9 275.4 237.8
Interest expense, net (3.2) (7.6) (26.7)
Other (expense) income, net (5.5) 2.2 (1.1)
Income tax benefit (expense) 118.1 (8.3) (5.2)
Net income $ 418.3 $ 206.3 $ 4.6
v3.25.0.1
Segment and Geographic Data - Long-lived Assets by Geographical Location (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Total long-lived assets, net $ 723.1 $ 664.9
U.S.    
Segment Reporting Information [Line Items]    
Total long-lived assets, net 475.9 461.3
Malaysia    
Segment Reporting Information [Line Items]    
Total long-lived assets, net 159.1 113.7
China    
Segment Reporting Information [Line Items]    
Total long-lived assets, net 78.5 82.0
Other    
Segment Reporting Information [Line Items]    
Total long-lived assets, net $ 9.6 $ 7.9
v3.25.0.1
Revenue and Contract Acquisition Costs - Schedule of Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total revenue $ 2,071.6 $ 1,697.1 $ 1,305.3
U.S.      
Disaggregation of Revenue [Line Items]      
Total revenue 1,509.3 1,251.0 884.8
International      
Disaggregation of Revenue [Line Items]      
Total revenue 523.4 410.1 363.0
Total Omnipod products      
Disaggregation of Revenue [Line Items]      
Total revenue 2,032.7 1,661.1 1,247.8
Drug Delivery      
Disaggregation of Revenue [Line Items]      
Total revenue $ 38.9 $ 36.0 $ 57.5
v3.25.0.1
Revenue and Contract Acquisition Costs - Schedule of Revenue from Major Customers - Concentration Risk (Details) - Customer Concentration Risk - Sales Revenue
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Distributor A      
Concentration Risk [Line Items]      
Percentage of concentration risk 28.00% 28.00% 19.00%
Distributor B      
Concentration Risk [Line Items]      
Percentage of concentration risk 26.00% 24.00% 16.00%
Distributor C      
Concentration Risk [Line Items]      
Percentage of concentration risk 21.00% 19.00% 17.00%
v3.25.0.1
Revenue and Contract Acquisition Costs - Schedule of Deferred Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Accrued expenses and other current liabilities $ 12.0 $ 15.4 $ 16.1
Other liabilities 2.0 1.9 1.6
Total deferred revenue 14.0 17.3 17.7
Deferred revenue recognized $ 15.4 $ 16.0 $ 2.1
v3.25.0.1
Revenue and Contract Acquisition Costs - Schedule of Contract Acquisition Costs (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Prepaid expenses and other current assets $ 20.1 $ 16.6
Other assets 40.8 32.0
Total capitalized contract acquisition costs, net $ 60.9 $ 48.6
v3.25.0.1
Revenue and Contract Acquisition Costs - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Amortization of capitalized commission costs $ 18.2 $ 16.3 $ 14.6
v3.25.0.1
Related Party Transactions - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Total revenue $ 2,071.6 $ 1,697.1 $ 1,305.3
Related Party      
Related Party Transaction [Line Items]      
Total revenue $ 587.8 $ 473.7 $ 249.9
v3.25.0.1
Related Party Transactions - Related Party Transactions (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Deferred revenue $ 14.0 $ 17.3 $ 17.7
Related Party      
Related Party Transaction [Line Items]      
Accounts receivable, net 113.0 119.5  
Distribution fees payable 0.0 6.1  
Deferred revenue $ 1.0 $ 2.8  
v3.25.0.1
Accounts Receivable - Schedule of Account Receivable (Details) - Nonrelated Party - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Accounts receivable, net $ 252.5 $ 240.2 $ 140.9
Unbilled receivable      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Accounts receivable, net 9.7 5.7 12.3
Accounts receivable trade, net      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Accounts receivable, net $ 242.8 $ 234.5 $ 128.6
v3.25.0.1
Accounts Receivable - Schedule of Net Accounts Receivable Trade from Major Customers (Details) - Accounts Receivable - Customer Concentration Risk
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Distributor A    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage 35.00% 35.00%
Distributor B    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage 27.00% 25.00%
Distributor C    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage 15.00% 18.00%
v3.25.0.1
Accounts Receivable - Activity in Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 2.5 $ 2.5 $ 2.7
Provision for expected credit losses (0.2) 2.3 4.2
Write-offs charged against allowance (0.9) (2.6) (4.9)
Recoveries of amounts previously reserved 0.0 0.3 0.5
Ending balance $ 1.4 $ 2.5 $ 2.5
v3.25.0.1
Accounts Receivable, Net - Narrative (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Receivables [Abstract]  
Accounts receivable, receivables pledged as collateral $ 12.2
secured borrowings $ 12.2
v3.25.0.1
Inventories (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Inventory [Line Items]    
Raw materials $ 156.7 $ 118.2
Work in process 81.2 60.6
Finished goods 192.5 223.8
Total inventories 430.4 $ 402.6
Omnipod GO    
Inventory [Line Items]    
Amounts charged for excess and obsolete inventory $ 13.5  
v3.25.0.1
Cloud Computing Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Short-term portion $ 31.7 $ 26.4  
Long-term portion 135.3 116.9  
Total capitalized implementation costs 167.0 143.3  
Less: accumulated amortization (62.4) (36.6)  
Capitalized implementation costs, net 104.6 106.7  
Capitalized implementation costs, amortization $ 26.8 $ 20.3 $ 12.7
Minimum | Cloud Computing Costs      
Finite-Lived Intangible Assets [Line Items]      
Expected term 3 years    
Maximum | Cloud Computing Costs      
Finite-Lived Intangible Assets [Line Items]      
Expected term 10 years    
v3.25.0.1
Property, Plant and Equipment, Net - Components of Property and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,085.5 $ 958.1
Less: accumulated depreciation (362.4) (293.2)
Property, plant and equipment, net 723.1 664.9
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 12.2 9.0
Building and building improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 226.8 205.3
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 672.7 572.2
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 20.8 18.1
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 16.4 16.0
Construction in process    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 136.6 $ 137.5
v3.25.0.1
Property, Plant and Equipment, Net - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Interest Costs Capitalized $ 1.5 $ 1.6 $ 1.3
Depreciation expense $ 71.0 $ 62.6 $ 56.0
v3.25.0.1
Business Combination - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jan. 03, 2022
Jan. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]          
Cash paid to acquire business     $ 0.0 $ 3.0 $ 26.0
Dynalloy, Inc          
Business Acquisition [Line Items]          
Aggregate purchase price $ 29.0 $ 3.0      
Cash paid to acquire business $ 26.0        
v3.25.0.1
Business Combination - Schedule of Allocation of Purchase Consideration to Assets Acquired and Liabilities (Details) - USD ($)
$ in Millions
 1 Months Ended
Jan. 03, 2022
Feb. 28, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]          
Goodwill (tax deductible)     $ 51.5 $ 51.7 $ 51.7
Useful life   11 years      
Dynalloy, Inc          
Business Acquisition [Line Items]          
Inventories $ 0.5        
Property, plant and equipment 0.9        
Other assets 0.2        
Goodwill (tax deductible) 12.0        
Developed technology (15 year useful life) 15.4        
Total assets acquired $ 29.0        
Useful life 15 years        
v3.25.0.1
Goodwill and Other Intangible Assets, Net - Summary of Changes in Carrying Amounts of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Goodwill at beginning of the year $ 51.7 $ 51.7
Foreign currency translation (0.2) 0.0
Goodwill at end of the year $ 51.5 $ 51.7
v3.25.0.1
Goodwill and Other Intangible Assets, Net - Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 159.1 $ 149.9
Accumulated Amortization (60.6) (51.2)
Net Book Value 98.5 98.7
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 43.1 43.2
Accumulated Amortization (33.5) (30.9)
Net Book Value 9.6 12.3
Internal-use software    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 52.4 43.1
Accumulated Amortization (15.6) (13.9)
Net Book Value 36.8 29.2
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 27.4 27.4
Accumulated Amortization (4.9) (3.0)
Net Book Value 22.5 24.4
Patents    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 36.2 36.2
Accumulated Amortization (6.6) (3.4)
Net Book Value $ 29.6 $ 32.8
v3.25.0.1
Goodwill and Other Intangible Assets, Net - Narrative (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 28, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets   $ 9.8 $ 10.2 $ 7.2
Cash paid to acquire patents $ 25.1 $ 0.0 $ 25.1 $ 21.5
Useful life 11 years      
v3.25.0.1
Goodwill and Other Intangible Assets, Net - Amortization Expense Expected for Next Five Years (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Years Ending December 31,  
2025 $ 14.2
2026 15.1
2027 14.0
2028 12.9
2029 $ 12.3
v3.25.0.1
Investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Payments to acquire equity securities $ 12.0  
Equity securities without readily determinable fair value 21.9 $ 9.7
Payments to acquire debt securities   5.0
Debt securities, available-for-sale, amortized cost $ 5.0 5.0
Other investments   $ 2.0
v3.25.0.1
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - Nonrelated Party - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Accrued rebates $ 148.3 $ 144.0
Employee compensation and related costs 142.8 122.0
Professional and consulting services 51.6 34.1
Liability associated with secured borrowings 12.2 0.0
Other 68.9 73.6
Accrued expenses and other current liabilities $ 423.8 $ 373.7
v3.25.0.1
Accrued Expenses and Other Current Liabilities - Product Warranty Liability (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]      
Product warranty liability at beginning of year $ 10.3 $ 62.1 $ 6.8
Warranty expense 24.1 18.6 87.0
Change in estimate (0.4) (11.5) (14.0)
Warranty fulfillment (20.1) (58.9) (17.7)
Product warranty liability at end of year $ 13.9 $ 10.3 $ 62.1
v3.25.0.1
Accrued Expenses and Other Current Liabilities - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
notice
Payables and Accruals [Abstract]      
Number of voluntary medical device correction notices issued | notice     2
Loss contingency estimate     $ 68.9
Decrease of loss contingency accrual     11.0
Net charge of loss contingency during period     57.9
Change in estimate $ (0.4) $ (11.5) $ (14.0)
v3.25.0.1
Leases - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Leases [Abstract]  
Option to extend lease, maximum number of years 10 years
Purchase of property $ 18.1
Operating leases, weighted average remaining lease term 11 years 4 months 24 days
Operating leases, weighted-average discount rate used to determine the operating lease liability 8.10%
v3.25.0.1
Leases - Schedule of ROU Assets and Operating Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating leases    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets (includes $10.2 and $31.3 at fair value) Other assets (includes $10.2 and $31.3 at fair value)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Operating lease asset:    
Operating lease asset $ 36.7 $ 27.9
Operating lease liabilities:    
Operating lease liabilities, current 2.1 3.5
Operating lease liabilities, noncurrent 40.0 29.5
Total operating lease liabilities $ 42.1 $ 33.0
Finance leases    
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current portion of long-term debt Current portion of long-term debt
Finance lease assets:    
Finance lease assets $ 0.0 $ 37.8
Finance lease liabilities:    
Finance lease liabilities $ 0.0 $ 22.9
v3.25.0.1
Leases- Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 7.3 $ 8.8 $ 8.8
Finance lease cost:      
Amortization of leased assets 0.7 0.4 0.0
Interest on lease liabilities 1.0 0.6 0.0
Total finance lease cost 1.7 1.0 0.0
Total operating and financing lease cost $ 9.0 $ 9.8 $ 8.8
v3.25.0.1
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Right-of-use assets obtained in exchange for lease liabilities      
Operating leases $ 8.0 $ 5.4 $ 25.5
Finance lease 0.0 22.3 0.0
Lease payment made for amounts included in the measurement of operating lease liabilities      
Cash paid for operating leases included in operating cash flows 5.8 5.7 4.6
Cash paid for finance lease included in operating cash flows 1.1 0.0 0.0
Cash paid for finance lease included in financing cash flows $ 22.7 $ 0.0 $ 0.0
v3.25.0.1
Leases - Future Minimum Undiscounted Lease Payments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 5.4  
2026 4.9  
2027 5.5  
2028 5.7  
2029 6.0  
Thereafter 40.1  
Total future minimum lease payments 67.6  
Less: imputed interest (25.5)  
Present value of future minimum lease payments 42.1 $ 33.0
Finance Lease    
2025 5.4  
2026 4.9  
2027 5.5  
2028 5.7  
2029 6.0  
Thereafter 40.1  
Total future minimum lease payments 67.6  
Less: imputed interest (25.5)  
Present value of future minimum lease payments $ 42.1  
v3.25.0.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Finance lease obligation $ 0.0 $ 22.9
Unamortized debt discount (5.4) (6.4)
Debt issuance costs (7.7) (11.1)
Total debt, net 1,379.9 1,415.8
Less: current portion 83.8 49.4
Total long term-debt, net 1,296.1 1,366.4
Revolving Credit Facility expires 2028    
Debt Instrument [Line Items]    
Long-term debt, gross 0.0 0.0
Equipment Financing Due 2024 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 0.0 $ 2.7
Effective Interest Rate 7.83% 5.76%
Equipment Financing Due 2025 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 8.6 $ 15.2
Effective Interest Rate 5.90% 4.77%
5.15% Mortgage Due 2025 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 61.0 $ 63.3
Effective Interest Rate 5.74% 5.73%
0.375% Convertible Senior Notes Due 2026 | Convertible Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 800.0 $ 800.0
Effective Interest Rate 0.76% 0.76%
Equipment financing | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 17.5 $ 12.7
Effective Interest Rate 8.87% 9.37%
Equipment Financing Due 2028 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 23.4 $ 29.0
Effective Interest Rate 4.27% 4.27%
Term Loan Due 2031 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 482.5 $ 487.5
v3.25.0.1
Debt - Narrative (Details)
$ / shares in Units, shares in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2022
Aug. 31, 2024
Jan. 31, 2024
May 31, 2023
USD ($)
May 31, 2021
USD ($)
Dec. 31, 2024
USD ($)
day
loans
$ / shares
$ / option
shares
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]              
Number of loans | loans           2  
Revolving Credit Facility expires 2028              
Debt Instrument [Line Items]              
Principal amount outstanding           $ 0 $ 0
Secured Debt | Revolving Credit Facility expires 2028              
Debt Instrument [Line Items]              
Increased borrowing capacity             $ 300,000,000.0
Debt maturity date terms, period prior to maturity date of term loan             91 days
Secured Debt | Minimum | Revolving Credit Facility expires 2028              
Debt Instrument [Line Items]              
Debt basis spread on variable rate   2.00% 2.375%       2.625%
Secured Debt | Maximum | Revolving Credit Facility expires 2028              
Debt Instrument [Line Items]              
Debt basis spread on variable rate   2.50% 3.00%       3.25%
Equipment financing | Secured Debt              
Debt Instrument [Line Items]              
Debt instrument, face amount       $ 24,000,000      
Debt instrument, term       36 months      
Principal amount outstanding           17,500,000 $ 12,700,000
0.375% Convertible Senior Notes Due 2026 | Convertible Debt              
Debt Instrument [Line Items]              
Principal amount outstanding           $ 800,000,000.0 800,000,000.0
Debt, interest rate           0.375%  
Debt conversion ratio           0.0044105  
Debt instrument, additional interest in event of reporting violation           0.50%  
Share price (in dollars per share) | $ / shares           $ 167.95  
Number of capped shares (in shares) | shares           3.5  
Debt carrying value           $ 794,900,000 791,800,000
Debt unamortized issuance costs           $ (5,100,000) $ (8,200,000)
0.375% Convertible Senior Notes Due 2026 | Convertible Debt | Price Risk Derivative              
Debt Instrument [Line Items]              
Cap price (in dollars per share) | $ / option           335.90  
Premium percentage over last reported sale price           100.00%  
0.375% Convertible Senior Notes Due 2026 | Convertible Debt | Debt Instrument, Redemption, Period One              
Debt Instrument [Line Items]              
Conversion price (in dollars per share) | $ / shares           $ 226.73  
0.375% Convertible Senior Notes Due 2026 | Convertible Debt | Debt Instrument, Redemption, Period Two              
Debt Instrument [Line Items]              
Conversion price (in dollars per share) | $ / shares           $ 294.75  
Threshold trading days | day           20  
Threshold consecutive trading days | day           30  
Senior Secured Term Loan B | Secured Debt              
Debt Instrument [Line Items]              
Debt instrument, face amount         $ 500,000,000    
Debt instrument, term         7 years    
Debt basis spread on variable rate 3.25% 2.50% 3.00%        
Debt floor rate 0.50%   0.00%        
v3.25.0.1
Debt - Components of Interest Expense (Details) - 0.375% Convertible Senior Notes Due 2026 - Convertible Debt - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Contractual interest expense $ 3.0 $ 3.0 $ 3.0
Amortization of debt issuance costs 3.0 3.0 3.0
Total interest recognized on the Convertible Senior Notes $ 6.0 $ 6.0 $ 6.0
v3.25.0.1
Debt - Schedule of Carrying Value of Company's Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-term debt, net Long-term debt, net
Finance lease obligation $ 0.0 $ 22.9
Reported Value Measurement    
Debt Instrument [Line Items]    
Debt instrument fair value 1,379.9 1,415.8
Term Loan | Secured Debt | Reported Value Measurement    
Debt Instrument [Line Items]    
Debt instrument fair value 475.1 479.2
Convertible Senior Notes | Convertible Debt | Reported Value Measurement    
Debt Instrument [Line Items]    
Debt instrument fair value 794.9 791.8
Equipment financings | Secured Debt | Reported Value Measurement    
Debt Instrument [Line Items]    
Debt instrument fair value 49.3 59.3
Mortgage | Secured Debt | Reported Value Measurement    
Debt Instrument [Line Items]    
Debt instrument fair value $ 60.6 $ 62.6
v3.25.0.1
Debt - Schedule of Maturities of Debt (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 83.8
2026 817.1
2027 18.1
2028 11.4
2029 $ 5.0
v3.25.0.1
Financial Instruments and Fair Value - Schedule of Financial Instruments Disclosed at Fair Value (Details) - Recurring fair value measurements: - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total $ 1,614.5 $ 1,540.8
Term Loan | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 485.8 490.2
Convertible Senior Notes | Convertible Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 1,018.8 928.7
Equipment financings | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 49.3 59.3
Mortgage | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 60.6 62.6
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 485.8 490.2
Level 1 | Term Loan | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 485.8 490.2
Level 1 | Convertible Senior 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 1,018.8 928.7
Level 2 | Term Loan | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 2 | Convertible Senior Notes | Convertible Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 1,018.8 928.7
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 109.9 121.9
Level 3 | Term Loan | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value 0.0 0.0
Level 3 | Convertible Senior 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 49.3 59.3
Level 3 | Mortgage | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt, fair value $ 60.6 $ 62.6
v3.25.0.1
Financial Instruments and Fair Value - Schedule of Assets and Liabilities Measured at Fair Value Recurring Basis (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments   $ 2.0
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets (includes $10.2 and $31.3 at fair value) Other assets (includes $10.2 and $31.3 at fair value)
Minimum | Measurement Input, Risk Free Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.040  
Maximum | Measurement Input, Risk Free Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measurement input 0.047  
Recurring fair value measurements:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swaps $ 5.5 $ 22.8
Debt securities 4.7 4.7
Other investments   3.8
Total assets 963.6 735.5
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 0.0
Other investments   0.0
Total assets 953.4 650.7
Recurring fair value measurements: | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swaps 5.5 22.8
Debt securities 0.0 0.0
Other investments   0.0
Total assets 5.5 76.3
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 4.7
Other investments   3.8
Total assets 4.7 8.5
Cash | Recurring fair value measurements:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 133.4 103.7
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 133.4 103.7
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 820.0 547.0
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 820.0 547.0
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   53.5
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   53.5
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
v3.25.0.1
Financial Instruments and Fair Value - Schedule of Reconciliation of Changes in Fair Value of investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 8.5 $ 0.0
Purchases   7.0
Unrealized gain (loss) included in other (expense) income, net $ (3.8) 1.8
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other (expense) income, net  
Unrealized loss on securities included in other comprehensive income   (0.3)
Balance at the end of period $ 4.7 8.5
Debt Securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period 4.7 0.0
Purchases   5.0
Unrealized gain (loss) included in other (expense) income, net 0.0 0.0
Unrealized loss on securities included in other comprehensive income   (0.3)
Balance at the end of period 4.7 4.7
Other Investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period 3.8 0.0
Purchases   2.0
Unrealized gain (loss) included in other (expense) income, net (3.8) 1.8
Unrealized loss on securities included in other comprehensive income   0.0
Balance at the end of period $ 0.0 $ 3.8
v3.25.0.1
Financial Instruments and Fair Value - Additional Information (Details) - Level 2 - Fair Value, Nonrecurring - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Gain (Loss) on Securities [Line Items]    
Unrealized gain (loss) on equity investments $ 0.8  
Cumulative gains on investments in equity securities without readily determinable fair values $ 0.8 $ 0.8
v3.25.0.1
Derivative Instruments (Details) - Interest Rate Swap
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
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 $ 5.4
v3.25.0.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 03, 2024
Feb. 28, 2023
Dec. 31, 2022
Jul. 31, 2022
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Loss Contingencies [Line Items]              
Useful life of acquired technology and other intellectual property   11 years          
Letter of Credit              
Loss Contingencies [Line Items]              
Credit facility, borrowing capacity           $ 0.8 $ 20.9
Compensatory Damages From EOFlow              
Loss Contingencies [Line Items]              
Litigation settlement, amount awarded from other party $ 170.0            
Exemplary Damages From EOFlow              
Loss Contingencies [Line Items]              
Litigation settlement, amount awarded from other party 282.0            
Willful And Malicious Misappropriation From EOFlow              
Loss Contingencies [Line Items]              
Litigation settlement, amount awarded from other party $ 452.0            
Patent Infringement Lawsuit With Roche              
Loss Contingencies [Line Items]              
Litigation settlement, mutual covenant not to sue period       5 years      
Litigation settlement amount awarded to other party       $ 20.0      
Litigation settlement expense         $ 20.0    
Contract Dispute              
Loss Contingencies [Line Items]              
Litigation settlement amount awarded to other party     $ 25.0        
Contract Dispute | Selling, general and administrative expenses              
Loss Contingencies [Line Items]              
Litigation settlement amount awarded to other party         $ 3.6    
Contract Dispute | Developed technology              
Loss Contingencies [Line Items]              
Total cost to acquire technology     $ 12.0        
Useful life of acquired technology and other intellectual property     13 years        
Contract Dispute | Patents              
Loss Contingencies [Line Items]              
Total cost to acquire technology     $ 9.5        
Useful life of acquired technology and other intellectual property     13 years        
v3.25.0.1
Stock-Based Compensation Expense - Equity Award Plan (Details) - 2017 Plan - shares
Dec. 31, 2024
May 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares authorized (in shares)   5,200,000
Shares available for issuance (in shares) 1,600,000  
v3.25.0.1
Stock-Based Compensation Expense - Cost Related to Stock-Based Compensation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 69.3 $ 48.3 $ 40.9
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 0.7 0.4 0.4
Research and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 9.0 11.5 8.9
Selling, general and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 59.6 $ 36.4 $ 31.6
v3.25.0.1
Stock-Based Compensation Expense - Stock Options Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Intrinsic value, exercised in the period $ 16.5 $ 52.7 $ 31.7
Unrecognized compensation cost, period for recognition 1 year 9 months 18 days    
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 4 years    
Award expiration period 10 years    
Dividend yield 0.00% 0.00% 0.00%
Unrecognized compensation cost $ 11.9    
Unrecognized compensation cost, period for recognition 2 years 8 months 12 days    
v3.25.0.1
Stock-Based Compensation Expense - Summary of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Options      
Beginning balance (in shares) 436,094    
Granted (in shares) 138,108    
Exercised (in shares) (127,125)    
Forfeited and canceled (in shares) (47,682)    
Ending balance (in shares) 399,395 436,094  
Vested (in shares) 202,279    
Vested or expected to vest (in shares) 370,691    
Weighted Average Exercise Price      
Beginning balance (in dollars per share) $ 135.37    
Granted (in dollars per share) 166.62    
Exercised (in dollars per share) 64.24    
Forfeited and canceled (in dollars per share) 246.17    
Ending balance (in dollars per share) 155.65 $ 135.37  
Vested (in dollars per share) 113.10    
Vested or expected to vest (in dollars per share) $ 153.06    
Weighted Average Remaining Contractual Term (in years)      
Options outstanding, weighted average remaining contractual life 6 years    
Options vested, weighted average remaining contractual life 3 years 3 months 18 days    
Vested or expected to vest, weighted average remaining contractual term 5 years 8 months 12 days    
Aggregate Intrinsic Value (in millions)      
Intrinsic value, exercised in the period $ 16.5 $ 52.7 $ 31.7
Intrinsic value, options outstanding 43.4    
Intrinsic value, options vested 30.5    
Intrinsic value, options vested and expected to vest $ 41.2    
v3.25.0.1
Stock-Based Compensation Expense - Assumptions Used for Options Granted (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected stock price volatility 46.20% 45.70% 42.80%
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 4.40% 4.30% 1.80%
Expected life of options (in years) 4 years 1 month 6 days 4 years 2 months 12 days 4 years 2 months 12 days
Dividend yield 0.00% 0.00% 0.00%
Fair value per option (in dollars per share) $ 69.48 $ 115.32 $ 93.26
v3.25.0.1
Stock-Based Compensation Expense - Restricted Stock Units Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost, period for recognition 1 year 9 months 18 days    
Restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
Weighted-average grant-date fair value per share (in dollars per share) $ 171.23 $ 259.86 $ 248.02
Fair value of awards vested $ 28.3 $ 24.1 $ 20.3
Unrecognized compensation cost $ 50.0    
v3.25.0.1
Stock-Based Compensation Expense - Summary of Restricted Stock Units (Details) - Restricted stock units - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Shares      
Beginning balance (in shares) 249,194    
Granted (in shares) 279,528    
Vested (in shares) (108,839)    
Forfeited (in shares) (27,137)    
Ending balance (in shares) 392,746 249,194  
Weighted Average Fair Value      
Beginning balance (in dollars per share) $ 255.31    
Granted (in dollars per share) 171.23 $ 259.86 $ 248.02
Vested (in dollars per share) 260.01    
Forfeited (in dollars per share) 215.48    
Ending balance (in dollars per share) $ 196.74 $ 255.31  
v3.25.0.1
Stock-Based Compensation Expense - Performance Stock Units Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost, period for recognition 1 year 9 months 18 days      
Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period 3 years     3 years
Award vesting percentage 200.00%      
Weighted-average grant-date fair value per share (in dollars per share) $ 166.86 $ 276.36 $ 250.25  
Fair value of awards vested $ 4.7 $ 8.7 $ 7.8  
Unrecognized compensation cost $ 44.8      
Unrecognized compensation cost, period for recognition 1 year 9 months 18 days      
v3.25.0.1
Stock-Based Compensation Expense - Summary of Performance Stock Units (Details) - Performance Shares - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Number of Shares        
Beginning balance (in shares) 122,466      
Granted (in shares) 137,383   83,000 675
Vested (in shares) (16,677)      
Forfeited (in shares) (6,400)      
Ending balance (in shares) 236,772 122,466    
Weighted Average Fair Value        
Beginning balance (in dollars per share) $ 261.65      
Granted (in dollars per share) 166.86 $ 276.36 $ 250.25  
Vested (in dollars per share) 278.97      
Forfeited (in dollars per share) 261.63      
Ending balance (in dollars per share) $ 205.74 $ 261.65    
Award vesting period 3 years     3 years
Award performance achievement percentage 169.00%     111.00%
v3.25.0.1
Stock-Based Compensation Expense - Employee Stock Purchase Plan Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost, period for recognition 1 year 9 months 18 days    
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award offering period 6 months    
Weighted-average grant-date fair value per share (in dollars per share) $ 58.54 $ 60.67 $ 74.50
Unrecognized compensation cost $ 1,900,000    
Unrecognized compensation cost, period for recognition 4 months 24 days    
ESPP | ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares authorized (in shares) 880,000    
Annual maximum shares per employee (in shares) 800    
Annual maximum common stock value purchase per employee $ 25,000    
Percentage of employees' compensation deduction for share purchase 10.00%    
Purchase price percentage of fair market value 85.00%    
Issuance of shares for employee stock purchase plan (in shares) 78,068 55,439 52,724
Shares available for issuance (in shares) 286,428    
v3.25.0.1
Stock-Based Compensation Expense - Summary Employee Stock Purchase Plan (Details) - ESPP
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate, minimum 4.40% 5.30% 1.60%
Risk-free interest rate, maximum 5.40% 5.40% 4.70%
Expected life of options (in years) 6 months 6 months 6 months
Dividend yield 0.00% 0.00% 0.00%
Expected stock price volatility, minimum 34.20% 29.10% 44.30%
Expected stock price volatility, maximum 40.90% 47.00% 50.10%
v3.25.0.1
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 732.7 $ 476.4 $ 556.3
Other comprehensive income (loss) before reclassifications (47.2) 8.3 26.2
Amounts reclassified to net income 26.0 (20.3) (4.0)
Ending balance 1,211.6 732.7 476.4
Other comprehensive income before reclassification 3.9 0.0 0.0
Accumulated Other Comprehensive (Loss) Income      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 8.0 20.0 (2.2)
Ending balance (13.2) 8.0 20.0
Foreign Currency Translation Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (14.5) (17.0) (6.7)
Other comprehensive income (loss) before reclassifications (7.8) 2.5 (10.3)
Amounts reclassified to net income 0.0 0.0 0.0
Ending balance (22.3) (14.5) (17.0)
Unrealized Losses on Securities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (0.3) 0.0 0.0
Other comprehensive income (loss) before reclassifications 0.0 (0.3) 0.0
Amounts reclassified to net income 0.0 0.0 0.0
Ending balance (0.3) (0.3) 0.0
Unrealized Gains on Cash Flow Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 22.8 37.0 4.5
Other comprehensive income (loss) before reclassifications (39.4) 6.1 36.5
Amounts reclassified to net income 26.0 (20.3) (4.0)
Ending balance $ 9.4 $ 22.8 $ 37.0
v3.25.0.1
Defined Contribution Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Employer matching percentage of employees contribution percentage 50.00%    
Maximum elective contributions of employee's eligible pay 6.00%    
Contributions by employer $ 13.3 $ 12.1 $ 9.8
v3.25.0.1
Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. $ 253.9 $ 199.5 $ 11.8
Foreign 46.3 15.1 (2.0)
Income before income taxes $ 300.2 $ 214.6 $ 9.8
v3.25.0.1
Income Taxes - Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 5.8 $ 0.0 $ 0.0
State 6.4 3.7 1.3
Foreign 6.6 4.1 4.8
Total current tax expense 18.8 7.8 6.1
Deferred:      
Federal (111.1) 0.1 0.0
State (18.6) 0.0 0.0
Foreign (7.2) 0.4 (0.9)
Total deferred tax (benefit) expense (136.9) 0.5 (0.9)
Income tax (benefit) expense $ (118.1) $ 8.3 $ 5.2
v3.25.0.1
Income Taxes - Reconciliation of Income Tax Expense (Benefit) at Statutory Federal Tax Rate (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. federal statutory rate 21.00% 21.00% 21.00%
Foreign tax rate differential 1.10% 0.60% 13.20%
State taxes, net of federal benefit 2.30% 2.40% (5.00%)
Federal and state R&D credits (4.40%) (5.90%) (49.40%)
Stock-based compensation 0.50% (3.20%) (94.80%)
Non-deductible officers’ compensation 0.60% 1.30% 52.40%
Permanent items 1.10% 0.70% 6.30%
Foreign income taxed in the U.S. 0.90% 0.70% 14.50%
Change in valuation allowance (59.80%) (10.80%) 124.40%
Tax rate changes 0.00% 0.50% (30.90%)
Change to prior year R&D credit (2.80%) (2.80%) 0.00%
Other 0.20% (0.60%) 1.70%
Effective tax rate (39.30%) 3.90% 53.40%
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]      
Deferred tax assets, increase to U.S. federal and state R&D $ 8,300,000    
Foreign earnings repatriated 57,300,000    
Unrecognized tax benefits that would impact effective tax rate 12,800,000 $ 5,000,000.0 $ 0
Income tax penalties and interest expense 0 0 $ 0
Income tax penalties and interest expense accrued 0 $ 0  
Non-cash income tax benefit 182,500,000    
State      
Operating Loss Carryforwards [Line Items]      
Valuation allowance, Increase to R&D credits 4,800,000    
U.S. federal      
Operating Loss Carryforwards [Line Items]      
Valuation allowance, Increase to R&D credits $ 1,300,000    
v3.25.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]    
Unrecognized tax benefits at beginning of year $ 5.0 $ 0.0
Additions related to current period tax positions 2.7 2.6
Additions related to prior period tax positions 5.1 2.4
Unrecognized tax benefits at end of year $ 12.8 $ 5.0
v3.25.0.1
Income Taxes - Components of Company's Deferred Tax Assets (Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Net operating loss carryforwards $ 23.4 $ 91.4
Tax credits 56.6 54.1
Capitalized research and development expenditures 78.8 53.3
Accrued expenses 34.4 25.1
Amortization of debt discount 4.2 7.8
Inventory capitalization 8.2 6.5
Intangible assets 6.4 8.0
Incentive compensation 14.7 13.5
Stock-based compensation 10.2 8.0
Other 7.1 5.4
Total deferred tax assets 244.0 273.1
Deferred tax liabilities:    
Prepaid assets (9.3) (7.7)
Property, plant and equipment (47.4) (38.1)
Capitalized contract acquisition costs (13.1) (10.4)
Unrealized gains on cash flow hedges (1.2) (5.1)
Other (7.4) (7.7)
Total deferred tax liabilities (78.4) (69.0)
Net deferred tax asset before valuation allowance 165.6 204.1
Valuation allowance (23.9) (202.9)
Net deferred tax asset $ 141.7 $ 1.2
v3.25.0.1
Income Taxes - Net Operating Loss and Tax Credit Carryforwards (Details)
$ in Millions
Dec. 31, 2024
USD ($)
U.S. federal  
Operating Loss Carryforwards [Line Items]  
Net Operating Loss Carryforwards $ 54.9
Tax Credit Carryforwards 44.3
State  
Operating Loss Carryforwards [Line Items]  
Net Operating Loss Carryforwards 203.1
Tax Credit Carryforwards 30.7
Foreign  
Operating Loss Carryforwards [Line Items]  
Net Operating Loss Carryforwards $ 1.7
v3.25.0.1
Earnings Per Share - Schedule of Net Income Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Net income $ 418.3 $ 206.3 $ 4.6
Add back interest expense, net of tax attributable to assumed conversion of convertible senior notes 9.1 10.4 0.0
Net income, diluted $ 427.4 $ 216.7 $ 4.6
Weighted average number of common shares outstanding, basic (in shares) 70,076 69,751 69,375
Convertible Senior Notes (in shares) 3,528 3,528 0
Weighted average number of common shares outstanding, diluted (in shares) 73,890 73,633 69,910
Earnings per share      
Earnings per share, Basic (in dollars per share) $ 5.97 $ 2.96 $ 0.07
Earnings per share, Diluted (in dollars per share) $ 5.78 $ 2.94 $ 0.07
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Effect of dilutive common share equivalents (in shares) 150 286 454
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Effect of dilutive common share equivalents (in shares) 136 68 81
v3.25.0.1
Earnings Per Share - Potential Common Shares Excluded from Computation of Diluted Net Income Per Share (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 673 485 3,892
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 464 322 227
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 209 163 137
Convertible Senior Notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 0 0 3,528
v3.25.0.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]      
Cash paid for interest, net of amount capitalized $ 47.1 $ 49.9 $ 34.2
Cash paid for taxes 20.6 8.1 5.5
Purchases of property and equipment included in accounts payable and accrued expenses 3.2 7.1 3.9
Purchases of property, plant and equipment included in long-term debt $ 7.1 $ 12.9 $ 0.0
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reserve for rebates, chargebacks and wholesaler fees      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year $ 157.7 $ 77.3 $ 34.1
Additions Charged  to Costs and Expenses 587.8 465.5 247.1
Other 0.0 0.0 0.0
Deductions (573.8) (385.1) (203.9)
Balance at End of Year 171.7 157.7 77.3
Deferred tax valuation allowance      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 202.9 222.8 182.4
Additions Charged  to Costs and Expenses 5.1 73.5 72.5
Other 0.0 3.7 37.8
Deductions (184.1) (97.1) (69.9)
Balance at End of Year $ 23.9 $ 202.9 $ 222.8