podd-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________

Form 10-Q

_____________________________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-33462

___________________________________________________________

INSULET CORPORATION

(Exact name of Registrant as specified in its charter)

__________________________________________________________________________________________________

Delaware

04-3523891

(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer
Identification No.)

100 Nagog Park

Acton

Massachusetts

01720

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (978) 600-7000

________________________________________________________________________________________________________

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 Par Value Per Share	PODD	The NASDAQ Stock Market, LLC

As of April 29, 2026, the registrant had 69,264,674 shares of common stock outstanding.

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)			3
Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2026 and December 31, 2025			3
Condensed Consolidated Statements of Income (Unaudited) for the three months ended March 31, 2026 and 2025			4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2026 and 2025			5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the three months ended March 31, 2026 and 2025			6
Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025			7
Notes to Condensed Consolidated Financial Statements (Unaudited)			8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			17
Item 3. Quantitative and Qualitative Disclosures About Market Risk			24
Item 4. Controls and Procedures			24

PART II. OTHER INFORMATION
Item 1. Legal Proceedings			25
Item 1A. Risk Factors			25
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			25
Item 3. Defaults Upon Senior Securities			25
Item 4. Mine Safety Disclosures			25
Item 5. Other Information			25
Item 6. Exhibits			26
Signatures			27


Item 1.			Condensed Consolidated Financial Statements (Unaudited)


(in millions, except share and per share data)	March 31, 2026		December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	480.4	$	716.1
Accounts receivable trade, net	544.7		516.9
Inventories	462.5		452.6
Prepaid expenses and other current assets	221.9		228.3
Total current assets	1,709.5		1,914.0
Property, plant and equipment, net	830.4		819.5
Other intangible assets, net	115.2		117.1
Goodwill	51.6		51.6
Other assets	280.6		288.2
Total assets	$	2,987.2	$	3,190.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	149.8	$	75.0
Accrued expenses and other current liabilities	519.0		586.7
Current portion of long-term debt	18.6		18.4
Total current liabilities	687.5		680.1
Long-term debt, net	929.5		930.8
Other liabilities	67.7		64.4
Total liabilities	1,684.6		1,675.2
Commitments and contingencies (note 11)
Stockholders’ Equity
Preferred stock, $.001 par value, 5,000,000 authorized; none issued and outstanding	—		—
Common stock, $.001 par value, 100,000,000 authorized; 70,711,632 and 70,588,192 issued	0.1		0.1
Additional paid-in capital	1,280.8		1,274.9
Accumulated earnings	378.5		287.4
Accumulated other comprehensive income	5.6		12.5
Treasury stock, at cost; 1,447,918 and 197,374 shares	(363.3)		(60.4)
Deferred compensation	0.9		0.8
Total stockholders’ equity	1,302.6		1,515.2
Total liabilities and stockholders’ equity	$	2,987.2	$	3,190.4


	Three Months Ended March 31,
(in millions, except share and per share data)	2026		2025
Revenue	$	761.7	$	420.5
Revenue from related party	—		148.5
Total revenue	761.7		569.0
Cost of revenue	232.7		159.9
Gross profit	529.1		409.0
Research and development expenses	89.7		59.6
Selling, general and administrative expenses	317.2		260.7
Operating income	122.1		88.8
Interest expense	(14.7)		(9.2)
Interest income	4.9		10.3
Loss on extinguishment of debt	—		(39.5)
Other income (expense), net	0.7		(2.2)
Income before income taxes	113.0		48.2
Income tax expense	(21.9)		(12.7)
Net income	$	91.1	$	35.4

Earnings per share:
Basic	$	1.30	$	0.50
Diluted	$	1.30	$	0.50
Weighted-average number of common shares outstanding (in thousands):
Basic	69,986		70,272
Diluted	70,202		74,111


	Three Months Ended March 31,
(in millions)	2026		2025
Net income	$	91.1	$	35.4
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment	(6.6)		10.3
Unrealized loss on cash flow hedges, net of tax	(0.3)		(3.1)
Other comprehensive (loss) income, net of tax	(6.9)		7.2
Comprehensive income	$	84.2	$	42.6


	Common Stock			Additional Paid-in Capital		Accumulated Earnings		Accumulated Other Comprehensive Income		Treasury Stock		Deferred Compensation		Total Shareholders’ Equity
(dollars in millions)	Shares (in thousands)	Amount
Balance at December 31, 2025	70,391	$	0.1	$	1,274.9	$	287.4	$	12.5	$	(60.4)	$	0.8	$	1,515.2
Net income	—	—		—		91.1		—		—		—		91.1
Other comprehensive loss, net of tax	—	—		—		—		(6.9)		—		—		(6.9)
Exercise of options to purchase common stock	5	—		0.4		—		—		—		—		0.4
Stock-based compensation expense	—	—		21.3		—		—		—		—		21.3
Restricted stock units vested, net of shares withheld for taxes	118	—		(15.7)		—		—		—		—		(15.7)
Repurchase of common stock, including excise tax	(1,251)	—		—		—		—		(302.7)		—		(302.7)
Deferred compensation	—	—		—		—		—		(0.1)		0.1		—
Balance at March 31, 2026	69,264	$	0.1	$	1,280.8	$	378.5	$	5.6	$	(363.3)	$	0.9	$	1,302.6


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive (Loss) Income		Treasury Stock		Deferred Compensation		Total Shareholders’ Equity
(dollars in millions)	Shares (in thousands)	Amount
Balance at December 31, 2024	70,196	$	0.1	$	1,184.4	$	40.3	$	(13.2)	$	—	$	—	$	1,211.6
Net income	—	—		—		35.4		—		—		—		35.4
Other comprehensive income, net of tax	—	—		—		—		7.2		—		—		7.2
Exercise of options to purchase common stock	38	—		2.5		—		—		—		—		2.5
Stock-based compensation expense	—	—		18.2		—		—		—		—		18.2
Restricted stock units vested, net of shares withheld for taxes	128	—		(21.2)		—		—		—		—		(21.2)
Deferred compensation	—	—		—		—		—		(0.2)		0.2		—
Settlement of capped call options	—	—		77.0		—		—		—		—		77.0
Balance at March 31, 2025	70,362	$	0.1	$	1,260.9	$	75.7	$	(6.0)	$	(0.2)	$	0.2	$	1,330.6


	March 31, 2026		December 31, 2025
Distributor A	28	%	37	%
Distributor B	26	%	20	%
Distributor C	12	%	10	%


	Fair Value Measurements at March 31, 2026
(in millions)	Level 1		Level 2		Level 3		Total
Term Loan B(1)	$	479.8	$	—	$	—	$	479.8
Senior Unsecured Notes(1)	459.3		—		—		459.3
Equipment financings(2)	—		—		31.5		31.5
Costa Rica plant financing(2)	—		—		3.0		3.0
Total	$	939.1	$	—	$	34.5	$	973.6


	Fair Value Measurements at December 31, 2025
(in millions)	Level 1		Level 2		Level 3		Total
Term Loan B(1)	$	482.3	$	—	$	—	$	482.3
Senior Unsecured Notes(1)	469.2		—		—		469.2
Equipment financings(2)	—		—		34.8		34.8
Total	$	951.4	$	—	$	34.8	$	986.2


	Three Months Ended March 31,
(in thousands)	2026	2025
Restricted stock units	556	422
Stock options	207	137
Total	764	560


	Three Months Ended March 31,
(in millions)	2026		2025
U.S.	$	515.6	$	401.7
International	242.9		152.3
Total Omnipod products	758.4		554.0
Drug Delivery	3.3		14.9
Total revenue	$	761.7	$	569.0


(in millions)	March 31, 2026		December 31, 2025
Raw materials	$	212.6	$	194.1
Work in process	77.9		64.6
Finished goods	172.0		193.9
Total inventories	$	462.5	$	452.6


(in millions)	March 31, 2026		December 31, 2025
Short-term portion	$	46.4	$	46.0
Long-term portion	174.3		159.1
Total capitalized implementation costs	220.7		205.1
Less: accumulated amortization	(105.9)		(94.4)
Capitalized implementation costs, net	$	114.8	$	110.7


	March 31, 2026						December 31, 2025
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Customer relationships	$	43.2	$	(36.3)	$	6.9	$	43.2	$	(35.8)	$	7.4
Internal-use software	71.4		(17.1)		54.3		68.3		(14.1)		54.2
Developed technology	28.3		(7.4)		20.8		28.3		(6.9)		21.4
Patents	44.0		(10.8)		33.2		44.0		(9.9)		34.2
Total intangible assets	$	186.8	$	(71.7)	$	115.2	$	183.8	$	(66.7)	$	117.1


	Three Months Ended March 31, 2026
(in millions)	Foreign Currency Translation Adjustment		Unrealized Loss on Securities		Unrealized Gain on Cash Flow Hedges		Accumulated Other Comprehensive Income
Balance at beginning of period	$	7.5	$	(0.3)	$	5.3	$	12.5
Other comprehensive income (loss) before reclassifications	(6.6)		—		(4.5)		(11.2)
Amounts reclassified to net income (1)	—		—		4.2		4.2
Balance at the end of period	$	0.8	$	(0.3)	$	5.0	$	5.6


	Three Months Ended March 31, 2025
(in millions)	Foreign Currency Translation Adjustment		Unrealized Loss on Securities		Unrealized Gain on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at beginning of period	$	(22.3)	$	(0.3)	$	9.4	$	(13.2)
Other comprehensive income (loss) before reclassifications	10.3		—		(8.5)		1.8
Amounts reclassified to net income (1)	—		—		5.3		5.3
Balance at the end of period	$	(12.0)	$	(0.3)	$	6.3	$	(6.0)

SEC Form 10-Q filed by Insulet Corporation