# EDGAR Filing Document

**Accession Number:** 0001145197
**File Stem:** 0001145197-23-000027
**Filing Date:** 2023-2
**Character Count:** 36829
**Document Hash:** c3e31a53d58762c6008232bacc580dc5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145197-23-000027.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001145197-23-000027

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230223

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INSULET CORP
- **CENTRAL INDEX KEY:** 0001145197
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **IRS NUMBER:** 043523891
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33462
- **FILM NUMBER:** 23666323

**BUSINESS ADDRESS:**
- **STREET 1:** 100 NAGOG PARK
- **CITY:** ACTON
- **STATE:** MA
- **ZIP:** 01720
- **BUSINESS PHONE:** 978-600-7000

**MAIL ADDRESS:**
- **STREET 1:** 100 NAGOG PARK
- **CITY:** ACTON
- **STATE:** MA
- **ZIP:** 01720

?xml version="1.0" ? podd-20230223

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K/A**

(Amendment No.1)

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported):** February 24, 2023 (February 23, 2023)

**INSULET CORPORATION**

**(Exact Name of Registrant as Specified in Charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-33462** | **04-3523891** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

---

| | | |
|:---|:---|:---|
| **100 Nagog Park** | **100 Nagog Park** | **100 Nagog Park** |
| **Acton** | **Massachusetts** | **01720** |
| **(Address of Principal Executive Offices, including Zip Code)** | **(Address of Principal Executive Offices, including Zip Code)** | **(Address of Principal Executive Offices, including Zip Code)** |

---

---

| | | |
|:---|:---|:---|
| **Registrant's telephone number, including area code:**  | **(978)** | **600-7000** |

---

**Not Applicable <br>(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

---

| | |
|:---|:---|
| 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 accounting standards provided pursuant to Section 13(a) of the Exchange Act | ☐ |

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

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| | | |
|:---|:---|:---|
| **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 |

---

**Explanatory Note**

This Current Report on Form 8-K/A (this "Form 8-K/A") is being filed to amend the Current Report on Form 8-K filed by Insulet Corporation (the "Company") on February 23, 2023 (the "Original Form 8-K"). The Original Form 8-K was filed with the Securities and Exchange Commission to report the Company's financial results for the three months and year ended December 31, 2022, which results were announced in a press release issued on February 23, 2023 and attached to the Original Form 8-K as Exhibit 99.1.

The purpose of this Form 8-K/A is to correct numeric disclosures in the press release (and as may have been discussed on the Company's earnings call on February 23, 2023), as described below. No GAAP numbers are impacted, and the Company believes these errors are immaterial. The Original Form 8-K remains otherwise unchanged.

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On February 24, 2023, Insulet Corporation (the "Company") issued a revised press release announcing its financial results for the fourth quarter and year ended December 31, 2022, correcting errors in non-GAAP diluted earnings per share for the three months and year ended December 31, 2022, as well as errors which resulted in slightly understated constant currency revenue growth for the same periods. Specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the non-GAAP reconciliations table for the three months ended December 31, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ the diluted earnings per share ("EPS") impact of legal costs was listed as $0.03 rather than $(0.03);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ the diluted EPS impact of the Voluntary Medical Device Corrections ("MDCs") was listed as $0.28 rather than $0.30; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ as a result, the total non-GAAP diluted EPS for the three-month period was listed as $0.55 rather than $0.52.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the non-GAAP reconciliations table for the year ended December 31, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ the diluted EPS impact of the Voluntary MDCs was listed as $0.80 rather than $0.83; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ as a result, the total non-GAAP EPS for the year was listed as $1.28 rather than $1.30.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the constant currency non-GAAP reconciliations table for the three months ended December 31, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total Omnipod constant currency revenue growth was listed as 35.6% rather than 36.8%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total constant currency revenue growth was listed as 22.6% rather than 23.7%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the constant currency non-GAAP reconciliations table for the year ended December 31, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total Omnipod constant currency revenue growth was listed as 27.0% rather than 27.4%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total constant currency revenue growth was listed as 22.2% rather than 22.5%.

The revised press release issued by the Company and attached as Exhibit 99.1 to this Form 8-K/A corrects these errors, including references in the body of the press release to constant currency revenue growth and total non-GAAP diluted earnings per share for the three-months and year ended December 31, 2022.

The full text of the revised press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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 (d) Exhibits.

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| <u>[99.1](podd202212-31ex991_8xkxa2x.htm)</u> | Revised Press Release dated February 24, 2023 |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | INSULET CORPORATION | INSULET CORPORATION |
| February 24, 2023 | By: | /s/ Patricia K. Dolan |
|  |  | Vice President and Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

***Insulet Reports Full Year 2022 Revenue Increase of 19% (22% constant currency***<sup>1</sup>***)***

***and Fourth Quarter 2022 Revenue Increase of 20% Year-Over-Year (24% constant currency)***

***Represents 7th Consecutive Year of 20% or More Constant Currency Revenue Growth***

ACTON, Mass. - February 23, 2023 - Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the global leader in tubeless insulin pump technology with its Omnipod<sup>®</sup> brand of products, today announced financial results for the three months and full year ended December 31, 2022.

***Full Year Financial Highlights:***

• Full year 2022 revenue of $1.3 billion, up 18.8%, or 22.5% in constant currency, compared to $1.1 billion in the prior year, exceeds the guidance range of 18% to 19% in constant currency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total Omnipod revenue of $1.2 billion, an increase of 23.4%, or 27.4% in constant currency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ U.S. Omnipod revenue of $884.8 million, an increase of 35.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ International Omnipod revenue of $363.0 million, an increase of 0.9%, or 12.1% in constant currency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Drug Delivery revenue of $57.5 million, a decrease of 34.2%

***•*** Gross margin of 61.7%, down 670 basis points. Adjusted gross margin<sup>1</sup> of 66.2% excludes a charge of $57.9 million associated with the voluntary medical device correction (MDC) notices issued to replace Omnipod DASH<sup>®</sup> Personal Diabetes Managers (PDMs) and Omnipod<sup>®</sup> 5 Automated Insulin Delivery system (Omnipod 5) Controllers

• Operating income of $37.6 million, or 2.9% of revenue, compared to $126.0 million, or 11.5% of revenue, in the prior year. Adjusted operating income<sup>1</sup> of $124.1 million, or 9.5% of revenue, excludes the $57.9 million charge noted above, as well as $25.2 million of certain legal costs and $3.4 million of CEO transition costs

• Net income of $4.6 million, or $0.07 per diluted share, compared to net income of $16.8 million, or $0.24 per diluted share, in the prior year. Adjusted net income<sup>1</sup> of $91.1 million, or $1.30 per diluted share excludes charges of $57.9 million, $25.2 million and $3.4 million noted above. Prior year adjusted net income of $59.2 million, or $0.86 per diluted share, excludes a loss on extinguishment of debt of $42.4 million

• Adjusted EBITDA<sup>1</sup> of $224.8 million, or 17.2% of revenue, compared to $215.9 million, or 19.6% of revenue, in the prior year

***Fourth Quarter Financial Highlights:***

• Fourth quarter 2022 revenue of $369.7 million, up 20.1%, or 23.7% in constant currency, compared to $307.7 million in the prior year, exceeds the guidance range of 11% to 14% in constant currency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total Omnipod revenue of $366.4 million, an increase of 32.8%, or 36.8% in constant currency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ U.S. Omnipod revenue of $276.2 million, an increase of 45.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ International Omnipod revenue of $90.2 million, an increase of 5.7%, or 18.6% in constant currency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Drug Delivery revenue of $3.3 million, a decrease of 89.7%

• Gross margin of 58.8%, down 1,050 basis points. Adjusted gross margin of 64.5% excludes a net charge of $21.1 million associated with the voluntary MDC notices noted above

<sup>1</sup> See description of non-GAAP financial measures contained in this release.

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• Operating income of $23.5 million, or 6.4% of revenue, compared to operating income of $49.7 million, or 16.2% of revenue, in the prior year. Adjusted operating income of $42.5 million, or 11.5% of revenue, excludes the $21.1 million charge noted above, as well as income of $2.1 million related to an adjustment to a legal settlement charge

• Net income of $17.0 million, or $0.24 per diluted share, compared to net income of $29.2 million, or $0.42 per diluted share, in the prior year. Adjusted net income of $36.0 million, or $0.52 per diluted share, excludes the $21.1 million charge and $2.1 million of income noted above. Prior year adjusted net income of $30.0 million, or $0.43 per diluted share, excludes a loss on extinguishment of debt of $0.8 million

• Adjusted EBITDA of $71.4 million, or 19.3% of revenue, compared to $72.8 million, or 23.7% of revenue, in the prior year

***Recent Strategic Highlights:***

• Delivered seventh consecutive year of 20% or more constant currency revenue growth

• Submitted to the FDA a 510(k) for a new basal-only Pod for individuals with type 2 diabetes

• Achieved record quarterly U.S. and Total Omnipod new customer starts

***•*** Recently achieved milestones of 360,000 estimated active global customers using the Omnipod System, including over 100,000 U.S. customers using Omnipod<sup>®</sup> 5

• On track to begin Omnipod 5 international launch mid-year

• More than doubled intellectual property portfolio over the last year through record patent filings and a recent strategic asset acquisition

• Presented first release of real-world evidence for Omnipod 5 at the ATTD International Diabetes Congress for over 31,000 users demonstrating glycemic results similar to those observed in the pivotal trials and reinforcing the benefits of the customizable Target Glucose setting

• Omnipod 5 feasibility study data for individuals with type 2 diabetes published in *Diabetes Care*<sup>2</sup>

• Omnipod DASH real-world evidence on clinical outcomes in over 4,700 individuals with type 1 diabetes published in *Diabetes Therapy*<sup>3</sup>

• Recognized by Newsweek as one of America's most responsible companies<sup>4</sup>

"2022 was another successful year for Insulet as we delivered strong revenue growth and advanced our strategic priorities," said Jim Hollingshead, President and Chief Executive Officer. "We entered 2023 with significant momentum and expect to further strengthen our foundation for long-term sustainable growth. We are excited about the commercial launch of Omnipod 5, which is a transformative technology offering users award-winning innovation and improved outcomes and quality of life. We are proud of all we have accomplished and the entire Insulet team is focused on building on our success and furthering our mission to improve the lives of people with diabetes."

***2023 Outlook:***

<u>Revenue Guidance (in constant currency):</u>

• For the year ending December 31, 2023, the Company expects revenue growth in the range of 14% to 19%. Revenue growth ranges by product line are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total Omnipod of 17% to 22%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ U.S. Omnipod of 21% to 26%

<sup>2</sup> https://pubmed.ncbi.nlm.nih.gov/36787903/.

<sup>3</sup> https://pubmed.ncbi.nlm.nih.gov/36763329/.

<sup>4</sup> https://www.newsweek.com/rankings/americas-most-responsible-companies-2023.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ International Omnipod of 6% to 10%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Drug Delivery of (55)% to (45)%

• For the quarter ending March 31, 2023, the Company expects revenue growth of 11% to 14%. Revenue growth ranges by product line are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total Omnipod of 22% to 25%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ U.S. Omnipod of 33% to 36%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ International Omnipod of 4% to 7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Drug Delivery of (100)% to (95)%

<u>Gross Margin and Operating Margin Guidance:</u>

For the year ending December 31, 2023, the Company expects gross margin of 65% to 66%.

For the year ending December 31, 2023, the Company expects operating margin of high-single digits.

***Conference Call:***

Insulet will host a conference call at 4:30 p.m. (Eastern Time) on February 23, 2023 to discuss the financial results and outlook. The link to the live call will be available on the Investor Relations section of the Company's website at investors.insulet.com, "Events and Presentations," and will be archived for future reference. The live call may also be accessed by dialing (888) 770-7129 for domestic callers or (929) 203-2109 for international callers, passcode 5904836.

***About Insulet Corporation:***

Insulet Corporation (NASDAQ: PODD), headquartered in Massachusetts, is an innovative medical device company dedicated to simplifying life for people with diabetes and other conditions through its Omnipod product platform. The Omnipod Insulin Management System provides a unique alternative to traditional insulin delivery methods. With its simple, wearable design, the disposable Pod provides up to three days of non-stop insulin delivery, without the need to see or handle a needle. Insulet's latest innovation, the Omnipod<sup>®</sup> 5 Automated Insulin Delivery System, is a tubeless automated insulin delivery system, integrated with a continuous glucose monitor to manage blood sugar with no multiple daily injections, zero fingersticks, and is fully controlled by a compatible personal smartphone. Insulet also leverages the unique design of its Pod by tailoring its Omnipod technology platform for the delivery of non-insulin subcutaneous drugs across other therapeutic areas. For more information, please visit: insulet.com and omnipod.com.

***Non-GAAP Measures:***

The Company uses the following non-GAAP financial measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Constant currency revenue growth, which represents the change in revenue between current and prior year periods using the exchange rate in effect during the applicable prior year period. Insulet presents constant currency revenue growth because management believes it provides meaningful information regarding the Company's results on a consistent and comparable basis. Management uses this non-GAAP financial measure, in addition to financial measures in accordance with generally accepted accounting principles in the United States (GAAP), to evaluate the Company's

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operating results. It is also one of the performance metrics that determines management incentive compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted gross margin, adjusted gross margin as a percentage of revenue, adjusted operating income, adjusted operating income as a percentage of revenue, adjusted net income, and adjusted diluted earnings per share, all of which exclude the impact of certain significant transactions or events, such as legal settlements, medical device corrections and loss on extinguishment of debt, that affect the period-to-period comparability of our operating performance, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA, which represents net income (loss) plus net interest expense, income tax expense (benefit), depreciation and amortization, stock-based compensation expense and other significant transactions or events, such as legal settlements, medical device corrections and loss on extinguishment of debt, that affect the period-to-period comparability of our operating performance, as applicable, and adjusted EBITDA as a percentage of revenue.

Insulet presents the above non-GAAP financial measures because management uses them as supplemental measures in assessing the Company's operating performance, and the Company believes they are helpful to investors, and other interested parties as measures of comparative operating performance from period to period. They also are commonly used measures in determining business value and the Company uses them internally to report results.

These non-GAAP financial measures should be considered supplemental to, and not a substitute for, the Company's reported financial results prepared in accordance with GAAP. Furthermore, the Company's definition of these non-GAAP measures may differ from similarly titled measures used by others. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, Insulet strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety.

***Forward-Looking Statement:***

This press release contains forward-looking statements regarding, among other things, future operating and financial performance, product success and efficacy, the outcome of studies and trials and the approval of products by regulatory bodies. These forward-looking statements are based on management's current beliefs, assumptions and estimates and are not intended to be a guarantee of future events or performance. If management's underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by the forward-looking statements.

Risks and uncertainties include, but are not limited to adverse changes in general economic conditions as well as risks associated with public health crises and pandemics, such as the COVID-19 global pandemic, government actions and restrictive measures implemented in response, supply chain disruptions, delays in clinical trials, and other impacts to the business, our customers, suppliers, and employees; dependence on a principal product platform; ability to maintain and grow our customer base; ability to scale the business to support revenue growth; maintenance of an effective sales force and expansion of distribution network; ability to secure and retain adequate coverage or reimbursement from third-party payors; impact of healthcare reform laws; impact of competitive products, technological change and product innovation; ability to design, develop, manufacture and commercialize future products; inability to maintain or enter into new license or other agreements with respect to continuous glucose monitors, data management systems or other rights necessary to sell our current product and/or commercialize future products;

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challenges to the future development of our non-insulin drug delivery product line; international business risks, including regulatory, commercial and logistics risks; supply problems or price fluctuations with sole source or third-party suppliers on which we are dependent; failure to retain key suppliers; ability to protect our intellectual property and other proprietary rights and potential conflicts with the intellectual property of third parties; extensive government regulation applicable to medical devices as well as complex and evolving privacy and data protection laws; adverse regulatory or legal actions relating to the Omnipod System or future products; failure of our contract manufacturer or component suppliers to comply with the U.S. Food and Drug Administration's quality system regulations; potential adverse impacts resulting from a recall, or discovery of serious safety issues, or product liability lawsuits relating to off-label use; the potential violation of anti-bribery/anti-corruption laws; breaches or failures of our product or information technology systems, including by cyberattack; unfavorable results of clinical studies, including issues with third parties conducting any studies, or future publication of articles or announcement of positions by diabetes associations or other organizations that are unfavorable; the concentration of manufacturing operations and storage of inventory in a limited number of locations; loss of employees or inability to identify and recruit new employees; ability to generate sufficient cash to service our indebtedness or raise additional funds on acceptable terms or at all; the volatility of the trading price of our common stock; risks related to the conversion of outstanding Convertible Senior Notes; and potential limitations on our ability to use net operating loss carryforwards.

For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A - Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. Any forward-looking statement made in this release speaks only as of the date of this release. Insulet does not undertake to update any forward-looking statement, other than as required by law.

<br>©2023 Insulet Corporation. Omnipod, Omnipod DASH and Omnipod 5 are registered trademarks of Insulet Corporation.

***Investor Relations:***

Deborah R. Gordon

Vice President, Investor Relations

(978) 600-7717

dgordon@insulet.com

***Media:***

Angela Geryak Wiczek

Senior Director, Corporate Communications

(978) 932-0611

awiczek@insulet.com

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**INSULET CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **(dollars in millions, except per share data)** | **2022** | **2021** | **2022** | **2021** |
| Revenue | $369.7 | $307.7 | $1305.3 | $1098.8 |
| Cost of revenue | 152.4 | 94.5 | 499.7 | 346.7 |
| &nbsp;&nbsp;&nbsp;**Gross profit** | 217.3 | 213.2 | 805.6 | 752.1 |
| Research and development expenses | 49.5 | 41.8 | 180.2 | 160.1 |
| Selling, general and administrative expenses | 144.3 | 121.7 | 587.8 | 466.0 |
| &nbsp;&nbsp;&nbsp;**Operating income** | 23.5 | 49.7 | 37.6 | 126.0 |
| Interest expense, net | (2.7) | (15.1) | (26.7) | (61.2) |
| Loss on extinguishment of debt |  | (0.8) |  | (42.4) |
| Other expense, net | 1.5 | (0.4) | (1.1) | (1.9) |
| &nbsp;&nbsp;&nbsp;**Income before income taxes** | 22.3 | 33.4 | 9.8 | 20.5 |
| Income tax expense | (5.3) | (4.2) | (5.2) | (3.7) |
| **Net income** | $17.0 | $29.2 | $4.6 | $16.8 |
| **Net income per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.25 | $0.42 | $0.07 | $0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.24 | $0.42 | $0.07 | $0.24 |
| **Weighted-average number of common shares outstanding (in thousands):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 69472 | 69070 | 69375 | 67698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 70020 | 69814 | 69910 | 68579 |

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**INSULET CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| **(dollars in millions)** | **2022** | **2021** |
| **ASSETS** |  |  |
| Cash and cash equivalents | $674.7 | $791.6 |
| Accounts receivable, net | 205.6 | 161.0 |
| Inventories | 346.8 | 303.2 |
| Prepaid expenses and other current assets | 86.9 | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1314.0 | 1329.8 |
| Property, plant and equipment, net | 599.9 | 536.5 |
| Goodwill and other intangible assets, net | 127.2 | 76.4 |
| Other assets | 210.0 | 106.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2251.1 | $2048.8 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Accounts payable | $30.8 | $37.7 |
| Accrued expenses and other current liabilities | 306.4 | 166.0 |
| Current portion of long-term debt | 27.5 | 25.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 364.7 | 228.8 |
| Long-term debt, net | 1374.3 | 1248.8 |
| Other liabilities | 35.7 | 14.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1774.7 | 1492.5 |
| Stockholders' equity | 476.4 | 556.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $2251.1 | $2048.8 |

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**INSULET CORPORATION**

**NON-GAAP RECONCILIATIONS (UNAUDITED)**

**CONSTANT CURRENCY REVENUE GROWTH**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | | | |
| **(dollars in millions)** | **2022** | **2021** | **Percent Change** | **Currency Impact** | **Constant Currency** |
| **Revenue:** |  |  |  |  |  |
| U.S. Omnipod | $276.2 | $190.5 | 45.0% | —% | 45.0% |
| International Omnipod | 90.2 | 85.3 | 5.7% | (12.9)% | 18.6% |
| &nbsp;&nbsp;&nbsp;**Total Omnipod** | 366.4 | 275.8 | 32.8% | (4.0)% | 36.8% |
| Drug Delivery | 3.3 | 31.9 | (89.7)% | —% | (89.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $369.7 | $307.7 | 20.1% | (3.6)% | 23.7% |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | | | |
| **(dollars in millions)** | **2022** | **2021** | **Percent Change** | **Currency Impact** | **Constant Currency** |
| **Revenue:** |  |  |  |  |  |
| U.S. Omnipod | $884.8 | $651.5 | 35.8% | —% | 35.8% |
| International Omnipod | 363.0 | 359.9 | 0.9% | (11.2)% | 12.1% |
| &nbsp;&nbsp;&nbsp;**Total Omnipod** | 1247.8 | 1011.4 | 23.4% | (4.0)% | 27.4% |
| Drug Delivery | 57.5 | 87.4 | (34.2)% | —% | (34.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1305.3 | $1098.8 | 18.8% | (3.7)% | 22.5% |

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**INSULET CORPORATION**

**NON-GAAP RECONCILIATIONS CONTINUED (UNAUDITED)**

**ADJUSTED GROSS MARGIN, OPERATING MARGIN, NET INCOME AND DILUTED EPS**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
| **(in millions)** | **Gross Profit** | **Percent of Revenue** | **Operating Income** | **Percent of Revenue** | **Net Income**<sup>(4)</sup> | **Diluted Earnings per Share** |
| **GAAP** | $217.3 | 58.8% | $23.5 | 6.4% | $17.0 | $0.24 |
| &nbsp;&nbsp;Voluntary MDCs<sup>(1)</sup> | 21.1 |  | 21.1 |  | 21.1 | 0.30 |
| &nbsp;&nbsp;Legal costs<sup>(2)</sup> |  |  | (2.1) |  | (2.1) | (0.03) |
| **Non-GAAP** | $238.4 | 64.5% | $42.5 | 11.5% | $36.0 | $0.52 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| **(in millions)** | **Gross Profit** | **Percent of Revenue** | **Operating Income** | **Percent of Revenue** | **Net Income**<sup>(4)</sup> | **Diluted Earnings per Share** |
| **GAAP** | $805.6 | 61.7% | $37.6 | 2.9% | $4.6 | $0.07 |
| &nbsp;&nbsp;Voluntary MDCs<sup>(1)</sup> | 57.9 |  | 57.9 |  | 57.9 | 0.83 |
| &nbsp;&nbsp;Legal costs<sup>(2)</sup> |  |  | 25.2 |  | 25.2 | 0.36 |
| &nbsp;&nbsp;CEO transition costs<sup>(3)</sup> |  |  | 3.4 |  | 3.4 | 0.05 |
| **Non-GAAP** | $863.5 | 66.2% | $124.1 | 9.5% | $91.1 | $1.30 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| **(in millions)** | **Net Income**<sup>(4)</sup> | **Diluted Earnings per Share** | **Net Income**<sup>(4)</sup> | **Diluted Earnings per Share** |
| **GAAP** | $29.2 | $0.42 | $16.8 | $0.24 |
| &nbsp;&nbsp;Loss on extinguishment of debt<sup>(5)</sup> | 0.8 | 0.01 | 42.4 | 0.62 |
| **Non-GAAP** | $30.0 | $0.43 | $59.2 | $0.86 |

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**ADJUSTED EBITDA**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **(dollars in millions)** | **2022** | **Percent of Revenue** | **2021** | **Percent of Revenue** | **2022** | **Percent of Revenue** | **2021** | **Percent of Revenue** |
| **Net income** | $17.0 | 4.6% | $29.2 | 9.5% | $4.6 | 0.4% | $16.8 | 1.5% |
| Interest expense, net | 2.7 |  | 15.1 |  | 26.7 |  | 61.2 |  |
| Income tax expense | 5.3 |  | 4.2 |  | 5.2 |  | 3.7 |  |
| Depreciation and amortization | 16.2 |  | 14.9 |  | 63.2 |  | 57.4 |  |
| Stock-based compensation expense | 11.2 |  | 8.6 |  | 38.6 |  | 34.4 |  |
| Voluntary MDCs<sup>(1)</sup> | 21.1 |  |  |  | 57.9 |  |  |  |
| Legal costs<sup>(2)</sup> | (2.1) |  |  |  | 25.2 |  |  |  |
| CEO transition costs<sup>(3)</sup> |  |  |  |  | 3.4 |  |  |  |
| Loss on extinguishment of debt<sup>(5)</sup> |  |  | 0.8 |  |  |  | 42.4 |  |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $71.4 | 19.3% | $72.8 | 23.7% | $224.8 | 17.2% | $215.9 | 19.6% |

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---

| |
|:---|
| <sup>(1)</sup> Represents estimated costs associated with the voluntary MDC notices, which are included in cost of revenue. |
| <sup>(2)</sup> Includes a $20.0 million charge to settle patent infringement litigation, associated legal fees, and a charge to settle a contract dispute. |
| <sup>(3)</sup> Represents costs associated with the retirement and advisory services of the former chief executive officer, including $2.3 million of accelerated stock-based compensation expense. |
| <sup>(4)</sup> The tax effect on non-GAAP adjustments is calculated based on the statutory tax rate. Due to valuation allowances, the statutory tax rate is 0%. |
| <sup>(5)</sup> Relates to the repurchase and conversion of the Company's 1.375% Notes. |

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**INSULET CORPORATION**

**REVENUE GUIDANCE RECONCILIATIONS (UNAUDITED)**

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| | | | |
|:---|:---|:---|:---|
| | **Year Ending December 31, 2023** | **Year Ending December 31, 2023** | **Year Ending December 31, 2023** |
| | **Revenue Growth<br>GAAP** | **Currency Impact** | **Constant Currency** |
| U.S. Omnipod | 21% - 26% | —% | 21% - 26% |
| International Omnipod | 7% - 11% | 1% | 6% - 10% |
| &nbsp;&nbsp;&nbsp;**Total Omnipod** | 17% - 22% | —% | 17% - 22% |
| Drug Delivery | (55)% - (45)% | —% | (55)% - (45)% |
| &nbsp;&nbsp;&nbsp;**Total** | 14% - 19% | —% | 14% - 19% |

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ending March 31, 2023** | **Three Months Ending March 31, 2023** | **Three Months Ending March 31, 2023** |
| | **Revenue Growth<br>GAAP** | **Currency Impact** | **Constant Currency** |
| U.S. Omnipod | 33% - 36% | —% | 33% - 36% |
| International Omnipod | (2)% - 1% | (6)% | 4% - 7% |
| &nbsp;&nbsp;&nbsp;**Total Omnipod** | 20% - 23% | (2)% | 22% - 25% |
| Drug Delivery | (100)% - (95)% | —% | (100)% - (95)% |
| &nbsp;&nbsp;&nbsp;**Total** | 9% - 12% | (2)% | 11% - 14% |

---