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Chloe The Pod has an IP28 rating for up to 25 feet for 60 minutes. The PDM and Controller are not waterproof. Insulet Corporation Baird 2025 Global Healthcare Conference September 9, 2025
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2 Safe Harbor Statement This presentation 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, our dependence on a principal product platform; the impact of competitive products, technological change and product innovation; our ability to maintain an effective sales force, and expand our distribution network; our ability to maintain and grow our customer base; our ability to scale the business to support revenue growth; our ability to secure and retain adequate coverage or reimbursement from third-party payors; the impact of healthcare reform laws; our ability to design, develop, manufacture and commercialize future products; 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; our ability to protect our intellectual property and other proprietary rights; potential conflicts with the intellectual property of third parties; our 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; worldwide macroeconomic and geopolitical uncertainty, as well as risks associated with public health crises and pandemics, including 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; international regulatory, commercial and logistics business risks, including the implementation of tariffs; the potential violation of anti-bribery/anti-corruption laws; the concentration of manufacturing operations and storage of inventory in a limited number of locations; supply problems or price fluctuations with sole source or third-party suppliers on which we are dependent; failure to retain key suppliers; challenges to the future development of our non-insulin drug delivery product line; our failure or that of our contract manufacturer or component suppliers to comply with the U.S. Food and Drug Administration’s quality system regulations or other manufacturing difficulties; extensive government regulation applicable to medical devices, as well as complex and evolving privacy and data protection laws; our use of artificial intelligence tools; adverse regulatory or legal actions relating to current or future Omnipod products; potential adverse impacts resulting from a recall, or discovery of serious safety issues, or product liability lawsuits relating to off-label use; breaches or failures of our product or information technology systems, including by cyberattack; our ability to attract, motivate, and retain key personnel; risks associated with potential future acquisitions or investments in new businesses; ability to raise additional funds on acceptable terms or at all; the volatility of the trading price of our common stock; and changes in tax laws or exposure to significant tax liabilities. 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 presentation speaks only as of the date of this presentation. Insulet does not undertake to update any forward-looking statement, other than as required by law. © 2025 Insulet Corporation. Omnipod, the Omnipod logo, and Podder are trademarks or registered trademarks of Insulet Corporation. All rights reserved. All other trademarks are the property of their respective owners. The use of third-party trademarks does not constitute an endorsement or imply a relationship or other affiliation. Dexcom and G7 are registered trademarks of Dexcom, Inc. and used with permission. The sensor housing, FreeStyle, Libre, and related brand marks are marks of Abbott and used with permission. The Company uses the following non-GAAP financial measures: • 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 operating results. It is also one of the performance metrics that determines management incentive compensation. • Adjusted gross margin, adjusted gross margin as a percentage of revenue, adjusted operating income, and adjusted operating income as a percentage of revenue, exclude the impact of certain significant transactions or events, such as legal settlements and medical device corrections, that affect the period-to-period comparability of our operating performance, as applicable. • Free cash flow, defined as net cash provided by operating activities less capital expenditures. Insulet presents the above non-GAAP financial measures because management uses them as supplemental measures in assessing the Company’s 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. See appendix for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Non-GAAP Financial Measures
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#1 U.S. new customer starts since 20233 3 The Global Leader in Diabetes Management 1. Source: dQ&A HCP AID Algorithm Study – May 2025. p.40 n=414 2. Sources: Definitive Health and Komodo Claims data as of June 2025, and Insulet data on file as of Q2’25 earnings call on August 7, 2025. 3. Sources: Seagrove Partners Research, Global View December 2024 and Insulet data on file as of Q2’25 earnings call on August 7, 2025. 4. Source: dQ&A HCP AID Algorithm Study – May 2025. p.40 n=243 5. Represents estimated global customer base as of Q4’24 earnings call on February 20, 2025. $2.1B 2024 Revenue 500K Active Customers5 25 Global Markets 365K Using Omnipod 55 The first AID system FDA-cleared for both type 1 and type 2 in the U.S. #1 U.S. requested and prescribed AID system1,2 #1 AID amongst new users in EU4
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Q2 Updates and Strategic Highlights Q2’25 Financial Highlights 1 • Revenue: $649.1M, up 31.3% • Gross Margin: 69.7%, up 190 bps • Adjusted Operating Margin: 17.8%, up 670 bps 4 1. Growth rates are on a YoY basis and revenue is on a constant currency YoY basis. Constant currency and adjusted operating margin are non-GAAP measures. Refer to non-GAAP reconciliation in appendix for additional information. FY’25 Outlook 1 Raised expected full year outlook for revenue and adjusted operating margin • Total Revenue growth: 24% - 27% (previously 19% - 22%) • Total Omnipod revenue growth: 25% - 28% (previously 20% - 23%) • Gross Margin: ~71% • Adjusted Operating Margin: 17% - 17.5% (previously 16.5%) • Announced Omnipod 5 app for iPhone compatible with Dexcom’s G7 CGM sensor in the U.S. • Integrated Omnipod 5 with Dexcom’s G7 CGM sensor in Germany and with Abbott's FSL2+ CGM sensor in Australia • Presented strong clinical data at ADA fromSECURE-T2D and RADIANT trials, as well as real-world evidence of improved glycemic outcomes from 23K+ people with T2D using Omnipod 5 in the U.S. • Issued redemption notice for remaining $380M principal of convertible notes and refinanced Term Loan B • Raised brand awareness through Marvel collaboration and comic book hero, Dyasonic, who lives with T1D
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1. Omnipod 5 is indicated for T1D ages 2 yr+ and T2D ages 18 yr+ in the U.S. 2. The Pod has an IP28 rating for up to 25 feet for 60 minutes. The Controller is not waterproof. 3. Phone control only available in the U.S. A list of compatible smartphones can be found at omnipod.com/compatibility 4. Pasquel FJ et al. JAMA Network Open. 2025; 8(2):e2459348. https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2830238. 5. Wilmot E et al. Presented at ATTD. March 19-22, 2025. Amsterdam, NL. RADIANT press release: Link 6. Renard E et al. 2024; 47 (12): 2248–2257. https://doi.org/10.2337/dc24-1550 5 Omnipod 5 Addresses the Unmet Needs of People Living with Type 1 and Type 21 Diabetes Pod show n without nece ssary adhesive. Omnipod 5 show n without sensor. World-class algorithm built into the Pod Choice of sensor integration Phone control3 with Android or iOS Significant improvements in glycemic results & quality of life • 20%-23% more time in range in adults with T1D and T2D, respectively4,5 • Reduced patient-reported diabetes distress in adults with T1D & T2D4,6 First and only tubeless, waterproof2 AID in the U.S.
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6 Unique Form Factor Tubeless, discreet, wearable AID protected with patents and trade secrets Ease of use – no need to disconnect for everyday activities Rich Data Ecosystem Cloud connectivity provides data for patients, physicians, and payers Innovation improves patient outcomes Widespread, Affordable Access Available in more than 47,000 U.S. pharmacies Only AID system covered by Medicare Part D Pay-as-you-go model and low or no co-pay Pioneer in Advanced Automation $1B+ investment over last decade 20+ years of manufacturing expertise Producing 10s of millions of high-quality Pods at scale annually Scale and Differentiated Platform to Drive Strong, Profitable Growth
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Durable Growth Company in a Large, Underpenetrated Market Total Addressable Market1 of Patients We are well-positioned to improve the lives of millions of people with diabetes globally ~14M 7 1. TAM is based on the markets the Company serves today. Source: Insulet data on file. ~40% ~20% ~5% U.S. T1D Int'l T1D U.S. T2D Basal-Bolus U.S. T2D Basal-Only Int'l T2D ~1.7M ~3.5M ~2.5M 3.0M+ ~3.5M Non-pump users Pump users
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1. Reflects midpoint of full year 2025 revenue guidance range of 24%-27% constant currency growth, and gross margin and adjusted operating margin guidance provided on the Q2'25 earnings call on August 7, 2025. 2. Adjusted operating margin is a non-GAAP financial measure. Refer to non-GAAP reconciliation in appendix for additional information.8 Track Record of Delivering Results 2025 marks 10th consecutive year of 20% or more revenue growth 1 Leading Gross Margin Rapidly Expanding Adjusted Operating Margin 1 1 12 ~24% CAGR ~660 bps Expansion ~1,000 bps Expansion 17% - 17.5%
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Thank You
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Appendix 10
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11 Insulet Common Abbreviations and Acronyms A1c Blood test measures average blood glucose levels over the last 3 months iOS iPhone Operating System AID Automated Insulin Delivery LEED Leadership in Energy and Environmental Design bps Basis Points MDI Multiple Daily Injections CAGR Compounded Annual Growth Rate NCS New Customer Starts CGM Continuous Glucose Monitoring PCP Primary Care Physician DTC Direct To Consumer PDM Personal Diabetes Manager Endo Endocrinologist PODDER Term to Describe Insulet Customers FDA Food and Drug Administration QoQ Quarter-over-Quarter FMR Full Market Release RCT Randomized Controlled Trial FSL2+ Abbott FreeStyle Libre 2 Plus Sensor RWE Real World Evidence G6 Dexcom G6 Sensor T1D Type 1 Diabetes G7 Dexcom G7 Sensor T2D Type 2 Diabetes GAAP Generally Accepted Accounting Principles TAM Total Addressable Market GBI Green Building Index WoW Ways of Working HCP Health Care Provider YoY Year-over-Year
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Q3 2025 Revenue 22% - 25% FY 2025 Revenue Raise 24% - 27% (Previously 19% - 22%) 22% - 25% U.S. Omnipod (Previously 18% - 21%) 34% - 37% International Omnipod (Previously 27% - 30%) 25% - 28% Total Omnipod (Previously 20% - 23%) 21% - 24% U.S. Omnipod 33% - 36% International Omnipod 24% - 27% Total Omnipod FY 2025 Gross Margin ~71% FY 2025 Adjusted Operating Margin3 Raise 17% - 17.5% (Previously 16.5%) Continued strong Omnipod 5 adoption globally U.S. & International annual NCS growth YoY Market-leading NCS from MDI Continued focus on both T1D globally and the ramping of T2D in the U.S. Commitment to margin expansion U.S. revenue YoY growth assumes similar trends in pricing, utilization, and retention Revenue Guidance2 Margin Guidance Assumptions & Drivers 12 International revenue YoY growth assumes a modest positive price/mix realization, similar trends in utilization and retention trends improving slightly FY 2025 Guidance1 1. Growth rates are on a YoY basis and are in constant currency; constant currency amounts are non-GAAP financial measures. See description of non-GAAP financial measures contained in this presentation and non-GAAP reconciliation in appendix. 2. See additional guidance metrics in Revenue Guidance Reconciliation contained in this presentation. 3. Adjusted operating margin in a non-GAAP financial measure. See description of non-GAAP financial measures contained in this presentation and non-GAAP reconciliation in appendix.
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Three Months Ended September 30, 2025 Revenue Growth GAAP Currency Impact Constant Currency U.S. Omnipod 21% to 24% —% 21% to 24% International Omnipod 36% to 39% 3% 33% to 36% Total Omnipod 25% to 28% 1% 24% to 27% Drug Delivery (80)% to (75)% —% (80)% to (75)% Total Revenue 23% to 26% 1% 22% to 25% 13 Year Ending December 31, 2025 Revenue Growth GAAP Currency Impact Constant Currency U.S. Omnipod 22% to 25% —% 22% to 25% International Omnipod 37% to 40% 3% 34% to 37% Total Omnipod 26% to 29% 1% 25% to 28% Drug Delivery (30)% to (25)% —% (30)% to (25)% Total Revenue 25% to 28% 1% 24% to 27% 1. Note: Growth rates are on a YoY basis. See description of non-GAAP financial measures contained in this presentation. Non-GAAP Reconciliation — Revenue Guidance
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Q2'2025 Q2'2024 YTD 2025 YTD 2024 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Total Revenue GAAP Growth Rate 32.9 % 23.2 % 30.9 % 23.3 % 22.1 % 30.0 % 18.8 % 21.5 % 22.5 % Less: Currency Impact 1.6 % (0.2)% 0.4 % 0.2 % 0.2 % 0.4 % (3.7)% 1.8 % 0.6 % Constant Currency 31.3 % 23.4 % 30.6 % 23.1 % 21.9 % 29.6 % 22.5 % 19.7 % 21.9 % Total Omnipod Revenue GAAP Growth Rate 33.0 % 26.3 % 30.6 % 23.8 % 22.4 % 33.1 % 23.4 % 21.1 % 24.0 % Less: Currency Impact 1.6 % (0.2)% 0.4 % 0.2 % 0.2 % 0.4 % (4.0)% 1.9 % 0.7 % Constant Currency 31.4 % 26.5 % 30.2 % 23.6 % 22.2 % 32.7 % 27.4 % 19.2 % 23.3 % International Omnipod Revenue GAAP Growth Rate 45.0 % 23.5 % 38.9 % 20.3 % 27.6 % 13.0 % 0.9 % 16.9 % 21.7 % Less: Currency Impact 6.2 % (0.9) % 1.4 % 0.6 % 0.7 % 1.6 % (11.2) % 5.3 % 1.8 % Constant Currency 38.8 % 24.4 % 37.5 % 19.7 % 26.9 % 11.4 % 12.1 % 11.6 % 19.9 % Gross Profit $ 452.2 $ 330.9 $ 861.3 $ 637.7 $ 1,445.7 $ 1,159.9 $ 805.6 $ 752.1 $ 582.3 Gross Margin % 69.7% 67.7% 70.7% 68.6% 69.8% 68.3% 61.7% 68.4% 64.4% Voluntary MDCs1 — — — (11.5) 57.9 — — Adjusted Gross Profit $ 452.2 $ 330.9 $ 861.3 $ 637.7 $ 1,445.7 $ 1,148.4 $ 863.5 $ 752.1 $ 582.3 Adjusted Gross Margin % 69.7% 67.7% 70.7% 68.6% 69.8% 67.7% 66.2% 68.4% 64.4% Operating Income $ 121.1 $ 54.5 $ 209.9 $ 111.5 $ 308.9 $ 220.0 $ 37.6 $ 126.0 $ 51.5 Operating Margin % 18.7% 11.2% 17.2% 12.0% 14.9% 13.0% 2.9% 11.5% 5.7% Voluntary MDCs1 — — — — — (11.5) 57.9 — — Legal Costs2 — — — — — — 25.2 — — CEO Transition Costs3 (5.3) — (5.3) — — — 3.4 — — Loss on investments4 — — 4.7 — — — — — — Cumulative Amortization5 — — — — — — — — 14.6 Adjusted Operating Income $ 115.8 $ 54.5 $ 209.2 $ 111.5 $ 308.9 $ 208.5 $ 124.1 $ 126.0 $ 66.1 Adjusted Operating Margin % 17.8% 11.2% 17.2% 12.0% 14.9% 12.3% 9.5% 11.5% 7.3% 14 Note: Columns and rows may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. 1. Represents estimated cost (income) associated with the voluntary medical device correction (MDC) notices, which are included in cost of revenue. 2. Includes a $20.0 million charge to settle patent infringement litigation, associated legal fees, and a charge to settle a contract dispute. 3. Relates to the forfeiture of equity awards by the Company's former Chief Executive Officer, net of severance benefits. 4. Represents a provision for credit loss included in selling, general and administrative expenses related to a debt investment and an impairment included in other expense related to an equity investment. 5. Represents cumulative amortization expense related to the resolution of a purchase price contingency with a former European distributor. Reconciliation of Historical Non-GAAP Measures