Slides
Page 1
Investor Presentation Chloe The Pod has an IP28 rating for up to 25 feet for 60 minutes. The PDM and Controller are not waterproof.
Page 2
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; international regulatory, commercial and logistics business risks, including the implementation of tariffs; 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; 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
Page 3
3 1 Insulet at a Glance Dan Podder since 2019
Page 4
4 Our mission is to improve the lives of people with diabetes and enable our customers to enjoy simplicity, freedom, and healthier lives through innovative technology.
Page 5
6 Omnipod 5: Changing Lives and Expanding Global Reach Diagnosed with type 1 diabetes at just 13 months old, Alaiza’s family was shocked and overwhelmed. Thankfully, they knew advanced technology could help navigate this challenging path. They started with Dexcom right away and opted against a tubed pump, knowing Omnipod 5 would be the best fit for their lifestyle. When Omnipod 5 launched in Canada in April 2025, Alaiza—then 2 years old—was one of the first two Canadians selected to start on the system. The results were remarkable: within two months, her A1c dropped from 8.6 to 7.2, and by August, it was 6.8. Time in range improved from 30% to 50–60%, sometimes even 70%. Her endocrinology team was thrilled, especially given her age. Alaiza Podder since 2025
Page 6
#1 U.S. new customer starts since 20233 7 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 Q3’25 earnings call on November 6, 2025. 3. Sources: Seagrove Partners Research, Global View December 2024 and Insulet data on file as of Q3’25 earnings call on November 6, 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 Podders5 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
Page 7
8 Track Record of Delivering Results Growing Revenue Beyond $2.5B Leading Gross Margin Rapidly Expanding Adjusted Operating Margin 1 1 12 ~24% CAGR >660 bps Expansion ~1,010 bps Expansion 1. Reflects midpoint of full year 2025 revenue guidance range of 28%-29% constant currency growth, and gross margin and operating margin guidance provided on the Q3'25 earnings call on November 6, 2025. 2. Reflects adjusted operating margin. See description of non-GAAP financial measures contained in this presentation and non-GAAP reconciliation in appendix.
Page 8
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. Please refer to slide 17 for a full view of CGM sensor by market. 4. Phone control only available in the U.S. A list of compatible smartphones can be found at omnipod.com/compatibility 5. Pasquel FJ et al. JAMA Network Open. 2025; 8(2):e2459348. https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2830238. 6. Wilmot E et al. Presented at ATTD. March 19-22, 2025. Amsterdam, NL. RADIANT press release: Link 7. Renard E et al. 2024; 47 (12): 2248–2257. https://doi.org/10.2337/dc24-1550 9 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 integration3 Phone control4 with Android or iOS Significant improvements in glycemic results & quality of life • 20%-23% more time in range in adults with T1D and T2D, respectively5,6 • Reduced patient-reported diabetes distress in adults with T1D & T2D5,7 First tubeless, waterproof2 AID in the U.S.
Page 9
7.4 8.2 6 7 8 9 10 13 Weeks Baseline 10 Driving Adoption as First Mover in Type 2 Strong SECURE-T2D clinical results: Mean A1c (%) 1. Pasquel FJ et al. Automated Insulin Delivery in Adults With Type 2 Diabetes. A Nonrandomized Clinical Trial. JAMA Network Open. 2025; 8(2):e2459348. https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2830238 -0.8%1 U.S. FDA clearance for adults with Type 2 diabetes received August 2024 • Expand relationships and deepen call points with Endos and high-prescribing PCPs • Lead with evidence – data demonstrates improved glycemic results with Omnipod 5 • Leverage unique DTC efforts to reach more patients
Page 10
11 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 Most prescribed 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 Supports Durable, Profitable Growth
Page 11
12 2 Executing on a Large Market Opportunity David Podder since 2020
Page 12
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 13 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
Page 13
14 Omnipod 5: Accelerating the Pace of Innovation At launch Device compatibility Product Vision Sensor integration Tubeless, wearable, disposable, form factor Clinical evidence - Type 1 - Type 2 Today G6 G7 FSL2+ Android Android & iOS Continuous focus on product enhancement Seamless integration with customer preferred CGM sensors World-class algorithm fueled by data for advanced glycemic control Omnipod of the Future G6 Indication Type 1 Ages 6+ Type 1 Ages 2+ Type 2 Ages 18+ in the U.S. Markets U.S. U.S. & International (FMR August 2022) Pivotal study 320 users1 N/A 2 RCTs 382 users2,3 RWE >250K U.S. & EU users4 SECURE T2D Pivotal study 305 users5 RWE >40K U.S. users4 1. Brown S. et al. Diabetes Care. 2021; 44:1630-164 and Sherr J. et al. Diabetes Care. 2022; 45:1907-1910. 2. Wilmot E et al. Presented at ATTD. March 19-22, 2025. Amsterdam, NL. RADIANT press release: Link 3. Renard E et al. Diabetes Care. 2024; 47 (12): 2248–2257 4. Insulet Data on File. 2025. 5. Pasquel FJ et al. JAMA Network OPEN. 2024. 8(2):e2459348.
Page 14
15 Expanding Lead in Type 1 and Creating the Market in Type 2 • Drive adoption through market development and awareness of strong clinical data • Build customer base to further strengthen recurring revenue model • Invest in commercial excellence and a modernized end-to-end customer experience to boost growth and support U.S. Revenue Growth ~29% CAGR 1 1. Reflects midpoint of full-year 2025 revenue guidance range for U.S. Omnipod of 26%-27% growth provided on the Q3'25 earnings call on November 6, 2025.
Page 15
Sweden Norway Switzerland 16 Strengthening Market Presence Outside the U.S. • Invest in market development capabilities • Utilize clinical evidence to expand prescribers and access • Accelerate pace of Omnipod 5 adoption UK 2023 Germany France 2024 Netherlands Ongoing sensor expansion of FSL2+ and the addition of G7 Canada Australia Belgium Italy DenmarkFinland Launched January March Israel Saudi Arabia U.A.E QatarKuwait Upcoming launches* 2025 April *Pending regulatory approval, expected early 2026. International Revenue Growth ~19% CAGR 1 1. Reflects midpoint of full-year 2025 revenue guidance range for International Omnipod of 38%-39% constant currency growth provided on the Q3'25 earnings call on November 6, 2025.
Page 16
Integrated with: • G6 available in all 14 countries, including T2D and iOS in the U.S. • G7 U.S. (including iOS), Canada, Australia, Belgium, UK, Netherlands, Switzerland, Germany, Nordics, Italy • FSL2+ UK, Netherlands, U.S., Italy, Nordics, Belgium, Switzerland, Australia 17 U.S. T2D (August) UK (June) Netherlands (June) France (June) UK (June) Germany (August) Canada (April) Switzerland (April) Australia (March) Belgium (March) Italy (January) The Nordics* (January) Building the Power of the Omnipod 5 Brand Globally 2022 FMR Omnipod 5 (August) 2023 2024 2025 *Nordics represent Norway, Finland, Sweden, and Denmark
Page 17
1. Source: ESG data from 2024 Insulet Sustainability Report 2. Slide reflects most recent ESG ratings and Workplace Accolades, for full listing see https://www.insulet.com/workplaceawards 18 Innovating to Improve Lives and Preserve Our Planet Recognition 2 Sustainability Strategic Pillars 1 Workplace Accolades ESG Ratings ESG Rankings 11% Of our annual global electricity needs met with renewable energy Malaysia facility designed to achieve both GBI and LEED Silver certification 21% Of our Malaysia facility electricity needs met by on-site solar after system launched Resilient Operations 7.4M Pods Accepted through global product takeback programs Sustainable Product Innovation Developed long-term packaging roadmap to create efficient packaging that reduces our environmental impact Insulet for Good Launched our new global corporate giving program to deepen commitment to communities we serve People and Communities WoW Introduced Insulet's Ways of Working to empower teams and provide an exceptional employee experience
Page 18
Unique Omnipod 5 platform; first AID cleared for T2D Strong clinical outcomes and customer experience transform Podders lives $1B invested in advanced automation and global supply chain enables sustainable cost advantage U.S. pharmacy pay-as-you-go model makes Omnipod accessible and affordable Iconic, world-class brand with a passionate and engaged community Attractive margins and free cash flow support pathway for long-term value creation Well- Positioned for Durable, Profitable Growth 19
Page 19
20 Driven by Our Commitment to Improve the Lives of People with Diabetes Omnipod 5 has been life changing for me. Now I know my glucose levels, and Omnipod 5 does all the insulin calculations for me. My glucose is steady with fewer highs and lows and the terrible symptoms associated with that. It’s been remarkable! “ “ Milli Podder since 2023
Page 20
Thank You
Page 21
Appendix 22
Page 22
23 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
Page 23
Non-GAAP Reconciliation — Revenue Guidance1 24 Three Months Ended December 31, 2025 Revenue Growth GAAP Currency Impact Constant Currency U.S. Omnipod 24% to 27% —% 24% to 27% International Omnipod 47% to 50% 10% 37% to 40% Total Omnipod 30% to 33% 3% 27% to 30% Drug Delivery (95)% to (85)% —% (95)% to (85)% Total Revenue 27% to 30% 2% 25% to 28% 1. Growth rates are on a YoY basis. See description of non-GAAP financial measures contained in this presentation. Year Ending December 31, 2025 Revenue Growth GAAP Currency Impact Constant Currency U.S. Omnipod 26% to 27% —% 26% to 27% International Omnipod 43% to 44% 5% 38% to 39% Total Omnipod 30% to 31% 1% 29% to 30% Drug Delivery (15)% to (10)% —% (15)% to (10)% Total Revenue 29% to 30% 1% 28% to 29%
Page 24
Reconciliation of Historical Non-GAAP Measures 25 Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 FY 2023 FY 2022 FY 2021 Total Revenue GAAP Growth Rate 29.9% 25.7% 30.5% 24.2% 22.1% 30.0% 18.8% 21.5% Less: Currency Impact 1.7% 0.3% 0.8% 0.3% 0.2% 0.4% (3.7)% 1.8% Constant Currency 28.2% 25.4% 29.7% 23.9% 21.9% 29.6% 22.5% 19.7% Total Omnipod Revenue GAAP Growth Rate 31.0% 26.4% 30.8% 24.7% 22.4% 33.1% 23.4% 21.1% Less: Currency Impact 1.7% 0.3% 0.9% 0.2% 0.2% 0.5% (4.0)% 1.9% Constant Currency 29.3% 26.1% 29.9% 24.5% 22.2% 32.7% 27.4% 19.2% International Omnipod Revenue GAAP Growth Rate 46.5% 36.1% 41.6% 25.6% 27.6% 13.0% 0.9% 16.8% Less: Currency Impact 6.6% 1.3% 3.3% 0.9% 0.7% 1.6% (11.2)% 5.3% Constant Currency 39.9% 34.8% 38.4% 24.7% 26.9% 11.4% 12.1% 11.6% Gross Profit $ 510.1 $ 377.1 $ 1,371.3 $ 1,014.8 $ 1,445.7 $ 1,159.9 $ 805.6 $ 752.1 Gross Margin % 72.2% 69.3% 71.3% 68.8% 69.8% 68.3% 61.7% 68.5% Voluntary MDCs1 — — — — — (11.5) 57.9 — Adjusted Gross Profit $ 510.1 $ 377.1 $ 1,371.3 $ 1,014.8 $ 1,445.7 $ 1,148.4 $ 863.5 $ 752.1 Adjusted Gross Margin % 72.2% 69.3% 71.3% 68.8% 69.8% 67.7% 66.2% 68.5% Operating Income $ 117.7 $ 88.1 $ 327.5 $ 199.6 $ 308.9 $ 220.1 $ 37.6 $ 126.0 Operating Margin % 16.7% 16.2% 17.0% 13.5% 14.9% 13.0% 2.9% 11.5% Voluntary MDCs1 — — — — — (11.5) 57.9 — Legal Costs2 — — — — — — 25.2 — CEO and CFO Transition Costs3 3.0 — (2.3) — — — 3.4 — Loss on investment4 — — 4.7 — — — — — Adjusted Operating Income $ 120.7 $ 88.1 $ 329.9 $ 199.6 $ 308.9 $ 208.5 $ 124.1 $ 126.0 Adjusted Operating Margin % 17.1% 16.2% 17.1% 13.5% 14.9% 12.3% 9.5% 11.5% 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 severance benefits associated with the departure of the Company's former CEO and CFO, net of the forfeiture of equity awards. 4. Represents a provision for credit loss included in selling, general and administrative expenses related to a debt investment. 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.