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Q4 2025 earnings February 18, 2026 Chloe Podder since 2021 The Pod has an IP28 rating for up to 25 feet for 60 minutes. The PDM and Controller are not waterproof.
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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, international regulatory, commercial and logistics business risks, including any expansion of tariffs; our dependence on a principal product platform; the impact of competitive products, technological change and product innovation; our ability to in an effective sales force, and expand our distribution network; our ability to in 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 endorsements 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 in 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 any future pandemics, including supply chain disruptions; the potential violation of anti-bribery/anti-corruption laws; the concentration of manufacturing operations and storage of inventory in a limited number of locations; the regulatory requirements and overall complexity in manufacturing our product and challenges associated with starting new manufacturing lines; 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, data protection and artificial intelligence laws; 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 in the privacy and security of Company and third-party information; our ability to attract, motivate, and retain key personnel; risks associated with potential future acquisitions or investments in new businesses; our ability to raise additional funds on acceptable terms or at all; restrictions imposed by our Credit Agreement; 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. © 2026 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. Safe harbor statement 2
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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 operating income, adjusted operating margin and adjusted earnings per share 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 supplementalto, 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 comparableGAAP financial measure. Non-GAAP financial measures 3
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G R O S S M A R G I N 72.5% up 40 bps A D JU S T E D O P ER A T I N G M A R G I N1 18.7% up 30 bps Total Company $783.8M 31.2%, 29.0% constant currency1 Total Omnipod $781.8M U.S. Omnipod $567.8M 28.0% International Omnipod $214.0M 50.7%, 41.7% constant currency1 33.5%, 31.3% constant currency1 Other financial highlights Total revenue Omnipod revenue by geography Q4 2025 performance 4
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Total Company $2.7B 30.7%, 29.5% constant currency1 Total Omnipod $2.7B U.S. Omnipod $1.9B 27.2% International Omnipod $754.3M 44.1%, 39.3% constant currency1 31.6%, 30.3% constant currency1 Total revenue Omnipod revenue by geography Other financial highlights G R O S S M A R G I N 71.6% up 180 bps 17.6% up 270 bps F R E E C A SH F L O W1 $377.7M up from $305.3M FY 2025 performance 5 A D JU S T E D O P ER A T I N G M A R G I N1
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Jule Podder since 2019 Progress against our strategic objectives 6 #1 in NCS in both the U.S. and Europe in 20252, with records for Q4 and full year 2025 #1 most requested and #1 most prescribed AID system in the U.S. in 20253,4 Launched Omnipod 5 in nine new markets in 2025 Achieved milestone of over 600,000 estimated active Omnipod users globally5 Received U.S. FDA clearance for Omnipod 5 algorithm enhancements, further simplifying the Pod experience. Hosted 2025 Investor Day, outlining multi-year strategic priorities, innovation roadmap and approach to long-term value creation Expanded Omnipod 5 U.S. recycling program
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Q4 2025 commercial metrics6 7 Over Over Over 85% U.S. NCS MDI 95% U.S. customer base with Omnipod 5 60% International customer base with Omnipod 5 Delivered NCS growth: YoY & QoQ in U.S. & international
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Q1 2026 revenue 25% - 27% FY 2026 revenue 20% - 22% 20% - 22% U.S. Omnipod 24% - 26% International Omnipod 21% - 23% Total Omnipod 24% - 26% U.S. Omnipod 37% - 39% International Omnipod 28% - 30% Total Omnipod FY 2026 adjusted operating margin9 ~100bps YoY expansion FY 2026 adjusted EPS growth9 Continued strong Omnipod 5 adoption globally U.S. & International annual NCS growth YoY Leading NCS from MDI accompanied with continued market share gains U.S. revenue YoY growth assumes similar trends in pricing, utilization, and retention International revenue YoY growth assumes benefit from positive price/mix realization, similar trends in utilization, and retention trends improving slightly Continued focus on both T1D globally and the ramping of T2D in the U.S. Continued investments in R&D to fuel innovation pipeline FY 2026 guidance7 8 Revenue guidance8 P&L guidance Assumptions & drivers >25% YoY
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Thank you 9
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Appendix 10
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Insulet common abbreviations and acronyms 11 A1C Blood test measures average blood glucose levels over the last 3 months iOS iPhone Operating System ADA American Diabetes Association KOL Key Opinion Leader AID Automated Insulin Delivery LRP Long-range plan ASP Average Selling Price MDI Multiple Daily Injections bps Basis Points NCS New Customer Starts CAGR Compound Annual Growth Rate NICE National Institute for Health and Care Excellence CE mark Conformité Européenne Mark OP5 Omnipod 5 CGM Continuous Glucose Monitoring OUS Outside U.S. CAC Customer Acquisition Cost PAYG Pay-as-you-go CLTV Customer Lifetime Value PCP Primary Care Physician CTS Cost to Serve PDM Personal Device Manager DTC Direct To Consumer Podder Insulet Customers Endo Endocrinologist PWD People with Diabetes FCL Fully Closed Loop QoQ Quarter-over-Quarter FDA Food and Drug Administration RA Receptor Agonist FSL2+ Abbott FreeStyle Libre 2 Plus Sensor RCT Randomized Controlled Trial G6 Dexcom G6 Sensor RWE Real World Evidence G7 Dexcom G7 Sensor T1D Type 1 Diabetes GAAP Generally Accepted Accounting Principles T2D Type 2 Diabetes GLP Glucagon-like peptide TAM Total Addressable Market GMI Glucose Management Indicator TIR Time in Range HCP Health Care Provider YoY Year-over-Year
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Gross profit & margin Operating income & margin $s in Millions Total Omnipod10Total revenue10 International Omnipod10U.S. Omnipod 11 Q4 2025 financial performance 12
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Gross profit & margin Operating income & margin Total Omnipod10Total revenue10 International Omnipod10U.S. Omnipod 11 11 1111 FY 2025 financial performance 13 $s in Millions 11
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Three Months Ended March 31, 2026 Revenue Growth GAAP Currency Impact Constant Currency U.S. Omnipod 24% to 26% —% 24% to 26% International Omnipod 48% to 50% 11% 37% to 39% Total Omnipod 30% to 32% 2% 28% to 30% Drug Delivery ~(80)% —% ~(80)% Total Revenue 27% to 29% 2% 25% to 27% Year Ending December 31, 2026 Revenue Growth GAAP Currency Impact Constant Currency U.S. Omnipod 20% to 22% —% 20% to 22% International Omnipod 27% to 29% 3% 24% to 26% Total Omnipod 22% to 24% 1% 21% to 23% Drug Delivery ~(50)% —% ~(50)% Total Revenue 21% to 23% 1% 20% to 22% Non-GAAP reconciliation — revenue guidance 14Note: Growth rates are on a YoY basis. See description of non-GAAP financial measures contained in this presentation.
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FY2025 % of Revenue FY2024 % of Revenue FY2023 % of Revenue FY2022 % of Revenue Q4 2025 % of Revenue Q4 2024 % of Revenue Total Revenue GAAP Growth Rate 30.7 % 22.1 % 30.0 % 18.8 % 31.2 % 17.2 % Less: Currency Impact 1.2 % 0.2 % 0.4 % (3.7) % 2.1 % 0.1 % Constant Currency 29.5 % 21.9 % 29.6 % 22.5 % 29.0 % 17.1 % Total Omnipod Revenue GAAP Growth Rate 31.6 % 22.4 % 33.1 % 23.4 % 33.5 % 16.9 % Less: Currency Impact 1.2 % 0.2 % 0.5 % (4.0) % 2.2 % 0.1 % Constant Currency 31.3 % 22.2 % 32.7 % 27.4 % 31.3 % 16.8 % International Omnipod Revenue GAAP Growth Rate 44.1 % 27.6 % 13.0 % 0.9 % 50.7 % 33.5 % Less: Currency Impact 4.8 % 0.7 % 1.6 % (11.2) % 9.0 % 0.4 % Constant Currency 39.3% 26.9 % 11.4 % 12.1 % 41.7 % 33.1 % Gross Profit $ 1,939.9 71.6 % $ 1,445.7 69.8 % $ 1,159.9 68.3 % $ 805.6 61.7 % $ 568.6 72.5 % $ 430.8 72.1 % Voluntary MDCs 12 — — (11.5) 57.9 — — Adjusted Gross Profit $ 1,939.9 71.6 % $ 1,445.7 69.8 % $ 1,148.4 67.7 % $ 863.5 66.2 % $ 568.6 72.5 % $ 430.8 72.1 % Operating Income $ 473.8 17.5 % $ 308.9 14.9 % $ 220.1 13.0 % $ 37.6 2.9 % $ 146.3 18.7 % $ 109.3 18.3 % Voluntary MDCs 12 — — (11.5) 57.9 — — Legal Costs 13 — — — 25.2 — — CEO and CFO Transition Costs 14 (2.4) — — 3.4 (0.1) — Loss on Investments 15 4.7 — — — — — Adjusted Operating Income $ 476.1 17.6 % $ 308.9 14.9 % $ 208.5 12.3 % $ 124.1 9.5 % $ 146.2 18.7 % $ 109.3 18.3 % Reconciliation of historical non-GAAP measures 15Note: Columns may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. $s in Millions
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FY2025 % of Revenue FY2024 % of Revenue FY2023 % of Revenue FY2022 % of Revenue Q4 2025 % of Revenue Q4 2024 % of Revenue GAAP EPS $ 3.48 $ 5.78 $ 2.94 $ 0.07 $ 1.44 $ 1.39 Voluntary MDCs12 — — (0.16) 0.83 — — Legal Costs13 — — — 0.36 — — CEO and CFO Transition Costs14 (0.04) — — 0.05 — — Loss (Gain) on Investments15 0.08 0.04 (0.04) — — — Loss on extinguishment of debt16 1.71 Gain on Derivative Assets17 (0.17) — — — — — Tax Matters18 (0.09) (2.58) — — 0.11 (0.24) Non-GAAP EPS $ 4.97 $ 3.24 $ 2.75 $ 1.30 $ 1.55 $ 1.15 Free Cash Flow Net cash provided by operating activities $ 569.3 $ 430.2 Capital expenditures (191.6) (124.9) Free cash flow $ 377.7 $ 305.3 Reconciliation of historical non-GAAP measures 16Note: Columns may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. $s in Millions
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Page Title Marker Footnote 4,5 Q4 2025 performance; FY 2025 performance 1 Growth rates are on a YoY basis. Constant Currency, adjusted operating margin and free cash flow are non -GAAP measures. See description of non -GAAP financial measures contained in this presentation. Refer to non -GAAP reconciliation in appendix for additional information 6 Progress against our strategic objectives 2 Sources: Seagrove Partners Research, Global View December 2025, dQ&A EU H2 2025 Patient Voice p.62 H1 2025, n=398, H2 2025 n=425 and Insulet data on file as of Q4’25 earnings call on February 18, 2026 6 Progress against our strategic objectives 3 Omnipod 5 product specific; Source: dQ&A HCP AID Algorithm Study – May 2025. p.40 n=414 6 Progress against our strategic objectives 4 Omnipod 5 product specific; Sources: Definitive Health and Komodo Claims data as of November 2025, and Insulet data on file as of Q4’25 earnings call on February 18, 2026 6 Progress against our strategic objectives 5 Represents estimated global customer base as of December 31, 2025 7 Q4 2025 commercial metrics 6 Note: Commercial metrics are directional estimates derived from various internal data sources 8 FY 2026 guidance 7 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 8 FY 2026 guidance 8 See additional guidance metrics in Revenue Guidance Reconciliation contained in this presentation 8 FY 2026 guidance 9 Adjusted operating margin and adjusted EPS are non -GAAP financial measures. See description of non -GAAP financial measures contained in this presentation and non -GAAP reconciliation in appendix 12, 13 Q4 2025 financial performance; FY 2025 financial performance 10 Growth rates are on a YoY basis and are in constant currency. See description of non - GAAP financial measures contained in this presentation and non -GAAP reconciliation in appendix Endnotes (1/2) 17
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Page Title Marker Footnote 12, 13 Q4 2025 financial performance; FY 2025 financial performance 11 For the periods indicated, gross profit and operating income are adjusted to exclude certain items. Refer to non -GAAP reconciliations in appendix for additional information 15, 16 Reconciliation of historical non -GAAP measures 12 Represents estimated cost (income) associated with the voluntary medical device correction (MDC) notices, which are included in cost of revenue 15, 16 Reconciliation of historical non -GAAP measures 13 Includes a $20.0 million charge to settle patent infringement litigation, associated legal fees, and a charge to settle a contract dispute 15, 16 Reconciliation of historical non -GAAP measures 14 Relates to the forfeiture of equity awards by the Company's former CEO and CFO, net of severance benefits in 2025 and costs associated with the retirement and advisory services of a former CEO, including $2.3 million of accelerated stock -based compensation expense in 2022 15, 16 Reconciliation of historical non -GAAP measures 15 Represents a provision for credit loss included in selling, general and administrative expenses related to a debt investment and impairment included in other expense related to an equity investment in 2025 and non -operating gains and losses related to strategic debt and equity investments in 2023 - 2024 15, 16 Reconciliation of historical non -GAAP measures 16 Relates to the repurchase of a portion of the Company's convertible debt 16 Reconciliation of historical non -GAAP measures 17 Represents the change in fair value of the derivative asset associated with the redemption of our convertible debt 16 Reconciliation of historical non -GAAP measures 18 Represents consolidating effective tax rate adjustment related to non -GAAP items and excess tax benefits related to employee share -based compensation in 2025 and a tax benefit resulting from the release of the Company's income tax valuation allowance, along with a tax benefit related to a research and development tax credit recovery project for prior years Endnotes (2/2) 18