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J.P. Morgan 44th Annual Healthcare Conference January 13, 2026 Ashley McEvoy President and Chief Executive Officer
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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 the implementation of tariffs; 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; 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. © 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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Vision A world where diabetes demands less every day, everywhere. Mission Born of empathy, driven by ingenuity, proven by science, we transform the lives of people with diabetes. 4
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The Global Leader in Diabetes Management The first AID system1 FDA- cleared for both type 1 and type 2 in the U.S. #1 U.S. new customer starts4 #1 U.S. requested and prescribed AID system2,3 #1 EU new customer starts5 5 ~$2.7B 2025 Revenue Guidance6 600K+ Active Customers7 25 Global Markets
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Insulet has Driven Majority of AID Market Growth +15% 2020–25 CAGR 2020 2021 2022 2023 2024 2025E6 $0.8 $1.0 $1.2 $1.7 $2.0 ~$2.7 ~$2.9B ~$3.3B ~$3.5B ~$4.0B ~$4.7B ~$5.7BInsulet has driven two-thirds of market growth from 2020–25 66% 8% Other companies 26% Insulet 2020–25 CAGR 6 Global AID Market and Insulet Omnipod Sales8, $B We are the clear leader in NCS 9 share and approaching 50% share of global revenue today 50%
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Sustained and Profitable Growth Built on Market Leadership 7 ($180) ($4) $70 $305 $330 2021 2022 2023 2024 3Q25 YTD $1.1 $1.3 $1.7 $2.1 $2.7 2021 2022 2023 2024 2025E 11.5% 9.5% 12.3% 14.9% 17.4% 2021 2022 2023 2024 2025E $0.86 $1.30 $2.75 $3.24 $4.88 2021 2022 2023 2024 2025E FCF +$510M Adj. Op. Margin Expansion ~600 bps Adj. EPS +54% CAGR Revenue +25% CAGR Total Revenue ($B) Adj. Operating Margin 10 (%) Adj. EPS10 Free Cash Flow 10 ($M) 6 6 11 ~
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8 Ample growth runway in large, underpenetrated markets Deep, durable, defensible moats across technology, science, manufacturing, access, and brand Disciplined strategy to develop markets, sustain top-tier growth, and enhance profitability Strong financial position and robust cash flow to fund growth 1 2 Our Compelling Investment Thesis 3 Robust innovation pipeline to drive adoption and unlock new opportunities 4 5
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3 Expand into viable T1D opportunity in Asia14 2 Broaden into U.S. T2D basal-only 1 Leverage T1D OUS momentum to launch T2D OUS13 9 U.S. T1D OUS T1D U.S. T2D basal-bolus $9B+ $10B+ $12B+ ~40% ~25% ~5% ~70% ~65% ~55% Total Addressable Market, # PWD lives Current TAM OUS T2D basal-bolus13 U.S. T2D basal-only Asia T1D14 Long-term TAM 1 2 3 ~8M ~4M ~3M ~2M ~17M • Total Addressable Market12 of ~8M PWDs • ~$6B AID market today with line of sight to ~$9B by 2028 Today: $30B+ Developing New Markets Large TAM Today With Clear Runway to Grow Total Addressable Market 12, $B Non-AID AID CGM
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Advanced technologies for personalized precision medicine. MedTech “Ingenuity” Superior science improving outcomes for patients in their greatest time of need. Healthcare “Impact” Consumer “Intimacy” Deeply trusted brands that provide superior performance for daily rituals. 10 Uniquely at the Nexus
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investment in R&D innovation ~$2B Unique Form Factor active customers, supporting brand and community engagement 600K+ Brand Loyalty U.S. pay-as-you-go pharmacy access 100% Broad Access & Affordability invested to build capabilities and drive sustainable cost advantage $1B+ Efficient Manufacturing & Supply Chain 11 Deep and wide competitive moats that capital alone cannot replicate Decades of Investments Creating Competitive Advantage
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2028+ Future platforms 2026 2027 2028 Omnipod 6Omnipod 5 Ecosystem Fully Closed Loop (T2D) 12 Innovating to Help Diabetes Disappear Into Life A Better Way CAUTION—Investigational device. Limited by Federal (or United States) law to investigational use. This product has not been reviewed by the FDA or other regulatory agency.
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13 Strengthening Omnipod 5 Ecosystem 2026 Customer Loyalty Deliver Improved Outcome s Strengthen Our Leadership Position Market Unlock Customer Benefits Algorithm Improvements Full CGM Integration • 100 mg/dL target glucose • More time in auto mode and improved algorithm responsiveness • PWDs and prescribers seeking better glycemic control • Integrated with all major CGM sensors • All CGM users • Streamline office visits • Simplify onboarding • Use smart algorithms to identify trends into actionable insights • Enables HCPs to optimize care and empower Omnipod 5 users with their diabetes management
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Improved algorithm Over-the-air configurable Pod New app and controller for a better digital experience Better connectivity for a better wear experience 14 2026 Clinical Study Results & 510(k) Filing 2027 Launch CAUTION—Investigational device. Limited by Federal (or United States) law to investigational use. This product has not been reviewed by the FDA or other regulatory agency. Omnipod 6 Designed to Set a New Standard in Wearable AID to Address Unmet Needs 2027 Omnipod 6 strengthens our leadership position while streamlining user experience Improved outcomes Ease of use Seamless connectivity 1 2 3
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15 Fully-Closed Loop to Make Care Simpler, Easier, and More Effective for T2D PWDs 2026 Start Pivotal Study 2027 510(k) Filing 2028 Launch Ready out-of-the-box: Designed for self-start Lower burden of managing T2D Designed for ease for HCPs to prescribe with no settings to start Fully closed loop AID with no meal announcements CAUTION—Investigational device. Limited by Federal (or United States) law to investigational use. This product has not been reviewed by the FDA or other regulatory agency.
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16 Poised for Next Phase of Growth Sustaining Leadership in U.S. T1D Our U.S. T1D strategy is designed to drive market penetration and grow our market share Leveraging demand generation for AID To increase adoption and fuel market growth Creating a superior user experience By delivering best-in-class service that simplifies the customer experience Strengthening commercial excellence To unlock new prescribers Penetration Today Penetration By 2028 ~40% 50-55% 15 Achieved through
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Achieved through Becoming Standard of Care 17 Creating the U.S. T2D Market Our tailored U.S. T2D strategy is designed to more than double market penetration Position Omnipod as the standard of care Develop market by increasing awareness through both HCP and DTC channels Improve access Demonstrating Omnipod’s clinical and economic value and removing barriers to adoption Create differentiated T2D experience Reflecting the distinct T2D clinical context and optimizing the patient journey ~5% 10-15% 15 Penetration Today Penetration By 2028
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Achieved through Global Market Leadership in T1D and T2D 18 Our International Aspiration Building on our strength in Europe With a focus on EU5, including entering Spain Accelerating growth in other large geographies Expanding access in Canada and Australia, and launching Omnipod 5 in the Middle East Powered by our proven playbook Launch Omnipod 5 with access; invest commercially; broaden guidelines and coverage; and deliver continuous innovation Our International strategy is designed to drive T1D market penetration ~25% 30-35% 15 Penetration Today Penetration By 2028
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Winning Formula for Value Creation 19 2025–2028 ~20% • Leading product • Under-penetrated addressable market • Commercial execution • Modest gross margin improvement • Investment in innovation • Leveraged SG&A ~100 bps Revenue CAGR in Constant Currency Annual Adjusted Operating Margin10 Expansion 25%+ Adjusted EPS10 CAGR Strong FCF10 Generation
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Strengthening our competitive moats Investing in Extending Our Leadership and Growth 20 1 2 3Innovation Capabilities Capacity Investing $1B in R&D over the next 3 years Market Development Expanding Global Manufacturing Capacity • Omnipod 6 • Fully Closed Loop (T2D) • 2028+ Future Platforms • Unlocking TAM • Driving AID category expansion • Growing prescriber base • Ongoing automation in Acton • Additional lines in Malaysia • New facility in Costa Rica Clinical Evidence Generation Demand Generation Advanced Automation • STRIVE Study • EVOLUTION Studies • Global Evidence • Optimizing customer acquisition cost • Lowering cost to serve • Enhancing lifetime value • Increasing manufacturing cost advantage • Enhancing supply chain resilience • Safely and reliably manufacture at scale and high quality G&A Leverage • Global business services Sustain our top-tier growth while continuing to drive margin expansion
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21 Ample growth runway in large, underpenetrated markets Deep, durable, defensible moats across technology, science, manufacturing, access, and brand Disciplined strategy to develop markets, sustain top-tier growth, and enhance profitability Strong financial position and robust cash flow to fund growth 1 2 Our Compelling Investment Thesis 3 Robust innovation pipeline to drive adoption and unlock new opportunities 4 5
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Thank You
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Page Title Marker Footnote 5 The Global Leader in Diabetes Management 1 Omnipod 5 product specific 5 The Global Leader in Diabetes Management 2 Omnipod 5 product specific; Source: dQ&A HCP AID Algorithm Study – May 2025. p.40 n=414 5 The Global Leader in Diabetes Management 3 Omnipod 5 product specific; 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 5 The Global Leader in Diabetes Management 4 Sources: Seagrove Partners Research, Global View December 2024 and Insulet data on file as of Q3’25 earnings call on November 6, 2025; since 2023 5 The Global Leader in Diabetes Management 5 Source: dQ&A HCP AID Algorithm Study – May 2025. p.40 n=243 5, 6, 7 The Global Leader in Diabetes Management; Insulet has Driven Majority of AID Market Growth; Sustained and Profitable Growth Built on Market Leadership 6 2025 estimates represent the midpoint of the guidance range provided on the Q3'25 earnings call on November 6, 2025 5 The Global Leader in Diabetes Management 7 Represents estimated global customer base as of Investor Day on November 20, 2025 6 Insulet has Driven Majority of AID Market Growth 8 Source: Market data and projections are based on company estimates, third -party sources, and historical public filing 6 Insulet has Driven Majority of AID Market Growth 9 New Customer Starts, 66% share in 2025 7, 19 Sustained and Profitable Growth Built on Market Leadership; Winning Formula for Value Creation 10 Adjusted Operating Margin, Adjusted EPS 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 7 Sustained and Profitable Growth Built on Market Leadership 11 2025 estimates represent the midpoint of the guidance range to calculate EPS with additional components kept consistent with actuals provided on the Q3'25 earnings call on November 6, 2025 Endnotes (1/2) 23
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Page Title Marker Footnote 9 Large TAM Today With Clear Runway to Grow 12 Total Addressable Market based on the markets the Company serves today and reflects pricing based on internal estimates and varies by market 9 Large TAM Today With Clear Runway to Grow 13 Includes 24 existing international markets and two planned expansion markets 9 Large TAM Today With Clear Runway to Grow 14 Includes Japan, China, and South Korea 16, 17, 18 Poised for Next Phase of Growth; Becoming Standard of Care; Global Market Leadership in T1D and T2D 15 Anticipated market penetration by 2028 Endnotes (2/2) 24
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Note: Growth rates are on a YoY basis. See description of non-GAAP financial measures contained in this presentation. Non-GAAP Reconciliation — Revenue Guidance 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% 25
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Reconciliation of Non-GAAP Measures 2025E FY 2024 FY 2023 FY 2022 FY 2021 Operating Income $ 464.4 $ 308.9 $ 220.1 $ 37.6 $ 126.0 Operating Margin % 17.3 % 14.9 % 13.0 % 2.9 % 11.5 % Voluntary MDCs1 — — (11.5) 57.9 — Legal costs2 — — — 25.2 — CEO and CFO transition costs3 (2.3) — — 3.4 — Loss on investment4 4.7 — — — — Adjusted Operating Income $ 466.8 $ 308.9 $ 208.5 $ 124.1 $ 126.0 Adjusted Operating Margin % 17.4 % 14.9 % 12.3 % 9.5 % 11.5 % Diluted Earnings per Share $ 3.50 $ 5.78 $ 2.94 $ 0.07 $ 0.24 Voluntary MDCs1 — — (0.16) 0.83 — Legal costs2 — — — 0.36 — CEO and CFO transition costs3 (0.04) — — 0.05 — Loss (gain) on investments4 0.08 0.04 (0.04) — — Loss on extinguishment of debt5 1.70 — — — 0.62 Gain on derivative asset6 (0.17) — — — — Tax matters (0.19) (2.58) — — — Adjusted Diluted Earnings per Share $ 4.88 $ 3.24 $ 2.75 $ 1.30 $ 0.86 Q3 YTD 2025 FY 2024 FY 2023 FY 2022 FY 2021 Net cash provided by (used in) operating activities $ 386.0 $ 430.3 $ 145.7 $ 119.0 $ (68.1) Capital expenditures (56.5) (124.9) (75.6) (122.9) (111.9) Free Cash Flow $ 329.5 $ 305.4 $ 70.1 $ (3.9) $ (180.0) 1. Represents (income) expense resulting from estimated costs associated with the voluntary medical device correction (MDC) notices. 2. Includes a $20.0 million charge to settle patent infringement litigation, associated legal fees, and a charge to settle acontract dispute. 3. Relates to severance benefits associated with the departure of the Company's former CEO and CFO, net of the forfeiture ofequity awards. 4. Represents non-operating gains and losses related to strategic debt and equity investments. 5. Relates to the repurchase of convertible debt. 6. Represents the change in fair value of the derivative asset associated with the redemption of convertible debt. 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. $s in Millions 26
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Insulet Common Abbreviations and Acronyms 27 A1C Blood test measures average blood glucose levels over the last 3 months HCP Health Care Provider ADA American Diabetes Association iOS iPhone Operating System AID Automated Insulin Delivery KOL Key Opinion Leader ASP Average Selling Price LRP Long-range plan bps Basis Points MDI Multiple Daily Injections CAGR Compound Annual Growth Rate NCS New Customer Starts CE mark Conformité Européenne Mark NICE National Institute for Health and Care Excellence CGM Continuous Glucose Monitoring OP5 Omnipod 5 CAC Customer Acquisition Cost OUS Outside U.S. CLTV Customer Lifetime Value PAYG Pay-as-you-go CTS Cost to Serve PCP Primary Care Physician DTC Direct To Consumer Podder Insulet Customers Endo Endocrinologist PWD People with Diabetes FCL Fully Closed Loop RA Receptor Agonist FDA Food and Drug Administration 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 GLP Glucagon-like peptide TIR Time in Range GMI Glucose Management Indicator YoY Year-over-Year