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Insulet Q2 2026 earnings August 5 , 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, approval of products by regulatory bodies, and achievement of reimbursementfrom third-party payors. 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 risk, 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 maintain an effective sales force and expand our distributionnetwork; our ability to maintain and grow our customer base, including through expansion to additional internationalmarkets; 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 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 commercializefuture products; worldwide macroeconomic and geopolitical uncertainty, including the war with Iran, as well as risks associated with any future pandemic, 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 Safe Harbor Statement 2 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, our or our contract manufacturer's ability to successfully implement quality inspection systems, or other manufacturingdifficulties; 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 product safety issues, including potential adverse impacts relating to medical device corrections; breaches or failures of our product or information technology systems, including by cyberattack; our ability to maintain 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 descriptionof these and other important risks and uncertaintiesthat may affect the Company's 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 the Company may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q the Company has 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. Insulet, Omnipod, the Omnipod logo, and Podder are trademarks or registered trademarks of Insulet Corporation. All rights reserved. Dexcom and G7 are 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. 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.
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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 determinesmanagementincentive compensation. • Adjusted gross margin, adjusted gross margin as a percentage of revenue, adjusted operating margin and adjusted operating income as a percentage of revenue, 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 comparabilityof our operating performance,as applicable. • Free cash flow, defined as net cash provided by operating activities less capital expenditures. Management uses this non-GAAP measure, in addition to GAAP financial measures, to evaluate our operating results. Non-GAAP Financial Measures 3 Insulet presents these 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 comparativeoperating performancefrom 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 comparableGAAP financial measure.
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A D JU S T E D O P ER A T I N G M A R G I N1 19.3% up over 140 bps A D JU S T E D E A R N I N G S P E R S H A R E1 $1.66 +41.5% YoY Total Company $801.7M 23.5%, 22.7% constant currency1 Total Omnipod $795.9M U.S. Omnipod $544.1M 20.1% International Omnipod $251.8M 35.5%, 32.9% constant currency1 24.6%, 23.8% constant currency1 Other financial highlights Total revenue Omnipod revenue by geography Q2 2026 performance 4
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Jule Podder since 2019 Progress against our strategic objectives Delivered second-highest new customer start quarterto date, reflecting sequential improvement in the U.S. and continued adoption across international markets ADA Highlights: • Showcased progress across the innovation roadmap, with STRIVE data supporting Omnipod 6 and its potential to improve glycemic outcomes while simplifying the user experience 2 • Shared EVOLUTION 3 feasibility results revealing the opportunity of fully closed-loop AID to reduce burden and broaden access for people with T2D 2 Broadened global reach with the Spain launch of Omnipod 5and Omnipod Discover, marking the 26th country where Insulet sells Omnipod and the 20th country where Omnipod 5 is available Continued to enhance the Omnipod 5 platform through a new algorithm update and further expanded sensor choicewith Abbott’s FSL3+ Partnered with Calmto to bring free-to-access mindfulness, sleep, and stress-management tools to the global diabetes community Demonstrated another strong financial quarter with top-line constant currency1 growth of 23% YoY, over 140 bps of adjusted operating margin1 expansion, and 41.5% adjusted EPS1 growth 5
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Key commercial metrics3 85% U.S. NCS from MDI in Q2 95% U.S. customer base with Omnipod 5 in Q2 70% International customer base with Omnipod 5 in Q2 Delivered Q2 NCS growth YoY in U.S. & international Over Over Over Category revenue growth accelerated in Q1'26 of 20%+ driven by continued Omnipod adoption in U.S. & international markets4 6
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Q3 2026 revenue 17.5% - 19.5% FY 2026 revenue 20% - 22% (Previously 21% - 23%) 17% - 19% U.S. Omnipod (Previously 20% - 22%) 30% - 32% International Omnipod (Previously 26% - 28%) 21% - 23% Total Omnipod (Previously 22% - 24%) 14% - 16% U.S. Omnipod 28% - 30% International Omnipod 18% - 20% Total Omnipod FY 2026 adjusted operating margin7 ~100bps YoY expansion FY 2026 adjusted EPS growth7 FY 2026 guidance5 Revenue guidance6 P&L guidance Assumptions & drivers >30% YoY (Previously >25%) Global Omnipod growth supported by Omnipod 5 adoption and YoY NCS growth Continue winning MDI customers and capturing share in a large, underpenetrated market U.S. growth reflects continued NCS momentum, modest positive pricing, and utilization/ attrition trends below prior expectations, especially T2 International YoY revenue assumes ongoing NCS growth, positive price/mix realization, similar trends in utilization, and retention improving slightly Improve T2 outcomes through targeted engagement and end -to-end support Strengthen T1 leadership and capture the long - term T2 opportunity Maintain disciplined investments in innovation, manufacturing scale, and customer support to drive durable growth, margin expansion, and strong cash flow 7
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Thank you 8
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Appendix 9
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Insulet common abbreviations and acronyms 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 LMR Limited Market Release ATTD Advanced Technologies & Treatments for Diabetes 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 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 EPS Earnings per Share QoQ Quarter-over-Quarter ESG Environmental, social and governance RA Receptor Agonist FCL Fully Closed Loop RCT Randomized Controlled Trial FDA Food and Drug Administration RWE Real World Evidence FSL2+ Abbott FreeStyle Libre 2 Plus Sensor T1D Type 1 Diabetes FSL3+ Abbott FreeStyle Libre 3 Plus Sensor T2D Type 2 Diabetes G7 Dexcom G7 Sensor TAM Total Addressable Market GAAP Generally Accepted Accounting Principles TIR Time in Range GLP Glucagon-like peptide YoY Year-over-Year 10
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$s in Millions Q2 2026 financial performance Adjusted Gross Profit & Margin Adjusted Operating Income & Margin Total Omnipod8Total Revenue8 International Omnipod8U.S. Omnipod 9 7 7 11
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$s in Millions 2026 YTD financial performance Adjusted Gross Profit & Margin Adjusted Operating Income & Margin Total Omnipod8Total Revenue8 International Omnipod8U.S. Omnipod 9 7 7 12
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Historical financial performance $s in Millions Gross Profit & Margin Operating Income & Margin Total Omnipod8Total Revenue8 International Omnipod8U.S. Omnipod 99 99 9 13
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Three Months Ended September 30, 2026 Revenue Growth GAAP Currency Impact Constant Currency U.S. Omnipod 14% to 16% —% 14% to 16% International Omnipod 26% to 28% (2)% 28% to 30% Total Omnipod 17.5% to 19.5% (0.5)% 18% to 20% Drug Delivery ~(20)% —% ~(20)% Total Revenue 17% to 19% (0.5)% 17.5% to 19.5% Year Ending December 31, 2026 Revenue Growth GAAP Currency Impact Constant Currency U.S. Omnipod 17% to 19% —% 17% to 19% International Omnipod 33% to 35% 3% 30% to 32% Total Omnipod 22% to 24% 1% 21% to 23% Drug Delivery ~(40)% —% ~(40)% Total Revenue 21% to 23% 1% 20% to 22% Non-GAAP reconciliation — revenue guidance Note: Growth rates are on a YoY basis. See description of non-GAAP financial measures contained in this presentation. 14
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Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 2024 2023 2022 Total Revenue GAAP Growth Rate 23.5 % 32.9 % 28.4 % 30.9 % 30.7 % 22.1 % 30.0 % 18.8 % Less: Currency Impact 0.8 % 1.6 % 2.2 % 0.4 % 1.2 % 0.2 % 0.4 % (3.7) % Constant Currency 22.7 % 31.3 % 26.2 % 30.6 % 29.5 % 21.9 % 29.6 % 22.5 % Total Omnipod Revenue GAAP Growth Rate 24.6 % 33.0 % 30.3 % 30.6 % 31.6 % 22.4 % 33.1 % 23.4 % Less: Currency Impact 0.8 % 1.6 % 2.2 % 0.4 % 1.2 % 0.2 % 0.5 % (4.0) % Constant Currency 23.8 % 31.4 % 28.1 % 30.2 % 30.3 % 22.2 % 32.7 % 27.4 % International Omnipod Revenue GAAP Growth Rate 35.5 % 45.0 % 46.3 % 38.9 % 44.1 % 27.6 % 13.0 % 0.9 % Less: Currency Impact 2.7 % 6.2 % 7.9 % 1.4 % 4.8 % 0.7 % 1.6 % (11.2) % Constant Currency 32.9 % 38.8 % 38.4 % 37.5 % 39.3 % 26.9 % 11.4 % 12.1 % Gross Profit $ 562.6 $ 452.2 $ 1,091.6 $ 861.3 $ 1,939.9 $ 1,445.7 $ 1,159.9 $ 805.6 Gross Margin % 70.2 % 69.7 % 69.8 % 70.7 % 71.6 % 69.8 % 68.3 % 61.7 % Voluntary MDC and related costs a 21.9 — 33.6 — — — (11.5) 57.9 Adjusted Gross Profit $ 584.4 $ 452.2 $ 1,125.2 $ 861.3 $ 1,939.9 $ 1,445.7 $ 1,148.4 $ 863.5 Adjusted Gross Margin % 72.9 % 69.7 % 72.0 % 70.7 % 71.6 % 69.8 % 67.7 % 66.2 % Operating Income $ 129.7 $ 121.1 $ 251.8 $ 209.9 $ 473.8 $ 308.9 $ 220.1 $ 37.6 Operating Margin % 16.2 % 18.7 % 16.1 % 17.2 % 17.5 % 14.9 % 13.0 % 2.9 % Voluntary MDCs and related costs a 25.0 — 36.7 — — — (11.5) 57.9 Legal Costs b — — — — — — 25.2 CEO and CFO Transition Costs c (0.2) (5.3) (0.5) (5.3) (2.4) — — 3.4 Loss on Investments d — — 4.7 4.7 — — — Adjusted Operating Income $ 154.5 $ 115.8 $ 288.0 $ 209.2 $ 476.1 $ 308.9 $ 208.5 $ 124.1 Adjusted Operating Margin % 19.3 % 17.8 % 18.4 % 17.2 % 17.6 % 14.9 % 12.3 % 9.5 % Reconciliations of historical non-GAAP measures Note: Columns may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. a Represents estimated warranty cost associated with the voluntary medical device corrections (MDCs) in 2026 and 2022, and inco me resulting from adjustments to estimated cost associated with the 2022 MDCs in 2023 b Includes a $20.0 million charge to settle patent infringement litigation, associated legal fees, and a charge to settle a con tract dispute c Represents adjustments to the severance benefits for the Company's former Chief Financial Officer (CFO) in 2026, forfeiture of equity awards by the Company's former Chief Executive Officer (CEO), net of severance benefits in 2025, and costs associated with the retirement and advisory services of the former CEO, including $2.3 million of accelerated stock -based compensation expense in 2022 d Represents a provision for credit loss included in selling, general and administrative expenses related to a debt investment $s in Millions 15
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16 Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 2024 2023 2022 GAAP Diluted EPS $ 1.37 $ 0.32 $ 2.67 $ 0.82 $ 3.48 $ 5.78 $ 2.94 $ 0.07 Voluntary MDCs and related costsa 0.29 — 0.42 — — — (0.16) 0.83 Legal costsb — — — — — — — 0.36 CEO and CFO transition costsc — (0.08) (0.01) (0.07) (0.04) — — 0.05 Loss (gain) on investmentsd — — — 0.08 0.08 0.04 (0.04) — Loss on extinguishment of debte — 1.16 — 1.68 1.71 — — — Gain on derivative assetf — — — — (0.17) — — — Tax mattersg — (0.24) — (0.32) (0.09) (2.58) — — Interest expense, net of tax attributable to assumed conversion of convertible notes — 0.02 — 0.04 — — — — Non-GAAP Diluted EPS $ 1.66 $ 1.17 $ 3.08 $ 2.19 $ 4.97 $ 3.24 $ 2.75 $ 1.30 Reconciliation of historical non-GAAP measures Note: Columns may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. a Represents estimated warranty cost associated with the voluntary medical device corrections (MDCs) in 2026 and 2022, and income resulting from adjustments to estimated cost associated with the 2022 MDCs in 2023 bIncludes a $20.0 million charge to settle patent infringement litigation, associated legal fees, and a charge to settle a contract dispute cRepresents adjustments to the severance benefits for the Company's former Chief Financial Officer in 2026, 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 the former CEO in 2022 dRepresents a provision for credit loss related to a debt investment and an impairment of an equity investment in 2025, non-operating losses resulting from fair value adjustments of strategic debt investments in 2024 and non-operating gains related to fair value adjustments of strategic equity and other investments in 2023 eRelates to the the repurchase of convertible debt fRepresents the change in fair value of the derivative asset associated with the redemption of our convertible debt gRepresents consolidating effective tax rate adjustment related to non-GAAP items and excess tax benefits related to employee share-based compensation in 2026 and 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 in 2024
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Page Title Marker Footnote 4, 5 Q2 2026 performance, Progress against our strategic objectives 1 Growth rates are on a YoY basis. Constant Currency, adjusted operating margin and adjusted earnings per share 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 5 Progress against our strategic objectives 2 Ly, T et al. The Omnipod® Difference: Patient -Centered Simplicity and Breakthrough Algorithm Performance. Presented at: ADA 2026; June 5 -8; New Orleans, LA. 6 Key commercial metrics 3 Note: Commercial metrics are directional estimates derived from various internal data sources 6 Key commercial metrics 4 Source: Insulet data on file 7 FY 2026 guidance 5 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 7 FY 2026 guidance 6 See additional guidance metrics in Revenue Guidance Reconciliation contained in this presentation 7, 11, 12 FY 2026 guidance Q2 2026 financial performance 2026 YTD financial performance 7 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 11, 12, 13 Q2 2026 financial performance 2026 YTD financial performance Historical financial performance 8 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 11, 12, 13 Q2 2026 financial performance 2026 YTD financial performance Historical financial performance 9 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 Endnotes 17