INSULET CORP

Listed Company

PODDCIK 0001145197NasdaqLarge AcceleratedSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.71B

Net Income

$247.10M

Total Assets

$3.19B

Equity

$1.52B

Shares Out

70.40M

Op. Cash Flow

$569.30M

Business

INSULET CORP develops, manufactures, and sells proprietary continuous insulin delivery systems for people with insulin‑dependent diabetes. Its main products include the Omnipod platform—Omnipod 5 Automated Insulin Delivery System, Omnipod DASH Insulin Management System, and the phased‑out Classic Omnipod—as well as disposable Pods produced for third parties such as Amgen’s Neulasta Onpro kit. Key business areas include product development and R&D (AID algorithms and sensor integrations), data management and cybersecurity, and automated manufacturing with contract manufacturing support. The company distributes Omnipod products across multiple international markets (available in 25 countries) through wholesalers, distributors, pharmacies, and direct‑to‑consumer channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	2,708	2,072	1,697	1,305	1,099
Cost of revenue	768	626	537	500	347
Gross profit	1,940	1,446	1,160	806	752
Research and development expenses	301	220	205	180	160
Selling, general and administrative expenses	1,165	917	735	588	466
Operating income	474	309	220	38	126
Interest expense, net of portion capitalized (Note 8)	−59	−43	−36	−36	—
Interest income	35	40	29	9	500,000
Loss on extinguishment of debt	−124	0	0	0	−42
Other income (expense), net	14	−6	2	−1	−2
Income before income taxes	340	300	215	10	21
Income tax (expense) benefit	−92	118	−8	−5	−4
Net income	247	418	206	5	17
Basic (in dollars per share)	3.51	5.97	2.96	0.07	0.25
Diluted (in dollars per share)	3.48	5.78	2.94	0.07	0.24
Basic (in shares)	70	70	70	69	68
Diluted (in shares)	72	74	74	70	69

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	716	953	704	675	792
Inventories	453	430	403	347	303
Prepaid expenses and other current assets	228	142	116	87	74
Total current assets	1,914	1,891	1,583	1,314	1,330
Property, plant and equipment, net	820	723	665	600	—
Other intangible assets, net	117	99	99	76	37
Goodwill	52	52	52	52	40
Deferred tax assets	82	142	2	—	—
Other assets (includes $1.0 and $10.1 at fair value)	206	182	188	210	106
Total assets	3,190	3,088	2,588	2,251	2,049
Accounts payable	75	20	19	31	38
Current portion of long-term debt	18	84	49	28	25
Total current liabilities	680	528	451	365	229
Long-term debt, net	931	1,296	1,366	1,374	—
Other liabilities	64	52	38	36	15
Total liabilities	1,675	1,876	1,856	1,775	1,493
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred stock, $.001 par value, 5,000,000 authorized; none issued and outstanding	0	0	0	0	0
Common stock, $.001 par value, 100,000,000 authorized; 70,588,192 and 70,390,816 shares issued and outstanding, respectively, at December 31, 2025; and 70,196,031 issued and outstanding, at December 31, 2024	100,000	100,000	100,000	100,000	100,000
Additional paid-in capital	1,275	1,184	1,103	1,041	1,208
Accumulated earnings (deficit)	287	40	−378	−584	−650
Accumulated other comprehensive income (loss)	13	−13	8	20	−2
Treasury stock, at cost; 197,374 and shares	−60	0	—	—	—
Deferred compensation	800,000	0	—	—	—
Total stockholders equity	1,515	1,212	733	476	556
Total liabilities and stockholders equity	3,190	3,088	2,588	2,251	2,049

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	90	81	73	63	57
Stock-based compensation expense	63	69	48	41	34
Deferred income taxes	62	−137	500,000	−1	—
Non-cash interest expense	6	7	7	6	40
Gain on derivative asset	−13	0	0	—	—
Provisions for credit losses	5	−200,000	2	—	—
Loss (gain) on investments	0	4	−3	—	—
Other	7	5	2	4	1
Inventories	−11	−32	−54	−49	−154
Prepaid expenses and other assets	−82	−22	−42	−37	−47
Accounts payable	49	2	−11	−2	−16
Net cash provided by operating activities	569	430	146	119	−68
Capital expenditures	−192	−125	−76	−123	−112
Investments in developed software	−19	−9	−9	−13	−11
Acquisition of other intangible assets	−9	0	−25	−22	0
Cash paid for investments	0	−12	−7	−8	0
Other	−3	0	−3	—	—
Net cash used in investing activities	−223	−146	−119	−191	−83
Proceeds from issuance of senior unsecured notes, net of issuance costs	441	0	0	—	—
Proceeds from issuance of Term Loan B, net of issuance costs	16	130	0	0	490
Repayment of Term Loan B	−21	−137	−5	−5	−3
Repayment of equipment financings	−18	−19	−20	−17	−18
Repayment of Convertible Senior Notes	−1,052	0	0	0	−461
Financing lease repayments	0	−23	0	−15	0
Repayment of mortgage	−61	−2	−2	−2	−2
Proceeds from secured borrowing (Note 5)	50	46	0	0	—
Repayment of secured borrowing (Note 5)	−62	−35	0	0	—
Settlement of capped call options	165	0	0	—	—
Repurchase of common stock	−60	0	0	—	—
Proceeds from exercise of stock options	19	8	16	7	15
Proceeds from issuance of common stock under employee stock purchase plan	15	12	11	9	8
Payment of withholding taxes in connection with vesting of restricted stock units	−26	−8	−13	−17	−28
Other	0	0	−300,000	0	—
Net cash used in financing activities	−595	−28	−14	−40	41
Effect of exchange rate changes on cash and cash equivalents	12	−7	2	−4	−6
Net (decrease) increase in cash, cash equivalents, and restricted cash	−237	249	14	−117	−116

Filings

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