8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 17, 2022

INSULET CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware	001-33462	04-3523891
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

	100 Nagog Park
	Acton	Massachusetts	01720
(Address of Principal Executive Offices, including Zip Code)

Registrant’s telephone number, including area code: (978) 600-7000

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act	☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 Par Value Per Share	PODD	The NASDAQ Stock Market, LLC

Item 7.01 Regulation FD Disclosure

On October 17, 2022, Insulet Corporation (the “Company”) issued a voluntary Medical Device Correction notice for its Omnipod DASH® Personal Diabetes Manager (“PDM”) relating to the Omnipod DASH PDM battery. Insulet will replace the PDMs for all current Omnipod DASH users globally due to reported issues which may occur if the PDM battery is charged to full capacity or for extended periods of time. The Company currently estimates an aggregate charge in the range of $35 million to $45 million with the majority impacting cost of revenue in the third quarter of 2022 and the remainder primarily impacting operating expenses in the fourth quarter of 2022 and fiscal year 2023.

Additionally, excluding the related charges, the Company is not changing its annual gross margin or adjusted operating margin guidance provided on August 4, 2022.

This voluntary Medical Device Correction notice does not affect the Omnipod DASH Pods, the Omnipod® Insulin Management System, or the Omnipod® 5 Automated Insulin Delivery System.

A copy of the notice sent to customers in the United States is attached as exhibit 99.1 to this Form 8-K. The notice is also posted on the Company’s website at www.omnipod.com/insulet-alerts.

The information in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section. The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.	Description
99.1	Voluntary Medical Device Correction Notice
104	Cover Page Interactive Date File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned thereunto duly authorized.

	INSULET CORPORATION
October 17, 2022	By:	/s/ John W. Kapples
	Name:	John W. Kapples
	Title:	Senior Vice President and General Counsel

EX-99.1

Exhibit 99.1

October 17, 2022

URGENT: Medical Device Correction

REF: 9056196-10/11/2022-001-C

Urgent Information Regarding the Omnipod DASH® Insulin Management System

Affected Product:

Device Description	Part Numbe	UDI	Serial Numbe
Omnipod DASH® Personal Diabetes Manager	18239 18341-USA-ENG	10385082000009 20385082000006	All serial number

Please read this notice in its entirety and acknowledge receipt and understanding of this notice.

Dear Valued Customer,

You are receiving this letter as our records indicate you are a user of the Omnipod DASH® Insulin Management System. This notice is being communicated as a voluntary Medical Device Correction to provide information about the Omnipod DASH Personal Diabetes Manager (PDM) battery and instructions to reduce the risk of DASH PDM battery issues. It is important to note that no injuries have been reported to Insulet as a result of these Omnipod DASH PDM battery issues.

This does NOT affect the Omnipod DASH Pods, the Omnipod® Insulin Management System, or the Omnipod® 5 Automated Insulin Delivery System.

Issue Description: We have received reports from some Omnipod DASH users regarding PDM battery issues, including battery swelling, fluid leaking from the battery, and, in rare cases, extreme overheating which may pose a fire hazard. Our investigation has determined that the Omnipod DASH PDM is at increased risk if charged to full capacity, particularly if left to charge for extended periods of time (e.g. overnight). Omnipod DASH PDMs that have been in use for more than 18 months may have an increased likelihood of this issue occurring.

Actions by Users:

Monitor your Omnipod DASH PDM for the following issues. Please see the attached PDM Reference and Supporting Images.

•The Omnipod DASH PDM back cover is bulging or cannot close. You may need to remove the PDM gel skin to observe any of these issues, but do not remove the back cover. Do not apply pressure to the back cover if it is deformed in any way.

•The Omnipod DASH PDM experiences extreme overheating (uncomfortable to hold) or emits an odor while charging, during use, or in storage.

•The Omnipod DASH PDM does not turn on within 45 minutes of being connected to the charger or turns off immediately after being removed from the charger. If your PDM battery loses its charge very quickly (more than you have previously experienced) or if it takes more than 1.5 hours to reach 80% charge, contact Insulet’s Customer Care team at 1-800-641-2049.

If you experience any of the issues listed above, do NOT charge the Omnipod DASH PDM and STOP using the system and switch to your backup insulin plan as soon as possible. Promptly contact Insulet’s dedicated Customer Care team specifically trained to help you at 1-800-641-2049 to request a

temporary replacement device.

Please follow the actions below for your current or temporary replacement Omnipod DASH PDMs:

If you are not experiencing any of the above issues, you can continue to use your Omnipod DASH PDM. We also recommend that you consistentlyfollow the actions below to reduce the risk of PDM battery issues:

•Do NOT remove the battery from the Omnipod DASH PDM for any reason, even if the User Guide recommends it for troubleshooting. If you are in a situation where removal of the battery is recommended by the User Guide or PDM screen message, do not remove the battery and contact Insulet’s Customer Care team at 1-800-641-2049.

•Do NOT continue charging the Omnipod DASH PDM after it reaches 85% of charge. This means you should not charge your device overnight and you should monitor the device and remove from charging once it reaches 85%, as displayed on your device.

•Do NOT charge the PDM if the surrounding temperature is 87°F (31°C) or higher. Do NOT charge the PDM in direct sunlight. Do NOT use or charge the PDM when it feels unusually warm to the touch. If the Omnipod DASH PDM is unusually warm, leave the PDM unplugged and idle at room temperature until it cools down. If the device does not cool down, contact Insulet’s Customer Care team at 1-800-641-2049.

•Do NOT use your Omnipod DASH PDM while it is charging.

•Always inspect your Omnipod DASH PDM before charging (remove gel skin, if applicable) for any deformity, back cover bulging, battery leakage, signs of damage at the charging port, or difficulty closing the back cover.

Solution: We have identified an update to the Omnipod DASH PDM that will correct this issue. We expect to begin shipping updated Omnipod DASH PDMs to all current Omnipod DASH customers in the coming months, including to users who received a temporary Omnipod DASH PDM. You do not need to call to receive an updated Omnipod DASH PDM. We will inform you when updated Omnipod DASH PDMs are available.

We understand this may impact your experience and are here to support you. If you have any questions regarding the information provided in this Medical Device Correction, please visit our website at http://omnipod.com/fsn-10-2022 or call 1-800-641-2049 to speak with a dedicated staff member of the Insulet Customer Care team who will be available 24 hours a day, 7 days a week.

Sincerely,

Michael Spears

Senior Vice President, Regulatory Affairs & Compliance

Insulet Corporation

XML

Cover	Oct. 17, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 17, 2022
Entity Registrant Name	INSULET CORPORATION
Entity Incorporation, State or Country Code	DE
Entity File Number	001-33462
Entity Central Index Key	0001145197
Amendment Flag	false
Entity Tax Identification Number	04-3523891
Entity Address, Address Line One	100 Nagog Park
Entity Address, City or Town	Acton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01720
City Area Code	(978)
Local Phone Number	600-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 Par Value Per Share
Trading Symbol	PODD
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false