QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2023 and December 31, 2022 | |||||
Condensed Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2023 and 2022 | |||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2023 and 2022 | |||||
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the three months ended March 31, 2023 and 2022 | |||||
Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023 and 2022 | |||||
Item 1. | Condensed Consolidated Financial Statements (Unaudited) |
(in millions, except share and per share data) | March 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable trade, less allowance for credit losses of $ | |||||||||||
Accounts receivable trade, net — related party | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Other intangible assets, net | |||||||||||
Goodwill | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Accrued expenses and other current liabilities — related party | |||||||||||
Current portion of long-term debt | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 11) | |||||||||||
Stockholders’ Equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive income | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions, except share and per share data) | 2023 | 2022 | |||||||||
Revenue | $ | $ | |||||||||
Revenue from related party | |||||||||||
Total revenue | |||||||||||
Cost of revenue | |||||||||||
Gross profit | |||||||||||
Research and development expenses | |||||||||||
Selling, general and administrative expenses | |||||||||||
Operating income | |||||||||||
Interest expense, net | ( | ( | |||||||||
Other (expense) income, net | ( | ||||||||||
Income before income taxes | |||||||||||
Income tax expense | ( | ( | |||||||||
Net income | $ | $ | |||||||||
Net income per share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Weighted-average number of common shares outstanding (in thousands): | |||||||||||
Basic | |||||||||||
Diluted |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Net income | $ | $ | |||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Foreign currency translation adjustment | ( | ||||||||||
Unrealized (loss) gain on cash flow hedges | ( | ||||||||||
Total other comprehensive (loss) income, net of tax | ( | ||||||||||
Comprehensive income | $ | $ |
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
(dollars in millions) | Shares (in thousands) | Amount | |||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Exercise of options to purchase common stock | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Restricted stock units vested, net of shares withheld for taxes | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ( | $ | $ |
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
(dollars in millions) | Shares (in thousands) | Amount | |||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
— | — | ( | — | ( | |||||||||||||||||||||||||||||||
Exercise of options to purchase common stock | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Restricted stock units vested, net of shares withheld for taxes | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | ( | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation expense | |||||||||||
Non-cash interest expense | |||||||||||
Provision for credit losses | |||||||||||
Other | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Accounts receivable — related party | ( | ||||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Accounts payable | |||||||||||
Accrued expenses and other liabilities | ( | ( | |||||||||
Accrued expenses and other liabilities — related party | ( | ||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Investments in developed software | ( | ( | |||||||||
Acquisition of intangible assets | ( | ||||||||||
Acquisition of a business | ( | ( | |||||||||
Cash paid for investments | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Repayment of equipment financings | ( | ( | |||||||||
Repayment of term loan | ( | ( | |||||||||
Repayment of mortgage | ( | ( | |||||||||
Proceeds from exercise of stock options | |||||||||||
Payment of withholding taxes in connection with vesting of restricted stock units | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash | ( | ( | |||||||||
Net decrease in cash, cash equivalents and restricted cash | ( | ( | |||||||||
Cash, cash equivalents and restricted cash at beginning of period (Note 3) | |||||||||||
Cash, cash equivalents and restricted cash at end of period (Note 3) | $ | $ | |||||||||
Supplemental noncash information: | |||||||||||
Purchases of property and equipment included in accounts payable and accrued expenses | $ | $ | |||||||||
Purchases of developed software included in accounts payable and accrued expenses | $ | $ | |||||||||
Lease liabilities arising from obtaining right-of-use assets | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
U.S. Omnipod | $ | $ | |||||||||
International Omnipod | |||||||||||
Total Omnipod | |||||||||||
Drug Delivery | |||||||||||
Total revenue | $ | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Distributor A | |||||||||||
Distributor B | |||||||||||
Distributor D | * |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Accrued expenses and other current liabilities | $ | $ | |||||||||
Other liabilities | |||||||||||
Total deferred revenue | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Deferred revenue recognized | $ | $ |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Prepaid expenses and other current assets | $ | $ | |||||||||
Other assets | |||||||||||
Total capitalized contract acquisition costs, net | $ | $ |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Cash | $ | $ | |||||||||
Money market mutual funds | |||||||||||
Time deposits | |||||||||||
Restricted cash | |||||||||||
Total cash and cash equivalents | |||||||||||
Restricted cash included in other assets | |||||||||||
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | $ | $ |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Accounts receivable trade, net | $ | $ | |||||||||
Unbilled receivable | |||||||||||
Accounts receivable, net | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
Distributor A | |||||||||||
Distributor B | |||||||||||
Distributor D |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Raw materials | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
Total inventories | $ | $ |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Short-term portion | $ | $ | |||||||||
Long-term portion | |||||||||||
Total capitalized implementation costs | |||||||||||
Less: accumulated amortization | ( | ( | |||||||||
Capitalized implementation costs, net | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | |||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Internal-use software | ( | ( | |||||||||||||||||||||||||||||||||
Developed technology | ( | ( | |||||||||||||||||||||||||||||||||
Patents | ( | ( | |||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Employee compensation and related costs | $ | $ | |||||||||
Accrued rebates | |||||||||||
Warranty liability - current portion | |||||||||||
Professional and consulting services | |||||||||||
Other | |||||||||||
Accrued expenses and other current liabilities | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Product warranty liability at beginning of period | $ | $ | |||||||||
Warranty expense | |||||||||||
Change in estimate | ( | ||||||||||
Warranty fulfillment | ( | ( | |||||||||
Product warranty liability at the end of period | $ | $ |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Revolving Credit Facility expires May 2024 | $ | $ | |||||||||
Equipment financing due May 2024 | |||||||||||
Equipment Financing due November 2025 | |||||||||||
Term loan due May 2028 | |||||||||||
Equipment Financing due July 2028 | |||||||||||
Unamortized debt discount | ( | ( | |||||||||
Debt issuance costs | ( | ( | |||||||||
Total debt, net | |||||||||||
Less: current portion | |||||||||||
Total long-term debt, net | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(in millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value (1) | |||||||||||||||||||
Term loan due May 2028(1) | $ | $ | $ | $ | |||||||||||||||||||
Equipment financings(3) | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Cost of revenue | $ | $ | |||||||||
Research and development expenses | |||||||||||
Selling, general and administrative expenses | |||||||||||
Total | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||
(in millions) | Foreign Currency Translation Adjustment | Unrealized Gain on Cash Flow Hedges | Accumulated Other Comprehensive Income | ||||||||||||||
Balance at beginning of period | $ | ( | $ | $ | |||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||
Amounts reclassified to net income | ( | ( | |||||||||||||||
Balance at the end of period | $ | ( | $ | $ |
Three Months Ended March 31, 2022 | |||||||||||||||||
(in millions) | Foreign Currency Translation Adjustment | Unrealized Gain on Cash Flow Hedges | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||
Balance at beginning of period | $ | ( | $ | $ | ( | ||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ||||||||||||||||
Amounts reclassified to net income | |||||||||||||||||
Balance at the end of period | $ | ( | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Cash interest, net of interest rate swaps | $ | $ | |||||||||
Accretion of debt discount | |||||||||||
Amortization of debt issuance costs | |||||||||||
Capitalized interest | ( | ( | |||||||||
Interest expense, net of portion capitalized | |||||||||||
Interest income | ( | ( | |||||||||
Interest expense, net | $ | $ |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Weighted average number of common shares outstanding, basic | |||||||||||
Stock options | |||||||||||
Restricted stock units | |||||||||||
Weighted average number of common shares outstanding, diluted |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Restricted stock units | |||||||||||
Stock options | |||||||||||
Total |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
(dollars in millions) | 2023 | 2022 | Percent Change | Currency Impact | Constant Currency (1) | ||||||||||||||||||||||||
U.S. Omnipod | $ | 259.0 | $ | 174.1 | 48.8 | % | — | % | 48.8 | % | |||||||||||||||||||
International Omnipod | 98.6 | 95.4 | 3.4 | % | (6.2) | % | 9.6 | % | |||||||||||||||||||||
Total Omnipod | 357.6 | 269.5 | 32.7 | % | (2.2) | % | 34.9 | % | |||||||||||||||||||||
Drug Delivery | 0.5 | 25.9 | (98.1) | % | — | % | (98.1) | % | |||||||||||||||||||||
Total revenue | $ | 358.1 | $ | 295.4 | 21.2 | % | (2.1) | % | 23.3 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(dollars in millions) | Amount | Percent of Revenue | Amount | Percent of Revenue | |||||||||||||||||||
Cost of revenue | $ | 117.6 | 32.8 | % | $ | 85.7 | 29.0 | % | |||||||||||||||
Research and development expenses | $ | 50.1 | 14.0 | % | $ | 43.1 | 14.6 | % | |||||||||||||||
Selling, general and administrative expenses | $ | 162.7 | 45.4 | % | $ | 128.7 | 43.6 | % |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Net income | $ | 23.8 | $ | 27.8 | |||||||
Interest expense, net | 2.9 | 8.9 | |||||||||
Income tax expense | 0.8 | 1.5 | |||||||||
Depreciation and amortization | 17.2 | 15.3 | |||||||||
Stock-based compensation | 12.1 | 9.5 | |||||||||
Voluntary MDCs (1) | (8.0) | — | |||||||||
Adjusted EBITDA | $ | 48.8 | $ | 63.0 |
(1) Represents income resulting from an adjustment to estimated costs associated with the voluntary MDC notices issued in the fourth quarter of 2022, which is included in cost of revenue. Refer to Note 8 to the consolidated financial statements for additional information. |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Cash and cash equivalents | $ | 620.7 | $ | 674.7 | |||||||
Current portion of long-term debt | $ | 27.8 | $ | 27.5 | |||||||
Long-term debt, net | $ | 1,368.8 | $ | 1,374.3 | |||||||
Total debt, net | $ | 1,396.6 | $ | 1,401.8 | |||||||
Total stockholders’ equity | $ | 502.8 | $ | 476.4 | |||||||
Debt-to-total capital ratio | 74 | % | 75 | % | |||||||
Net debt-to-total capital ratio | 41 | % | 39 | % |
Issuance Date | Coupon | Principal Outstanding (in millions) | Due Date | Conversion Rate (1) | Conversion Price per Share of Common Stock | |||||||||||||||||||||||||||
September 2019 | 0.375% | $ | 800.0 | September 2026 | 4.4105 | $ | 226.73 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Cash provided by (used in): | |||||||||||
Operating activities | $ | 0.5 | $ | (13.7) | |||||||
Investing activities | (42.1) | (46.9) | |||||||||
Financing activities | (12.1) | (20.3) | |||||||||
Effect of exchange rate changes on cash | (0.1) | (0.6) | |||||||||
Net decrease in cash, cash equivalents and restricted cash | $ | (53.8) | $ | (81.5) |
Number | Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1* | ||||||||
101 | The following materials from Insulet Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 formatted in iXBRL (Inline eXtensible Business Reporting Language), as follows: | |||||||
(i) Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2023 and December 31, 2022 | ||||||||
(ii) Condensed Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2023 and 2022 | ||||||||
(iii) Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2023 and 2022 | ||||||||
(iv) Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) for the three months ended March 31, 2023 and 2022 | ||||||||
(v) Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023 and 2022 | ||||||||
(vi) Condensed Notes (Unaudited) to Consolidated Financial Statements | ||||||||
* | Furnished herewith. | |||||||
INSULET CORPORATION (Registrant) | ||||||||
Date: | May 4, 2023 | /s/ James R. Hollingshead | ||||||
James R. Hollingshead | ||||||||
Chief Executive Officer (Principal Executive Officer) |
Date: | May 4, 2023 | /s/ Wayde McMillan | ||||||
Wayde McMillan | ||||||||
Chief Financial Officer (Principal Financial Officer) |
/s/ James R. Hollingshead | ||||||||
James R. Hollingshead | ||||||||
Chief Executive Officer | ||||||||
Date: | May 4, 2023 |
/s/ Wayde McMillan | ||||||||
Wayde McMillan | ||||||||
Chief Financial Officer | ||||||||
Date: | May 4, 2023 |
/s/ James R. Hollingshead | ||||||||
James R. Hollingshead | ||||||||
Chief Executive Officer | ||||||||
Date: | May 4, 2023 | |||||||
/s/ Wayde McMillan | ||||||||
Wayde McMillan | ||||||||
Chief Financial Officer | ||||||||
Date: | May 4, 2023 |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3.1 | $ 2.5 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 69,694,363 | 69,511,286 |
Common stock, outstanding (in shares) | 69,694,363 | 69,511,286 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Statement [Abstract] | ||
Revenue | $ 261.3 | $ 247.0 |
Revenue from related party | 96.8 | 48.4 |
Total revenue | 358.1 | 295.4 |
Cost of revenue | 117.6 | 85.7 |
Gross profit | 240.5 | 209.7 |
Research and development expenses | 50.1 | 43.1 |
Selling, general and administrative expenses | 162.7 | 128.7 |
Operating income | 27.7 | 37.9 |
Interest expense, net | (2.9) | (8.9) |
Other (expense) income, net | (0.2) | 0.3 |
Income before income taxes | 24.6 | 29.3 |
Income tax expense | (0.8) | (1.5) |
Net income | $ 23.8 | $ 27.8 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.34 | $ 0.40 |
Diluted (in dollars per share) | $ 0.34 | $ 0.40 |
Weighted-average number of common shares outstanding (in thousands): | ||
Basic (in shares) | 69,583 | 69,254 |
Diluted (in shares) | 70,096 | 69,858 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 23.8 | $ 27.8 |
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation adjustment | 1.7 | (3.7) |
Unrealized (loss) gain on cash flow hedges | (5.8) | 18.1 |
Total other comprehensive (loss) income, net of tax | (4.1) | 14.4 |
Comprehensive income | $ 19.7 | $ 42.2 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Millions |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
[1] | Common Stock |
Additional Paid-in Capital |
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjustment
|
[1] | Accumulated Deficit |
Accumulated Deficit
Cumulative Effect, Period of Adoption, Adjustment
|
[1] | Accumulated Other Comprehensive (Loss) Income |
||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2021 | 69,179,000 | ||||||||||||
Beginning balance at Dec. 31, 2021 | $ 556.3 | $ (147.1) | $ 0.1 | $ 1,207.9 | $ (207.7) | $ (649.5) | $ 60.6 | $ (2.2) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Exercise of options to purchase common stock (in shares) | 28,000 | ||||||||||||
Exercise of options to purchase common stock | 1.1 | 1.1 | |||||||||||
Stock-based compensation expense | 9.5 | 9.5 | |||||||||||
Restricted stock units vested, net of shares withheld for taxes (in shares) | 113,000 | ||||||||||||
Restricted stock units vested, net of shares withheld for taxes | (15.3) | (15.3) | |||||||||||
Net income | 27.8 | 27.8 | |||||||||||
Other comprehensive (loss) income | 14.4 | 14.4 | |||||||||||
Ending balance (in shares) at Mar. 31, 2022 | 69,320,000 | ||||||||||||
Ending balance at Mar. 31, 2022 | $ 446.7 | $ 0.1 | 995.5 | (561.1) | 12.2 | ||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 69,511,286 | 69,511,000 | |||||||||||
Beginning balance at Dec. 31, 2022 | $ 476.4 | $ 0.1 | 1,040.6 | (584.3) | 20.0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Exercise of options to purchase common stock (in shares) | 110,000 | ||||||||||||
Exercise of options to purchase common stock | 6.0 | 6.0 | |||||||||||
Stock-based compensation expense | 12.1 | 12.1 | |||||||||||
Restricted stock units vested, net of shares withheld for taxes (in shares) | 73,000 | ||||||||||||
Restricted stock units vested, net of shares withheld for taxes | (11.4) | (11.4) | |||||||||||
Net income | 23.8 | 23.8 | |||||||||||
Other comprehensive (loss) income | $ (4.1) | (4.1) | |||||||||||
Ending balance (in shares) at Mar. 31, 2023 | 69,694,363 | 69,694,000 | |||||||||||
Ending balance at Mar. 31, 2023 | $ 502.8 | $ 0.1 | $ 1,047.3 | $ (560.5) | $ 15.9 | ||||||||
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Basis of Presentation and Summary of Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements reflect the consolidated operations of Insulet Corporation and its subsidiaries (“Insulet” or the “Company”). The unaudited consolidated financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. In management’s opinion, the unaudited consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the interim results reported. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023, or for any other subsequent interim period. The year-end balance sheet data was derived from audited consolidated financial statements. These unaudited consolidated financial statements do not include all of the annual disclosures required by GAAP; accordingly, they should be read in conjunction with the Company’s audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Related Party Transactions The Company has a distribution agreement with a related party that contains terms consistent with those prevailing at arm’s length. The spouse of one of the members of the Company’s Board of Directors is an executive officer of the distributor. Investments In February 2023, the Company made a $2.0 million strategic investment. As of March 31, 2023 and December 31, 2022, the total carrying value of the Company’s investments primarily recorded at cost less impairment was $10.7 million and $8.7 million, respectively. Shipping and Handling Costs Shipping and handling costs included in selling, general and administrative expenses were $2.3 million and $3.1 million for the three months ended March 31, 2023 and 2022, respectively. Fair Value Measurements Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. To measure fair value of assets and liabilities, the Company uses the following fair value hierarchy based on three levels of inputs: Level 1—observable inputs, such as quoted prices in active markets for identical assets or liabilities; Level 2—significant other observable inputs that are observable either directly or indirectly; and Level 3—significant unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. Certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other liabilities are carried at cost, which approximates their fair value because of their short-term maturity. See Notes 3 and 9 for financial assets and liabilities held at carrying amount on the consolidated balance sheet and Note 10 for derivative instruments measured at fair value on a recurring basis.
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Revenue and Contract Acquisition Costs |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue and Contract Acquisition Costs | Revenue and Contract Acquisition Costs The following table summarizes the Company’s disaggregated revenue:
The percentages of total revenue for customers that represent 10% or more of total revenue were as follows:
* Represents less than 10% of revenue for the period. Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown:
Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows:
Contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet captions in the amounts shown:
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Cash and Cash Equivalents |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents The following table provides a summary of cash and cash equivalents:
All cash and cash equivalents are Level 1 in the fair value hierarchy. The restricted cash included in other assets on the consolidated balance sheet is held as a compensating balance against long-term borrowings. Certain of the Company’s subsidiaries participate in a multi-currency, notional cash pooling arrangement with a third-party bank provider to manage global liquidity requirements. Under this arrangement, cash deposited by participating subsidiaries may be used to offset amounts owed to the bank by other participating subsidiaries to the extent the overall balance in the cash pool is at least zero, providing legal rights of offset. As of March 31, 2023, the Company had a net cash position of approximately $3.1 million, consisting of a gross cash position of approximately $100.3 million less cash borrowings of approximately $97.2 million by participating subsidiaries, which is reflected as cash and cash equivalents in the consolidated balance sheet.
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Accounts Receivable, Net |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net | Accounts Receivable, Net At the end of each period, net accounts receivable were comprised of the following:
The percentages of total net accounts receivable trade for customers that represent 10% or more of total net accounts receivable trade were as follows:
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Inventories |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories At the end of each period, inventories were comprised of the following:
Amounts charged to the consolidated statements of operations for excess and obsolete inventory were $2.2 million and $1.1 million for the three months ended March 31, 2023 and 2022, respectively.
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Cloud Computing Costs |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and Development [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cloud Computing Costs | Cloud Computing Costs Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows:
Amortization expense is recognized on a straight-line basis over the expected term of the hosting arrangements, which range from to ten years. Amortization expense was $4.3 million and $1.3 million for the three months ended March 31, 2023 and 2022, respectively.
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Goodwill and Other Intangible Assets, Net |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets, Net | Goodwill and Other Intangible Assets, Net The carrying amount of goodwill was $51.7 million at both March 31, 2023 and December 31, 2022. The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows:
Amortization expense for intangible assets was $2.4 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively. In February 2023, the Company paid Bigfoot Biomedical, Inc. $25.1 million, including transaction costs, to acquire patent assets related to pump-based automated insulin delivery technologies. The acquired patent assets have a useful life of 11 years.
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Accrued Expenses and Other Current Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities The components of accrued expenses and other current liabilities were as follows:
Product Warranty Costs The Company provides a four-year warranty on Personal Diabetes Managers (“PDMs”) and Controllers sold in the United States and Europe and a five-year warranty on PDMs sold in Canada and may replace Pods that do not function in accordance with product specifications. The Company estimates its warranty obligation at the time the product is shipped based on historical experience and the estimated cost to service the claims. Cost to service the claims reflects the current product cost, reclaim costs, shipping and handling costs and direct and incremental distribution and customer service support costs. Since the Company continues to introduce new products and versions, the anticipated performance of the product over the warranty period is also considered in estimating warranty reserves. Warranty expense is recorded in cost of revenue in the consolidated statements of operations. Reconciliations of the changes in the Company’s product warranty liability were as follows:
During the fourth quarter of 2022, the Company issued two voluntary medical device correction notices (“MDCs”), one for its Omnipod DASH PDM relating to its battery and the other for its Omnipod 5 Controller relating to its charging port and cable. During the three months ended March 31, 2023, the Company revised the estimated liability for these MDCs by $8.0 million. The change in estimate primarily relates to lower shipping costs for replacement DASH PDMs and lower expected distribution costs for Omnipod 5 Controllers. As of March 31, 2023, the Company had an estimated liability of $31.0 million related to the MDCs included in its product warranty liability.
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The components of debt consisted of the following:
0.375% Convertible Senior Notes The Company’s 0.375% Convertible Senior Notes due September 2026 (the “Notes”) have an effective interest rate of 0.76%. The Notes are convertible into the Company’s common stock at an initial conversion rate of 4.4105 shares of common stock per $1,000 principal amount of the notes, which is equivalent to a conversion price of $226.73 per share, subject to adjustment under certain circumstances. The notes will be convertible June 1, 2026 through August 28, 2026 by its holders for any reason, and prior to then under certain circumstances. Additional interest of 0.5% per annum is payable if the Company fails to timely file required documents or reports with the Securities and Exchange Commission (“SEC”). If the Company merges or consolidates with a foreign entity, the Company may be required to pay additional taxes. The Company determined that the higher interest payments and tax payments required in certain circumstances were embedded derivatives that should be bifurcated and accounted for at fair value. The Company assessed the value of the embedded derivatives at each balance sheet date and determined it had nominal value. In conjunction with the issuance of the Notes, the Company purchased capped calls on the Company’s common stock with certain counterparties to reduce the potential dilution to its common stock (or, in the event the conversion is settled in cash, to provide a source of cash to settle a portion of its cash payment obligation) in the event that at the time of conversion its stock price exceeds the conversion price under the Notes. The capped calls have an initial strike price of $335.90 per share, which represents a premium of 100% over the last reported sale price of the Company’s common stock of $167.95 per share on the date of the transaction. The capped calls cover 3.5 million shares of common stock. Fair Value of Debt The carrying amount and the estimated fair value of the Company’s debt were as follows:
(1) Term debt is classified as Level 1 in the fair value hierarchy. Fair value was determined using quoted market prices. (2) The Notes are classified as Level 2 in the fair value hierarchy. Fair value was determined using the Company’s quoted stock price and the contractual conversion rate. (3) The equipment financings and mortgage are classified as Level 3 in the fair value hierarchy. The fair values were determined using the cost bases of the financial liabilities, which approximate their carrying values.
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Derivative Instruments |
3 Months Ended |
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Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative InstrumentsThe Company manages interest rate exposure through the use of interest rate swap transactions with financial institutions acting as principal counterparties. Under the Company’s interest rate swap agreements that expire on April 30, 2025, the Company receives variable rate interest payments and pays fixed interest rates of 0.95% and 0.96% on a total notional value of $480.0 million of its Term Loan. The Company has designated the interest rate swaps as cash flow hedges.The fair value of interest rate swaps, which are classified as Level 2 in the fair value hierarchy, represent the estimated amounts the Company would receive or pay to terminate the contracts and is determined using industry standard valuation models and market-based observable inputs, including credit risk and interest rate yield curves. The fair value of the interest rate swaps was $31.0 million and $36.9 million at March 31, 2023 and December 31, 2022, respectively, and was included in other assets on the consolidated balance sheets. As of March 31, 2023, the Company estimates that $18.9 million of net gains related to the interest rate swaps included in accumulated other comprehensive income will be reclassified into the statement of operations over the next 12 months. |
Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings The Company is, from time to time, involved in the normal course of business in various legal proceedings, including intellectual property, contract, employment and product liability suits. The Company does not expect the outcome of these proceedings, either individually or in the aggregate, to have a material adverse effect on its results of operations.
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Stock-Based Compensation Expense |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Expense | Stock-Based Compensation Expense Compensation expense related to stock-based awards was recorded as follows:
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Accumulated Other Comprehensive Income |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Changes in the components of accumulated other comprehensive income, net of tax, were as follows:
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Interest Expense, Net |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense, Net | Interest Expense, Net Interest expense, net was as follows:
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Income Taxes |
3 Months Ended |
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Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company’s effective tax rate was 3.4% and 5.1% for the three months ended March 31, 2023 and 2022, respectively. Income tax benefits have not been recorded for losses in the United Kingdom where a valuation allowance exists against net deferred tax assets. The Company had a full valuation allowance against its net deferred tax assets in the United Kingdom and the United States at March 31, 2023 and December 31, 2022. The Company had no uncertain tax positions at March 31, 2023 and December 31, 2022. |
Net Income Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed using the weighted average number of common shares outstanding and, when dilutive, common share equivalents. The weighted-average number of common shares used in the computation of basic and diluted net income per share were as follows:
The number of common share equivalents excluded from the computation of diluted net income per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows:
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Subsequent Event |
3 Months Ended |
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Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventIn May 2023, the Company entered into a $24.0 million financing transaction for manufacturing equipment in Acton, Massachusetts. |
Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements reflect the consolidated operations of Insulet Corporation and its subsidiaries (“Insulet” or the “Company”). The unaudited consolidated financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. In management’s opinion, the unaudited consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the interim results reported. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023, or for any other subsequent interim period. The year-end balance sheet data was derived from audited consolidated financial statements. These unaudited consolidated financial statements do not include all of the annual disclosures required by GAAP; accordingly, they should be read in conjunction with the Company’s audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
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Investments | InvestmentsIn February 2023, the Company made a $2.0 million strategic investment. As of March 31, 2023 and December 31, 2022, the total carrying value of the Company’s investments primarily recorded at cost less impairment was $10.7 million and $8.7 million, respectively. |
Shipping and Handling costs | Shipping and Handling CostsShipping and handling costs included in selling, general and administrative expenses |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. To measure fair value of assets and liabilities, the Company uses the following fair value hierarchy based on three levels of inputs: Level 1—observable inputs, such as quoted prices in active markets for identical assets or liabilities; Level 2—significant other observable inputs that are observable either directly or indirectly; and Level 3—significant unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. Certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other liabilities are carried at cost, which approximates their fair value because of their short-term maturity.
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Product Warranty Costs | Product Warranty CostsThe Company provides a four-year warranty on Personal Diabetes Managers (“PDMs”) and Controllers sold in the United States and Europe and a five-year warranty on PDMs sold in Canada and may replace Pods that do not function in accordance with product specifications. The Company estimates its warranty obligation at the time the product is shipped based on historical experience and the estimated cost to service the claims. Cost to service the claims reflects the current product cost, reclaim costs, shipping and handling costs and direct and incremental distribution and customer service support costs. Since the Company continues to introduce new products and versions, the anticipated performance of the product over the warranty period is also considered in estimating warranty reserves. Warranty expense is recorded in cost of revenue in the consolidated statements of operations. |
Revenue and Contract Acquisition Costs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table summarizes the Company’s disaggregated revenue:
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Schedules of Concentration of Risk | The percentages of total revenue for customers that represent 10% or more of total revenue were as follows:
* Represents less than 10% of revenue for the period. The percentages of total net accounts receivable trade for customers that represent 10% or more of total net accounts receivable trade were as follows:
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Schedule of Deferred Revenue | Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown:
Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows:
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Schedule of Contract Acquisition Costs | Contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet captions in the amounts shown:
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Cash and Cash Equivalents (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | The following table provides a summary of cash and cash equivalents:
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Schedule of Restricted Cash and Cash Equivalents | The following table provides a summary of cash and cash equivalents:
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Accounts Receivable, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Accounts Receivable | At the end of each period, net accounts receivable were comprised of the following:
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Schedules of Concentration of Risk | The percentages of total revenue for customers that represent 10% or more of total revenue were as follows:
* Represents less than 10% of revenue for the period. The percentages of total net accounts receivable trade for customers that represent 10% or more of total net accounts receivable trade were as follows:
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Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | At the end of each period, inventories were comprised of the following:
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Cloud Computing Costs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and Development [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Capitalized Could Computing Costs | Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows:
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Goodwill and Other Intangible Assets, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Intangible Assets | The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows:
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Accrued Expenses and Other Current Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Accrued Expenses and Other Current Liabilities | The components of accrued expenses and other current liabilities were as follows:
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Schedule of Reconciliation of Changes in Product Warranty Liability | Reconciliations of the changes in the Company’s product warranty liability were as follows:
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Convertible Debt and Related Debt Issuance Costs | The components of debt consisted of the following:
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Schedule of Carrying Amount and Estimated Fair Value of Convertible Debt | The carrying amount and the estimated fair value of the Company’s debt were as follows:
(1) Term debt is classified as Level 1 in the fair value hierarchy. Fair value was determined using quoted market prices. (2) The Notes are classified as Level 2 in the fair value hierarchy. Fair value was determined using the Company’s quoted stock price and the contractual conversion rate. (3) The equipment financings and mortgage are classified as Level 3 in the fair value hierarchy. The fair values were determined using the cost bases of the financial liabilities, which approximate their carrying values.
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Stock-Based Compensation Expense (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-Based Compensation Expense | Compensation expense related to stock-based awards was recorded as follows:
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Accumulated Other Comprehensive Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income, net of tax | Changes in the components of accumulated other comprehensive income, net of tax, were as follows:
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Interest Expense, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Expense | Interest expense, net was as follows:
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Net Income Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | The weighted-average number of common shares used in the computation of basic and diluted net income per share were as follows:
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Schedule of Antidilutive Securities | The number of common share equivalents excluded from the computation of diluted net income per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows:
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Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Reclassification [Line Items] | ||||
Payments for strategic investment | $ 2.0 | $ 2.0 | $ 5.0 | |
Carrying value of investments | 10.7 | $ 8.7 | ||
Selling, general and administrative expenses | 162.7 | 128.7 | ||
Shipping and Handling | ||||
Reclassification [Line Items] | ||||
Selling, general and administrative expenses | $ 2.3 | $ 3.1 |
Revenue and Contract Acquisition Costs - Schedule of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 358.1 | $ 295.4 |
U.S. Omnipod | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 259.0 | 174.1 |
International Omnipod | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 98.6 | 95.4 |
Total Omnipod | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 357.6 | 269.5 |
Drug Delivery | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 0.5 | $ 25.9 |
Revenue and Contract Acquisition Costs - Schedule of Revenue from Major Customers - Concentration Risk (Details) - Customer Concentration Risk - Sales Revenue |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Distributor A | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 28.00% | 16.00% |
Distributor B | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 16.00% | 13.00% |
Distributor D | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 20.00% |
Revenue and Contract Acquisition Costs - Summary of Deferred Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Revenue from Contract with Customer [Abstract] | |||
Accrued expenses and other current liabilities | $ 22.2 | $ 16.1 | |
Other liabilities | 1.7 | 1.6 | |
Total deferred revenue | 23.9 | $ 17.7 | |
Deferred revenue recognized | $ 9.9 | $ 1.3 |
Revenue and Contract Acquisition Costs - Summary of Contract Acquisition Costs (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Prepaid expenses and other current assets | $ 16.0 | $ 15.2 |
Other assets | 33.0 | 31.3 |
Total capitalized contract acquisition costs, net | $ 49.0 | $ 46.5 |
Revenue and Contract Acquisition Costs - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Revenue from Contract with Customer [Abstract] | ||
Amortization of capitalized commission costs | $ 4.0 | $ 3.4 |
Cash and Cash Equivalents - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash | $ 0.0 | $ 0.5 | ||
Total cash and cash equivalents | 620.7 | 674.7 | ||
Restricted cash included in other assets | 15.2 | 15.0 | ||
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | 635.9 | 689.7 | $ 724.9 | $ 806.4 |
Cash | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 131.2 | 136.1 | ||
Money market mutual funds | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 387.5 | 487.3 | ||
Time deposits | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 102.0 | $ 50.8 |
Cash and Cash Equivalents - Narrative (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Cash and Cash Equivalents [Abstract] | |
Net cash position | $ 3.1 |
Gross cash position | 100.3 |
Cash borrowings | $ 97.2 |
Accounts Receivable, Net - Schedule of Account Receivable (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | $ 159.6 | $ 140.9 |
Unbilled receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 0.4 | 12.3 |
Accounts receivable trade, net | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | $ 159.2 | $ 128.6 |
Accounts Receivable, Net - Schedule of Net Accounts Receivable Trade from Major Customers (Details) - Accounts and Unbilled Receivables - Customer Concentration Risk |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Distributor A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 28.00% | 34.00% |
Distributor B | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 13.00% | 11.00% |
Distributor D | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 24.00% | 23.00% |
Inventories (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Inventory Disclosure [Abstract] | |||
Raw materials | $ 94.2 | $ 79.1 | |
Work in process | 112.3 | 84.2 | |
Finished goods | 179.6 | 183.5 | |
Total inventories | 386.1 | $ 346.8 | |
Amounts charged for excess and obsolete inventory | $ 2.2 | $ 1.1 |
Cloud Computing Costs (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Short-term portion | $ 20.0 | $ 18.0 | |
Long-term portion | 95.0 | 87.1 | |
Total capitalized implementation costs | 115.0 | 105.1 | |
Less: accumulated amortization | (21.4) | (17.1) | |
Capitalized implementation costs, net | 93.6 | $ 88.0 | |
Capitalized implementation costs, amortization | $ 4.3 | $ 1.3 | |
Minimum | Cloud Computing Costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected term | 3 years | ||
Maximum | Cloud Computing Costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected term | 10 years |
Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 51.7 | $ 51.7 | ||
Amortization of intangible assets | 2.4 | $ 1.8 | ||
Cash paid to acquire patent assets | $ 25.1 | $ 25.1 | $ 0.0 | |
Acquired intangible assets, useful life | 11 years |
Goodwill and Other Intangible Assets, Net - Components of Other Intangible Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 143.5 | $ 116.4 |
Accumulated Amortization | (43.3) | (40.9) |
Net Book Value | 100.2 | 75.5 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 43.2 | 43.2 |
Accumulated Amortization | (28.3) | (27.5) |
Net Book Value | 14.9 | 15.7 |
Internal-use software | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 36.8 | 34.8 |
Accumulated Amortization | (12.5) | (12.0) |
Net Book Value | 24.3 | 22.8 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27.4 | 27.4 |
Accumulated Amortization | (1.5) | (1.0) |
Net Book Value | 25.9 | 26.4 |
Patents | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 36.1 | 11.0 |
Accumulated Amortization | (1.0) | (0.4) |
Net Book Value | $ 35.1 | $ 10.6 |
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Payables and Accruals [Abstract] | ||
Employee compensation and related costs | $ 55.2 | $ 95.9 |
Accrued rebates | 82.6 | 69.6 |
Warranty liability - current portion | 35.0 | 57.3 |
Professional and consulting services | 33.2 | 27.5 |
Other | 57.6 | 50.7 |
Accrued expenses and other current liabilities | $ 263.6 | $ 301.0 |
Accrued Expenses and Other Current Liabilities - Narrative (Details) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
notice
|
Mar. 31, 2022
USD ($)
|
|
Product Warranty Liability [Line Items] | |||
Number of voluntary medical device correction notices issued | notice | 2 | ||
Change in estimate | $ (8.0) | $ 0.0 | |
Estimated liability related to the MDCs | $ 31.0 | ||
United States | |||
Product Warranty Liability [Line Items] | |||
Product warranty term for PDMs | 4 years | ||
CANADA | |||
Product Warranty Liability [Line Items] | |||
Product warranty term for PDMs | 5 years |
Accrued Expenses and Other Current Liabilities - Product Warranty Liability (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Product warranty liability at beginning of period | $ 62.1 | $ 6.8 |
Warranty expense | 5.5 | 3.0 |
Change in estimate | (8.0) | 0.0 |
Warranty fulfillment | (20.4) | (2.9) |
Product warranty liability at the end of period | $ 39.2 | $ 6.9 |
Debt - Narrative (Details) - Convertible Debt - 0.375% Convertible Senior Notes due September 2026 shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023
$ / shares
$ / option
shares
|
Mar. 31, 2022 |
|
Debt Instrument [Line Items] | ||
Debt, interest rate | 0.375% | 0.375% |
Debt effective interest rate | 0.76% | |
Debt conversion rate | 0.0044105 | |
Conversion price (in dollars per share) | $ 226.73 | |
Debt instrument, additional interest in event of reporting violation | 0.50% | |
Share price (in dollars per share) | $ 167.95 | |
Number of capped shares (in shares) | shares | 3.5 | |
Price Risk Derivative | ||
Debt Instrument [Line Items] | ||
Cap price (in dollars per share) | $ / option | 335.90 | |
Sale price premium (as a percentage) | 100.00% |
Derivative Instruments (Details) - Interest Rate Swap - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Derivative [Line Items] | ||
Derivative, variable interest rate | 0.95% | |
Derivative, fixed interest rate | 0.96% | |
Notional amount | $ 480.0 | |
Derivative assets | 31.0 | $ 36.9 |
Cash flow hedge gains to be reclassified within 12 months | $ 18.9 |
Stock-Based Compensation Expense (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 12.1 | $ 9.5 |
Cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 0.1 | 0.1 |
Research and development expenses | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 2.8 | 2.0 |
Selling, general and administrative expenses | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 9.2 | $ 7.4 |
Interest Expense, Net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Other Income and Expenses [Abstract] | ||
Cash interest, net of interest rate swaps | $ 8.3 | $ 7.9 |
Accretion of debt discount | 0.4 | 0.4 |
Amortization of debt issuance costs | 1.1 | 1.1 |
Capitalized interest | (0.4) | (0.4) |
Interest expense, net of portion capitalized | 9.4 | 9.0 |
Interest income | (6.5) | (0.1) |
Interest expense, net | $ 2.9 | $ 8.9 |
Income Taxes (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Income Tax Disclosure [Abstract] | |||
Effective tax rate | 3.40% | 5.10% | |
Uncertain tax position | $ 0 | $ 0 |
Net Income Per Share - Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted average number of common shares outstanding, basic (in shares) | 69,583 | 69,254 |
Weighted average number of common shares outstanding, diluted (in shares) | 70,096 | 69,858 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Effect of dilutive securities (in shares) | 394 | 488 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Effect of dilutive securities (in shares) | 119 | 116 |
Subsequent Event (Details) $ in Millions |
May 04, 2023
USD ($)
|
---|---|
Subsequent Event | |
Subsequent Event [Line Items] | |
Manufacturing equipment financing transaction, amount | $ 24.0 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2020-06 [Member] |
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