2021 Q4 Form 10-K Financial Statement

#000114519722000012 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $307.7M $500.0K $246.1M
YoY Change 25.03% -83.33% 17.53%
Cost Of Revenue $94.50M $346.7M $85.00M
YoY Change 11.18% 7.64% 12.88%
Gross Profit $213.2M $752.1M $161.1M
YoY Change 32.34% 29.16% 20.13%
Gross Profit Margin 69.29% 150420.0% 65.46%
Selling, General & Admin $121.7M $466.0M $130.1M
YoY Change -6.46% 21.35% 60.02%
% of Gross Profit 57.08% 61.96% 80.76%
Research & Development $41.80M $160.1M $38.30M
YoY Change 9.14% 9.06% 10.37%
% of Gross Profit 19.61% 21.29% 23.77%
Depreciation & Amortization $14.90M $57.40M $25.70M
YoY Change -42.02% 3.61% 181.8%
% of Gross Profit 6.99% 7.63% 15.95%
Operating Expenses $163.5M $626.1M $168.4M
YoY Change -2.91% 17.95% 45.17%
Operating Profit $49.70M $126.0M -$7.300M
YoY Change -780.82% 144.66% -140.33%
Interest Expense -$15.50M $61.70M -$11.20M
YoY Change 38.39% 28.27% 23.08%
% of Operating Profit -31.19% 48.97%
Other Income/Expense, Net -$1.900M
YoY Change -157.58%
Pretax Income $33.40M $20.50M -$18.50M
YoY Change -280.54% 111.34% -372.06%
Income Tax $4.200M $3.700M -$1.400M
% Of Pretax Income 12.57% 18.05%
Net Earnings $29.20M $16.80M -$17.10M
YoY Change -270.76% 147.06% -442.0%
Net Earnings / Revenue 9.49% 3360.0% -6.95%
Basic Earnings Per Share $0.25
Diluted Earnings Per Share $402.2K $0.24 -$259.1K
COMMON SHARES
Basic Shares Outstanding 68.97M shares 67.70M shares 65.93M shares
Diluted Shares Outstanding 68.58M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $806.4M $790.0M $947.6M
YoY Change -14.9% -16.38% 151.95%
Cash & Equivalents $806.4M $630.7M $907.2M
Short-Term Investments $0.00 $0.00 $40.40M
Other Short-Term Assets $75.60M $75.60M $65.80M
YoY Change 14.89% 14.89% 93.53%
Inventory $303.2M $303.2M $154.3M
Prepaid Expenses
Receivables $135.2M $161.0M $95.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.330B $1.330B $1.249B
YoY Change 6.49% 6.49% 111.29%
LONG-TERM ASSETS
Property, Plant & Equipment $536.5M $546.4M $478.7M
YoY Change 12.07% 10.7% 19.85%
Goodwill $39.80M $39.80M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $106.1M $96.20M $77.00M
YoY Change 37.79% 54.91% 87.35%
Total Long-Term Assets $719.0M $719.0M $624.2M
YoY Change 15.19% 15.19% 13.1%
TOTAL ASSETS
Total Short-Term Assets $1.330B $1.330B $1.249B
Total Long-Term Assets $719.0M $719.0M $624.2M
Total Assets $2.049B $2.049B $1.873B
YoY Change 9.39% 9.39% 63.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.70M $37.70M $54.10M
YoY Change -30.31% -30.31% -0.73%
Accrued Expenses $164.3M $162.5M $138.1M
YoY Change 18.97% 22.09% 33.82%
Deferred Revenue $3.500M $5.400M
YoY Change -35.19% 68.75%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $25.10M $25.10M $15.60M
YoY Change 60.9% 60.9%
Total Short-Term Liabilities $228.8M $228.8M $207.8M
YoY Change 10.11% 10.11% 31.77%
LONG-TERM LIABILITIES
Long-Term Debt $1.249B $1.249B $1.044B
YoY Change 19.65% 19.65% 17.55%
Other Long-Term Liabilities $14.90M $14.90M $17.80M
YoY Change -16.29% -16.29% -16.82%
Total Long-Term Liabilities $1.264B $1.264B $1.062B
YoY Change 19.05% 19.05% 16.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $228.8M $228.8M $207.8M
Total Long-Term Liabilities $1.264B $1.264B $1.062B
Total Liabilities $1.493B $1.493B $1.269B
YoY Change 17.58% 17.58% 18.96%
SHAREHOLDERS EQUITY
Retained Earnings -$649.5M -$666.3M
YoY Change -2.52% -0.85%
Common Stock $100.0K $100.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $556.3M $556.3M $603.6M
YoY Change
Total Liabilities & Shareholders Equity $2.049B $2.049B $1.873B
YoY Change 9.39% 9.39% 63.87%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $29.20M $16.80M -$17.10M
YoY Change -270.76% 147.06% -442.0%
Depreciation, Depletion And Amortization $14.90M $57.40M $25.70M
YoY Change -42.02% 3.61% 181.8%
Cash From Operating Activities -$25.50M -$68.10M -$1.000M
YoY Change 2450.0% -181.07% -102.13%
INVESTING ACTIVITIES
Capital Expenditures -$36.90M $111.9M -$69.70M
YoY Change -47.06% -13.26% 39.62%
Acquisitions
YoY Change
Other Investing Activities $500.0K $40.00M $18.40M
YoY Change -97.28% -77.84% -552.09%
Cash From Investing Activities -$36.40M -$82.70M -$51.30M
YoY Change -29.04% -690.71% -5.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.500M $40.70M 130.1M
YoY Change -101.15% -93.28% -164.26%
NET CHANGE
Cash From Operating Activities -25.50M -$68.10M -1.000M
Cash From Investing Activities -36.40M -$82.70M -51.30M
Cash From Financing Activities -1.500M $40.70M 130.1M
Net Change In Cash -63.40M -$115.6M 77.80M
YoY Change -181.49% -116.32% -137.13%
FREE CASH FLOW
Cash From Operating Activities -$25.50M -$68.10M -$1.000M
Capital Expenditures -$36.90M $111.9M -$69.70M
Free Cash Flow $11.40M -$180.0M $68.70M
YoY Change -83.41% 300.0% -29.07%

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CY2021 podd Repayment Of Equipment Financings
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Interest Paid Net
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CY2019 us-gaap Interest Paid Net
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CY2021 us-gaap Income Taxes Paid
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2500000 USD
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CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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2500000 USD
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3200000 USD
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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9800000 USD
CY2021 us-gaap Nature Of Operations
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Nature of the Business<div style="margin-top:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Insulet Corporation (the “Company”) is primarily engaged in the development, manufacture and sale of its proprietary Omnipod System, an innovative, continuous insulin delivery system for people with insulin-dependent diabetes. The Omnipod System features a small, lightweight, self-adhesive disposable tubeless Omnipod device (“Pod”) that is worn on the body for up to three days at a time, and its wireless companion, the handheld Personal Diabetes Manager (“PDM”) or Controller. The Omnipod System, which features two discreet, easy-to-use devices, communicates wirelessly, provides for virtually pain-free automated cannula insertion and eliminates the need for multiple daily injections using syringes or insulin pens or the use of pump and tubing. The Omnipod System includes: the Omnipod Insulin Management System (“Omnipod”) and its next generation Omnipod DASH</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">TM </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Insulin Management System (“Omnipod DASH”). Omnipod DASH features a secure Bluetooth enabled Pod and PDM with a color touch screen user interface supported by smartphone connectivity.</span></div><div style="margin-top:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company generates most of its revenue from sales of the Omnipod System, which is sold in the U.S., Europe, Canada, the Middle East and Australia. The Omnipod System is sold either directly to end-users or indirectly through intermediaries. Intermediaries include independent distributors who resell the Omnipod to end-users and wholesalers who sell the Company’s product to end-users through the pharmacy channel in the United States. </span></div><div style="margin-top:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to selling the Omnipod System for insulin delivery, the Company also partners with global pharmaceutical and biotechnology companies to tailor the Omnipod System technology platform for the delivery of subcutaneous drugs across other therapeutic areas. The majority of the Company’s drug delivery revenue consists of sales of pods to Amgen for use in the Neulasta® Onpro® kit, a delivery system for Amgen’s Neulasta to help reduce the risk of infection after intense chemotherapy.</span></div>
CY2021 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification of Prior Period Amounts</span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. Unbilled revenues have been combined with accounts receivable, net on the consolidated balance sheet. The impact of this change was an increase to accounts receivable, net and a decrease to prepaid expenses and other current assets at December 31, 2020. Unbilled revenue is presented in Note 8. </span><span style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the Company reclassified the change in unbilled receivables from the change in prepaid expenses and other current assets to the change in accounts receivable in the prior year statements of cash flows in the amount of $1.9 million and $0.1 million</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for the years ended December 31, 2020 and 2019</span><span style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, respectively. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There was no change to previously reported total current assets or net cash (used in) provided by operating activities.</span></div>
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-2000000.0 USD
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-600000 USD
CY2019 us-gaap Advertising Expense
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11200000 USD
CY2021 us-gaap Advertising Expense
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44100000 USD
CY2020 us-gaap Advertising Expense
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30000000 USD
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentration of Credit RiskFinancial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents, short-term and long-term investments in marketable securities and accounts receivable. The Company maintains most of its cash, and investments with a limited number of financial institutions that have a high investment grade credit rating.
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
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1800000 USD
CY2019 us-gaap Contract With Customer Liability Revenue Recognized
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1200000 USD
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1 segment
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1098800000 USD
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904400000 USD
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738200000 USD
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536500000 USD
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478700000 USD
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1098800000 USD
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904400000 USD
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738200000 USD
CY2021Q4 us-gaap Contract With Customer Liability Current
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3500000 USD
CY2020Q4 us-gaap Contract With Customer Liability Current
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5400000 USD
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1500000 USD
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1000000.0 USD
CY2021Q4 us-gaap Contract With Customer Liability
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5000000.0 USD
CY2020Q4 us-gaap Contract With Customer Liability
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6400000 USD
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
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4400000 USD
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13300000 USD
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11000000.0 USD
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26100000 USD
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21900000 USD
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39400000 USD
CY2020Q4 us-gaap Capitalized Contract Cost Net
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32900000 USD
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12300000 USD
CY2020 us-gaap Capitalized Contract Cost Amortization
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10600000 USD
CY2019 us-gaap Capitalized Contract Cost Amortization
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8800000 USD
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58200000 USD
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25800000 USD
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1700000 USD
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1600000 USD
CY2020Q4 us-gaap Restricted Cash Current
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2800000 USD
CY2021Q4 podd Cash Cash Equivalents And Restricted Cash Current
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CY2020Q4 podd Cash Cash Equivalents And Restricted Cash Current
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CY2020Q4 us-gaap Restricted Cash Noncurrent
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CY2020 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020 us-gaap Provision For Doubtful Accounts
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CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2020 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2020Q4 us-gaap Inventory Raw Materials
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CY2020Q4 us-gaap Inventory Work In Process
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CY2020Q4 us-gaap Inventory Finished Goods
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CY2020Q4 us-gaap Inventory Net
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CY2020Q4 podd Capitalized Computer Software Gross Noncurrent
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CY2020Q4 us-gaap Capitalized Computer Software Gross
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CY2020Q4 us-gaap Capitalized Computer Software Accumulated Amortization
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CY2020Q4 us-gaap Capitalized Computer Software Net
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2020Q4 us-gaap Property Plant And Equipment Net
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CY2020 us-gaap Depreciation
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CY2019 us-gaap Depreciation
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CY2020Q4 us-gaap Goodwill
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CY2020Q4 us-gaap Product Warranty Accrual
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CY2020 us-gaap Product Warranty Accrual Warranties Issued
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CY2021Q4 us-gaap Product Warranty Accrual
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CY2020Q4 us-gaap Product Warranty Accrual
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CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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2500000 USD
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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20500000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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9700000 USD
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CY2019 us-gaap Deferred Foreign Income Tax Expense Benefit
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EffectiveIncomeTaxRateReconciliationIntercompanyTransferOfIntellectualPropertyPercent
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CY2019 podd Effective Income Tax Rate Reconciliation Intercompany Transfer Of Intellectual Property Percent
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CY2019Q4 us-gaap Unrecognized Tax Benefits
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2020Q4 us-gaap Unrecognized Tax Benefits
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CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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CY2021Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
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CY2021Q4 us-gaap Deferred Tax Assets Inventory
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5771000 shares
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8187000 shares
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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8291000 shares

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