PODD · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
INSULET CORP · 2026-08-05 · Importance 71 · Surprise 48 · No source text
Cash and cash equivalents declined $181.2 million to $534.9 million at June 30, 2026 from $716.1 million at December 31, 2025. Net cash provided by operating activities was $202.2 million for the first six months, while capital expenditures, developed software investments, and share repurchases used $65.1 million and $300.0 million, respectively. Total debt was $948.4 million at June 30, 2026, including a $475.0 million Term Loan B and $450.0 million of senior unsecured notes. The company had no borrowings under its Revolving Credit Facility and held $346.3 million in money market mutual funds within cash and cash equivalents.
Key facts
- Net cash used in financing activities was $315.9 million for the six months ended June 30, 2026, compared with net cash used in financing activities of $65.8 million for the six months ended June 30, 2025. source
- We have a $500 million senior secured revolving credit facility which expires in 2030, and at June 30, 2026 no amount was outstanding under the facility. source
- Cash and cash equivalents were $534.9 million at June 30, 2026 and $716.1 million at December 31, 2025. source
- The Company’s accrued rebates liability at June 30, 2026: $259.7 million (up from $205.5 million at December 31, 2025). source
- During the six months ended June 30, 2025, we received net proceeds of $440.7 million from the issuance of Senior Unsecured Notes and used the proceeds along with proceeds of $75.7 million from the unwinding the related capped call options to partially fund the $541.5 million repurchase of a portion of our Convertible Senior Notes. source
- The Company repurchased $294.7 million principal ( $293.1 million net of issuance costs) of Convertible Senior Notes for $377.6 million in cash during the three months ended June 30, 2025, resulting in an $84.4 million loss on extinguishment. source
- During the six months ended June 30, 2025 the Company repurchased a total of $419.9 million in principal ($417.6 million net of issuance costs) of Convertible Senior Notes for $541.5 million in cash, resulting in a $123.9 million loss on extinguishment. source
- During the six months ended June 30, 2026, we repaid $9.1 million of debt, compared with payments of $26.4 million during the six months ended June 30, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -7.9% | Net cash used in financing activities was $315.9 million for the six months ended June 30, 2026, compared with net cash used in financing… |
| cash | negative | realized | -5.7% | Cash and cash equivalents were $534.9 million at June 30, 2026 and $716.1 million at December 31, 2025. |
| assets | negative | realized | -2.9% | Total stockholders’ equity was $1,422.2 million at June 30, 2026 and $1,515.2 million at December 31, 2025. |
| liability | negative | realized | -1.7% | The Company’s accrued rebates liability at June 30, 2026: $259.7 million (up from $205.5 million at December 31, 2025). |
| cash | positive | realized | +0.6% | During the six months ended June 30, 2026, we repaid $9.1 million of debt, compared with payments of $26.4 million during the six months… |
| liability | positive | realized | +0.0% | Long-term debt, net was $929.5 million at June 30, 2026 and $930.8 million at December 31, 2025. |
| liability | positive | realized | +0.0% | Total debt, net was $948.4 million at June 30, 2026 and $949.2 million at December 31, 2025. |