J.P.

Morgan
Healthcare Conference
Shacey Petrovic, President & CEO
January 2020

1
Alexis B.
Podder since 2013
Forward Looking Statement

This presentation may contain forward-looking statements concerning Insulet's expectations, anticipations, intentions, beliefs or strategies
regarding the future. These forward-looking statements are based on current expectations and beliefs concerning future developments and their
potential effects on Insulet. There can be no assurance that future developments affecting Insulet will be those that it has anticipated. These
forward-looking statements involve a number of risks, uncertainties (some of which are beyond its control) or other assumptions that may cause
actual results or performance to be materially different from those expressed or implied by these forward-looking statements, and other risks and
uncertainties described in its Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission in February 2019 in the
section entitled "Risk Factors," and in its other filings from time to time with the Securities and Exchange Commission. Should one or more of
these risks or uncertainties materialize, or should any of its assumptions prove incorrect, actual results may vary in material respects from those
projected in these forward-looking statements. Insulet undertakes no obligation to publicly update or revise any forward-looking statements.

© 2020 Insulet Corporation, Omnipod, the Omnipod logo, DASH, Omnipod DISPLAY, Horizon, Podder and Omnipod VIEW are trademarks or registered trademarks of Insulet Corporation.
All rights reserved. All other trademarks are the property of their respective owners. The use of third-party trademarks does not constitute an endorsement or imply a relationship or other affiliation. 2
Agenda

Large and underpenetrated global market opportunity

Differentiated products and innovation strategy

Sustained above-market execution

Kate H.
USA Long Jump Champion
Podder since 2012 3
Expanding into a Large and Underpenetrated Diabetes Market

~10M1
Total addressable global market
in the markets we serve today

~3.5 – 4M ~5 – 6M
CANADA USA EUROPE ISRAEL Type 1 diabetes (T1D) Type 2 diabetes insulin-requiring
SELECT COUNTRIES
(T2DIR)

Anticipate entering 5 new markets in 2020

1. Per Seagrove Partners independent research and Insulet estimates. 4

Omnipod is Unlocking the Largest Market Opportunity

~95% Omnipod ~5%

of the global market opportunity of the global market opportunity

MULTIPLE DAILY CONVENTIONAL

INJECTIONS (MDI) INSULIN PUMP

vs. vs.
~14

One Pod replaces up to 14 Tom L.

Podder since 2016
injections1

1. Insulet internal data. 5

Omnipod is Uniquely Attractive to MDI Users

~75-80%
INSERT NEW IMAGE of new users come from MDI1

SINCE 2015 SINCE 2009

With Omnipod, I can… 66%

of users would not have moved to
pump therapy if not for Omnipod1

Giuliana P. 1. Insulet internal data.

Podder since 2016
6
SINCE 2012 SINCE 2015
Omnipod Reduces the Burden of T1D and T2D

Omnipod can:

Provide discretion, simplicity and ease of use

Address access barriers

Layla G.
Podder since 2017
Minimize time required for training and support Ernesto M.
Podder since 2017

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 Driving Significant Market Access of Omnipod

Widespread commercial coverage

Strong growth fueled by Medicare Part D

prescription drug coverage

Pharmacy channel provides significant advantages

Marvin T.
Podder since 2016

8
Disrupting the Insulin Delivery Market through
the Power of Pharmacy and Pay-As-You-Go Model

Quicker turnaround Convenience of a Favorable patient

time one-stop shop out of pocket

Differentiation that Omnipod provides

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Consumer-Focused Innovation Will Drive Continued Growth

2019 2020
Omnipod DASH mobile platform
Omnipod Horizon automated Future Vision
insulin delivery

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Omnipod DASH Provides Simplicity through Mobile Technology

CGM/Pod data with

iOS Widgets

PDM with simple touchscreen User app and insulin/CGM

interface view Caregiver app1

1. Up to 12 caregivers can follow an Omnipod user with permission through the Omnipod VIEW app. 11
Delivering Omnipod Horizon:
Automated Insulin Delivery with Phone Control

Differentiated Technology

Designed for Personal

Personalized
greater time smartphone
therapy
in closed loop control

Omnipod Horizon is the “single biggest winner as a stand-alone

product. Respondents thought that the patch pump design with phone
controller was the best embodiment of an AP pump.”
Seagrove Partners independent research

Jenna B.
Podder since 2018

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Omnipod Horizon Models Physiologic Insulin Delivery
300
Sensor Glucose –

250 High Prediction

High Prediction
200 Current Glucose
mg/dL

150

100

50
1 hr Prediction Low Prediction
0 Low Prediction

0.15
Insulin
Insulin - Units

Microbolus Microbolus Microbolus

0.1

Suspend Suspend Suspend Suspend

0.05

0
Time 0:00 4:00 8:00 12:00 16:

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14
Omnipod Horizon Coming to Market Second Half of This Year

DECEMBER 2019 TODAY SECOND HALF OF 2020

Completed pre-pivotal In pivotal Launch

28 individuals ages 6 to 70 years Up to 240 individuals ages 6 to 701 Game-changing automated insulin
delivery system

• Safety: Incidences of severe hypoglycemia and diabetic ketoacidosis (DKA)

Pivotal • Effectiveness: Changes in A1C from baseline and in % time in range
Endpoints • Other: % time in hypoglycemia, average glucose, % reduction in total daily insulin, numerous patient reported outcomes

1. 240 individuals expected to be enrolled. 15

Investing to Expand Margins and Capacity

Each line expected to

provide up to

Operational excellence and

supply chain optimization will
drive long-term margin growth
50%
the capacity of current
China operation

with up to

New state-of-the art U.S. 90 %

manufacturing facility supports less headcount
global growth and capacity
requirements

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Above Market Financial Performance Driving
Significant Value Creation

+20%
REVENUE CAGR4
2000
BPS4
Mid-Teens
OPERATING MARGIN4

REVENUE GROSS MARGIN OPERATING PROFIT

$1B1 Mid-teens1
70%1 operating margin
Relatively consistent
with prior year 1,3
$722-730M1,2 Mid-single digit1
operating margin

-14%
0%

$185M 48%

2013 2019E 2021 Target 2013 2019E 2021 Target 2013 2019E 2021 Target

1. As provided on the Company’s third quarter 2019 earnings call on November 5, 2019.
2. Represents year-over-year growth of 28% to 29%.
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3. Gross margin for full year 2018 was 65.7%.
4. Revenue and gross margin expected growth from 2013 through 2021. Mid-teens operating profit is a 2021 target.
In Summary

Large and underpenetrated global market opportunity

Differentiated products and innovation strategy

Sustained above-market execution

Kate H.
USA Long Jump Champion
Podder since 2012 18