INSULET CORP

Previous wording

Our mission is to transform the lives of people with diabetes. We are primarily engaged in the development, manufacture, and sale of our proprietary Omnipod product platform, a continuous insulin delivery system for people with insulin-dependent diabetes. The Omnipod platform primarily includes our most recent generation Omnipod 5 and its predecessor Omnipod DASH, which eliminate the need for multiple daily injections using syringes or insulin pens or the use of pump and tubing. Omnipod 5, which builds on our Omnipod DASH mobile platform, is a tubeless automated insulin delivery system that integrates with a continuous glucose monitors (“CGM”) to manage blood sugar and is fully controlled by a compatible personal smartphone or Omnipod 5 Controller. It is indicated for type 1 diabetes and, in the United States, for type 2 diabetes for ages 18 and up. The CGM is sold separately by third parties. The Pod currently integrates with Dexcom, Inc.’s G6 and G7 CGMs and with Abbott Diabetes Care, Inc.’s (“Abbott”) FreeStyle Libre 2 Plus sensor (“Libre 2 Plus”) in various markets. Omnipod DASH features a secure Bluetooth enabled Pod that is controlled by a smartphone-like Personal Diabetes Manager (“PDM”) with a color touch screen user interface.

Current wording

Our mission is to transform the lives of people with diabetes. We are primarily engaged in the development, manufacture, and sale of our proprietary Omnipod product platform, a continuous insulin delivery system for people with insulin-dependent diabetes. The Omnipod platform primarily includes our most recent generation Omnipod 5 and its predecessor Omnipod DASH, which eliminate the need for multiple daily injections using syringes or insulin pens or the use of pump and tubing. Omnipod 5, which builds on our Omnipod DASH mobile platform, is a tubeless automated insulin delivery system that integrates with a continuous glucose monitors (“CGM”) to manage blood sugar and is fully controlled by a compatible personal smartphone or Omnipod 5 Controller. It is indicated for type 1 diabetes and, in the United States, for type 2 diabetes for ages 18 and up. The CGM is sold separately by third parties. The Pod integrates with Dexcom, Inc.’s G6 and G7 CGMs and with Abbott Diabetes Care, Inc.’s (“Abbott”) FreeStyle Libre 2 Plus sensor (“Libre 2 Plus”) in various markets. In June 2026, we expanded compatibility with Abbott’s Freestyle Libre 3 Plus sensor (“Libre 3 Plus”) in the United States and announced the U.S. rollout of Omnipod 5 algorithm enhancements, including a lower 100mg/dL target glucose set point. Omnipod DASH features a secure Bluetooth enabled Pod that is controlled by a smartphone-like Personal Diabetes Manager (“PDM”) with a color touch screen user interface.

Previous wording

Our financial objective is to sustain profitable growth. To achieve this, we continue to roll out Omnipod 5 in additional countries. In February 2026, we launched Omnipod 5 in five counties in the Middle East. Additionally, we are working on further building our international teams and advancing our regulatory, reimbursement, and market development efforts so we can bring Omnipod 5 to additional international markets.

Current wording

Our financial objective is to sustain profitable growth. To achieve this, we continue to roll out Omnipod 5 in additional countries. In February 2026, we launched Omnipod 5 and Omnipod Discover TM in five counties in the Middle East, and in July 2026, we launched Omnipod 5 and Omnipod Discover TMin Spain. Additionally, we are working on further building our international teams and advancing our regulatory, reimbursement, and market development efforts so we can bring Omnipod 5 to more international markets.

Previous wording

We continue to focus on our product development efforts, including choice of smartphone integration and CGM with Omnipod 5 and enhancing the customer experience through digital product and data capabilities. We are currently working to integrate Omnipod 5 with Abbott’s FreeStyle Libre 3 Plus (“Libre 3 Plus”) and developing Omnipod 6, our next generation AID product. During the first quarter of 2026, we completed a limited market release in the U.S. of Omnipod 5 algorithm enhancements, including a lower 100mg/dL target glucose set point. In addition, we completed a limited market release of the Omnipod 5 algorithm with Libre 3 Plus in the U.S. We also advanced development of our fully closed-loop AID system for people with type 2 diabetes, including recently enrolling the first participant in our EVOLVE pivotal study to support a planned 510(k) submission in 2027.

Current wording

We are also focused on product development efforts, including choice of smartphone integration and CGM with Omnipod 5 and enhancing the customer experience through digital product and data capabilities. We are currently developing Omnipod 6, our next generation AID product. We also advanced development of our fully closed-loop AID system for people with type 2 diabetes, including enrolling the first participant in our EVOLVE pivotal study to support a planned 510(k) submission in 2027.

Previous wording

Total revenue for the three months ended March 31, 2026 increased $192.8 million, or 33.9%, to $761.7 million, compared with $569.0 million for the three months ended March 31, 2025. Constant currency revenue growth of 30.1% for the three months ended March 31, 2026 was primarily driven by higher sales volume largely attributable to our growing customer base and, to a lesser extent, higher price.

Current wording

Total revenue for the three months ended June 30, 2026 increased $152.6 million, or 23.5%, to $801.7 million, compared with $649.1 million for the three months ended June 30, 2025. Total revenue for the six months ended June 30, 2026 increased $345.3 million, or 28.4%, to $1.6 billion, compared with $1.2 billion for the six months ended June 30, 2025. Constant currency revenue growth of 22.7% and 26.2% for the three and six months ended June 30, 2026, respectively, was primarily driven by higher sales volume largely attributable to our growing customer base and, to a lesser extent, higher price.

Previous wording

Revenue from the sale of Omnipod products in the U.S. increased $113.9 million, or 28.3%, to $515.6 million for the three months ended March 31, 2026, compared with $401.7 million for the three months ended March 31, 2025. This increase primarily resulted from higher sales volume driven by growing our customer base.

Current wording

Revenue from the sale of Omnipod products in the U.S. increased $91.0 million, or 20.1%, to $544.1 million for the three months ended June 30, 2026, compared with $453.2 million for the three months ended June 30, 2025. Revenue from the sale of Omnipod products in the U.S. increased $204.8 million, or 24.0%, to $1,059.7 million for the six months ended June 30, 2026, compared with $854.9 million for the six months ended June 30, 2025. The increases for both the three and six months ended June 30, 2026 primarily resulted from higher sales volume driven by growing our customer base.

Previous wording

As discussed in note 1 to our consolidated financial statements, revenue from the sale of Omnipod products in the U.S. for the three months ended March 31, 2025 included $148.5 million of sales to a related party.

Current wording

As discussed in note 1 to our consolidated financial statements, revenue from the sale of Omnipod products in the U.S. included $178.6 million and $327.1 million of sales to a related party for the three and six months ended June 30, 2025, respectively.

Previous wording

Revenue from the sale of Omnipod products in our international markets increased $90.5 million, or 59.4%, to $242.9 million for the three months ended March 31, 2026, compared with $152.3 million for the three months ended March 31, 2025. Excluding the 14.2% favorable impact of currency exchange, the remaining 45.2% increase in revenue was primarily due to higher volumes from our growing customer base, and to a lesser extent, a higher average selling price for Omnipod 5, compared with Omnipod DASH.

Current wording

Revenue from the sale of Omnipod products in our international markets increased $66.0 million, or 35.5%, to $251.8 million for the three months ended June 30, 2026, compared with $185.8 million for the three months ended June 30, 2025. Excluding the 2.7% favorable impact of currency exchange, the remaining 32.9% increase in revenue was primarily due to higher volumes from our growing customer base, and to a lesser extent, a higher average selling price for Omnipod 5, compared with Omnipod DASH.

Previous wording

Substantially all of our 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. Drug Delivery revenue was $3.3 million and $14.9 million for the three months ended March 31, 2026 and 2025, respectively.

Current wording

Substantially all of our 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. Drug Delivery revenue was $5.8 million and $10.2 million for the three months ended June 30, 2026 and 2025, respectively, and $9.1 million and $25.1 million for the six months ended June 30, 2026 and 2025, respectively. The $4.4 million and $16.0 million decreases for the three and six months ended June 30, 2026, respectively, were driven by lower order volumes from our partner.

Previous wording

Cost of revenue for the three months ended March 31, 2026 increased $72.7 million, or 45.5%, to $232.7 million, compared with $159.9 million for the three months ended March 31, 2025. Gross margin was 69.5% for the three months ended March 31, 2026, compared with 71.9% for the three months ended March 31, 2025. The 240 basis point decrease in gross margin was primarily driven by an increase in inventory excess and obsolescence reserve as we transition to our new Pod configurations and, to a lesser extent, higher warranty costs resulting from the voluntary medical device correction we issued in March 2026 related to specific lots of

Current wording

Cost of revenue for the six months ended June 30, 2026 increased $115.0 million, or 32.2%, to $471.8 million, compared with $356.8 million for the six months ended June 30, 2025. Gross margin was 69.8% for the six months ended June 30, 2026, compared with 70.7% for the six months ended June 30, 2025. The 90 basis point decrease in gross margin was primarily driven by higher warranty costs resulting from the voluntary medical device corrections discussed under “Factors Affecting Operating Results” and, to a lesser extent, an increase in inventory excess and obsolescence reserve as we transition to our new Pod configurations. These decreases in gross margin were partially offset by improved manufacturing efficiencies and a higher average selling price.

Previous wording

We estimate the voluntary medical device correction and related costs will be approximately $30 million, more than half of which we expect to incur in 2026, with the remainder expected to be incurred in 2027. The latter relates to incremental manual quality inspections expected to be performed until automated inspection systems are implemented. We do not expect tariffs to have a significant impact on our gross margin in 2026; however, the elimination of the current exemption for certain medical devices would have a material impact on our results of operations in future years.

Current wording

We do not expect tariffs to have a significant impact on our gross margin in 2026; however, the elimination of the current exemption for certain medical devices would have a material impact on our results of operations in future years.

Previous wording

Research and development expenses for the three months ended March 31, 2026 increased $30.1 million, or 50.6%, to $89.7 million, compared with $59.6 million for the three months ended March 31, 2025. Research and development expenses as a percent of revenue was 11.8% and 10.5% for the three months ended March 31, 2026 and 2025, respectively. The increase in research and development expenses were primarily due to continued investment in our Omnipod and pipeline products, including a fully closed-loop AID system for type 2 diabetes and Omnipod 6, our next generation AID system.

Current wording

Research and development expenses for the three months ended June 30, 2026 increased $14.7 million, or 20.0%, to $88.1 million, compared with $73.4 million for the three months ended June 30, 2025. Research and development expenses as a percent of revenue was 11.0% and 11.3% for the three months ended June 30, 2026 and 2025, respectively. Research and development expenses for the six months ended June 30, 2026 increased $44.8 million, or 33.7%, to $177.8 million, compared with $133.0 million for the six months ended June 30, 2025. Research and development expenses as a percent of revenue was 11.4% and 10.9% for the six months ended June 30, 2026 and 2025, respectively. The increase in research and development expenses in both the three and six months ended June 30, 2026 were primarily due to continued investment in our Omnipod and pipeline products, including Omnipod 6, our next generation AID system, and a fully closed-loop AID system for type 2 diabetes.

Previous wording

Interest expense increased $5.5 million to $14.7 million for the three months ended March 31, 2026, compared with $9.2 million for the three months ended March 31, 2025 primarily due to the issuance of 6.5% senior unsecured notes in March 2025 and the renewal of interest rate swaps at higher rates in April 2025.

Current wording

Interest expense decreased $6.1 million to $13.5 million for the three months ended June 30, 2026, compared with $19.6 million for the three months ended June 30, 2025 primarily due to Term Loan B refinancing fees in prior year which did not recur in the current year. Interest expense of $28.2 million for the six months ended June 30, 2026 was level with interest expense for the six months ended June 30, 2025 as the lack of refinancing fees was offset by higher expense resulting from the issuance of 6.5% senior unsecured notes in March 2025 and the renewal of interest rate swaps at higher rates in April 2025.

Previous wording

Interest income decreased $5.3 million to $4.9 million for the three months ended March 31, 2026, compared with $10.3 million for the three months ended March 31, 2025. The decrease in interest income was driven by lower average cash balances and, to a lesser extent, lower average interest rates.

Current wording

Interest income decreased $6.5 million to $3.6 million for the three months ended June 30, 2026, compared with $10.1 million for the three months ended June 30, 2025. Interest income decreased $11.8 million to $8.5 million for the six months ended June 30, 2026, compared with $20.3 million for the six months ended June 30, 2025. The decreases in interest income for both the three and six months ended June 30, 2026 were driven by lower average cash balances and, to a lesser extent, lower average interest rates.

Previous wording

During three months ended March 31, 2025, the Company repurchased $125.2 million in principal ($124.5 million net of issuance costs) of Convertible Senior Notes for $162.5 million in cash, which resulted in a $39.5 million loss on extinguishment.

Current wording

During three months ended June 30, 2025, we repurchased $294.7 million in principal ($293.1 million net of issuance costs) of Convertible Senior Notes for $377.6 million in cash, which resulted in a $84.4 million loss on extinguishment. We repurchased $419.9 million in principal ($417.6 million net of issuance costs) of Convertible Senior Notes for $541.5 million in cash during six months ended June 30, 2025, which resulted in a $123.9 million loss on extinguishment.

Previous wording

Our effective tax rate was 19.4% for the three months ended March 31, 2026, compared with 26.4% for the three months ended March 31, 2025. The decrease in the effective tax rate was primarily due to non-deductible charges from the extinguishment of convertible debt during the three months ended March 31, 2025, as well as changes in the distribution of earnings among the jurisdictions in which we operate.

Current wording

Our effective tax rate was 20.0% and 19.7% for the three and six months ended June 30, 2026, respectively, compared with 20.8% and 24.3% for the three and six months ended June 30, 2025, respectively. The decreases in the effective tax rate in both periods were primarily due to non-deductible charges from the extinguishment of convertible debt in the prior year, as well as changes in the jurisdictional profit mix.

Previous wording

The Organization for Economic Co-operation and Development (“OECD”) and participating countries continue to advance the implementation of a 15% global minimum corporate tax (“Pillar Two”). Certain jurisdictions in which we operate, including the Netherlands and the United Kingdom, enacted legislation implementing aspects of Pillar Two during 2025. In January 2026, the OECD issued additional administrative guidance introducing a “side-by-side” framework applicable to U.S.-parented multinational groups, which is expected to reduce the extent to which certain Pillar Two charging provisions, including the Income Inclusion Rule and the Undertaxed Profits Rule, apply. Notwithstanding this guidance, we remain subject to Qualified Domestic Minimum Top-Up Taxes enacted by certain jurisdictions. We expect ongoing legislative developments and additional administrative guidance related to Pillar Two throughout 2026. Pillar Two did not have a material impact on our consolidated financial statements for the three months ended March 31, 2026; however, we continue to monitor developments and evaluate the potential impact of this legislation on future periods.

Current wording

The Organization for Economic Co-operation and Development (“OECD”) and participating countries continue to advance the implementation of a 15% global minimum corporate tax (“Pillar Two”). Certain jurisdictions in which we operate, including the Netherlands and the United Kingdom, enacted legislation implementing aspects of Pillar Two during 2025. In January 2026, the OECD issued additional administrative guidance introducing a “side-by-side” framework applicable to U.S.-parented multinational groups, which is expected to reduce the extent to which certain Pillar Two charging provisions, including the Income Inclusion Rule and the Undertaxed Profits Rule, apply. Notwithstanding this guidance, we remain subject to Qualified Domestic Minimum Top-Up Taxes enacted by certain jurisdictions. We expect ongoing legislative developments and additional administrative guidance related to Pillar Two throughout 2026. Pillar Two did not have a material impact on our consolidated financial statements for the three and six months ended June 30, 2026; however, we continue to monitor developments and evaluate the potential impact of this legislation on future periods.

Previous wording

During 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, changes to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The legislation includes multiple effective dates for various provisions through 2027. Our effective tax rate for 2026 is affected by changes to the allocation of research and development expenses for purposes of the Foreign-Derived Deduction-Eligible Income (“FDDEI”), as well as other international tax reforms enacted under OBBBA. The effects of the legislation were not material to our consolidated financial statements for the three months ended March 31, 2026.

Current wording

During 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, changes to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The legislation includes multiple effective dates for various provisions through 2027. Our effective tax rate for 2026 is affected by changes to the allocation of research and development expenses for purposes of the Foreign-Derived Deduction-Eligible Income (“FDDEI”), as well as other international tax reforms enacted under OBBBA. The effects of the legislation were not material to our consolidated financial statements for the three and six months ended June 30, 2026.

Previous wording

(3) Represents adjustment to the severance benefits for our former Chief Financial Officer.

Current wording

(3) Amounts for the three and six months ended June 30, 2026 represent adjustments to the severance benefits for the Company’s former Chief Financial Officer (CFO). The amounts for the three and six months ended June 30, 2025 represent the severance benefits for the Company’s former CEO.

Previous wording

(1) Relates to the repurchase of a portion of our convertible debt.

Current wording

(4) Relates to the repurchase of convertible debt.

Previous wording

Net cash provided by operating activities of $113.8 million for the three months ended March 31, 2026 was primarily attributable to net income, as adjusted for depreciation and amortization, stock-based compensation expense, and deferred income taxes, partially offset by a $32.3 million working capital outflow. The working capital outflow was driven by a $69.3 million decrease in accrued expenses and other liabilities and a $30.6 million increase in accounts receivable, partially offset by a $71.4 million increase in accounts payable. The decrease in accrued expenses and other liabilities was primarily driven by the annual payout of cash bonuses for performance in the prior year. The increases in accounts receivable and payable were primarily due to an increase in sales driven by our growing customer base and the timing of payments, respectively.

Current wording

Net cash provided by operating activities of $202.2 million for the six months ended June 30, 2026 was primarily attributable to net income, as adjusted for depreciation and amortization, stock-based compensation expense, and deferred income taxes, partially offset by a $94.5 million working capital outflow. The working capital outflow was driven by a $76.9 million increase in accounts receivable, a $34.9 million increase in inventories, and a $28.1 million increase in prepaid expenses and other assets, partially offset by a $39.9 million increase in accounts payable. The increase in accounts receivable was primarily driven by the timing of distributor orders in the United States. The increase in inventories was primarily driven by a planned inventory build to satisfy our growing demand. The increase in prepaid expenses and other assets was primarily driven by receivables from our contract manufacturer. The increase in accounts payable was primarily due to the timing of payments.

Previous wording

Net cash used in investing activities was $27.7 million for the three months ended March 31, 2026, compared with $15.6 million for the three months ended March 31, 2025.

Current wording

Net cash used in investing activities was $65.1 million for the six months ended June 30, 2026, compared with $38.9 million for the six months ended June 30, 2025.

Previous wording

Capital Spending—Capital expenditures were $24.3 million for the three months ended March 31, 2026, compared with $12.3 million for the three months ended March 31, 2025. The $12.0 million increase primarily related to the purchase of machinery, equipment and tooling for our existing manufacturing facilities and initial investment in our Costa Rica manufacturing plant. We expect capital expenditures for 2026 to increase compared with 2025 to support our continued global manufacturing expansion plans. We expect to fund our capital expenditures using existing cash and financing.

Current wording

Capital Spending—Capital expenditures were $56.8 million for the six months ended June 30, 2026, compared with $30.9 million for the six months ended June 30, 2025. The $25.9 million increase primarily related to the purchase of machinery, equipment and tooling for our existing manufacturing facilities and initial investment in our Costa Rica manufacturing plant. We expect capital expenditures for 2026 to increase compared with 2025 to support our continued global manufacturing expansion plans. We expect to fund our capital expenditures using existing cash and financing.

Previous wording

Net cash used in financing activities was $319.9 million for the three months ended March 31, 2026, compared with net cash provided by financing activities of $277.7 million for the three months ended March 31, 2025.

Current wording

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.

Previous wording

Debt Issuance and Repayments—During the three months ended March 31, 2025, we received net proceeds of $440.7 million from the issuance of Senior Unsecured Notes and used the proceeds along with proceeds of $23.1 million from the unwinding the related capped call options to partially fund the $163.9 million repurchase of a portion of our Convertible Senior Notes.

Current wording

Debt Issuance and Repayments—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. Additionally, 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. During the six months ended June 30, 2025, we also received proceeds of $15.5 million from the refinancing of Term Loan B.

Previous wording

Proceeds and Repayments from Secured Borrowing—During the three months ended March 31, 2025, we received $15.4 million of cash advances from a third-party to whom we outsourced our insurance claim submissions process in a certain country. Additionally, we repaid $13.4 million of cash advances during the three months ended March 31, 2025.

Current wording

Proceeds and Repayments from Secured Borrowing—During the six months ended June 30, 2025, we received $36.1 million of cash advances from a third-party to whom we outsourced our insurance claim submissions process in a certain country and repaid $32.6 million of cash advances.

Previous wording

Payment of Taxes for Restricted Stock Net Settlements—Payments for taxes related to net restricted and performance stock unit settlements were $15.7 million and $21.2 million for the three months ended March 31, 2026 and 2025, respectively. The $5.5 million decrease was primarily driven by tax payments related to the vesting of performance and restricted stock units for a former executive in the prior year.

Current wording

Payment of Taxes for Restricted Stock Net Settlements—Payments for taxes related to net restricted and performance stock unit settlements were $16.2 million and $22.9 million for the six months ended June 30, 2026 and 2025, respectively. The $6.7 million decrease was primarily driven by tax payments related to the vesting of performance and restricted stock units for a former executive in the prior year.

Previous wording

Repurchase of Common Stock—During the three months ended March 31, 2026, we paid $300.0 million to repurchase common shares pursuant to accelerated share repurchase agreements discussed under“Capitalization—Share Repurchase Program.”

Current wording

Repurchase of Common Stock—During the six months ended June 30, 2026 and 2025, we repurchased common stock for an aggregate purchase price of $300.0 million and $30.1 million, respectively. Repurchases during the six months ended June 30, 2026 were made pursuant to accelerated share repurchase agreements discussed under“Capitalization—Share Repurchase Program.”

Previous wording

Free cash flow was $89.5 million for the three months ended March 31, 2026, compared with $51.6 million for the three months ended March 31, 2025. The $38.0 million increase in free cash flow primarily resulted from an increase in operating income as adjusted for depreciation, amortization, and stock-based compensation expense, and a decrease in working capital outflow, partially offset by an increase in capital expenditures.

Current wording

Free cash flow was $145.4 million for the six months ended June 30, 2026, compared with $229.4 million for the six months ended June 30, 2025. The $83.9 million decrease in free cash flow primarily resulted from an increase in working capital outflow and an increase in capital expenditures, partially offset by an increase in operating income as adjusted for depreciation, amortization, and stock-based compensation expense.

Previous wording

In February 2026, the Board of Directors extended our $125 million share repurchase program to December 31, 2027 and approved an additional $350 million in repurchases of common stock. Additionally, in February 2026, we entered into accelerated share repurchase agreements (“ASRs”) to repurchase $300 million of our common stock, which were completed by March 31, 2026. During the three months ended March 31, 2026, we repurchased approximately 1.25 million shares of common stock.

Current wording

In February 2026, the Board of Directors extended our $125 million share repurchase program to December 31, 2027 and approved an additional $350 million in repurchases of common stock. Additionally, in February 2026, we entered into accelerated share repurchase agreements (“ASRs”) to repurchase $300 million of our common stock, which were completed by March 31, 2026. During the six months ended June 30, 2026, we repurchased approximately 1.25 million shares of common stock.

Previous wording

In 2026, we entered into a purchase agreement with NXP USA, Inc. pursuant to which we are committed to purchasing semi-conductor chips for approximately $96.9 million as of March 31, 2026.

Current wording

In 2026, we entered into a purchase agreement with NXP USA, Inc. pursuant to which we are committed to purchasing semi-conductor chips for approximately $77.4 million as of June 30, 2026.

Previous wording

•our ability to maintain and grow our customer base;

Current wording

•our ability to maintain and grow our customer base, including through expansion to additional international markets;

Previous wording

•our failure or that of our contract manufacturer or component suppliers to comply with the U.S. Food and Drug Administration’s quality system regulations or other manufacturing difficulties;

Current wording

•our failure or that of our contract manufacturer or component suppliers to comply with the U.S. Food and Drug Administration’s quality system regulations, our or our contract manufacturer's ability to successfully implement quality inspection systems, or other manufacturing difficulties;

Previous wording

•potential adverse impacts resulting from a recall, or discovery of product safety issues, including potential adverse impacts relating to our recent medical device correction;

Current wording

•potential adverse impacts resulting from a recall, or discovery of product safety issues, including potential adverse impacts relating to our recent medical device corrections;