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Stock-Based Compensation Expense (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Compensation Expense | Compensation expense related to stock-based awards was recorded as follows:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Cost of revenue | $ | 0.7 |  |  | $ | 0.4 |  |  | $ | 0.4 |
Research and development | 9.0 |  |  | 11.5 |  |  | 8.9 |
Selling, general and administrative | 59.6 |  |  | 36.4 |  |  | 31.6 |
Total | $ | 69.3 |  |  | $ | 48.3 |  |  | $ | 40.9 |
Schedule of Stock Option Activity | The following summarizes the activity under the Company’s stock option plans:
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2023 | 436,094 |  |  | $ | 135.37 |  |  |  |  |
Granted | 138,108 |  |  | $ | 166.62 |  |  |  |  |
Exercised | (127,125) |  |  | $ | 64.24 |  |  |  |  | $ | 16.5 |
Forfeited and canceled | (47,682) |  |  | $ | 246.17 |  |  |  |  |
Outstanding at December 31, 2024 | 399,395 |  |  | $ | 155.65 |  |  | 6 |  | $ | 43.4 |
Vested, December 31, 2024 | 202,279 |  |  | $ | 113.10 |  |  | 3.3 |  | $ | 30.5 |
Vested or expected to vest, December 31, 2024 | 370,691 |  |  | $ | 153.06 |  |  | 5.7 |  | $ | 41.2 |
Schedule of Assumptions Used for Options Granted | The assumptions used in the Black-Scholes pricing model for options granted during each year, along with the weighted-average grant-date fair values, were as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Risk-free interest rate | 4.4% |  | 4.3% |  | 1.8%
Expected life of options (in years) | 4.1 |  | 4.2 |  | 4.2
Dividend yield | —% |  | —% |  | —%
Expected stock price volatility | 46.2% |  | 45.7% |  | 42.8%
Fair value per option | $69.48 |  | $115.32 |  | $93.26
Schedule of Restricted Stock Units | Activity for RSUs is as follows:
| Number of Shares |  | Weighted Average Fair Value
Outstanding at December 31, 2023 | 249,194 |  |  | $ | 255.31 |
Granted | 279,528 |  |  | $ | 171.23 |
Vested | (108,839) |  |  | $ | 260.01 |
Forfeited | (27,137) |  |  | $ | 215.48 |
Outstanding at December 31, 2024 | 392,746 |  |  | $ | 196.74 |
Schedule of Performance Stock Units | Activity for PSUs is as follows:
| Number of Shares |  | Weighted Average Fair Value
Outstanding at December 31, 2023 | 122,466 |  |  | $ | 261.65 |
Granted(1) | 137,383 |  |  | $ | 166.86 |
Vested | (16,677) |  |  | $ | 278.97 |
Forfeited | (6,400) |  |  | $ | 261.63 |
Outstanding at December 31, 2024(2) | 236,772 |  |  | $ | 205.74 |
(1) Includes a 675 share adjustment to awards granted in 2021 for the three-year performance cycle award period ended 2023, based on the actual performance achievement of 111%. (2) Based on 169% achievement of the performance metrics, approximately 83,000 shares of Insulet were earned for awards that were granted in 2022 for the performance period ended December 31, 2024. These shares vest in February 2025.
Schedule of Estimated Fair Value of Share Purchase Under ESPP | The estimated fair value of shares purchased under the ESPP were based on the following assumptions:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Risk-free interest rate | 4.4% - 5.4% |  | 5.3% - 5.4% |  | 1.6% - 4.7%
Expected term (in years) | 0.5 |  | 0.5 |  | 0.5
Dividend yield | —% |  | —% |  | —%
Expected stock price volatility | 34.2% - 40.9% |  | 29.1% - 47.0% |  | 44.3% - 50.1%

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