Insulet’s 2023 Sustainability Report Highlights Commitment to Product Accessibility and Responsible Growth

Rhea-AI Summary

Insulet (NASDAQ: PODD) released its 2023 Sustainability Report highlighting achievements in environmental, social, and governance areas. The report focuses on product accessibility, responsible growth, affordability, resilient operations, and sustainable product innovation. Insulet reached 425,000 active global customers, expanded financial assistance programs, generated renewable energy, reduced waste, and enhanced product sustainability. The company conducted a comprehensive double materiality assessment to prioritize initiatives and ensure operational resilience.

Positive

• Insulet reached approximately 425,000 active global customers using Omnipod products, indicating a strong market presence.

• The Company expanded its U.S. financial assistance program to enhance accessibility to Pod therapy for people with diabetes, demonstrating a commitment to customer support.

• Insulet made significant progress in building resilient operations through the generation of renewable energy, showcasing a dedication to sustainable practices.

• The Company completed multiple projects in 2023 to reduce product manufacturing waste, resulting in a notable annual reduction of plastic and silicone, reflecting a focus on sustainable product innovation.

Negative

• The report does not provide detailed financial data or revenue figures, making it challenging to assess the financial impact of sustainability initiatives on the company's performance.

• While Insulet highlighted positive achievements in sustainability, the PR lacks information on any potential challenges or setbacks faced during the implementation of these initiatives.

ACTON, Mass.--(BUSINESS WIRE)-- Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the global leader in tubeless insulin pump technology with its Omnipod^® brand of products, today released its 2023 Sustainability Report, which describes key accomplishments in environmental, social, and governance (ESG) areas in 2023. The report outlines how the Company’s efforts to focus on sustainability through product accessibility and responsible growth have generated value for our stakeholders.

“We understand the importance of aligning our sustainability goals with the needs of our customers,” said President and CEO, Jim Hollingshead. “As we execute our mission to improve the lives of people with diabetes, we are not only addressing their health and lifestyle challenges, but also creating opportunities for positive change in our communities and for the planet. Our commitment to sustainability underscores everything we do.”

In 2023, Insulet made significant progress in three key areas:

• Affordability and Accessibility

Insulet reached more customers with its flagship innovation, the Omnipod 5 Automated Insulin Delivery System, in the U.K. and Germany and now serves approximately 425,000 active global customers using Omnipod products. The Company also expanded its U.S. financial assistance program to make Pod therapy more accessible to people with diabetes. Insulet continued to build coverage through the pharmacy channel, which reduces the typically high upfront cost of traditional pump therapy.

• Resilient Operations

The Company made significant progress in building resilient operations through the generation of renewable energy. A second solar installation was completed at Insulet’s manufacturing facility and corporate headquarters in Acton, Massachusetts, creating an 802kW increase in potential renewable energy generation. Insulet also increased its waste diversion rate from landfill or incineration by 8%.

• Sustainable Product Innovation

Insulet continued to improve the sustainability of its products and packaging. The Company completed multiple cross-functional projects in 2023 to reduce product manufacturing waste, which will result in an annual reduction of ~260,000 pounds of plastic and ~46,000 pounds of silicone. Circular design principles were applied to the lifecycle of Omnipod products, including packaging, to reduce the amount of waste created. A re-designed Omnipod 5 starter kit launched in the U.S., reducing the package’s carbon footprint by 77% compared to the original design. Insulet has also collected 5.9 million Pods through global product takeback programs.

Materiality

To continue strategic management of environmental and social topics, Insulet conducted its first comprehensive double materiality assessment in 2023. The Company executed this new, multi-dimensional assessment in alignment with the E.U. Corporate Sustainability Reporting Directive (CSRD), a guiding regulation and framework for sustainability disclosures.

Insulet engaged over 65 stakeholders to evaluate the impact of the Company’s activities on overall financial performance, as well as the environment and society at large. By acknowledging the interconnectedness of environmental, social, and financial results, a comprehensive double materiality assessment provides a holistic perspective on sustainability that is crucial for strategically prioritizing initiatives and enabling long-term operational resilience.

“Around the world, our teams bring passion and innovation to their work every day, grounded in our purpose to simplify life for people with diabetes,” said Lisa Brady, Vice President of Global Sustainability and Chief Sustainability Officer. “We bring this same dedication to our sustainability innovation, modernizing the industry as we continue to build a truly sustainable business.”

The 2023 Sustainability Report can be found on Insulet.com and at investor.insulet.com under Environmental, Social and Governance.

About Insulet Corporation:

Insulet Corporation (NASDAQ: PODD), headquartered in Massachusetts, is an innovative medical device company dedicated to simplifying life for people with diabetes and other conditions through its Omnipod product platform. The Omnipod Insulin Management System provides a unique alternative to traditional insulin delivery methods. With its simple, wearable design, the disposable Pod provides up to three days of non-stop insulin delivery, without the need to see or handle a needle. Insulet’s flagship innovation, the Omnipod 5 Automated Insulin Delivery System, is a tubeless automated insulin delivery system, integrated with a continuous glucose monitor to manage blood sugar with no multiple daily injections, zero fingersticks, and can be fully controlled by a compatible personal smartphone or the Omnipod 5 Controller. Insulet also leverages the unique design of its Pod by tailoring its Omnipod technology platform for the delivery of non-insulin subcutaneous drugs across other therapeutic areas. For more information, please visit insulet.com and omnipod.com.

©2024 Insulet Corporation. Omnipod is a registered trademark of Insulet Corporation. All rights reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240507218856/en/

Investor Relations:

Deborah R. Gordon

Vice President, Investor Relations

(978) 600-7717

dgordon@insulet.com

Media:

Angela Geryak Wiczek

Senior Director, Corporate Communications

(978) 932-0611

awiczek@insulet.com

Source: Insulet Corporation

FAQ

How many active global customers does Insulet have using Omnipod products?

Insulet serves approximately 425,000 active global customers using Omnipod products.

What key areas did Insulet make significant progress in during 2023?

Insulet made progress in affordability and accessibility, resilient operations, and sustainable product innovation in 2023.

What is the name of Insulet's flagship innovation in insulin delivery?

Insulet's flagship innovation is the Omnipod 5 Automated Insulin Delivery System.

Where can the 2023 Sustainability Report be found?

The 2023 Sustainability Report can be found on Insulet.com and at investor.insulet.com under Environmental, Social and Governance.