Financial Analysis

8. Employee Benefit Plans and Stockholders Equity Defined Contribution Plans We offer various defined contribution plans for U.S. and international employees. The largest defined contribution plan is the 401(k) retirement plan (the 401(k) Plan) covering substantially all employees in the United States that meet certain age requirements. Employees who participate in the 401(k) Plan may contribute up to 90% of their compensation each year, subject to Internal Revenue Service limitations and the terms and conditions of the plan. Under the terms of the 401(k) Plan, we may elect to match a discretionary percentage of contributions. We match 50% of contributions up to 6% of eligible compensation. Total matching contributions under the 401(k) Plan were $17.2 million, $17.6 million and $14.9 million for the twelve months ended December 31, 2025, 2024 and 2023, respectively. Our contributions for other defined contribution plans are not significant for the twelve months ended December 31, 2025, 2024 and 2023. Employee Stock Purchase Plan (ESPP) The Amended and Restated 2015 Employee Stock Purchase Plan, A&R 2015 ESPP, amended and restated in May 2025, permits eligible employees to purchase shares of our common stock at semi-annual intervals through periodic payroll deductions during defined Offering Periods. Payroll deductions may not exceed 15% of the participants cash compensation subject to certain limitations, and the purchase price will be 85% of the lower of the fair market …

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4. Debt Senior Convertible Notes As of December 31, 2025, the if-converted value of our unsecured senior convertible notes due 2028, or 2028 Notes, did not exceed their outstanding principal amount. As of December 31, 2024, the if-converted value of our 2028 Notes and our unsecured senior convertible notes due 2025, or 2025 Notes, did not exceed their outstanding principal amount. The carrying amounts of our senior convertible notes were as follows: December 31, (In millions) 2025 2024 Principal amount: 2025 Notes $ $ 1,207.5 2028 Notes 1,250.0 1,250.0 Total principal amount 1,250.0 2,457.5 Unamortized debt issuance costs (9.1) (16.1) Carrying amount of senior convertible notes $ 1,240.9 $ 2,441.4 The following table summarizes the components of interest expense and the effective interest rates for our senior convertible notes: Twelve Months Ended December 31, (In millions) 2025 2024 2023 Cash interest expense: Contractual coupon interest (1) $ 7.3 $ 7.7 $ 9.1 Non-cash interest expense: Amortization of debt issuance costs 7.0 7.2 7.3 Total interest expense recognized on senior notes $ 14.3 $ 14.9 $ 16.4 Effective interest rate: 2025 Notes 0.5 % 0.5 % 0.5 % 2028 Notes 0.7 % 0.7 % 0.7 % (1) Interest on the 2025 Notes began accruing upon issuance and was payable semi-annually on May 15 and November 15 of each year until the 2025 Notes matured in November 2025. Interest on the 2028 Notes, began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each …

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The following table presents our revenue disaggregated by major sales channel and geographic region: Twelve Months Ended December 31, 2025 2024 2023 (In millions) United States International Total United States International Total United States International Total Distributor $ 3,195.7 $ 763.3 $ 3,959.0 $ 2,824.4 $ 605.7 $ 3,430.1 $ 2,587.2 $ 508.4 $ 3,095.6 Direct 139.2 563.8 703.0 65.4 537.5 602.9 38.1 488.6 526.7 Total revenue $ 3,334.9 $ 1,327.1 $ 4,662.0 $ 2,889.8 $ 1,143.2 $ 4,033.0 $ 2,625.3 $ 997.0 $ 3,622.3

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7. Income Taxes Income (loss) before income taxes subject to taxes in the following jurisdictions is as follows: Twelve Months Ended December 31, (In millions) 2025 2024 2023 United States $ 961.4 $ 659.8 $ 732.4 Outside of the United States 127.0 49.2 (22.0) Total $ 1,088.4 $ 709.0 $ 710.4 Significant components of the provision for income taxes are as follows: Twelve Months Ended December 31, (In millions) 2025 2024 2023 Current: Federal $ 37.1 $ 157.4 $ 149.1 State 7.1 16.5 18.1 Foreign 25.7 2.7 56.7 Total current income taxes 69.9 176.6 223.9 Deferred: Federal 169.7 (55.2) (93.7) State 16.0 (2.0) 14.6 Foreign (3.5) 13.4 24.1 Total deferred income taxes 182.2 (43.8) (55.0) Total $ 252.1 $ 132.8 $ 168.9 Income taxes paid are as follows: Twelve Months Ended December 31, (In millions) 2025 Federal $ 68.0 State 10.6 Foreign 15.8 Total $ 94.4 Significant loss and tax credit carryforwards and years of expiration are as follows: December 31, Year of Expiration (In millions) 2025 2024 Net operating loss: Federal $ 3.8 $ 12.1 2028 California 162.0 162.0 2037 Other states 5.1 5.8 2028 Tax credits: Federal Foreign tax credits 1.2 0.1 2032 California R&D credits 134.6 124.9 Indefinite California AMT Credits $ 0.5 $ 0.5 Indefinite Utilization of net operating losses and credit carryforwards is subject to an annual limitation due to ownership change limitations provided by Section 382 and 383 of the Internal Revenue Code of 1986, as amended, and similar state provisions. An ownershi …

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6. Contingencies Litigation We are subject to various claims, complaints and legal actions that arise from time to time in the normal course of business, including commercial insurance, product liability, intellectual property and employment related matters. In addition, from time to time we may bring claims or initiate lawsuits against various third parties with respect to matters arising out of the ordinary course of our business, including commercial and employment related matters. Due to uncertainty surrounding the securities class action litigation, the derivative actions, and the G6 and G7 Class Action Litigation we are unable to reasonably estimate the ultimate outcome of any of the litigation matters at this time. We intend to defend against these claims vigorously in all of these actions. We do not believe we are party to any other currently pending legal proceedings, the outcome of which could have a material adverse effect on our business, financial condition, or results of operations. There can be no assurance that existing or future legal proceedings arising in the ordinary course of business or otherwise will not have a material adverse effect on our business, financial condition, or results of operations.

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5. Leases and Other Commitments Leases We have leases for certain machinery and facilities, including office, manufacturing and warehouse space facilities under various domestic and international operating and finance lease arrangements. We also have land leases in Penang, Malaysia that expire through 2082 and in Athenry, Ireland that expire in 3023 for the build-out of our international manufacturing facilities. Our leases, excluding our land leases in Malaysia and Ireland, have remaining lease terms of up to fifteen years. Some of the leases include one or more options to extend the leases for up to five years per option. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The following table sets forth the maturities of our operating and finance lease liabilities as of December 31, 2025: (In millions) Operating Leases (1) Finance Leases 2026 $ 25.9 $ 9.7 2027 21.4 7.8 2028 16.5 5.8 2029 9.9 5.5 2030 9.0 5.7 Thereafter 28.9 48.9 Total future lease cost 111.6 83.4 Less: Imputed interest (16.6) (22.9) Present value of future payments 95.0 60.5 Less: Current portion (21.6) (6.7) Long-term portion $ 73.4 $ 53.8 (1) Total future lease cost excludes $9.3 million of legally binding minimum lease payments for leases signed but not yet commenced. Certain lease agreements require us to return designated areas of leased space to its original condition upon termination of the lease agreement, for which we rec …

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Recent Accounting Guidance Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-09, Improvements to Income Tax Disclosures . The ASU requires greater disaggregation of information about a reporting entity s effective tax rate reconciliation as well as information on income taxes paid. The ASU applies to all entities subject to income taxes and is intended to help investors better understand an entitys exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. The ASU is effective for annual periods beginning after December 15, 2024. We adopted this standard on a prospective basis for the annual period ending December 31, 2025. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses . The ASU requires disaggregated disclosure of certain costs and expenses in the notes to the financial statements. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The ASU may be applied on either a prospective or a retrospective basis. We are currently evaluating the impact of this standard on our disclosures. In November 2024, the FASB issued ASU 2024-04, Debt-Debt with Conv …

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9. Business Segment and Geographic Information We manage our business on a global consolidated basis within one operating and one reportable segment, which is consistent with how our chief operating decision maker (CODM) reviews our business, makes investment and resource allocation decisions, and assesses operating performance. The majority of our revenue is generated in the United States. Our reportable segment derives revenues from the sale of disposable sensors and our Reusable Hardware. Effective September 14, 2025 through December 31, 2025, our President and Chief Operating Officer, assumed the role of interim principal executive officer and CODM. This did not result in a change to our segments. The measures of segment profit or loss that are most consistent with U.S. GAAP used by the CODM to assess performance and allocate resources are operating income and net income. Our CODM also reviews total assets, as reported on our consolidated balance sheets, and purchases of property and equipment, as reported on our consolidated statements of cash flows. Our CODM uses operating income and net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the Company, monitor budget versus actual results, acquire companies, or invest in other companies. The following table sets forth our segment information for revenue, measures of segment profit or loss, and significant expenses: Twelve Months Ended December 31, (In mi …

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4. Debt Senior Convertible Notes As of June 30, 2026 and December 31, 2025, the if-converted value of our unsecured senior convertible notes due 2028, or 2028 Notes, did not exceed their outstanding principal amount. Our unsecured senior convertible notes due 2025, or 2025 Notes, matured in November 2025 and we repaid the principal of $1.21 billion entirely in cash on the maturity date. The carrying amounts of our senior convertible notes were as follows: (In millions) June 30, 2026 December 31, 2025 Principal amount: 2028 Notes $ 1,250.0 $ 1,250.0 Unamortized debt issuance costs (7.2) (9.1) Carrying amount of senior convertible notes $ 1,242.8 $ 1,240.9 The following table summarizes the components of interest expense and the effective interest rates for our senior convertible notes: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 2026 2025 Cash interest expense: Contractual coupon interest (1) $ 1.2 $ 2.0 $ 2.4 $ 3.9 Non-cash interest expense: Amortization of debt issuance costs 1.0 1.8 1.9 3.6 Total interest expense recognized on senior notes $ 2.2 $ 3.8 $ 4.3 $ 7.5 Effective interest rate: 2025 Notes * 0.5 % * 0.5 % 2028 Notes 0.7 % 0.7 % 0.7 % 0.7 % (1) Interest on the 2025 Notes began accruing upon issuance and was payable semi-annually on May 15 and November 15 of each year until the 2025 Notes matured in November 2025. Interest on the 2028 Notes began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each ye …

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The following table presents our revenue disaggregated by major sales channel and geographic region: Three Months Ended June 30, 2026 2025 (In millions) United States International Total United States International Total Distributor $ 893.5 $ 208.9 $ 1,102.4 $ 800.0 $ 177.8 $ 977.8 Direct 39.9 166.1 206.0 41.0 138.3 179.3 Total revenue $ 933.4 $ 375.0 $ 1,308.4 $ 841.0 $ 316.1 $ 1,157.1 Six Months Ended June 30, 2026 2025 (In millions) United States International Total United States International Total Distributor $ 1,690.4 $ 422.3 $ 2,112.7 $ 1,520.6 $ 337.2 $ 1,857.8 Direct 75.3 312.3 387.6 70.9 264.4 335.3 Total revenue $ 1,765.7 $ 734.6 $ 2,500.3 $ 1,591.5 $ 601.6 $ 2,193.1

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7. Stockholders Equity Share-Based Compensation Our share-based compensation expense is associated with RSUs, PSUs, and our Employee Stock Purchase Plan, or ESPP. The following table summarizes our share-based compensation expense included in our condensed consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 2026 2025 Cost of sales $ 3.1 $ 4.0 $ 5.9 $ 7.2 Research and development 9.7 13.5 21.3 26.3 Selling, general and administrative 26.2 27.8 55.1 46.0 Total share-based compensation expense $ 39.0 $ 45.3 $ 82.3 $ 79.5 As of June 30, 2026, unrecognized estimated compensation costs related to RSUs and PSUs totaled $263.6 million and are expected to be recognized over a weighted-average period of approximately 2.2 years. Share Repurchase Program and Treasury Shares 2025 Share Repurchase Program In April 2025, our Board of Directors authorized and approved a share repurchase program of up to $750.0 million of our outstanding common stock, with a repurchase period ending no later than June 30, 2026, or the 2025 Share Repurchase Program. In May 2026, our Board of Directors terminated the existing 2025 Share Repurchase Program, of which $250.0 million remained available to be repurchased under the program. During the three and six months ended June 30, 2026, we did not repurchase any shares of our common stock under the 2025 Share Repurchase Program. During the twelve months ended December 31, 2025, we repurchased 7.7 …

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6. Income Taxes We estimate our annual effective tax rate to be 21.8% for the full year 2026, which differs from the U.S. federal statutory rate due to state and foreign income taxes, federal taxation of international operations, and nondeductible executive compensation, partially offset by federal tax credits generated. Our actual effective tax rate of 23.6% for the six months ended June 30, 2026 compared to the estimated annual effective tax rate of 21.8%, was higher primarily due to shortfalls recognized for employee share-based compensation, net of disallowed executive compensation. The Organization for Economic Co-operation and Developments, or OECD, Pillar Two Initiative introduced a 15% global minimum tax for certain multinational groups exceeding minimum annual global revenue thresholds. As of June 30, 2026, the global minimum tax rules enacted in countries in which we operate, including the transitional safe harbor provisions, do not have a material impact on our condensed consolidated financial statements. In June 2026, the California Franchise Tax Board commenced an audit of our California income tax returns for the 2022 and 2023 years. As of June 30, 2026, we do not expect any significant adjustments as a result of the audit. …

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5. Contingencies Litigation We are subject to various claims, complaints and legal actions that arise from time to time in the normal course of business, including commercial insurance, product liability, intellectual property and employment related matters. In addition, from time to time we may bring claims or initiate lawsuits against various third parties with respect to matters arising out of the ordinary course of our business, including commercial and employment related matters. Due to uncertainty surrounding the securities class action litigation, the derivative actions, and the G6 and G7 Class Action Litigation, we are unable to reasonably estimate the ultimate outcome of any of the litigation matters at this time. We intend to defend against these claims vigorously in all of these actions. We do not believe we are party to any other currently pending legal proceedings, the outcome of which could have a material adverse effect on our business, financial condition, or results of operations. There can be no assurance that existing or future legal proceedings arising in the ordinary course of business or otherwise will not have a material adverse effect on our business, financial condition, or results of operations.

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Recent Accounting Guidance Recently Adopted Accounting Pronouncements In November 2024, the FASB issued ASU 2024-04, Debt-Debt with Conversion and Other Options . The ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The ASU is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The ASU may be applied on either a prospective or a retrospective basis. We adopted this standard in the first quarter of 2026 on a prospective basis and there was no material impact on our condensed consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses . The ASU requires disaggregated disclosure of certain costs and expenses in the notes to the financial statements. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The ASU may be applied on either a prospective or a retrospective basis. We are currently evaluating the impact of this standard on our disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting. The ASU clarifies interim disclosure requirements and the applicability of Topic 270. The ASU is effective for annu …

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8. Business Segment and Geographic Information We manage our business on a global consolidated basis within one operating and one reportable segment, which is consistent with how our chief operating decision maker (CODM), our President and Chief Executive Officer, reviews our business, makes investment and resource allocation decisions, and assesses operating performance. The majority of our revenue is generated in the United States. Our reportable segment derives revenues from the sale of disposable sensors and reusable transmitters and receivers. The measures of segment profit or loss that are most consistent with U.S. GAAP used by the CODM to assess performance and allocate resources are operating income and net income. Our CODM also reviews total assets, as reported on our condensed consolidated balance sheets, and purchases of property and equipment, as reported on our condensed consolidated statements of cash flows. Our CODM uses operating income and net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the Company, monitor budget versus actual results, acquire companies, or invest in other companies. The following table sets forth our segment information for revenue, measures of segment profit or loss, and significant expenses: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 2026 2025 Revenue $ 1,308.4 $ 1,157.1 $ 2,500.3 $ 2,193.1 Less: Cost of sales (1) 478.4 468.3 920 …

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