Unusual items (expenses) detracted from Insulet's earnings over the last year, but we might see an improvement next year. Based on this observation, we consider it likely that Insulet's statutory profit actually understates its earnings potential! And on top of that, its earnings per share have grown at an extremely impressive rate over the last three years. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. So while earnings quality is important, it's equally important to consider the risks facing Insulet at this point in time. For example, we've discovered 2 warning signs that you should run your eye over to get a better picture of Insulet.