Second Quarter Revenue Increased 23%
Year-Over-Year
Raising Full Year 2024 Total Omnipod Revenue
Outlook
Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the
global leader in tubeless insulin pump technology with its Omnipod®
brand of products, today announced certain preliminary revenue
results for the three months ended June 30, 2024. The Company plans
to report full second quarter 2024 financial results on August 8,
2024, as planned, and host a conference call that day at 4:30 p.m.
(Eastern Time).
Preliminary Second Quarter Revenue Highlights:
- Second quarter 2024 revenue of $488 million, up 23%, compared
to $397 million in the prior year, exceeds the guidance range of
15% to 18% in constant currency due to revenue outperformance for
all product lines
- Total Omnipod revenue of $480 million, an increase of 26%
- U.S. Omnipod revenue of $352 million, an increase of 27%
- International Omnipod revenue of $128 million, an increase of
23%, or 24% in constant currency1
- Drug Delivery revenue of $8 million
“Second quarter revenue exceeded our expectations across the
board as a result of strong demand for Omnipod 5, resulting in
robust revenue growth and sequential increases in new customer
starts in both the U.S. and international markets,” said Jim
Hollingshead, President and Chief Executive Officer. “The
preliminary results we announced today reinforce our confidence in
Insulet’s ability to drive continued profitable growth for the
remainder of 2024, and we look forward to providing an update on
our upcoming earnings call.”
2024 Outlook
The Company expects to raise its full year 2024 Total Omnipod
revenue outlook to a range of 18% to 21% (previously 15% to 19%)
when it releases its full financial results on August 8, 2024.
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
tubeless 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.
Non-GAAP Measure:
The Company uses the non-GAAP financial measure of constant
currency revenue growth, which represents the change in revenue
between current and prior year periods using the exchange rate in
effect during the applicable prior year period. Insulet presents
constant currency revenue growth because management believes it
provides meaningful information regarding the Company’s results on
a consistent and comparable basis. Management uses this non-GAAP
financial measure, in addition to financial measures in accordance
with generally accepted accounting principles in the United States
(GAAP), to evaluate the Company’s operating results. It is also one
of the performance metrics that determines management incentive
compensation.
Insulet presents the above non-GAAP financial measure because
management uses it as a supplemental measure in assessing the
Company’s performance, and the Company believes it is helpful to
investors and other interested parties as a measure of comparative
performance from period to period. It also is a commonly used
measure in determining business value, and the Company uses it
internally to report results.
This non-GAAP financial measure should be considered
supplemental to, and not a substitute for, the Company’s reported
financial results prepared in accordance with GAAP. Furthermore,
the Company’s definition of this non-GAAP measure may differ from a
similarly titled measure used by others. Because the non-GAAP
financial measure excludes the effect of foreign exchange that will
increase or decrease the Company’s reported results of operations,
Insulet strongly encourages investors to review the Company’s
consolidated financial statements and publicly filed reports in
their entirety.
Forward-Looking Statement:
This press release contains forward-looking statements
regarding, among other things, future operating and financial
performance, product success and efficacy, the outcome of studies
and trials and the approval of products by regulatory bodies. These
forward-looking statements are based on management’s current
beliefs, assumptions and estimates and are not intended to be a
guarantee of future events or performance. If management’s
underlying assumptions turn out to be incorrect, or if certain
risks or uncertainties materialize, actual results could vary
materially from the expectations and projections expressed or
implied by the forward-looking statements.
Risks and uncertainties include, but are not limited to our
dependence on a principal product platform; the impact of
competitive products, technological change and product innovation;
our ability to maintain an effective sales force and expand our
distribution network; our ability to maintain and grow our customer
base; our ability to scale the business to support revenue growth;
our ability to secure and retain adequate coverage or reimbursement
from third-party payors; the impact of healthcare reform laws; our
ability to design, develop, manufacture and commercialize future
products; unfavorable results of clinical studies, including issues
with third parties conducting any studies, or future publication of
articles or announcement of positions by diabetes associations or
other organizations that are unfavorable; our ability to protect
intellectual property and other proprietary rights; potential
conflicts with the intellectual property of third parties; our
inability to maintain or enter into new license or other agreements
with respect to continuous glucose monitors, data management
systems or other rights necessary to sell our current product
and/or commercialize future products; worldwide macroeconomic and
geopolitical uncertainty as well as risks associated with public
health crises and pandemics, including government actions and
restrictive measures implemented in response, supply chain
disruptions, delays in clinical trials, and other impacts to the
business, our customers, suppliers, and employees; international
business risks, including regulatory, commercial and logistics
risks; the potential violation of anti-bribery/anticorruption laws;
the concentration of manufacturing operations and storage of
inventory in a limited number of locations; supply problems or
price fluctuations with sole source or third-party suppliers on
which we are dependent; failure to retain key suppliers or other
manufacturing issues; challenges to the future development of our
non-insulin drug delivery product line; failure of our contract
manufacturer or component suppliers to comply with the U.S. Food
and Drug Administration’s quality system regulations; extensive
government regulation applicable to medical devices as well as
complex and evolving privacy and data protection laws; adverse
regulatory or legal actions relating to current or future Omnipod
products; potential adverse impacts resulting from a recall,
discovery of serious safety issues, or product liability lawsuits
relating to off-label use; breaches or failures of our product or
information technology systems, including by cyberattack; loss of
employees or inability to identify and recruit new employees;
sufficient cash to service our indebtedness or raise additional
funds on acceptable terms or at all; the volatility of the trading
price of our common stock; risks related to the conversion of
outstanding Convertible Senior Notes; and potential limitations on
our ability to use our net operating loss carryforwards.
For a further list and description of these and other important
risks and uncertainties that may affect our future operations, see
Part I, Item 1A - Risk Factors in our most recent Annual Report on
Form 10-K filed with the Securities and Exchange Commission, which
we may update in Part II, Item 1A - Risk Factors in Quarterly
Reports on Form 10-Q we have filed or will file hereafter. Any
forward-looking statement made in this release speaks only as of
the date of this release. Insulet does not undertake to update any
forwardlooking statement, other than as required by law.
©2024 Insulet Corporation. Omnipod is a registered trademark of
Insulet Corporation. All rights reserved. All other trademarks are
the property of their respective owners.
INSULET CORPORATION
NON-GAAP RECONCILIATION
(UNAUDITED)
CONSTANT CURRENCY REVENUE
GROWTH
Three Months Ended June
30,
(dollars in millions)
2024
2023
Percent Change
Currency Impact
Constant Currency
Revenue:
U.S. Omnipod
$
352
$
277
27
%
—
%
27
%
International Omnipod
128
104
23
%
(1
)%
24
%
Total Omnipod
480
381
26
%
—
%
26
%
Drug Delivery
8
16
(50
)%
—
%
(50
)%
Total
$
488
$
397
23
%
—
%
23
%
1 See description of the non-GAAP financial measure contained in
this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240725767705/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
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