Insulet Corporation (NASDAQ: PODD), a leader in tubeless insulin pump technology with its Omnipod® products, has announced preliminary revenue results for Q2 2024, ending June 30. Full financial results will be reported on August 8, 2024, followed by a conference call at 4:30 p.m. Eastern Time.
Preliminary Q2 Revenue Highlights:
- Revenue: $488 million, up 23% from $397 million last year, surpassing the guidance range of 15% to 18% in constant currency.
- Omnipod revenue: $480 million, a 26% increase.
- U.S. Omnipod revenue: $352 million, up 27%.
- International Omnipod revenue: $128 million, a 23% increase (24% in constant currency).
- Drug Delivery revenue: $8 million.
Jim Hollingshead, President and CEO, remarked, “Q2 revenue exceeded our expectations due to strong demand for Omnipod 5, leading to significant growth and increased new customer starts in both domestic and international markets.” He added that the results enhance confidence in Insulet’s continued growth for the remainder of 2024 and anticipated updates during the upcoming earnings call.
2024 Outlook:
Insulet plans to raise its full-year 2024 Total Omnipod revenue forecast to 18% to 21%, up from the previous range of 15% to 19%, with further details available on August 8, 2024.
About Insulet Corporation:
Headquartered in Massachusetts, Insulet Corporation (NASDAQ: PODD) is dedicated to improving lives for people with diabetes through its Omnipod product platform. The Omnipod Insulin Management System offers a tubeless, wearable alternative for insulin delivery. The Omnipod 5 Automated Insulin Delivery System integrates with a continuous glucose monitor to manage blood sugar with no daily injections or fingersticks. Insulet also adapts its Pod technology for other therapeutic areas. For more information, visit insulet.com and omnipod.com.
Non-GAAP Measure:
Insulet uses the non-GAAP measure of constant currency revenue growth to assess performance, which adjusts for exchange rate fluctuations. This measure, alongside GAAP financial metrics, helps evaluate operating results and management performance. It is supplemental and not a substitute for GAAP results, and its definition may differ from similar measures used by others. Investors are encouraged to review Insulet’s financial statements and public filings in full.
