Insulet Corporation (NASDAQ: PODD), a global leader in tubeless insulin pump technology with its Omnipod® products, today announced its financial results for the quarter ending June 30, 2024.
Second Quarter Financial Highlights:
- Revenue: $488.5 million, up 23.2% year-over-year (23.4% in constant currency), surpassing the top end of guidance due to strong performance across all product lines.
- Omnipod Revenue: $480.4 million, a 26.3% increase (26.5% in constant currency).
- U.S. Omnipod Revenue: $352.3 million, up 27.3%.
- International Omnipod Revenue: $128.1 million, up 23.5% (24.4% in constant currency).
- Drug Delivery Revenue: $8.1 million, down $7.9 million.
- Gross Margin: 67.7%, up 90 basis points from 66.8%, impacted by a $13.5 million inventory charge, reducing gross margin by 280 basis points.
- Operating Income: $54.6 million (11.2% of revenue), up from $31.1 million (7.8% of revenue), affected by the $13.5 million charge, which reduced operating margin by 280 basis points.
- Net Income: $188.6 million ($2.59 per diluted share), compared to $27.3 million ($0.39 per diluted share). Adjusted net income of $38.3 million ($0.55 per diluted share) excludes $151.7 million from valuation allowance release and a $1.4 million investment loss.
- Adjusted EBITDA: $90.8 million (18.6% of revenue), up from $61.3 million (15.5% of revenue).
Recent Strategic Highlights:
- U.S. Launches: Full market release of Omnipod 5 integrated with Dexcom’s G7 sensor; limited release of the Omnipod 5 App for iPhone.
- International Launches: Full market releases of Omnipod 5 with Dexcom’s G6 sensor in the Netherlands and France, and with Abbott’s Freestyle Libre 2 Plus sensor in the U.K. and Netherlands; now offering “Sensor of Choice” in these regions.
- Research & Development: Presented SECURE-T2D trial data at ADA Scientific Session, demonstrating Omnipod 5’s benefits for type 2 diabetes; submitted 510(k) for Omnipod 5 type 2 diabetes label expansion.
- Manufacturing: Began production at new facility in Malaysia.
Jim Hollingshead, President and CEO, commented, “2024 is proving to be a year of significant growth, driven by strong demand for Omnipod 5 and rapid product innovation. We are expanding the Omnipod 5 platform globally and are optimistic about the second half of the year, having raised our full-year revenue, gross margin, and operating margin guidance. We are committed to continuing our profitable growth and enhancing the lives of people with diabetes.”
