Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the global leader in tubeless insulin pump technology with its Omnipod® Insulin Management System (Omnipod System), today announced financial results for the three months and full year ended December 31, 2018.
Fourth Quarter Financial Highlights:
- Fourth quarter 2018 revenue of $164.9 million, up 26% compared to $130.5 million in the prior year, exceeds guidance of $159 to $164 million
- U.S. Omnipod revenue of $93.2 million, an increase of 22%
- International Omnipod revenue of $55.0 million, an increase of 54%
- Drug Delivery revenue of $16.7 million, a decrease of 8%
- Gross margin of 66.9%, up 600 basis points
- Operating income of $16.2 million compared to an operating loss of $0.8 million in the prior year
- Net income of $9.9 million, $0.16 per diluted share, compared to a net loss of $6.9 million, $(0.12) per share
Full Year Financial Highlights:
- Full Year 2018 revenue of $563.8 million, up 22% compared to $463.8 million in the prior year, exceeds guidance of $558 to $563 million
- U.S. Omnipod revenue of $323.5 million, an increase of 19%
- International Omnipod revenue of $172.0 million, an increase of 43%
- Drug Delivery revenue of $68.3 million, a decrease of 5%
- Gross margin of 65.7%, up 590 basis points
- Operating income of $27.4 million compared to an operating loss of $7.4 million
- Net income of $3.3 million, $0.05 per diluted share, compared to a net loss of $26.8 million, $(0.46) per share
Recent Strategic Highlights:
- Achieved full year positive operating income and net income for the first time in Insulet’s history
- Executed limited commercial release for Omnipod DASHTM, including securing extensive coverage through the pharmacy channel ahead of full commercial release
- Omnipod DASH became the only DTSec and ISO 27001 certified insulin pump for cyber and information security and safety
- Omnipod HorizonTM with personal smartphone control granted designation in the FDA’s breakthrough device program
- Substantially completed construction of new Company headquarters and manufacturing facility in Massachusetts
“Insulet had a remarkable 2018, achieving our third consecutive year of over 20% revenue growth, significantly improving gross margin, and achieving profitability for the first year in the Company’s history,” said Shacey Petrovic, President and Chief Executive Officer. “Our fourth quarter and full year results were driven by strong commercial and operational execution and gives us great momentum, ensuring more people with diabetes can benefit from our life-changing technology.”
Ms. Petrovic continued, “Insulet has multiple value creation catalysts ahead and we are well on our way to achieving our 2021 financial targets of $1 billion in revenue, 70% gross margin and mid-teens operating margin. We have ambitious plans for Insulet and we are confident we will continue our strong growth trajectory and create value for shareholders.”
2019 Outlook:
- For the year ending December 31, 2019, the Company expects revenue in the range of $662 to $687 million, compared to 2018 revenue of $563.8 million, representing growth of approximately 17% to 22%
- U.S. Omnipod revenue of $373 to $383 million, an increase of 15% to 18%
- International Omnipod revenue of $235 to $244 million, an increase of 37% to 42%
- Drug Delivery revenue of $54 to $60 million, a decrease of 12% to 21%
- For the quarter ending March 31, 2019, the Company expects revenue in the range of $152 to $156 million, compared to first quarter 2018 revenue of $123.6 million, representing growth of approximately 23% to 27%
- U.S. Omnipod revenue of $82 to $84 million, an increase of 17% to 19%
- International Omnipod revenue of $56 to $57 million, an increase of 46% to 50%
- Drug Delivery revenue of $14 to $15 million, comparable to the prior year quarter
Future results may be affected by changes in ongoing assumptions and judgments, and may also be affected by non-recurring, unusual or unanticipated charges, expenses or gains.
Conference Call:
Insulet will host a conference call at 4:30 p.m. (Eastern Time) on February 25, 2019 to discuss the financial results and outlook. The link to the live call will be available on the Investor Relations section of the Company’s website at http://investors.insulet.com, “Events and Presentations”, and will be archived for future reference. The call may also be accessed by dialing (844) 831-3022 for domestic callers or (315) 625-6887 for international callers, passcode 7262247.
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