Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the global leader in tubeless insulin pump technology with its Omnipod® brand of products, today announced financial results for the three months ended March 31, 2023.
First Quarter Financial Highlights:
- First quarter 2023 revenue of $358.1 million, up 21.2%, or 23.3% in constant currency1, compared to $295.4 million in the prior year
- Total Omnipod revenue of $357.6 million, an increase of 32.7%, or 34.9% in constant currency
- U.S. Omnipod revenue of $259.0 million, an increase of 48.8%
- International Omnipod revenue of $98.6 million, an increase of 3.4%, or an increase of 9.6% in constant currency
- Drug Delivery revenue of $0.5 million, a decrease of 98.1%
- Gross margin of 67.2%, down 380 basis points. Adjusted gross margin1 of 64.9% excludes income of $8.0 million associated with the voluntary medical device correction (MDC) notices issued in 2022
- Operating income of $27.7 million, or 7.7% of revenue, compared to $37.9 million, or 12.8% of revenue, in the prior year. Adjusted operating income1 of $19.7 million, or 5.5%, excludes income of $8.0 million noted above
- Net income of $23.8 million, or $0.34 per diluted share, compared to $27.8 million, or $0.40 per diluted share, in the prior year. Adjusted net income1 of $15.8 million, or $0.23 per diluted share, excludes income of $8.0 million noted above
- Adjusted EBITDA1 of $48.8 million, or 13.6% of revenue, compared to $63.0 million, or 21.3% of revenue, in the prior year
Recent Strategic Highlights:
- Achieved record U.S. and Total Omnipod new customer starts for any first quarter
- Received U.S. FDA clearance of Omnipod GOTM, a first-of-its-kind basal-only insulin Pod
- On track to commercially launch Omnipod 5 in the United Kingdom mid-year and in Germany in the fall
- Advanced sustainability across the Company, as detailed in Insulet's 2022 Sustainability Report2
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