Insulet Reports Third Quarter 2024 Revenue Increase, Ups Revenue and Margin Guidance

 Third Quarter Financial Highlights:

• Third quarter 2024 revenue of $543.9 million, up 25.7%, or 25.4% in constant currency¹, compared to $432.7 million in the prior year, exceeds the high end of the Company’s guidance range of 21% in constant currency
  • Total Omnipod revenue of $533.6 million, an increase of 26.4%, or 26.1% in constant currency
    • U.S. Omnipod revenue of $395.6 million, an increase of 23.4%
    • International Omnipod revenue of $138.0 million, an increase of 36.1%, or 34.8% in constant currency
  • Drug Delivery revenue of $10.3 million, consistent with prior year
• Gross margin of 69.3%, up 150 basis points, compared to gross margin of 67.8% in the prior year
• Operating income of $88.1 million, or 16.2% of revenue, up 350 basis points, compared to operating income of $54.8 million, or 12.7% of revenue, in the prior year
• Net income of $77.5 million, or $1.08 per diluted share, compared to net income of $51.9 million, or $0.74 per diluted share, in the prior year.
• Adjusted net income¹ of $64.2 million, or $0.90 per diluted share, excludes a tax benefit of $14.8 million primarily associated with the release of the Company’s valuation allowance and a $1.5 million loss on an investment. Adjusted net income in the prior year of $50.0 million, or $0.71 per diluted share, excludes income of $1.9 million associated with the voluntary medical device correction notices issued in 2022
• Adjusted EBITDA¹ of $126.1 million, or 23.2% of revenue, up 410 basis points, compared to $82.8 million, or 19.1% of revenue, in the prior year

Recent Strategic Highlights:

• Received FDA clearance for Omnipod 5 for use by the six million people in the U.S. with type 2 diabetes², making Omnipod 5 the first and only automated insulin delivery system indicated for both type 1 and type 2 diabetes
• Launched U.S. full market release of the Omnipod 5 App for iPhone
• Omnipod named the number one insulin pump for new pump users in Europe³
• Published results in Diabetes Care demonstrating improved glycemic control and psychosocial outcomes in adults with type 1 diabetes compared to pump therapy with CGM.⁴

2024 Outlook:

Revenue Guidance (in constant currency):

• For the year ending December 31, 2024, the Company is raising its expected revenue growth to a range of 20% to 21% (previously 16% to 19%). Revenue growth ranges by product line are:
  • Total Omnipod of 21% to 22% (previously 18% to 21%)
    • U.S. Omnipod of 19% to 21% (previously 18% to 21%)
    • International Omnipod of 25% to 27% (previously 18% to 21%)
  • Drug Delivery of (10)% to (5)% (previously (50)% to (40)%)

• For the quarter ending December 31, 2024, the Company expects revenue growth of 12% to 15%. Revenue growth ranges by product line are:
  • Total Omnipod of 13% to 16%
    • U.S. Omnipod of 9% to 12%⁵
    • International Omnipod of 30% to 33%
  • Drug Delivery of (20)% to (15)% (approximately $7 million to $8 million)

Gross Margin and Operating Margin Guidance:

For the year ending December 31, 2024, the Company now expects gross margin to be approximately 69% (previously 68% to 69%, closer to the high end).

For the year ending December 31, 2024, the Company is raising its expected operating margin by 50 basis points to approximately 14.5%.

https://www.biospace.com/press-releases/insulet-reports-third-quarter-2024-revenue-increase-of-26-year-over-year-25-constant-currency1