Insulet Reports Preliminary Second Quarter 2024 Revenue Results
Second Quarter Revenue Increased 23% Year-Over-Year
Raising Full Year 2024 Total Omnipod Revenue Outlook
Preliminary Second Quarter Revenue Highlights:
-
Second quarter 2024 revenue of
$488 million , up 23%, compared to$397 million in the prior year, exceeds the guidance range of 15% to 18% in constant currency due to revenue outperformance for all product lines-
Total Omnipod revenue of
$480 million , an increase of 26%U.S. Omnipod revenue of$352 million , an increase of 27%-
International Omnipod revenue of
$128 million , an increase of 23%, or 24% in constant currency1
-
Drug Delivery revenue of
$8 million
-
Total Omnipod revenue of
“Second quarter revenue exceeded our expectations across the board as a result of strong demand for Omnipod 5, resulting in robust revenue growth and sequential increases in new customer starts in both the
2024 Outlook
The Company expects to raise its full year 2024 Total Omnipod revenue outlook to a range of 18% to 21% (previously 15% to 19%) when it releases its full financial results on
About
Non-GAAP Measure:
The Company uses the non-GAAP financial measure of constant currency revenue growth, which represents the change in revenue between current and prior year periods using the exchange rate in effect during the applicable prior year period.
This non-GAAP financial measure should be considered supplemental to, and not a substitute for, the Company’s reported financial results prepared in accordance with GAAP. Furthermore, the Company’s definition of this non-GAAP measure may differ from a similarly titled measure used by others. Because the non-GAAP financial measure excludes the effect of foreign exchange that will increase or decrease the Company’s reported results of operations,
Forward-Looking Statement:
This press release contains forward-looking statements regarding, among other things, future operating and financial performance, product success and efficacy, the outcome of studies and trials and the approval of products by regulatory bodies. These forward-looking statements are based on management’s current beliefs, assumptions and estimates and are not intended to be a guarantee of future events or performance. If management’s underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by the forward-looking statements.
Risks and uncertainties include, but are not limited to our dependence on a principal product platform; the impact of competitive products, technological change and product innovation; our ability to maintain an effective sales force and expand our distribution network; our ability to maintain and grow our customer base; our ability to scale the business to support revenue growth; our ability to secure and retain adequate coverage or reimbursement from third-party payors; the impact of healthcare reform laws; our ability to design, develop, manufacture and commercialize future products; unfavorable results of clinical studies, including issues with third parties conducting any studies, or future publication of articles or announcement of positions by diabetes associations or other organizations that are unfavorable; our ability to protect intellectual property and other proprietary rights; potential conflicts with the intellectual property of third parties; our inability to maintain or enter into new license or other agreements with respect to continuous glucose monitors, data management systems or other rights necessary to sell our current product and/or commercialize future products; worldwide macroeconomic and geopolitical uncertainty as well as risks associated with public health crises and pandemics, including government actions and restrictive measures implemented in response, supply chain disruptions, delays in clinical trials, and other impacts to the business, our customers, suppliers, and employees; international business risks, including regulatory, commercial and logistics risks; the potential violation of anti-bribery/anticorruption laws; the concentration of manufacturing operations and storage of inventory in a limited number of locations; supply problems or price fluctuations with sole source or third-party suppliers on which we are dependent; failure to retain key suppliers or other manufacturing issues; challenges to the future development of our non-insulin drug delivery product line; failure of our contract manufacturer or component suppliers to comply with the
For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A - Risk Factors in our most recent Annual Report on Form 10-K filed with the
©2024
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NON-GAAP RECONCILIATION (UNAUDITED) |
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CONSTANT CURRENCY REVENUE GROWTH |
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Three Months Ended |
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(dollars in millions) |
2024 |
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2023 |
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Percent Change |
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Currency Impact |
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Constant Currency |
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Revenue: |
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|
|
|
|
|
|
|
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|
$ |
352 |
|
$ |
277 |
|
27 |
% |
|
— |
% |
|
27 |
% |
International Omnipod |
|
128 |
|
|
104 |
|
23 |
% |
|
(1 |
)% |
|
24 |
% |
Total Omnipod |
|
480 |
|
|
381 |
|
26 |
% |
|
— |
% |
|
26 |
% |
Drug Delivery |
|
8 |
|
|
16 |
|
(50 |
)% |
|
— |
% |
|
(50 |
)% |
Total |
$ |
488 |
|
$ |
397 |
|
23 |
% |
|
— |
% |
|
23 |
% |
1 See description of the non-GAAP financial measure contained in this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725767705/en/
Investor Relations:
Vice President, Investor Relations
(978) 600-7717
dgordon@insulet.com
Media:
Senior Director, Corporate Communications
(978) 932-0611
awiczek@insulet.com
Source: