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Mar 31, 2023
Insulet Q1 2023 Earnings Report
Insulet reported strong financial performance in Q1 2023, driven by unprecedented U.S. Omnipod results and strategic progress.
Key Takeaways
Insulet Corporation reported a 21.2% year-over-year increase in revenue for the first quarter of 2023, reaching $358.1 million. The growth was primarily driven by a significant increase in U.S. Omnipod revenue. The company is on track with the international roll-out of Omnipod 5.
Revenue increased by 21.2% year-over-year to $358.1 million.
U.S. Omnipod revenue increased by 48.8%.
Operating income was $27.7 million, representing 7.7% of revenue.
The company received FDA clearance for Omnipod GO.
Insulet
Insulet
Insulet Revenue by Segment
Forward Guidance
The Company expects revenue growth of 27% to 30% for the quarter ending June 30, 2023.
Positive Outlook
- Total Omnipod revenue is expected to grow by 29% to 32%.
- U.S. Omnipod revenue is expected to grow by 37% to 40%.
- International Omnipod revenue is expected to grow by 13% to 16%.
- The company is raising its expected revenue growth of 18% to 22% for the year ending December 31, 2023.
- Total Omnipod revenue is expected to grow by 21% to 25% for the year ending December 31, 2023.
Challenges Ahead
- Drug Delivery revenue is expected to decline by 25% to 20%.
- Drug Delivery revenue is expected to decline by 55% to 45% for the year ending December 31, 2023.
- The Company is reaffirming its expected gross margin of 65% to 66% for the year ending December 31, 2023, excluding income of $8.0 million associated with the voluntary MDCs issued in 2022.
- The Company is reaffirming its expected operating margin of high-single digits for the year ending December 31, 2023, excluding income of $8.0 million noted above.
- Gross margin of 67.2%, down 380 basis points.
Revenue & Expenses
Visualization of income flow from segment revenue to net income