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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
Revenue by Segment
U.S. Omnipod Revenue
CapyFin.comInternational Omnipod Revenue
CapyFin.comDrug Delivery Revenue
CapyFin.com 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