Insulet Q2 2020 Earnings Report
Key Takeaways
Insulet Corporation announced financial results for the three months ended June 30, 2020, with second quarter revenue of $226.3 million, up 27.8% compared to the prior year. The company's strong financial profile allows them to continue to invest in their business and advance important initiatives.
Second quarter 2020 revenue of $226.3 million, up 27.8%, or 28.8% in constant currency, compared to $177.1 million in the prior year, exceeds guidance of 19% to 23% on a constant currency basis
Total Omnipod revenue of $202.0 million, an increase of 25.6%, or 26.8% in constant currency
Net income of $14.4 million, or $0.22 per diluted share, compared to net income of $1.4 million, or $0.02 per diluted share, in the prior year
Adjusted EBITDA of $44.2 million or 19.5% of revenue, compared to $21.9 million or 12.4% of revenue in the prior year
Insulet
Insulet
Insulet Revenue by Segment
Forward Guidance
The Company has assumed that the pandemic and recessionary headwinds will persist throughout 2020, with a gradual recovery starting in the third quarter as economies begin to open and customers are able to resume more normal physician meetings.
Positive Outlook
- Total Omnipod to be 18% to 20%
- U.S. Omnipod to be 19% to 21%
- International Omnipod to be 17% to 19%
- Drug Delivery to be 3% to 6%
- For the quarter ending September 30, 2020, the Company expects revenue growth of 13% to 15%
Challenges Ahead
- It remains difficult to accurately predict the progression of COVID-19 and the extent of the resulting disruption.
- Adjusted EBITDA as a percentage of revenue in the range of 13% to 17%, closer to the low end of the range.
- Total Omnipod of 12% to 14%
- U.S. Omnipod of 14% to 16%
- International Omnipod of 9% to 11%
Revenue & Expenses
Visualization of income flow from segment revenue to net income