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Jun 30, 2024
Insulet Q2 2024 Earnings Report
Insulet reported a strong second quarter in 2024, marked by revenue growth and increased full-year guidance.
Key Takeaways
Insulet Corporation reported a 23% year-over-year increase in revenue for the second quarter of 2024, reaching $488.5 million. The company raised its full-year revenue, gross margin, and operating margin guidance due to strong Omnipod 5 demand and product innovation.
Second quarter revenue increased by 23.2% year-over-year to $488.5 million.
Gross margin increased to 67.7%, up 90 basis points compared to the prior year.
Operating income rose to $54.6 million, representing 11.2% of revenue, a 340 basis point increase year-over-year.
The company raised its full-year revenue growth guidance to a range of 16% to 19%.
Revenue by Segment
Forward Guidance
Insulet anticipates continued revenue growth for the third quarter of 2024, with total revenue expected to increase by 18% to 21%.
Positive Outlook
- Total Omnipod revenue is expected to grow by 21% to 24%.
- U.S. Omnipod revenue is projected to increase by 21% to 24%.
- International Omnipod revenue is anticipated to grow by 21% to 24%.
- The company expects to be closer to the high-end of the gross margin range of 68% to 69% for the year ending December 31, 2024.
- Insulet is raising its expected operating margin to approximately 14.0% for the year ending December 31, 2024.
Challenges Ahead
- Drug Delivery revenue is expected to decline by 70% to 65%, resulting in approximately $3 million to $4 million.
- Unspecified currency impacts may affect international Omnipod revenue.
- Potential risks and uncertainties related to the company's operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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