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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%.
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
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.
- Worldwide macroeconomic and geopolitical uncertainty.
- Breaches or failures of our product or information technology systems, including by cyberattack.
Revenue & Expenses
Visualization of income flow from segment revenue to net income