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Insulet
🇺🇸 NASDAQ:PODD
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Sep 30, 2022

Insulet Q3 2022 Earnings Report

Insulet reported a revenue increase of 24% year-over-year, or 29% in constant currency, exceeding the guidance range.

Key Takeaways

Insulet Corporation announced financial results for Q3 2022, with revenue reaching $340.8 million, a 23.7% increase compared to the previous year. The company experienced growth in U.S. Omnipod revenue, while international Omnipod revenue decreased slightly. Insulet launched the U.S. full market release of the Omnipod® 5 Automated Insulin Delivery System and secured CE Marking for Omnipod 5 under the European Medical Device Regulation.

Third quarter revenue reached $340.8 million, up 23.7% year-over-year (28.5% in constant currency).

U.S. Omnipod revenue increased by 42.4%.

Launched U.S. full market release of the Omnipod® 5 Automated Insulin Delivery System.

Operating income was $2.9 million, or 0.9% of revenue.

Total Revenue
$341M
Previous year: $276M
+23.7%
EPS
$0.45
Previous year: $0.18
+150.0%
Gross Margin
55.3%
Previous year: 68.5%
-19.3%
Gross Profit
$188M
Previous year: $189M
-0.2%
Cash and Equivalents
$722M
Previous year: $857M
-15.8%
Free Cash Flow
$25.6M
Previous year: -$53.1M
-148.2%
Total Assets
$2.17B
Previous year: $2B
+8.4%

Insulet

Insulet

Insulet Revenue by Segment

Forward Guidance

The Company expects revenue growth of 11% to 14% for the quarter ending December 31, 2022.

Positive Outlook

  • Total Omnipod revenue is expected to grow by 23% to 26%.
  • U.S. Omnipod revenue is expected to grow by 27% to 30%.
  • International Omnipod revenue is expected to grow by 15% to 18%.
  • Gross margin of 63% to 64% is expected, including a charge of $36.8 million associated with the voluntary medical device correction.
  • Adjusted gross margin of 65% to 66% is expected for the year.

Challenges Ahead

  • Drug Delivery revenue is expected to decline by (100)% to (92)%.
  • Operating margin of low-single digits is expected, including costs associated with the voluntary medical device correction and certain legal and CEO transition costs.
  • Adjusted gross margin and adjusted operating margin are expected to be lower year-over-year due to higher manufacturing costs and product mix.
  • The company now expects operating margin of low-single digits, including costs associated with the voluntary medical device correction and certain legal and CEO transition costs.
  • Excluding these costs, the Company continues to expect adjusted operating margin of high-single digits for the year.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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