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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.
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 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