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Insulet
🇺🇸 NASDAQ:PODD
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•
Dec 31, 2023

Insulet Q4 2023 Earnings Report

Insulet reported a strong Q4 2023 with a revenue increase of 38% year-over-year and eighth consecutive year of 20% or more constant currency revenue growth.

Key Takeaways

Insulet Corporation reported Q4 2023 revenue of $509.8 million, a 37.9% increase year-over-year. The company's growth was fueled by the rapid adoption of Omnipod 5 and strong execution. They are well-positioned for continued profitable growth and value creation.

Q4 2023 revenue increased by 38% year-over-year (37% in constant currency).

Omnipod revenue increased by 36.7% year-over-year (35.4% in constant currency).

U.S. Omnipod revenue increased by 42.9% year-over-year.

Achieved milestones of 425,000 estimated active global customers using Omnipod products.

Total Revenue
$510M
Previous year: $370M
+37.9%
EPS
$1.4
Previous year: $0.55
+154.5%
Gross Margin
70.9%
Previous year: 58.8%
+20.6%
Gross Profit
$361M
Previous year: $217M
+66.2%
Cash and Equivalents
$704M
Previous year: $675M
+4.4%
Free Cash Flow
$15.9M
Previous year: -$13.7M
-216.1%
Total Assets
$2.59B
Previous year: $2.25B
+15.0%

Insulet

Insulet

Insulet Revenue by Segment

Forward Guidance

The company expects revenue growth of 12% to 17% for the year ending December 31, 2024. For the quarter ending March 31, 2024, the Company expects revenue growth of 17% to 20%.

Positive Outlook

  • Total Omnipod revenue is expected to grow by 13% to 18% for the year ending December 31, 2024.
  • U.S. Omnipod revenue is expected to grow by 16% to 21% for the year ending December 31, 2024.
  • Total Omnipod revenue is expected to grow by 15% to 18% for the quarter ending March 31, 2024.
  • U.S. Omnipod revenue is expected to grow by 19% to 22% for the quarter ending March 31, 2024.
  • Drug Delivery revenue is expected to grow by 1,020% to 1,220% for the quarter ending March 31, 2024.

Challenges Ahead

  • International Omnipod revenue is expected to grow by 7% to 10% for the year ending December 31, 2024.
  • Drug Delivery revenue is expected to decline by 60% to 50% for the year ending December 31, 2024.
  • Revenue guidance for the first quarter and full year 2024 reflects an estimated $20 million to $25 million in revenue related to U.S. pharmacy wholesaler orders that were accelerated into the fourth quarter of 2023 from the first quarter of 2024.
  • The assumed order timing shift of $20 million to $25 million in revenue noted above is not expected to impact gross margin.
  • The year-over-year estimated impact of this shift is 130 basis points.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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