Full Press Release Details
Reports First Quarter 2017 Financial Results
Quarter Revenue of $101.7 Million, up 25% Year-Over-Year, Exceeds
Margin Improves to 58.4%
Raises Mid-Point of Full Year 2017 Revenue Guidance, Expecting Growth of
18%, and Introduces Second Quarter Growth Expectation of 21%
BILLERICA, Mass.--(BUSINESS WIRE)--May 8, 2017--Insulet Corporation
(NASDAQ: PODD) (Insulet or the Company), the leader in tubeless insulin
pump technology with its Omnipod Insulin Management
System (Omnipod System), today announced financial results for the three
months ended March 31, 2017.
First Quarter Financial Highlights:
First quarter revenue of $101.7 million exceeds the Company's guidance
of $96 to $99 million and represents year-over-year growth of 25%.
U.S. Omnipod revenue of $59.7 million, an increase of 18%.
International Omnipod revenue of $25.1 million, an increase of 63%.
Drug Delivery revenue of $16.9 million, an increase of 12%.
Gross margin of 58.4%, up 420 basis points, reflecting improved
manufacturing and operational execution.
"Every area of our business showed strong momentum and outstanding
performance in the first quarter," said Patrick Sullivan, Chairman and
Chief Executive Officer. "We continued to execute on our commercial and
operational strategies and made great headway on our key initiatives,
including our manufacturing and supply chain efforts. This operational
progress is driving high product quality, which supports a strong and
always improving customer experience. We are investing in innovation to
ensure our significant product differentiation and strong business model
continue to position Insulet for success in the diabetes and drug
First Quarter 2017 Financial Results:
First quarter 2017 revenue increased 25% to $101.7 million, compared to
revenue of $81.2 million in the first quarter of 2016.
Operating loss for the first quarter of 2017 was $5.3 million, compared
to an operating loss of $7.7 million in the first quarter of 2016.
Net loss for the first quarter of 2017 was $10.0 million, or $0.17 per
share, compared with a net loss from continuing operations of $10.7
million, or $0.19 per share, in the first quarter of 2016.
For the year ending December 31, 2017, the Company is raising the
mid-point of its revenue guidance and is now expecting a range of $425
to $440 million (previously $420 to $440 million), compared to 2016
revenue of $367.0 million. This represents year-over-year revenue
growth of approximately 18% at the mid-point of the range.
For the quarter ending June 30, 2017, the Company is introducing
revenue guidance in the range of $104 to $108 million, compared to
second quarter 2016 revenue of $87.3 million. This represents
year-over-year revenue growth of approximately 21% at the mid-point of
Future results may be affected by changes in ongoing assumptions and
judgments, and may also be affected by non-recurring, unusual or
unanticipated charges, expenses or gains.
Insulet will host a conference call at 4:30 p.m. (Eastern Time) on
May 8, 2017 to discuss the financial results and outlook. The link to
the live call will be available on the Investor Relations section of the
Company's website at http://investors.insulet.com, "Events and
Presentations", and will be archived for future reference. The call may
also be accessed by dialing (844) 831-3022 for domestic callers or (315)
625-6887 for international callers, passcode 97096783.
About Insulet Corporation:
Insulet Corporation (NASDAQ: PODD) is an innovative medical device
company dedicated to making the lives of people with diabetes easier.
Through its Omnipod Insulin Management System, Insulet seeks to expand
the use of insulin pump therapy among people with insulin-dependent
diabetes. The Omnipod is a revolutionary and easy-to-use tubeless
insulin pump that features just two parts and a fully-automated cannula
insertion. Insulet's Delivery Systems business also partners with global
pharmaceutical and biotechnology companies to tailor the Omnipod
technology platform for the delivery of subcutaneous drugs across
multiple therapeutic areas. Founded in 2000, Insulet Corporation is
based in Billerica, Massachusetts. For more information, please visit: http://www.myomnipod.com.
Forward-Looking Statement:
The 2017 financial results contained in this news release are subject to
finalization in connection with the preparation of the Company's Form
10-Q for the quarter ended March 31, 2017. This press release contains
forward-looking statements concerning Insulet's expectations,
anticipations, intentions, beliefs or strategies regarding the future.
These forward-looking statements are based on its current expectations
and beliefs concerning future developments and their potential effects
on Insulet. There can be no assurance that future developments affecting
Insulet will be those that it has anticipated.
These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond its control) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include, but
are not limited to: risks associated with the Company's dependence on
its principal product, the Omnipod System; Insulet's ability to reduce
production costs and increase customer orders and manufacturing volumes;
adverse changes in general economic conditions; impact of healthcare
reform laws; Insulet's ability to raise additional funds in the future
on acceptable terms or at all; potential supply problems or price
fluctuations with sole source or third-party suppliers on which Insulet
is dependent; the potential establishment of a competitive bid program
for conventional insulin pumps; failure by Insulet to retain supplier
pricing discounts and achieve satisfactory gross margins; failure by
Insulet to retain key supplier and payor partners; international
business risks; Insulet's inability to secure and retain adequate
coverage or reimbursement from third-party payors for the Omnipod System
and potential adverse changes in reimbursement rates or policies
relating to the Omnipod System; failure to retain key payor partners and
their members; potential adverse effects resulting from competition;
technological change and product innovation adversely affecting the
Company's business; potential changes to or termination of Insulet's
license to incorporate a blood glucose meter into the Omnipod System or