Full Press Release Details
Reports First Quarter 2018 Revenue of $123.6 Million, Up 21%
Year-Over-Year, and Gross Margin of 61.4%, Up 300 Basis Points,
Exceeding Expectations
Full Year 2018 Expected Revenue Growth to 22% to 25% on Strength in
Second Quarter Expected Revenue Growth of 18% to 22%
BILLERICA, Mass.--(BUSINESS WIRE)--May 3, 2018--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, 2018.
First Quarter Financial Highlights:
First quarter revenue of $123.6 million, up 21%, exceeds guidance of
$119 to $123 million
U.S. Omnipod revenue of $70.3 million, an increase of 18%
International Omnipod revenue of $38.4 million, an increase of 53%
Drug Delivery revenue of $14.9 million, a decrease of 12%
Gross margin of 61.4%, up 300 basis points
Secured in-network coverage with UnitedHealthcare for Omnipod,
effective April 2018
Received Medicare coverage eligibility under the Part D prescription
drug benefit, providing access pathway to 450,000 individuals with
Type 1 diabetes who have Medicare/Medicaid coverage
Secured Medicare formulary coverage with two Part D plan sponsors,
effective April 2018
Submitted Omnipod DASH , Insulet's next-generation mobile platform,
Established key European operational and commercial arrangements for
transition to direct operations on July 1st
"We are expanding our opportunities for growth and driving continued
operational excellence," said Patrick Sullivan, Chairman and Chief
Executive Officer. "We have significantly expanded market access for
Omnipod, made substantial progress on our innovation roadmap, and
strengthened our global commercial footprint. We are building on last
year's momentum and look forward to another year of substantial growth
and achieving positive operating income in 2018 for the first time in
First Quarter 2018 Financial Results:
First quarter 2018 revenue increased 21% to $123.6 million, compared to
revenue of $101.7 million in the first quarter of 2017.
Operating income for the first quarter of 2018 was break-even, compared
to an operating loss of $5.3 million in the first quarter of 2017.
Net loss for the first quarter of 2018 was $6.6 million, or $0.11 per
share, compared to a net loss of $10.0 million, or $0.17 per share, in
the first quarter of 2017.
For the year ending December 31, 2018, the Company is raising its
revenue guidance to a range of $565 to $580 million (previously $560
to $580 million), compared to 2017 revenue of $463.8 million,
representing growth of approximately 22% to 25%, on growing global
Omnipod demand and confidence in commercial execution.
For the quarter ending June 30, 2018, the Company is introducing
revenue guidance in the range of $130 to $134 million, compared to
second quarter 2017 revenue of $109.8 million, representing growth of
approximately 18% to 22%.
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.
1 On January 1, 2018, the Company adopted Accounting
Standards Codification (ASC) 606, which changes the way public
companies recognize revenue, as well as certain related costs and
expenses. The Company does not expect the adoption of this standard will
have a material impact on its financial trends. The Company's 2018
revenue guidance reflects the adoption of this standard on a prospective
basis and it anticipates the most significant impact relates to the
timing of revenue recognition within its drug delivery product line. For
the year ending December 31, 2018 and the quarter ending June 30, 2018,
the guidance includes approximately $5 million and $1.5 million,
respectively, of incremental revenue from adopting ASC 606.
Insulet will host a conference call at 4:30 p.m. (Eastern Time) on
May 3, 2018 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 6468699.
About Insulet Corporation:
Insulet Corporation (NASDAQ: PODD), headquartered in Massachusetts, is
an innovative medical device company dedicated to making the lives of
people with diabetes and other conditions easier through the use of its
Omnipod product platform. The Omnipod Insulin Management System provides
a unique alternative to traditional insulin delivery methods. With its
simple, wearable design, the disposable Pod provides up to three days of
non-stop insulin delivery, without the need to see or handle a needle.
Insulet also leverages the unique design of its Pod, by tailoring its
Omnipod technology platform for the delivery of non-insulin subcutaneous
drugs across multiple therapeutic areas. Founded in 2000, more than
140,000 users across the globe rely on Insulet's Omnipod Insulin
Management System to bring simplicity and freedom to their lives. For
more information, please visit: www.insulet.com, www.myomnipod.com
and www.omnipodeurope.com*.
*Starting July 1, 2018, Insulet will assume direct distribution of its
Omnipod Insulin Management System in Europe, including sales, marketing,
training and customer support activities. This will allow Insulet to be
closer to the diabetes community and identify opportunities to support
European customer needs over the long-term, as it already does in the
United States and Canada.
Forward-Looking Statement:
The 2018 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, 2018. 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