Full Press Release Details
Reports First Quarter 2019 Revenue of $159.6 Million, an Increase of 29%
Pod Production at U.S. Manufacturing Facility and Initiated Full U.S.
Commercial Launch of Omnipod DASH
ACTON, Mass.--(BUSINESS WIRE)--May 2, 2019--Insulet Corporation (NASDAQ:
PODD) (Insulet or the Company), the global 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, 2019.
First Quarter Financial Highlights:
First quarter revenue of $159.6 million, up 29%, compared to revenue
of $123.6 million in the prior year, exceeds guidance of $152 to $156
U.S. Omnipod revenue of $86.1 million, an increase of 23%
International Omnipod revenue of $56.9 million, an increase of 48%
Drug Delivery revenue of $16.6 million, an increase of 11%
Gross margin of 66.9%, up 550 basis points
Operating income of $7.3 million compared to operating break-even in
Net income of $4.4 million, or $0.07 per diluted share, compared to a
net loss of $6.6 million, or $(0.11) per share, in the prior year
Recent Strategic Highlights:
Initiated full U.S. market release for Omnipod DASHTM,
including expanding pharmacy channel coverage
Began production on our first highly-automated manufacturing line and
officially commemorated the opening of the Company's new worldwide
headquarters and manufacturing facility in Massachusetts
"Building on our outstanding performance in 2018, Insulet delivered
strong financial results for the first quarter, including robust revenue
growth, margin expansion and continued profitability," said Shacey
Petrovic, President and Chief Executive Officer. "We are making great
progress on many fronts, including the start-up of our highly-automated
U.S. manufacturing, our Omnipod DASH full U.S. market release, and the
corresponding shift to the pay-as-you-go model. We are particularly
proud to have advanced all of these initiatives while driving first
quarter revenue growth of 29%."
Ms. Petrovic continued, "Our outstanding performance is a clear
indication that we are successfully executing on our strategic plan. We
are increasing market access to our products, investing in our pipeline,
expanding our global footprint, enhancing our operational capabilities,
and creating substantial value for Insulet's shareholders. We are well
on our way to delivering our 2021 financial targets of $1 billion in
revenue, 70% gross margin and mid-teens operating margin, reinforcing
our confidence in Insulet's prospects for long-term, sustainable and
For the year ending December 31, 2019, the Company is raising its
revenue guidance to a range of $667 to $690 million, compared to 2018
revenue of $563.8 million, representing growth of 18% to 22%. This
compares to previous expectations of $662 to $687 million, and growth
of 17% to 22%. By product line:
U.S. Omnipod revenue expectations increased to a range of $376 to
$385 million, representing growth of 16% to 19% (previously $373
to $383 million, and growth of 15% to 18%)
International Omnipod revenue expectations increased to a range of
$236 to $244 million, representing growth of 37% to 42%
(previously $235 to $244 million, and growth unchanged of 37% to
Drug Delivery revenue expectations increased to a range of $55 to
$61 million, representing a decline of 11% to 19% (previously $54
to $60 million, a decline of 12% to 21%)
For the quarter ending June 30, 2019, the Company expects revenue in
the range of $160 to $165 million, compared to second quarter 2018
revenue of $124.3 million, representing growth of 29% to 33%. By
product line, the Company expects:
U.S. Omnipod revenue of $89 to $91 million, representing growth of
International Omnipod revenue of $57 to $59 million, representing
growth of 100% to 107%
Drug Delivery revenue of $14 to $15 million, a decline of 15% to
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 2, 2019 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 8408719.
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 other therapeutic areas. For more information, please
visit: www.insulet.com and www.myomnipod.com.
Forward-Looking Statement:
The 2019 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, 2019. 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 Insulet's 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