Full Press Release Details
Reports Fourth Quarter 2018 Revenue of $164.9 Million, Up 26%
Year-Over-Year, and Full Year 2018 Revenue of $563.8 Million, Up 22%
ACTON, Mass.--(BUSINESS WIRE)--February 25, 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 and full year ended December 31, 2018.
Fourth Quarter Financial Highlights:
Fourth quarter 2018 revenue of $164.9 million, up 26% compared to
$130.5 million in the prior year, exceeds guidance of $159 to $164
U.S. Omnipod revenue of $93.2 million, an increase of 22%
International Omnipod revenue of $55.0 million, an increase of 54%
Drug Delivery revenue of $16.7 million, a decrease of 8%
Gross margin of 66.9%, up 600 basis points
Operating income of $16.2 million compared to an operating loss of
$0.8 million in the prior year
Net income of $9.9 million, $0.16 per diluted share, compared to a net
loss of $6.9 million, $(0.12) per share
Full Year Financial Highlights:
Full Year 2018 revenue of $563.8 million, up 22% compared to $463.8
million in the prior year, exceeds guidance of $558 to $563 million
U.S. Omnipod revenue of $323.5 million, an increase of 19%
International Omnipod revenue of $172.0 million, an increase of 43%
Drug Delivery revenue of $68.3 million, a decrease of 5%
Gross margin of 65.7%, up 590 basis points
Operating income of $27.4 million compared to an operating loss of
Net income of $3.3 million, $0.05 per diluted share, compared to a net
loss of $26.8 million, $(0.46) per share
Recent Strategic Highlights:
Achieved full year positive operating income and net income for the
first time in Insulet's history
Executed limited commercial release for Omnipod DASHTM,
including securing extensive coverage through the pharmacy channel
ahead of full commercial release
Omnipod DASH became the only DTSec and ISO 27001 certified insulin
pump for cyber and information security and safety
Omnipod HorizonTM with personal smartphone control granted
designation in the FDA's breakthrough device program
Substantially completed construction of new Company headquarters and
manufacturing facility in Massachusetts
"Insulet had a remarkable 2018, achieving our third consecutive year of
over 20% revenue growth, significantly improving gross margin, and
achieving profitability for the first year in the Company's history,"
said Shacey Petrovic, President and Chief Executive Officer. "Our fourth
quarter and full year results were driven by strong commercial and
operational execution and gives us great momentum, ensuring more people
with diabetes can benefit from our life-changing technology."
Ms. Petrovic continued, "Insulet has multiple value creation catalysts
ahead and we are well on our way to achieving our 2021 financial targets
of $1 billion in revenue, 70% gross margin and mid-teens operating
margin. We have ambitious plans for Insulet and we are confident we will
continue our strong growth trajectory and create value for shareholders."
For the year ending December 31, 2019, the Company expects revenue in
the range of $662 to $687 million, compared to 2018 revenue of $563.8
million, representing growth of approximately 17% to 22%
U.S. Omnipod revenue of $373 to $383 million, an increase of 15%
International Omnipod revenue of $235 to $244 million, an increase
Drug Delivery revenue of $54 to $60 million, a decrease of 12% to
For the quarter ending March 31, 2019, the Company expects revenue in
the range of $152 to $156 million, compared to first quarter 2018
revenue of $123.6 million, representing growth of approximately 23% to
U.S. Omnipod revenue of $82 to $84 million, an increase of 17% to
International Omnipod revenue of $56 to $57 million, an increase
Drug Delivery revenue of $14 to $15 million, comparable to the
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
February 25, 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 7262247.
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 2018 financial results contained in this news release are subject to
finalization in connection with the preparation of the Company's Form
10-K for the year ended December 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
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