Full Press Release Details
Reports Fourth Quarter Revenue of $130.5 Million, Up 26%, and Gross
Margin Up 210 Basis Points, Exceeding Expectations
Year 2017 Revenue of $463.8 Million, Up 26%, and Gross Margin Up 230
Year 2018 Expected Revenue Growth of 21% to 25%
BILLERICA, Mass.--(BUSINESS WIRE)--February 21, 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 and full year ended December 31, 2017.
Fourth Quarter Financial Highlights:
Fourth quarter revenue of $130.5 million, up 26%, exceeds guidance of
$123 to $126 million
U.S. Omnipod revenue of $76.5 million, an increase of 21%
International Omnipod revenue of $35.7 million, an increase of 72%
Drug Delivery revenue of $18.3 million, a decrease of 7%
Gross margin of 60.9%, up 210 basis points
Full Year Financial Highlights:
Full Year 2017 revenue of $463.8 million, up 26%, exceeds guidance of
$456 to $459 million
U.S. Omnipod revenue of $271.6 million, an increase of 18%
International Omnipod revenue of $120.0 million, an increase of 67%
Drug Delivery revenue of $72.2 million, an increase of 11%
Gross margin of 59.8%, up 230 basis points
Strategic Highlights:
Received Medicare coverage eligibility under prescription drug
benefit, providing access pathway to additional one-third of the U.S.
Submitted Omnipod DASH , Insulet's next-generation mobile platform,
Established European headquarters and local leadership team to assume
direct distribution and commercial support for Omnipod in Europe on
Broke ground on new state-of-the-art U.S. manufacturing facility
Ranked #4 on Forbes 2017 list of World's Most Innovative Growth
"Insulet had a very successful 2017 and our strong momentum this year
gives us confidence for further improved performance in 2018," said
Patrick Sullivan, Chairman and Chief Executive Officer. "Our focus on
commercial execution and operational excellence drove revenue growth of
26% and more than a 200-basis point gross margin improvement in 2017. We
also achieved several key strategic milestones, including gaining
Medicare coverage for Omnipod and submitting a 510(k) to the FDA for our
next-generation Omnipod DASH System in early 2018."
Mr. Sullivan continued, "I am incredibly proud of the performance of our
team across our business. We are on a strong, sustainable growth
trajectory and are well on our way to achieving our 2021 targets of $1
billion in revenue, approaching 70% gross margin, and above-market
profitability. While we are pleased with our progress to date, we remain
as driven and focused as ever on delivering differentiated technology to
Fourth Quarter 2017 Financial Results:
Fourth quarter 2017 revenue increased 26% to $130.5 million, compared to
$103.6 million in the fourth quarter of 2016.
Operating loss for the fourth quarter of 2017 was $0.8 million, compared
to an operating loss of $4.1 million in the fourth quarter of 2016.
Net loss for the fourth quarter of 2017 was $6.9 million, or $0.12 per
share, compared with a net loss from continuing operations of $9.2
million, or $0.16 per share, in the fourth quarter of 2016.
Full Year 2017 Financial Results:
For the year ended December 31, 2017, revenue increased 26% to $463.8
million, compared to revenue of $367.0 million in 2016.
Operating loss for the year ended December 31, 2017 was $7.4 million,
compared with an operating loss of $10.7 million in 2016.
Net loss for the year ended December 31, 2017 was $26.8 million, or
$0.46 per share, compared with a net loss from continuing operations of
$27.2 million, or $0.48 per share, in 2016.
For the year ending December 31, 2018, the Company expects revenue in
the range of $560 to $580 million, compared to 2017 revenue of $463.8
million, representing growth of approximately 21% to 25%. This
guidance includes approximately $5 million of incremental revenue from
For the quarter ending March 31, 2018, the Company expects revenue in
the range of $119 to $123 million, compared to first quarter 2017
revenue of $101.7 million, representing growth of approximately 17% to
21%. This guidance includes approximately $2 million of incremental
revenue from adopting ASC 606.
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
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.
Insulet will host a conference call at 4:30 p.m. (Eastern Time) on
February 21, 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 3671056.
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