Full Press Release Details
Reports Second Quarter 2018 Revenue of $124.3 Million, Up 13%
Year-Over-Year, and Gross Margin of 66%, Up 710 Basis Points
Year 2018 Expected Revenue Growth Revised to 18% to 21%
Quarter Expected Revenue Growth of 19% to 24%
BILLERICA, Mass.--(BUSINESS WIRE)--August 2, 2018--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 June 30, 2018.
Second Quarter Financial Highlights:
Second quarter revenue of $124.3 million, up 13%, net of a $7.4
million inventory repurchase from the Company's former European
distributor, compared to guidance of $130 to $134 million
U.S. Omnipod revenue of $78.1 million, an increase of 19%
International Omnipod revenue of $28.5 million, an increase of 7%,
net of the $7.4 million repurchase
Drug Delivery revenue of $17.7 million, a decrease of 1%
Gross margin of 66%, up 710 basis points
Assumed direct European operations on July 1st for Omnipod
Commenced U.S. limited market release of Omnipod DASHTM,
Insulet's next-generation mobile platform, following FDA clearance in
Secured in-network coverage with UnitedHealthcare for Omnipod,
effective April 2018
Secured Medicare formulary coverage with two Part D plan sponsors,
effective April 2018
Presented nine abstracts at the American Diabetes Association's 78th
Scientific Sessions; Omnipod HORIZONTM clinical abstract
selected for ADA's Official Press Program for the data's overall
Selected as preferred insulin pump in British Columbia, Canada
"We are making tremendous progress on our strategic initiatives,
including launching direct operations in Europe, executing on our
innovation roadmap, expanding market access, and building our U.S.
manufacturing facility," said Patrick Sullivan, Chairman and Chief
Executive Officer. "Our commitment to operational excellence is driving
our strong revenue growth and continuing gross margin expansion. We are
on track to achieve positive operating income in 2018 and our 2021
revenue and gross margin targets."
Mr. Sullivan continued, "Our updated outlook for the year reflects the
short-term impact of transitioning to direct operations in Europe as we
exited our distributor relationship. We are truly excited to gain
control of our European business and realize the significant benefits
this transition provides. The creation of Insulet Europe is just the
beginning of our vision to grow Omnipod adoption around the world."
Second Quarter 2018 Financial Results:
Second quarter 2018 revenue increased 13% to $124.3 million, compared to
revenue of $109.8 million in the second quarter of 2017.
Operating income for the second quarter of 2018 was $4.3 million,
compared to an operating loss of $3.4 million in the second quarter of
Net loss for the second quarter of 2018 was $1.7 million, or $0.03 per
share, compared to a net loss of $7.8 million, or $0.13 per share, in
the second quarter of 2017.
For the year ending December 31, 2018, the Company is revising its
revenue guidance to a range of $547 to $562 million, representing
growth of approximately 18% to 21% (previously $565 to $580 million),
compared to 2017 revenue of $463.8 million. The Company is revising
its expectations for its International Omnipod product line due to the
short-term impact of transitioning to direct operations in Europe. The
Company is raising its revenue expectations for U.S. Omnipod and Drug
For the quarter ending September 30, 2018, the Company is introducing
revenue guidance in the range of $144.5 to $151.5 million, compared to
third quarter 2017 revenue of $121.8 million, representing growth of
approximately 19% to 24%.
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
August 2, 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 3342069.
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.
On July 1, Insulet assumed direct operations of its Omnipod Insulin
Management System product line in Europe, including sales, marketing,
training and customer support activities. This allows Insulet to be
closer to the diabetes community and identify opportunities to support
European customer needs over the long-term, as Insulet does in the
United States and Canada.
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-Q for the quarter ended June 30, 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