Insulet Corp (PODD, Financial), the global leader in tubeless insulin pump technology, announced its financial results for the third quarter ended September 30, 2023, on November 2, 2023. The company reported a significant increase in revenue and net income compared to the same period last year.
Financial Performance
The company reported Q3 2023 revenue of $432.7 million, up 27.0% compared to $340.8 million in the prior year. The total Omnipod revenue was $422.0 million, an increase of 29.4%. The U.S. Omnipod revenue was $320.6 million, an increase of 34.6%, while the International Omnipod revenue was $101.4 million, an increase of 15.2%. However, the Drug Delivery revenue was $10.7 million, a decrease of 27.2%.
Insulet Corp (PODD, Financial) reported a gross margin of 67.8%, up 1,250 basis points, compared to a gross margin of 55.3% in the prior year. The operating income was $54.8 million, or 12.7% of revenue, up 1,180 basis points compared to operating income of $2.9 million, or 0.9% of revenue, in the prior year. The company reported a net income of $51.9 million, or $0.74 per diluted share, compared to a net loss of $5.2 million, or $(0.08) per diluted share, in the prior year.
Strategic Highlights and Future Outlook
Insulet Corp (PODD, Financial) received FDA 510(k) clearance for the Omnipod 5 iOS App and expects to begin a U.S. limited market release in early 2024. The company also launched a U.S. commercial pilot program for Omnipod GOâ„¢, its basal-only Pod, and commercially launched Omnipod 5 in Germany.
For the year ending December 31, 2023, the company raised its expected revenue growth to a range of 26% to 27%, up from the previous guidance of 22% to 25%. The company expects total Omnipod revenue growth of 29% to 30% and U.S. Omnipod revenue growth of 37% to 38%. However, it expects a decrease in Drug Delivery revenue of 50% to 45%.
Financial Tables
The company's balance sheet as of September 30, 2023, shows total assets of $2,467.7 million, up from $2,251.1 million as of December 31, 2022. Total liabilities were $1,860.2 million, up from $1,774.7 million. The company's stockholders' equity was $607.5 million, up from $476.4 million.
The company's consolidated statements of operations show a net income of $51.9 million for the three months ended September 30, 2023, compared to a net loss of $5.2 million for the same period in 2022. For the nine months ended September 30, 2023, the net income was $103.0 million, compared to a net loss of $12.4 million for the same period in 2022.
Insulet Corp (PODD, Financial) continues to demonstrate strong financial performance and strategic growth, positioning itself for continued success in the future.
Explore the complete 8-K earnings release (here) from Insulet Corp for further details.
