Represents 8th Consecutive Year of 20% or
More Constant Currency Revenue Growth
Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the
global leader in tubeless insulin pump technology with its Omnipod®
brand of products, today announced financial results for the three
months and full year ended December 31, 2023.
Full Year Financial Highlights:
- Full year 2023 revenue of $1.7 billion, up 30.0%, or 29.6% in
constant currency, compared to $1.3 billion in the prior year,
exceeds the guidance range of 26% to 27% in constant currency. Full
year 2023 revenue includes an estimated $20 million to $25 million
related to U.S. pharmacy wholesaler orders that were accelerated
from the first quarter of 2024 in advance of the Company’s
implementation of a new ERP system on January 1, 2024
- Total Omnipod revenue of $1.7 billion, an increase of 33.1%, or
32.7% in constant currency
- U.S. Omnipod revenue of $1.3 billion, an increase of 41.4%
- International Omnipod revenue of $410.1 million, an increase of
13.0%, or 11.4% in constant currency
- Drug Delivery revenue of $36.0 million, a decrease of
37.4%
- Gross margin of 68.3%, up 660 basis points, compared to gross
margin of 61.7% in the prior year.
- Adjusted gross margin1 of 67.7%, up 150 basis points, excludes
income of $11.5 million associated with the voluntary medical
device correction (MDC) notices issued in 2022. Adjusted gross
margin in the prior year of 66.2% excludes a charge of $57.9
million associated with the voluntary MDC notices
- Operating income of $220.0 million, or 13.0% of revenue, up
1,010 basis points compared to operating income of $37.6 million,
or 2.9% of revenue, in the prior year. Operating margin includes an
estimated 70 basis point benefit from the estimated $20 million to
$25 million in revenue related to U.S. pharmacy wholesaler orders
accelerated from the first quarter of 2024
- Adjusted operating income1 of $208.5 million, or 12.3%, up 280
basis points, excludes the $11.5 million of income associated with
the MDC notices noted above. Adjusted operating income in the prior
year of $124.1 million, or 9.5% of revenue, excludes the $57.9
million charge associated with the MDC notices, as well as $25.2
million of certain legal costs and $3.4 million of CEO transition
costs
- Net income of $206.3 million, or $2.94 per diluted share,
compared to net income of $4.6 million, or $0.07 per diluted share,
in the prior year
- Adjusted net income1 of $192.2 million, or $2.75 per diluted
share excludes the $11.5 million of income associated with the
voluntary MDC notices noted above and $2.6 million of gains
associated with investments. Adjusted net income in the prior year
of $91.1 million, or $1.30 per diluted share, excludes the charges
of $57.9 million, $25.2 million and $3.4 million noted above
- Adjusted EBITDA1 of $329.2 million, or 19.4% of revenue,
compared to $224.8 million, or 17.2% of revenue, in the prior
year
Fourth Quarter Financial Highlights:
- Fourth quarter 2023 revenue of $509.8 million, up 37.9%, or
36.6% in constant currency, compared to $369.7 million in the prior
year, exceeds the guidance range of 22% to 25% in constant currency
and includes the estimated $20 million to $25 million in revenue
related to U.S. pharmacy wholesaler orders accelerated from the
first quarter of 2024
- Total Omnipod revenue of $501.0 million, an increase of 36.7%,
or 35.4% in constant currency
- U.S. Omnipod revenue of $394.6 million, an increase of
42.9%
- International Omnipod revenue of $106.4 million, an increase of
18.0%, or 12.5% in constant currency
- Drug Delivery revenue of $8.8 million, an increase of
166.7%
- Gross margin of 70.9%, up 1,210 basis points, compared to gross
margin of 58.8% in the prior year.
- Adjusted gross margin1 of 70.7%, up 620 basis points, excludes
income of $0.9 million associated with the voluntary MDC notices
issued in 2022. Adjusted gross margin in the prior year of 64.5%
excludes a charge of $21.1 million associated with the voluntary
MDC notices
- Operating income of $106.4 million, or 20.9% of revenue, up
1,450 basis points, compared to operating income of $23.5 million,
or 6.4% of revenue, in the prior year. Operating margin includes an
estimated 230 basis point benefit from the estimated $20 million to
$25 million in revenue related to U.S. pharmacy wholesaler orders
accelerated from the first quarter of 2024
- Adjusted operating income1 of $105.5 million, or 20.7%, up 920
basis points, excludes the $0.9 million of income associated with
the MDCs noted above. Adjusted operating income in the prior year
of $42.5 million, or 11.5% of revenue, excludes the $21.1 million
charge associated with the MDCs, as well as $2.1 million of income
related to an adjustment to a legal settlement charge
- Net income of $103.3 million, or $1.44 per diluted share,
compared to net income of $17.0 million, or $0.24 per diluted
share, in the prior year
- Adjusted net income1 of $100.6 million, or $1.40 per diluted
share, excludes the $0.9 million of income associated with the MDCs
and $1.8 million of gains associated with investments. Adjusted net
income in the prior year of $36.0 million, or $0.52 per diluted
share, excludes the charges of $21.1 million and income of $2.1
million associated with the MDCs
- Adjusted EBITDA1 of $137.0 million, or 26.9% of revenue,
compared to $71.4 million, or 19.3% of revenue, in the prior
year
Recent Highlights:
- Delivered eighth consecutive year of 20% or more constant
currency revenue growth
- #1 in U.S. new customer starts in 20232
- Recently achieved milestones of 425,000 estimated active global
customers using Omnipod products (approximately 25% annual
growth)3, including 250,000 global customers using Omnipod 5, the
most prescribed AID System in 2023 in the U.S.2,4
- Launched U.S. limited market release of Omnipod 5 integrated
with Dexcom’s G7 sensor
- Received CE Mark approval for Omnipod 5 integration with
Abbott’s Freestyle Libre 2 Plus sensor
- On track for last participant to complete the Company’s type 2
pivotal trial in the coming weeks
- Real-world evidence demonstrating Omnipod 5’s effectiveness
based on use in a large, diverse real-world population of almost
70,000 people with type 1 diabetes, published in Diabetes
Technology and Therapeutics. People primarily using the lowest
target achieved a median time in range of 69%. When split by age
group, adults achieved a time in range of 70% and
children/adolescents achieved 65%5
- Omnipod 5 preschool pivotal extension data published in
Diabetes Technology and Therapeutics demonstrating safety and
improved outcomes in preschool-aged children with two years of
system use6
- Successfully repriced the Company's Term Loan B at a lower
interest rate
“2023 was another transformational year for Insulet. The rapid
adoption of Omnipod 5 helped fuel our eighth consecutive year of
more than 20% constant currency revenue growth,” said Jim
Hollingshead, President and Chief Executive Officer. “Our team’s
outstanding execution and relentless pursuit of innovation further
solidify our position as the category leader, strengthen our
competitive moats and enable us to deliver our groundbreaking
innovation to even more people. We entered 2024 with powerful
momentum and are well-positioned for continued profitable growth
and value creation as we simplify life for the millions of people
with diabetes around the world.”
__________________________________ 1 See description of non-GAAP
financial measures contained in this release. 2 Source: Insulet
data on file. New Customer Starts represent individuals new to pump
therapy and individuals who switched from another manufacturer's
pump. 3 This growth rate factors in a revised estimated global
customer base of approximately 345,000 one year ago versus the
Company’s prior estimate of approximately 360,000. This change
relates to the Company’s Classic Omnipod U.S. customer base. 4
Source: Insulet data on file. Most Prescribed represents new
prescriptions in the U.S. in 2023. 5
https://doi.org/10.1089/dia.2023.0578. 'Real-world evidence of
Omnipod® 5 Automated Insulin Delivery System use in 69,902 people
with type 1 diabetes'. First author: Dr. Gregory P Forlenza. 6
https://www.liebertpub.com/doi/10.1089/dia.2023.0506. ‘Glycemic
Outcomes Persist for up to 2 Years in Very Young Children with the
Omnipod 5 Automated Insulin Delivery System’. First author: Dr.
Daniel J DeSalvo.
2024 Outlook:
Revenue Guidance (in constant
currency):
Guidance for the first quarter and full year 2024 reflects an
estimated $20 million to $25 million in revenue related to U.S.
pharmacy wholesaler orders that were accelerated into the fourth
quarter of 2023 from the first quarter of 2024 in advance of the
Company’s implementation of a new ERP system on January 1, 2024
(i.e., 2024 growth rates reflect $20 million to $25 million less in
U.S. revenue in 2024 and $20 million to $25 million more in
2023):
- For the year ending December 31, 2024, the Company expects
revenue growth in the range of 12% to 17%. Revenue growth ranges by
product line are:
- Total Omnipod of 13% to 18%
- U.S. Omnipod of 16% to 21%
- International Omnipod of 7% to 10%
- Drug Delivery of (60)% to (50)%
- For the quarter ending March 31, 2024, the Company expects
revenue growth of 17% to 20%. Revenue growth ranges by product line
are:
- Total Omnipod of 15% to 18%
- U.S. Omnipod of 19% to 22%
- International Omnipod of 5% to 8%
- Drug Delivery of 1,020% to 1,220% (approximately $5 million to
$6 million)
Gross Margin and Operating Margin
Guidance:
For the year ending December 31, 2024, the Company expects gross
margin of 68% to 69%, closer to the mid-point of the range. The
assumed order timing shift of $20 million to $25 million in revenue
noted above is not expected to impact gross margin.
For the year ending December 31, 2024, the Company expects
operating margin of approximately 13%. This guidance excludes the
estimated 60 basis point negative impact associated with the
assumed order timing shift noted above. The year-over-year
estimated impact of this shift is 130 basis points.
Conference Call:
Insulet will host a conference call at 4:30 p.m. (Eastern Time)
on February 22, 2024 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
investors.insulet.com, “Events and Presentations,” and will be
archived for future reference. The live call may also be accessed
by dialing (888) 770-7129 for domestic callers or (929) 203-2109
for international callers, passcode 5904836.
About Insulet Corporation:
Insulet Corporation (NASDAQ: PODD), headquartered in
Massachusetts, is an innovative medical device company dedicated to
simplifying life for people with diabetes and other conditions
through its Omnipod product platform. The Omnipod Insulin
Management System provides a unique alternative to traditional
insulin delivery methods. With its simple, wearable design, the
tubeless disposable Pod provides up to three days of non-stop
insulin delivery, without the need to see or handle a needle.
Insulet’s flagship innovation, the Omnipod® 5 Automated Insulin
Delivery System, integrates with a continuous glucose monitor to
manage blood sugar with no multiple daily injections, zero
fingersticks, and can be controlled by a compatible personal
smartphone or the Omnipod Controller. 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:
insulet.com and omnipod.com.
Non-GAAP Measures:
The Company uses the following non-GAAP financial measures:
- Constant currency revenue growth, which represents the change
in revenue between current and prior year periods using the
exchange rate in effect during the applicable prior year period.
Insulet presents constant currency revenue growth because
management believes it provides meaningful information regarding
the Company’s results on a consistent and comparable basis.
Management uses this non-GAAP financial measure, in addition to
financial measures in accordance with generally accepted accounting
principles in the United States (GAAP), to evaluate the Company’s
operating results. It is also one of the performance metrics that
determines management incentive compensation.
- Adjusted gross margin, adjusted gross margin as a percentage of
revenue, adjusted operating income, adjusted operating income as a
percentage of revenue, adjusted net income, and adjusted diluted
earnings per share exclude the impact of certain significant
transactions or events, such as legal settlements, medical device
corrections, gains (losses) on investments and loss on
extinguishment of debt, that affect the period-to-period
comparability of the Company’s performance, as applicable.
- Adjusted EBITDA, which represents net income (loss) plus net
interest expense, income tax expense (benefit), depreciation and
amortization, stock-based compensation expense and other
significant transactions or events, such as legal settlements,
medical device corrections, gains (losses) on investments and loss
on extinguishment of debt, which affect the period-to-period
comparability of the Company’s performance, as applicable, and
adjusted EBITDA as a percentage of revenue.
Insulet presents the above non-GAAP financial measures because
management uses them as supplemental measures in assessing the
Company’s performance, and the Company believes they are helpful to
investors and other interested parties as measures of comparative
performance from period to period. They also are commonly used
measures in determining business value, and the Company uses them
internally to report results.
These non-GAAP financial measures should be considered
supplemental to, and not a substitute for, the Company’s reported
financial results prepared in accordance with GAAP. Furthermore,
the Company’s definition of these non-GAAP measures may differ from
similarly titled measures used by others. Because non-GAAP
financial measures exclude the effect of items that will increase
or decrease the Company’s reported results of operations, Insulet
strongly encourages investors to review the Company’s consolidated
financial statements and publicly filed reports in their
entirety.
Forward-Looking Statement:
This press release contains forward-looking statements
regarding, among other things, future operating and financial
performance, product success and efficacy, the outcome of studies
and trials and the approval of products by regulatory bodies. These
forward-looking statements are based on management’s current
beliefs, assumptions and estimates and are not intended to be a
guarantee of future events or performance. If management’s
underlying assumptions turn out to be incorrect, or if certain
risks or uncertainties materialize, actual results could vary
materially from the expectations and projections expressed or
implied by the forward-looking statements.
Risks and uncertainties include, but are not limited to our
dependence on a principal product platform; the impact of
competitive products, technological change and product innovation;
our ability to maintain an effective sales force and expand our
distribution network; our ability to maintain and grow our customer
base; our ability to scale the business to support revenue growth;
our ability to secure and retain adequate coverage or reimbursement
from third-party payors; the impact of healthcare reform laws; our
ability to design, develop, manufacture and commercialize future
products; unfavorable results of clinical studies, including issues
with third parties conducting any studies, or future publication of
articles or announcement of positions by diabetes associations or
other organizations that are unfavorable; our ability to protect
intellectual property and other proprietary rights; potential
conflicts with the intellectual property of third parties; our
inability to maintain or enter into new license or other agreements
with respect to continuous glucose monitors, data management
systems or other rights necessary to sell our current product
and/or commercialize future products; worldwide macroeconomic and
geopolitical uncertainty as well as risks associated with public
health crises and pandemics, including government actions and
restrictive measures implemented in response, supply chain
disruptions, delays in clinical trials, and other impacts to the
business, our customers, suppliers, and employees; international
business risks, including regulatory, commercial and logistics
risks; the potential violation of anti-bribery/anti-corruption
laws; the concentration of manufacturing operations and storage of
inventory in a limited number of locations; supply problems or
price fluctuations with sole source or third-party suppliers on
which we are dependent; failure to retain key suppliers; challenges
to the future development of our non-insulin drug delivery product
line; failure of our contract manufacturer or component suppliers
to comply with the U.S. Food and Drug Administration’s quality
system regulations; extensive government regulation applicable to
medical devices as well as complex and evolving privacy and data
protection laws; adverse regulatory or legal actions relating to
current or future Omnipod products; potential adverse impacts
resulting from a recall, or discovery of serious safety issues, or
product liability lawsuits relating to off-label use; breaches or
failures of the Company’s product or information technology
systems, including by cyberattack; loss of employees or inability
to identify and recruit new employees; risks associated with
potential future acquisitions or investments in new businesses;
ability to generate sufficient cash to service our indebtedness or
raise additional funds on acceptable terms or at all; the
volatility of the trading price of the Company’s common stock;
risks related to the conversion of outstanding Convertible Senior
Notes; and potential limitations on the Company’s ability to use
net operating loss carryforwards.
For a further list and description of these and other important
risks and uncertainties that may affect the Company’s future
operations, see Part I, Item 1A - Risk Factors in our most recent
Annual Report on Form 10-K filed with the Securities and Exchange
Commission, which the Company may update in Part II, Item 1A - Risk
Factors in Quarterly Reports on Form 10-Q the Company has filed or
will file hereafter. Any forward-looking statement made in this
release speaks only as of the date of this release. Insulet does
not undertake to update any forward-looking statement, other than
as required by law.
©2024 Insulet Corporation. Omnipod is a registered trademark of
Insulet Corporation in the United States of America and other
various jurisdictions. All rights reserved. All other trademarks
are the property of their respective owners. The use of third-party
trademarks does not constitute an endorsement or imply a
relationship or other affiliation.
INSULET CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended December
31,
Years Ended December
31,
(dollars in millions, except per share
data)
2023
2022
2023
2022
Revenue
$
509.8
$
369.7
$
1,697.1
$
1,305.3
Cost of revenue
148.6
152.4
537.2
499.7
Gross profit
361.2
217.3
1,159.9
805.6
Research and development expenses
42.0
49.5
205.0
180.2
Selling, general and administrative
expenses
212.8
144.3
734.9
587.8
Operating income
106.4
23.5
220.0
37.6
Interest expense, net
(0.5
)
(2.7
)
(7.6
)
(26.7
)
Other income (expense), net
1.9
1.5
2.2
(1.1
)
Income before income taxes
107.8
22.3
214.6
9.8
Income tax expense
(4.5
)
(5.3
)
(8.3
)
(5.2
)
Net income
$
103.3
$
17.0
$
206.3
$
4.6
Net income per share:
Basic
$
1.48
$
0.25
$
2.96
$
0.07
Diluted
$
1.44
$
0.24
$
2.94
$
0.07
Weighted-average number of common
shares outstanding (in thousands):
Basic
69,860
69,472
69,751
69,375
Diluted
73,614
70,020
73,633
69,910
RECONCILIATION OF DILUTED NET
INCOME (UNAUDITED)
Three Months Ended December
31,
Years Ended December
31,
(in millions, except share and per
share data)
2023
2022
2023
2022
Net income
$
103.3
$
17.0
$
206.3
$
4.6
Add back interest expense, net of tax
attributable to assumed conversion of convertible senior notes
2.6
—
10.4
—
Net income, diluted
$
105.9
$
17.0
$
216.7
$
4.6
INSULET CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
As of December 31,
(dollars in millions)
2023
2022
ASSETS
Cash and cash equivalents
$
704.2
$
674.7
Accounts receivable, net
359.7
205.6
Inventories
402.6
346.8
Prepaid expenses and other current
assets
116.4
86.9
Total current assets
1,582.9
1,314.0
Property, plant and equipment, net
664.9
599.9
Goodwill and other intangible assets,
net
150.4
127.2
Other assets
190.0
210.0
Total assets
$
2,588.2
$
2,251.1
LIABILITIES AND STOCKHOLDERS’
EQUITY
Accounts payable
$
19.2
$
30.8
Accrued expenses and other current
liabilities
382.6
306.4
Current portion of long-term debt
49.4
27.5
Total current liabilities
451.2
364.7
Long-term debt, net
1,366.4
1,374.3
Other liabilities
37.9
35.7
Total liabilities
1,855.5
1,774.7
Stockholders’ equity
732.7
476.4
Total liabilities and stockholders’
equity
$
2,588.2
$
2,251.1
INSULET CORPORATION
NON-GAAP RECONCILIATIONS
(UNAUDITED)
CONSTANT CURRENCY REVENUE
GROWTH
Three Months Ended December
31,
(dollars in millions)
2023
2022
Percent Change
Currency Impact
Constant Currency
Revenue:
U.S. Omnipod
$
394.6
$
276.2
42.9
%
—
%
42.9
%
International Omnipod
106.4
90.2
18.0
%
5.5
%
12.5
%
Total Omnipod
501.0
366.4
36.7
%
1.3
%
35.4
%
Drug Delivery
8.8
3.3
166.7
%
—
%
166.7
%
Total
$
509.8
$
369.7
37.9
%
1.3
%
36.6
%
Years Ended December
31,
(dollars in millions)
2023
2022
Percent Change
Currency Impact
Constant Currency
Revenue:
U.S. Omnipod
$
1,251.0
$
884.8
41.4
%
—
%
41.4
%
International Omnipod
410.1
363.0
13.0
%
1.6
%
11.4
%
Total Omnipod
1,661.1
1,247.8
33.1
%
0.4
%
32.7
%
Drug Delivery
36.0
57.5
(37.4
) %
—
%
(37.4
) %
Total
$
1,697.1
$
1,305.3
30.0
%
0.4
%
29.6
%
INSULET CORPORATION
NON-GAAP RECONCILIATIONS
CONTINUED (UNAUDITED)
ADJUSTED GROSS MARGIN,
OPERATING MARGIN, NET INCOME AND DILUTED EPS
Three Months Ended December
31, 2023
(in millions)
Gross Profit
Percent of Revenue
Operating Income
Percent of Revenue
Net Income(3)
Net Income,
Diluted
Diluted Earnings per
Share
GAAP
$
361.2
70.9
%
$
106.4
20.9
%
$
103.3
$
105.9
$
1.44
Voluntary medical device
corrections(1)
(0.9
)
(0.9
)
(0.9
)
(0.9
)
$
(0.01
)
Unrealized gains on investments(2)
—
—
(1.8
)
(1.8
)
$
(0.03
)
Non-GAAP
$
360.3
70.7
%
$
105.5
20.7
%
$
100.6
$
103.2
$
1.40
Year Ending December 31,
2023
(in millions)
Gross Profit
Percent of Revenue
Operating Income
Percent of Revenue
Net Income(3)
Net Income,
Diluted
Diluted Earnings per
Share
GAAP
$
1,159.9
68.3
%
$
220.0
13.0
%
$
206.3
$
216.7
$
2.94
Voluntary medical device
corrections(1)
(11.5
)
(11.5
)
(11.5
)
(11.5
)
$
(0.16
)
Unrealized gains on investments(2)
—
—
(2.6
)
(2.6
)
$
(0.04
)
Non-GAAP
$
1,148.4
67.7
%
$
208.5
12.3
%
$
192.2
$
202.6
$
2.75
(1)
Represents income resulting from
adjustments to estimated costs associated with the voluntary
medical device correction notices issued in the fourth quarter of
2022, which is included in cost of revenue.
(2)
Represents non-operating gains resulting
from fair value adjustments of strategic debt and equity
investments.
(3)
The tax effect on non-GAAP adjustments is
calculated based on the applicable local statutory tax rates,
including any valuation allowance.
INSULET CORPORATION
NON-GAAP RECONCILIATIONS
CONTINUED (UNAUDITED)
ADJUSTED GROSS MARGIN,
OPERATING MARGIN, NET INCOME AND DILUTED EPS
Three Months Ended December
31, 2022
(in millions)
Gross Profit
Percent of Revenue
Operating Income
Percent of Revenue
Net Income(5)
Diluted Earnings per
Share
GAAP
$
217.3
58.8
%
$
23.5
6.4
%
$
17.0
$
0.24
Voluntary medical device
corrections(1)
21.1
21.1
21.1
$
0.30
Legal costs(2)
—
(2.1
)
(2.1
)
$
(0.03
)
Non-GAAP
$
238.4
64.5
%
$
42.5
11.5
%
$
36.0
$
0.52
Year Ended December 31,
2022
(in millions)
Gross Profit
Percent of Revenue
Operating Income
Percent of Revenue
Net Income(5)
Diluted Earnings per
Share
GAAP
$
805.6
61.7
%
$
37.6
2.9
%
$
4.6
$
0.07
Voluntary medical device
corrections(1)
57.9
57.9
57.9
$
0.83
Legal costs(3)
—
25.2
25.2
$
0.36
CEO transition costs(4)
—
3.4
3.4
$
0.05
Non-GAAP
$
863.5
66.2
%
$
124.1
9.5
%
$
91.1
$
1.30
(1)
Represents estimated costs associated with
the voluntary medical device correction notices issued in the
fourth quarter of 2022, which is included in cost of revenue.
(2)
Represents an adjustment to a legal
settlement charge.
(3)
Includes a $20.0 million charge to settle
patent infringement litigation, associated legal fees, and a charge
to settle a contract dispute.
(4)
Represents costs associated with the
retirement and advisory services of the former chief executive
officer, including $2.3 million of accelerated stock-based
compensation expense.
(5)
The tax effect on non-GAAP adjustments is
calculated based on the applicable local statutory tax rates,
including any valuation allowance.
INSULET CORPORATION
NON-GAAP RECONCILIATIONS
CONTINUED (UNAUDITED)
ADJUSTED EBITDA
Three Months Ended December
31,
Years Ended December
31,
(dollars in millions)
2023
Percent of Revenue
2022
Percent of Revenue
2023
Percent of Revenue
2022
Percent of Revenue
Net income
$
103.3
20.3
%
$
17.0
4.6
%
$
206.3
12.2
%
$
4.6
0.4
%
Interest expense, net
0.5
2.7
7.6
26.7
Income tax expense
4.5
5.3
8.3
5.2
Depreciation and amortization
18.8
16.2
72.8
63.2
Stock-based compensation expense
12.6
11.2
48.3
38.6
Voluntary medical device
corrections(1)
(0.9
)
21.1
(11.5
)
57.9
Unrealized gain on investments(2)
(1.8
)
—
(2.6
)
—
Legal costs(3)
—
(2.1
)
—
25.2
CEO transition costs(4)
—
—
—
3.4
Adjusted EBITDA
$
137.0
26.9
%
$
71.4
19.3
%
$
329.2
19.4
%
$
224.8
17.2
%
(1)
Represents net (income) expense
resulting from estimated costs associated with the voluntary
medical device correction notices issued in the fourth quarter of
2022 and adjustments to those costs, which is included in cost of
revenue.
(2)
Represents non-operating gains
resulting from fair value adjustments of strategic debt and equity
investments.
(3)
Includes a $20.0 million charge
to settle patent infringement litigation, associated legal fees,
and a charge to settle a contract dispute.
(4)
Represents costs associated with
the retirement and advisory services of the former chief executive
officer, including $2.3 million of accelerated stock-based
compensation expense.
INSULET CORPORATION
REVENUE GUIDANCE
RECONCILIATIONS (UNAUDITED)
Year Ending December 31,
2024
Revenue Growth
GAAP
Currency Impact
Constant Currency
U.S. Omnipod
16% - 21%
—%
16% - 21%
International Omnipod
7% - 10%
—%
7% - 10%
Total Omnipod
13% - 18%
—%
13% - 18%
Drug Delivery
(60)% - (50)%
—%
(60)% - (50)%
Total
12% - 17%
—%
12% - 17%
Three Months Ending March 31,
2024
Revenue Growth
GAAP
Currency Impact
Constant Currency
U.S. Omnipod
19% - 22%
—%
19% - 22%
International Omnipod
6% - 9%
1%
5% - 8%
Total Omnipod
15% - 18%
—%
15% - 18%
Drug Delivery
1,020% - 1,220%
—%
1,020% - 1,220%
Total
17% - 20%
—%
17% - 20%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240221333583/en/
Investor Relations: Deborah R. Gordon Vice President,
Investor Relations (978) 600-7717 dgordon@insulet.com
Media: Angela Geryak Wiczek Senior Director, Corporate
Communications (978) 932-0611 awiczek@insulet.com
Insulet (NASDAQ:PODD)
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