Business
CORRECTING and REPLACING Insulet Reports Full Year 2022 Revenue Increase of 19% (22% constant currency¹) and Fourth Quarter 2022 Revenue Increase of 20% Year-Over-Year (24% constant currency)
Represents 7th Consecutive Year of 20% or More Constant Currency Revenue Growth ACTON, Mass.--(BUSINESS WIRE)-- Please replace the release issued February
About this update from Insulet Corporation
[{"type":"text","content":"\nRepresents 7th Consecutive Year of 20% or More Constant Currency Revenue Growth\n\n ACTON, Mass.--(BUSINESS WIRE)--\nPlease replace the release issued February 23, 2023, with the following corrected version due to multiple revisions.\n\nThe updated release reads:\n\nINSULET REPORTS FULL YEAR 2022 REVENUE INCREASE OF 19% (22% CONSTANT CURRENCY1) AND FOURTH QUARTER 2022 REVENUE INCREASE OF 20% YEAR-OVER-YEAR (24% CONSTANT CURRENCY)\n\nRepresents 7th Consecutive Year of 20% or More Constant Currency Revenue Growth\n\nInsulet 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, 2022.\n\nFull Year Financial Highlights:\n\n\nFull year 2022 revenue of $1.3 billion, up 18.8%, or 22.5% in constant currency, compared to $1.1 billion in the prior year, exceeds the guidance range of 18% to 19% in constant currency\n\n\nTotal Omnipod revenue of $1.2 billion, an increase of 23.4%, or 27.4% in constant currency\n\n\nU.S. Omnipod revenue of $884.8 million, an increase of 35.8%\n\n\nInternational Omnipod revenue of $363.0 million, an increase of 0.9%, or 12.1% in constant currency\n\n\n\n\nDrug Delivery revenue of $57.5 million, a decrease of 34.2%\n\n\n\n\nGross margin of 61.7%, down 670 basis points. Adjusted gross margin1 of 66.2% excludes a charge of $57.9 million associated with the voluntary medical device correction (MDC) notices issued to replace Omnipod DASH® Personal Diabetes Managers (PDMs) and Omnipod® 5 Automated Insulin Delivery system (Omnipod 5) Controllers\n\n\nOperating income of $37.6 million, or 2.9% of revenue, compared to $126.0 million, or 11.5% of revenue, in the prior year. Adjusted operating income1 of $124.1 million, or 9.5% of revenue, excludes the $57.9 million charge noted above, as well as $25.2 million of certain legal costs and $3.4 million of CEO transition costs\n\n\nNet income of $4.6 million, or $0.07 per diluted share, compared to net income of $16.8 million, or $0.24 per diluted share, in the prior year. Adjusted net income1 of $91.1 million, or $1.30 per diluted share excludes charges of $57.9 million, $25.2 million and $3.4 million noted above. Prior year adjusted net income of $59.2 million, or $0.86 per diluted share, exclude...