Business
Insulet Reports First Quarter 2020 Revenue Increase of 24% Year-Over-Year
Includes Total Omnipod Revenue Growth of 33% ACTON, Mass.--(BUSINESS WIRE)-- Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the global leader
About this update from Insulet Corporation
[{"type":"text","content":"\nIncludes Total Omnipod Revenue Growth of 33%\n\n ACTON, Mass.--(BUSINESS WIRE)--\nInsulet 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 March 31, 2020.\n\n\nFirst Quarter Financial Highlights:\n\n\n\nFirst quarter 2020 revenue of $198.0 million, up 24.1%, or 25.3% in constant currency1, compared to $159.6 million in the prior year, exceeds guidance of 17% to 20% revenue growth, or 18% to 21% on a constant currency basis\n\n\nTotal Omnipod revenue of $189.7 million, an increase of 32.7%, or 34.0% in constant currency\n\n\nU.S. Omnipod revenue of $116.6 million, an increase of 35.4%\n\n\nInternational Omnipod revenue of $73.1 million, an increase of 28.5%, or 31.9% in constant currency\n\n\n\n\nDrug Delivery revenue of $8.3 million, a decrease of 50.0%\n\n\n\n\nGross margin of 64.1%, down 280 basis points, including an approximate 160 basis point impact due to COVID-19 related safety and mitigation costs\n\n\nNet loss of $2.1 million, or $(0.03) per diluted share, compared to net income of $4.4 million, or $0.07 per diluted share, in the prior year\n\n\nAdjusted EBITDA1 of $24.3 million or 12.3% of revenue, compared to $20.4 million or 12.8% of revenue in the prior year\n\n\n\nRecent Strategic Highlights:\n\n\n\nBroadened the Company’s financial assistance program to ensure those who rely on Omnipod can remain on product\n\n\nBuilt extensive virtual training and support capabilities to continue to service new and existing customers across the globe\n\n\nAchieved record first quarter U.S. new Omnipod starts and revenue growth\n\n\nBegan production of sellable product on second U.S. manufacturing line, ahead of plan\n\n\n\n“Our thoughts are with all those affected by COVID-19 and our gratitude goes out to the medical professionals and first responders on the front lines during this unprecedented time,” said Shacey Petrovic, President and Chief Executive Officer. “I am proud of the way our employees have rapidly adjusted to the realities of the COVID-19 pandemic, responding with resilience and compassion and maintaining an unwavering focus on our mission to improve the lives of people with diabetes.”\n\n\nMs. Petrovic continued, “Insulet entered 2020 ...