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Insulet Reports First Quarter 2022 Revenue Increase of 17% Year-Over-Year
ACTON, Mass.--(BUSINESS WIRE)-- Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the global leader in tubeless insulin pump technology with its
About this update from Insulet Corporation
[{"type":"text","content":" ACTON, Mass.--(BUSINESS WIRE)--\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 ended March 31, 2022.\n\nFirst Quarter Financial Highlights:\n\n\nFirst quarter 2022 revenue of $295.4 million, up 17.1%, or 19.3% in constant currency, compared to $252.3 million in the prior year, exceeds the guidance range of 13% to 16% in constant currency\n\n\nTotal Omnipod revenue of $269.5 million, an increase of 15.6%, or 18.0% in constant currency\n\n\nU.S. Omnipod revenue of $174.1 million, an increase of 21.5%\n\n\nInternational Omnipod revenue of $95.4 million, an increase of 6.1%, or 12.5% in constant currency\n\n\n\n\nDrug Delivery revenue of $25.9 million, an increase of 35.6%\n\n\n\n\nGross margin of 71.0%, up 460 basis points\n\n\nOperating income of $37.9 million, or 12.8% of revenue, compared to operating income of $16.3 million, or 6.5% of revenue, in the prior year\n\n\nNet income of $27.8 million, or $0.40 per diluted share, compared to $0.0 million, or $0.00 per diluted share, in the prior year\n\n\nAdjusted EBITDA1 of $63.0 million, or 21.3% of revenue, compared to $35.1, or 13.9% of revenue, in the prior year\n\n\nRecent Strategic Highlights:\n\n\nU.S. limited commercial launch of the Omnipod® 5 Automated Insulin Delivery System (Omnipod 5) continues to ramp; on track for a full market release this year\n\n\nAchieved record first quarter U.S. and Total Omnipod new customer starts\n\n\nPresented type 2 feasibility study data at the Advanced Technologies & Treatments for Diabetes (ATTD) conference demonstrating Omnipod 5 significantly improved time in range and reduced HbA1c, while also reducing hypoglycemia and total daily dose of insulin for participants previously on multiple daily injections\n\n\nLaunched Omnipod DASH® in Saudi Arabia and expect to launch soon in the United Arab Emirates\n\n\nAdvanced sustainability across the Company, as detailed in Insulet’s 2021 Sustainability Report2\n\n\n_______________________________________________\n1 See description of non-GAAP financial measures contained in this release.\n2 Insulet’s 2021 Sustainability report can be found at: 2021 Sustainability Report.\n\n“We are off to a great start in 2022 with first quarter financial...