Business
Insulet Reports First Quarter 2023 Revenue Increase of 21% Year-Over-Year (23% Constant Currency¹)
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, 2023.\n\n\nFirst Quarter Financial Highlights:\n\n\n\nFirst quarter 2023 revenue of $358.1 million, up 21.2%, or 23.3% in constant currency1, compared to $295.4 million in the prior year\n\n\nTotal Omnipod revenue of $357.6 million, an increase of 32.7%, or 34.9% in constant currency\n\n\nU.S. Omnipod revenue of $259.0 million, an increase of 48.8%\n\n\n\nInternational Omnipod revenue of $98.6 million, an increase of 3.4%, or an increase of 9.6% in constant currency\n\n\n\n\n\n\nDrug Delivery revenue of $0.5 million, a decrease of 98.1%\n\n\n\n\n\n\nGross margin of 67.2%, down 380 basis points. Adjusted gross margin1 of 64.9% excludes income of $8.0 million associated with the voluntary medical device correction (MDC) notices issued in 2022\n\n\n\nOperating income of $27.7 million, or 7.7% of revenue, compared to $37.9 million, or 12.8% of revenue, in the prior year. Adjusted operating income1 of $19.7 million, or 5.5%, excludes income of $8.0 million noted above\n\n\n\nNet income of $23.8 million, or $0.34 per diluted share, compared to $27.8 million, or $0.40 per diluted share, in the prior year. Adjusted net income1 of $15.8 million, or $0.23 per diluted share, excludes income of $8.0 million noted above\n\n\n\nAdjusted EBITDA1 of $48.8 million, or 13.6% of revenue, compared to $63.0 million, or 21.3% of revenue, in the prior year\n\n\n\nRecent Strategic Highlights:\n\n\n\nAchieved record U.S. and Total Omnipod new customer starts for any first quarter\n\n\n\nReceived U.S. FDA clearance of Omnipod GOTM, a first-of-its-kind basal-only insulin Pod\n\n\n\nOn track to commercially launch Omnipod 5 in the United Kingdom mid-year and in Germany in the fall\n\n\n\nAdvanced sustainability across the Company, as detailed in Insulet's 2022 Sustainability Report2\n\n\n\n“Our first quarter results demonstrate strong financial performance, including unprecedented results for U.S. Omnipod, and ongoing strategic progress,” said Jim Hollingshead, President and Chief Executive Officer. “Omnipod 5 is quickly transforming diabetes management in the U.S. by offering improved outcomes and quali...