Business
Insulet Reports Full Year 2020 Revenue Increase of 23% and Fourth Quarter 2020 Revenue Increase of 18% Year-Over-Year
Represents 5th Consecutive Year of Over 20% Revenue Growth; Record Quarterly Revenue ACTON, Mass.--(BUSINESS WIRE)-- Insulet Corporation (NASDAQ: PODD)
About this update from Insulet Corporation
[{"type":"text","content":"\nRepresents 5th Consecutive Year of Over 20% Revenue Growth; Record Quarterly Revenue\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 and full year ended December 31, 2020.\n\nFull Year Financial Highlights:\n\n\nFull Year 2020 revenue of $904.4 million, up 22.5%, or 21.9% in constant currency1, compared to $738.2 million in the prior year, exceeds guidance of 20% to 21% on a constant currency basis\n\n\nTotal Omnipod revenue of $834.9 million, an increase of 24.0%, or 23.3% in constant currency\n\n\nU.S. Omnipod revenue of $526.9 million, an increase of 25.3%\n\n\nInternational Omnipod revenue of $308.0 million, an increase of 21.7%, or 19.9% in constant currency\n\n\n\n\nDrug Delivery revenue of $69.5 million, an increase of 7.4%\n\n\n\n\nGross margin of 64.4%, down 70 basis points, including an approximate 90 basis point unfavorable impact due to COVID-19 related safety and mitigation costs\n\n\nOperating income of $51.5 million, or 5.7% of revenue, compared to $50.0 million, or 6.8% of revenue, in the prior year. Adjusted operating income1 of $66.1 million, or 7.3%, excludes a fourth quarter cumulative amortization expense of $14.6 million related to the resolution of a purchase price contingency with a former European distributor\n\n\nNet income of $6.8 million, or $0.10 per diluted share, compared to $11.6 million, or $0.19 per diluted share, in the prior year\n\n\nAdjusted EBITDA1 of $146.1 million, or 16.2% of revenue, compared to $107.5 million, or 14.6% of revenue, in the prior year\n\n\nFourth Quarter Financial Highlights:\n\n\nFourth quarter 2020 revenue of $246.1 million, up 17.5%, or 15.3% in constant currency, compared to $209.4 million in the prior year, exceeds guidance of 7.0% to 11.0% on a constant currency basis\n\n\nTotal Omnipod revenue of $231.1 million, an increase of 20.1%, or 17.6% in constant currency\n\n\nU.S. Omnipod revenue of $149.2 million, an increase of 17.8%\n\n\nInternational Omnipod revenue of $81.9 million, an increase of 24.5%, or 17.5% in constant currency\n\n\n\n\nDrug Delivery revenue of $15.0 million, a decrease of 11.2%\n\n\n\n\nGross margin of 65.5%, up 150 basis poi...