Insulet Reports Second Quarter 2020 Revenue Increase of 28% Year-Over-Year

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[{"type":"text","content":"\nIncludes Total Omnipod® Revenue Growth of 26%\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 June 30, 2020.\n\n\nSecond Quarter Financial Highlights:\n\n\n\nSecond quarter 2020 revenue of $226.3 million, up 27.8%, or 28.8% in constant currency1, compared to $177.1 million in the prior year, exceeds guidance of 19% to 23% on a constant currency basis\n\n\nTotal Omnipod revenue of $202.0 million, an increase of 25.6%, or 26.8% in constant currency\n\n\nU.S. Omnipod revenue of $128.8 million, an increase of 31.3%\n\n\nInternational Omnipod revenue of $73.2 million, an increase of 16.7%, or 19.7% in constant currency\n\n\n\n\nDrug Delivery revenue of $24.3 million, an increase of 49.1%\n\n\n\n\nGross margin of 63.0%, down 270 basis points, including an approximate 180 basis point impact due to COVID-19 related safety and mitigation costs\n\n\nNet income of $14.4 million, or $0.22 per diluted share, compared to net income of $1.4 million, or $0.02 per diluted share, in the prior year\n\n\nAdjusted EBITDA1 of $44.2 million or 19.5% of revenue, compared to $21.9 million or 12.4% of revenue in the prior year\n\n\n\nRecent Strategic Highlights:\n\n\n\nPresented first outpatient data for Omnipod 5 powered by Horizon™ at the American Diabetes Association scientific session; dataset demonstrates best-in-class usability and time in closed loop, excellent time in range, and statistically significant improvements in hypoglycemia compared to prior therapy\n\n\nLaunched new Omnipod DASH™ release in the U.S. with the ability to: (i) automatically upload data cloud-to-cloud; (ii) push future software updates wirelessly to customers; and (iii) choose Spanish language\n\n\nInstalled solar panels at the Company's global headquarters and U.S. manufacturing facility to help reduce Insulet's carbon footprint\n\n\nSuccessfully completed a $500 million equity offering to further strengthen the balance sheet\n\n\n\n\"Thanks to our team’s relentless focus on our mission and the strength and durability of our recurring revenue model, we delivered another quarter of financial and operational results that exceeded our expectations,” s...

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