Insulet Reports Second Quarter 2023 Revenue Increase of 32% Year-Over-Year (32% Constant Currency¹)

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[{"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 June 30, 2023.\n\n\nSecond Quarter Financial Highlights:\n\n\n\nSecond quarter 2023 revenue of $396.5 million, up 32.4%, or 32.2% in constant currency1, compared to $299.4 million in the prior year\n\n\nTotal Omnipod revenue of $380.5 million, an increase of 33.2%, or 33.0% in constant currency\n\n\nU.S. Omnipod revenue of $276.8 million, an increase of 40.9%\n\n\n\nInternational Omnipod revenue of $103.7 million, an increase of 16.0%, or 15.5% in constant currency\n\n\n\n\n\n\nDrug Delivery revenue of $16.0 million, an increase of 17.6%\n\n\n\n\n\n\nGross margin of 66.8%, up 320 basis points. Adjusted gross margin1 of 66.6% excludes income of $0.8 million associated with the voluntary medical device correction (MDC) notices issued in 2022\n\n\n\nOperating income of $31.1 million, or 7.8% of revenue, compared to operating loss of $26.7 million, or (8.9)% of revenue, in the prior year. Adjusted operating income1 of $30.3 million, or 7.6% of revenue, excludes income of $0.8 million noted above. Adjusted operating income in the prior year of $4.0 million, or 1.3% of revenue, excludes $30.7 million of certain litigation and legal costs and costs associated with retirement and advisory services of the former chief executive officer\n\n\n\nNet income of $27.3 million, or $0.39 per diluted share, compared to net loss of $35.0 million, or $(0.50) per diluted share, in the prior year. Adjusted net income1 of $26.5 million, or $0.38 per diluted share, excludes income of $0.8 million noted above. Adjusted net loss in the prior year of $4.3 million, or $(0.06) per diluted share, excludes costs of $30.7 million noted above\n\n\n\nAdjusted EBITDA1 of $61.3 million, or 15.5% of revenue, compared to $27.6 million, or 9.2% of revenue, in the prior year\n\n\n\nRecent Strategic Highlights:\n\n\n\nCommercially launched Omnipod 5 in the United Kingdom, our first international Omnipod 5 launch\n\n\n\nSubmitted the Omnipod 5 iOS App for the iPhone to the FDA for 510(k) clearance\n\n\n\nAchieved record U.S. and Total Omnipod new customer starts\n\n\n\nPresented additional real-world evidence for Omnipod 5 at t...

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