Insulet Reports Second Quarter 2024 Revenue Increase of 23% Year-Over-Year

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[{"type":"text","content":"\nRaising Full Year Revenue, Gross Margin and Operating Margin Guidance\n\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® brand of products, today announced financial results for the three months ended June 30, 2024.\n\n\nSecond Quarter Financial Highlights:\n\n\n\nSecond quarter 2024 revenue of $488.5 million, up 23.2%, or 23.4% in constant currency1, compared to $396.5 million in the prior year, exceeds the high end of the Company's guidance range of 18% in constant currency due to revenue outperformance for all product lines\n\n\nTotal Omnipod revenue of $480.4 million, an increase of 26.3%, or 26.5% in constant currency\n\n\nU.S. Omnipod revenue of $352.3 million, an increase of 27.3%\n\n\n\nInternational Omnipod revenue of $128.1 million, an increase of 23.5%, or 24.4% in constant currency\n\n\n\n\n\n\nDrug Delivery revenue of $8.1 million, a decrease of $7.9 million.\n\n\n\n\n\n\nGross margin of 67.7%, up 90 basis points, compared to gross margin of 66.8% in the prior year. Gross margin for the current period includes a charge of $13.5 million relating to certain inventory components which the Company expects will not be utilized. This charge negatively impacted gross margin by 280 basis points\n\n\n\nOperating income of $54.6 million, or 11.2% of revenue, up 340 basis points, compared to operating income of $31.1 million, or 7.8% of revenue, in the prior year. Operating income for the current period includes the $13.5 million charge noted above, which negatively impacted operating margin by 280 basis points\n\n\n\nNet income of $188.6 million, or $2.59 per diluted share, compared to net income of $27.3 million, or $0.39 per diluted share, in the prior year. Adjusted net income1 of $38.3 million, or $0.55 per diluted share, excludes $151.7 million of income resulting from the release of the majority of the Company’s valuation allowance and a $1.4 million loss associated with an investment\n\n\n\nAdjusted EBITDA1 of $90.8 million, or 18.6% of revenue, up 310 basis points, compared to $61.3 million, or 15.5% of revenue, in the prior year\n\n\n\nRecent Strategic Highlights:\n\n\n\nU.S. commercial launches:\n\n\nFull market release of Omnipod 5 integrated with Dexcom’s G7 sensor\n\n\n\nLimited market releas...

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