Business
Insulet Reports Third Quarter 2020 Revenue Increase of 22% Year-Over-Year
Includes Total Omnipod® Revenue Growth of 20% ACTON, Mass.--(BUSINESS WIRE)-- Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the global leader
About this update from Insulet Corporation
[{"type":"text","content":"\nIncludes Total Omnipod® Revenue Growth of 20%\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 September 30, 2020.\n\nThird Quarter Financial Highlights:\n\n\nThird quarter 2020 revenue of $234.0 million, up 21.8%, or 19.9% in constant currency1, compared to $192.1 million in the prior year, exceeds guidance of 13% to 15% on a constant currency basis\n\n\nTotal Omnipod revenue of $212.1 million, an increase of 19.7%, or 17.6% in constant currency\n\n\nU.S. Omnipod revenue of $132.3 million, an increase of 20.9%\n\n\nInternational Omnipod revenue of $79.8 million, an increase of 17.7%, or 12.4% in constant currency\n\n\n\n\nDrug Delivery revenue of $21.9 million, an increase of 47.0%\n\n\n\n\nGross margin of 64.9%, up 80 basis points, including an approximate 60 basis point unfavorable impact due to COVID-19 related safety and mitigation costs\n\n\nNet income of $11.6 million, or $0.17 per diluted share, compared to net income of $0.8 million, or $0.01 per diluted share, in the prior year\n\n\nAdjusted EBITDA1 of $42.3 million or 18.1% of revenue, compared to $29.6 million or 15.4% of revenue in the prior year\n\n\nRecent Strategic Highlights:\n\n\nCompleted Omnipod 5 pivotal trial and on track for planned commercial launch in the first half of 2021\n\n\nCompleted enrollment for the Omnipod 5 pre-school pivotal study with participants ages 2 to 6 years\n\n\nBegan recruitment for the Omnipod 5 feasibility study for individuals with Type 2 diabetes\n\n\nLaunched Omnipod DASH® throughout the remaining European countries we serve\n\n\nInstalled two manufacturing lines at a second contract manufacturer in China to provide additional capacity\n\n\n\"We delivered another quarter of financial and operational results exceeding our expectations, driven by the benefits of our differentiated innovation and the strength of our recurring revenue model,” said Shacey Petrovic, President and Chief Executive Officer. “We once again raised our full year revenue 2020 outlook and expect to deliver our fifth consecutive year of 20% growth, despite the pandemic. Our business model and pharmacy channel access uniquely position us...