Insulet Corp (PODD) Reports 27% Revenue Increase in Q3 2023
Insulet Corp (NASDAQ:PODD) reports Q3 2023 revenue of $432.7 million, a 27% increase year-over-year.
Net income of $51.9 million, compared to a net loss of $5.2 million in the prior year.
Company raises full-year revenue guidance to a range of 26% to 27%.
Received FDA clearance for the Omnipod 5 iOS App, with a U.S. limited market release expected in early 2024.
Insulet Corp (NASDAQ:PODD), the global leader in tubeless insulin pump technology, announced its financial results for the third quarter ended September 30, 2023, on November 2, 2023. The company reported a significant increase in revenue and net income compared to the same period last year.
Financial Performance
The company reported Q3 2023 revenue of $432.7 million, up 27.0% compared to $340.8 million in the prior year. The total Omnipod revenue was $422.0 million, an increase of 29.4%. The U.S. Omnipod revenue was $320.6 million, an increase of 34.6%, while the International Omnipod revenue was $101.4 million, an increase of 15.2%. However, the Drug Delivery revenue was $10.7 million, a decrease of 27.2%.
Insulet Corp (NASDAQ:PODD) reported a gross margin of 67.8%, up 1,250 basis points, compared to a gross margin of 55.3% in the prior year. The operating income was $54.8 million, or 12.7% of revenue, up 1,180 basis points compared to operating income of $2.9 million, or 0.9% of revenue, in the prior year. The company reported a net income of $51.9 million, or $0.74 per diluted share, compared to a net loss of $5.2 million, or $(0.08) per diluted share, in the prior year.
Strategic Highlights and Future Outlook
Insulet Corp (NASDAQ:PODD) received FDA 510(k) clearance for the Omnipod 5 iOS App and expects to begin a U.S. limited market release in early 2024. The company also launched a U.S. commercial pilot program for Omnipod GO, its basal-only Pod, and commercially launched Omnipod 5 in Germany.
For the year ending December 31, 2023, the company raised its expected revenue growth to a range of 26% to 27%, up from the previous guidance of 22% to 25%. The company expects total Omnipod revenue growth of 29% to 30% and U.S. Omnipod revenue growth of 37% to 38%. However, it expects a decrease in Drug Delivery revenue of 50% to 45%.
Financial Tables
The company's balance sheet as of September 30, 2023, shows total assets of $2,467.7 million, up from $2,251.1 million as of December 31, 2022. Total liabilities were $1,860.2 million, up from $1,774.7 million. The company's stockholders' equity was $607.5 million, up from $476.4 million.
The company's consolidated statements of operations show a net income of $51.9 million for the three months ended September 30, 2023, compared to a net loss of $5.2 million for the same period in 2022. For the nine months ended September 30, 2023, the net income was $103.0 million, compared to a net loss of $12.4 million for the same period in 2022.
Insulet Corp (NASDAQ:PODD) continues to demonstrate strong financial performance and strategic growth, positioning itself for continued success in the future.
Explore the complete 8-K earnings release (here) from Insulet Corp for further details.
This article first appeared on GuruFocus.
