
Insulet Reports Second Quarter 2019 Revenue of $177 Million, an Increase of 43% Year-Over-Year
Second Quarter Financial Highlights:
-
Second quarter revenue of
$177.1 million , up 43%, compared to revenue of$124.3 million in the prior year, exceeds guidance of$160 to $165 million -
Global Omnipod revenue of
$160.8 million , an increase of 51%-
U.S. Omnipod revenue of
$98.1 million , an increase of 26% -
International Omnipod revenue of
$62.7 million , an increase of 120%
-
U.S. Omnipod revenue of
-
Global Omnipod revenue of
-
Drug Delivery revenue of
$16.3 million , a decrease of 8% - Gross margin of 65.7%, down 30 basis points
-
Operating income of
$7.6 million compared to operating income of$4.3 million in the prior year -
Net income of
$1.4 million , or$0.02 per diluted share, compared to a net loss of$1.7 million , or$(0.03) per share, in the prior year
Recent Strategic Highlights:
- Began production in the second quarter on the Company's first U.S. highly-automated manufacturing line
- Presented clinical data on the Omnipod HorizonTM automated insulin delivery system, in which study participants - ages two through six - maintained glucose control in the target range for 73% of time overall and 85% during the overnight period
- Increased coverage for Omnipod DASHTM in the U.S. to approximately half of all covered lives
"We had another strong quarter, as we made excellent progress on our strategic imperatives and delivered continued growth, profitability and financial outperformance," said
2019 Outlook:
-
For the year ending
December 31, 2019 , the Company is raising its revenue guidance to a range of$700 to $715 million , representing growth of 24% to 27% (previously 18% to 22%). Revenue ranges by product line are:-
U.S. Omnipod of
$391 to $399 million , representing growth of 21% to 23% (previously 16% to 19%) -
International Omnipod of
$246 to $250 million , representing growth of 43% to 45% (previously 37% to 42%) -
Drug Delivery of
$63 to $66 million , representing a decline of 3% to 8% (previously a decline of 11% to 19%)
-
U.S. Omnipod of
-
For the quarter ending
September 30, 2019 , the Company expects revenue in the range of$174 to $181 million , representing growth of 15% to 20%. Revenue ranges by product line are:-
U.S. Omnipod of
$98 to $102 million , representing growth of 20% to 24% -
International Omnipod of
$61 to $63 million , representing growth of 22% to 26% -
Drug Delivery revenue of
$15 to $16 million , representing a decline of 15% to 21%
-
U.S. Omnipod of
Future results may be affected by changes in ongoing assumptions and judgments, and may also be affected by non-recurring, unusual or unanticipated charges, expenses or gains.
Conference Call:
About
Forward-Looking Statements:
The 2019 financial results contained in this news release are subject to finalization in connection with the preparation of the Company's Form 10-Q for the quarter ended
These forward-looking statements involve a number of risks, uncertainties (some of which are beyond
INSULET CORPORATION
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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(Unaudited; in thousands, except per share data) |
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2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||||
Revenue |
|
$ |
177,136 |
|
|
$ |
124,262 |
|
|
$ |
336,691 |
|
|
$ |
247,840 |
|
||
Cost of revenue |
|
60,718 |
|
|
42,190 |
|
|
113,577 |
|
|
89,953 |
|
||||||
Gross profit |
|
116,418 |
|
|
82,072 |
|
|
223,114 |
|
|
157,887 |
|
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Operating expenses: |
|
|
|
|
|
|
|
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Research and development |
|
32,264 |
|
|
18,801 |
|
|
64,218 |
|
|
39,068 |
|
||||||
Sales and marketing |
|
47,401 |
|
|
36,575 |
|
|
89,017 |
|
|
69,624 |
|
||||||
General and administrative |
|
29,150 |
|
|
22,371 |
|
|
55,011 |
|
|
44,870 |
|
||||||
Total operating expenses |
|
108,815 |
|
|
77,747 |
|
|
208,246 |
|
|
153,562 |
|
||||||
Operating income |
|
7,603 |
|
|
4,325 |
|
|
14,868 |
|
|
4,325 |
|
||||||
Interest expense and other, net |
|
(5,719 |
) |
|
(5,604 |
) |
|
(8,280 |
) |
|
(11,840 |
) |
||||||
Income (loss) before income taxes |
|
1,884 |
|
|
(1,279 |
) |
|
6,588 |
|
|
(7,515 |
) |
||||||
Income tax expense |
|
482 |
|
|
412 |
|
|
808 |
|
|
745 |
|
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Net income (loss) |
|
$ |
1,402 |
|
|
$ |
(1,691 |
) |
|
$ |
5,780 |
|
|
$ |
(8,260 |
) |
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Net income (loss) per share: |
|
|
|
|
|
|
|
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Basic |
|
$ |
0.02 |
|
|
$ |
(0.03 |
) |
|
$ |
0.10 |
|
|
$ |
(0.14 |
) |
||
Diluted |
|
$ |
0.02 |
|
|
$ |
(0.03 |
) |
|
$ |
0.09 |
|
|
$ |
(0.14 |
) |
||
Basic weighted-average number of shares outstanding |
|
59,845 |
|
|
58,833 |
|
|
59,601 |
|
|
58,659 |
|
||||||
Diluted weighted-average number of shares outstanding |
|
61,486 |
|
|
58,833 |
|
|
61,332 |
|
|
58,659 |
|
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INSULET CORPORATION
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(Unaudited; in thousands) |
June 30, 2019 |
|
December 31, 2018 |
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ASSETS |
|
|
|
||||||
Cash, cash equivalents and short-term investments |
$ |
309,748 |
|
|
$ |
288,946 |
|
||
Accounts receivable and unbilled receivable |
78,739 |
|
|
76,672 |
|
||||
Inventories |
85,109 |
|
|
71,414 |
|
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Prepaid expenses and other current assets |
25,211 |
|
|
24,254 |
|
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Total current assets |
498,807 |
|
|
461,286 |
|
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Long-term investments |
62,677 |
|
|
140,784 |
|
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Property and equipment, net |
334,025 |
|
|
258,379 |
|
||||
Goodwill and other intangible assets, net |
52,779 |
|
|
50,029 |
|
||||
Other assets |
29,435 |
|
|
18,266 |
|
||||
Total assets |
$ |
977,723 |
|
|
$ |
928,744 |
|
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
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Accounts payable |
$ |
24,752 |
|
|
$ |
25,500 |
|
||
Accrued expenses and other current liabilities |
81,021 |
|
|
90,157 |
|
||||
Total current liabilities |
105,773 |
|
|
115,657 |
|
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Convertible debt, net |
607,351 |
|
|
591,978 |
|
||||
Other liabilities |
14,819 |
|
|
9,010 |
|
||||
Total liabilities |
727,943 |
|
|
716,645 |
|
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Stockholders’ Equity |
249,780 |
|
|
212,099 |
|
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Total liabilities and stockholders’ equity |
$ |
977,723 |
|
|
$ |
928,744 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190805005537/en/
Source:
Investor Relations and Media:
Deborah R. Gordon
Vice President, Investor Relations and Corporate Communications
(978) 600-7717 dgordon@insulet.com