
Insulet Reports Third Quarter 2019 Revenue of $192 Million, an Increase of 27% Year-Over-Year
Third Quarter Financial Highlights:
-
Third quarter revenue of
$192.1 million , up 27%, compared to revenue of$151.1 million in the prior year, exceeds guidance of$174 to $181 million -
Global Omnipod revenue of
$177.2 million , an increase of 34%-
U.S. Omnipod revenue of
$109.5 million , an increase of 34% -
International Omnipod revenue of
$67.7 million , an increase of 35%
-
U.S. Omnipod revenue of
-
Drug Delivery revenue of
$14.9 million , a decrease of 21%
-
Global Omnipod revenue of
- Gross margin of 64.1%, down 340 basis points, in-line with expectations
-
Operating income of
$17.0 million compared to operating income of$6.9 million in the prior year -
Net income of
$0.9 million , or$0.01 per diluted share, compared to a net income of$1.7 million , or$0.03 per share, in the prior year
Recent Strategic Highlights:
-
Received clearance from the
FDA for an Alternate Controller Enabled (ACE) Infusion Pump, allowing the Omnipod DASH™ Insulin Management System (Omnipod DASH System) to be a part of an interoperable automated insulin delivery system, such as the Omnipod Horizon™ Automated Insulin Delivery System -
Executed a successful private placement of
$800 million in principal amount of 0.375% Convertible Senior Notes due in 2026 and repurchased$345 million in principal amount of the existing 1.25% Convertible Senior Notes due in 2021 - Completed the full market commercial launch of the Omnipod DISPLAY™ and Omnipod VIEW™ apps for use with the Omnipod DASH System
- Installing second highly-automated manufacturing line at the Company's new U.S. facility, with production on this line expected to commence in 2020
"Building on our outstanding growth and progress, we again delivered strong financial and operational results," said
2019 Outlook:
-
For the year ending
December 31, 2019 , the Company is raising its revenue guidance to a range of$722 to $730 million , representing growth of 28% to 29% (previously 24% to 27%). Revenue ranges by product line are:-
U.S. Omnipod of
$410 to $414 million , representing growth of 27% to 28% (previously 21% to 23%) -
International Omnipod of
$251 to $253 million , representing growth of 46% to 47% (previously 43% to 45%) -
Drug Delivery of
$61 to $63 million , representing a decline of 8% to 11% (previously a decline of 3% to 8%)
-
U.S. Omnipod of
-
For the quarter ending
December 31, 2019 , the Company expects revenue in the range of$193 to $201 million , representing growth of 17% to 22%. Revenue ranges by product line are:-
U.S. Omnipod of
$116 to $120 million , representing growth of 25% to 29% -
International Omnipod of
$64 to $66 million , representing growth of 16% to 20% -
Drug Delivery revenue of
$13 to $15 million , representing a decline of 10% to 22%
-
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
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Nine Months Ended
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(Unaudited; in thousands, except per share data) |
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2019 |
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2018 |
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2019 |
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2018 |
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Revenue |
|
$ |
192,115 |
|
|
$ |
151,076 |
|
|
$ |
528,806 |
|
|
$ |
398,916 |
|
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Cost of revenue |
|
69,035 |
|
|
49,107 |
|
|
182,612 |
|
|
139,060 |
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Gross profit |
|
123,080 |
|
|
101,969 |
|
|
346,194 |
|
|
259,856 |
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Operating expenses: |
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|
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Research and development |
|
30,779 |
|
|
22,336 |
|
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94,997 |
|
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61,404 |
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Sales and marketing |
|
47,749 |
|
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35,952 |
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136,766 |
|
|
105,576 |
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General and administrative |
|
27,548 |
|
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36,816 |
|
|
82,559 |
|
|
81,686 |
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Total operating expenses |
|
106,076 |
|
|
95,104 |
|
|
314,322 |
|
|
248,666 |
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Operating income |
|
17,004 |
|
|
6,865 |
|
|
31,872 |
|
|
11,190 |
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Interest expense and other, net |
|
(9,423 |
) |
|
(5,012 |
) |
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(17,703 |
) |
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(16,842 |
) |
||||||
Loss on extinguishment of long-term debt |
|
(6,451 |
) |
|
- |
|
(6,451 |
) |
|
(10 |
) |
|||||||
Income (loss) before income taxes |
|
1,130 |
|
|
1,853 |
|
|
7,718 |
|
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(5,662 |
) |
||||||
Income tax expense |
|
(278 |
) |
|
(194 |
) |
|
(1,086 |
) |
|
(939 |
) |
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Net income (loss) |
|
$ |
852 |
|
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$ |
1,659 |
|
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$ |
6,632 |
|
|
$ |
(6,601 |
) |
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Net income (loss) per share: |
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|
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Basic |
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$ |
0.01 |
|
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$ |
0.03 |
|
|
$ |
0.11 |
|
|
$ |
(0.11 |
) |
||
Diluted |
|
$ |
0.01 |
|
|
$ |
0.03 |
|
|
$ |
0.11 |
|
|
$ |
(0.11 |
) |
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Basic weighted-average number of shares outstanding |
|
60,743 |
|
|
59,017 |
|
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59,986 |
|
|
58,780 |
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Diluted weighted-average number of shares outstanding |
|
62,336 |
|
|
61,146 |
|
|
61,728 |
|
|
58,780 |
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INSULET CORPORATION
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(Unaudited; in thousands) |
September 30, 2019 |
|
December 31, 2018 |
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ASSETS |
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|||||||
Cash, cash equivalents and short-term investments |
$ |
605,504 |
|
|
$ |
288,946 |
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Accounts and unbilled receivable |
77,537 |
|
|
76,672 |
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Inventories |
90,207 |
|
|
71,414 |
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Prepaid expenses and other current assets |
20,653 |
|
|
24,254 |
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Total current assets |
793,901 |
|
|
461,286 |
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Long-term investments |
31,006 |
|
|
140,784 |
|
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Property, plant and equipment, net |
355,865 |
|
|
258,379 |
|
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Goodwill and other intangible assets, net |
52,547 |
|
|
50,029 |
|
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Other assets |
35,071 |
|
|
18,266 |
|
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Total assets |
$ |
1,268,390 |
|
|
$ |
928,744 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Accounts payable |
$ |
21,245 |
|
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$ |
25,500 |
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Accrued expenses and other current liabilities |
92,037 |
|
|
90,157 |
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Total current liabilities |
113,282 |
|
|
115,657 |
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Convertible debt, net |
985,771 |
|
|
591,978 |
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Other liabilities |
18,769 |
|
|
9,010 |
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Total liabilities |
1,117,822 |
|
|
716,645 |
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Stockholders’ Equity |
150,568 |
|
|
212,099 |
|
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Total liabilities and stockholders’ equity |
$ |
1,268,390 |
|
|
$ |
928,744 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20191105006018/en/
Source:
Investor Relations and Media Contacts:
Deborah R. Gordon
Vice President, Investor Relations and Corporate Communications
(978) 600-7717
dgordon@insulet.com
Michael True
Senior Manager, Investor Relations
(978) 600-7226
mtrue@insulet.com