Insulet, the insulin pump to treat diabetes, production company is undervalued, according to Wolfteam Ltd.'s projections and estimates.
Insulet, with 1.31 billion USD revenue, growing at 18.79 % and net profit margin of 0.35 % for 2022 has an intrinsic worth of 26 billion USD, compared with Insulet's market capitalization of 14.27 billion USD.
Insulet Reports Third Quarter 2023 Revenue Increase of 27% Year-Over-Year (25% Constant Currency¹)
Raised Full Year Revenue Guidance to a Range of 26% to 27%, including Total Omnipod of 29% to 30%
ACTON, Mass.--(BUSINESS WIRE)-- Insulet 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 September 30, 2023.
Third Quarter Financial Highlights:
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Third quarter 2023 revenue of $432.7 million, up 27.0%, or 25.1% in constant currency1, compared to $340.8 million in the prior year
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Total Omnipod revenue of $422.0 million, an increase of 29.4%, or 27.5% in constant currency
- U.S. Omnipod revenue of $320.6 million, an increase of 34.6%
- International Omnipod revenue of $101.4 million, an increase of 15.2%, or 8.0% in constant currency
- Drug Delivery revenue of $10.7 million, a decrease of 27.2%
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Total Omnipod revenue of $422.0 million, an increase of 29.4%, or 27.5% in constant currency
- Gross margin of 67.8%, up 1,250 basis points, compared to gross margin of 55.3% in the prior year. Adjusted gross margin1 of 67.3%, up 120 basis points, excludes income of $1.9 million associated with the voluntary medical device correction (MDC) notices issued in 2022. Adjusted gross margin in the prior year of 66.1% excludes a charge of $36.8 million associated with the voluntary MDC notices.
- Operating income of $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. Adjusted operating income1 of $52.9 million, or 12.2% of revenue, up 60 basis points, excludes income of $1.9 million noted above. Adjusted operating income in the prior year of $39.7 million, or 11.6% of revenue, excludes the charge of $36.8 million noted above.
- Net income of $51.9 million, or $0.74 per diluted share, compared to net loss of $5.2 million, or $(0.08) per diluted share, in the prior year. Adjusted net income1 of $50.0 million, or $0.71 per diluted share, excludes income of $1.9 million noted above. Adjusted net income in the prior year of $31.6 million, or $0.45 per diluted share, excludes the charge of $36.8 million noted above
- Adjusted EBITDA1 of $82.8 million, or 19.1% of revenue, compared to $62.8 million, or 18.4% of revenue, in the prior year
Recent Strategic Highlights:
- Received FDA 510(k) clearance for the Omnipod 5 iOS App and expect to begin a U.S. limited market release in early 2024
- Planning for U.S. limited market release of Omnipod 5 integrated with Dexcom’s G7 sensor in early 2024
- Launched U.S. commercial pilot program for Omnipod GO™, the Company's basal-only Pod
- Commercially launched Omnipod 5 in Germany, our second European Omnipod 5 launch, with the intent to launch Omnipod 5 more broadly across Europe starting in 2024
- Omnipod 5 pivotal extension data for children, adolescents and adults with type 1 diabetes published in Diabetes Technology and Therapeutics demonstrating safety and improved outcomes with two years of system use2
- ‘Psychosocial and Glycemic Benefits for Insulin-Using Adults With Type 2 Diabetes After Six Months of Omnipod DASH® Therapy’ published in Journal of Diabetes Science and Technology demonstrating Omnipod DASH is improving diabetes management within the type 2 market3
“Our third quarter financial and operational results marked another strong quarter for Insulet, and as a result of continued high demand for Omnipod 5 – both in the U.S. and globally – we are pleased to again raise guidance for the full year,” said Jim Hollingshead, President and Chief Executive Officer. “We are the leader in growing the large U.S. type 1 and type 2 diabetes markets, and we are only in the early innings of capitalizing on strong and increasing global demand. We are confident we are taking the right steps to unlock Insulet’s full potential while successfully advancing our mission to improve the lives of people with diabetes.”
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