Insulet: ‘2024 is shaping up to be another year of rapid growth’ 

ACTON, Mass. – Insulet has reported revenue of $488.5 million for the second quarter of 2024, a 23.2% increase year over year, exceeding the high end of the company’s guidance, driven by outperformance for all product lines. 

Total Omnipod revenue was $480.4 million, a 26.3% increase, including $352.3 million in the U.S., a 27.3% increase. 

“2024 is shaping up to be another year of rapid growth, fueled by strong Omnipod 5 demand and our accelerating pace of product innovation,” said Jim Hollingshead, president and CEO. “Omnipod 5 continues to disrupt the diabetes landscape in every market in which it is offered, and we are thrilled to have expanded the Omnipod 5 platform globally with multiple integrations and product launches. We remain the clear leader in our industry, and in light of our first half results and our confidence in delivering an even stronger second half, we have increased our full year guidance for revenue, gross margin and operating margin. We are poised for continued profitable growth, while successfully advancing our mission to simplify and improve the lives of people with diabetes.” 

Other results from the quarter: 

• Gross margin of 67.7%, up 90 basis points, compared to gross margin of 66.8% in the prior year. Gross margin for the current period includes a charge of $13.5 million relating to certain inventory components, which the company expects will not be utilized. This charge negatively impacted gross margin by 280 basis points. 
• Operating income of $54.6 million, or 11.2% of revenue, up 340 basis points, compared to operating income of $31.1 million, or 7.8% of revenue, in the prior year. Operating income for the current period includes the $13.5 million charge noted above, which negatively impacted operating margin by 280 basis points 
• Net income of $188.6 million, or $2.59 per diluted share, compared to net income of $27.3 million, or $0.39 per diluted share, in the prior year. Adjusted net income of $38.3 million, or $0.55 per diluted share, excludes $151.7 million of income resulting from the release of the majority of the company’s valuation allowance and a $1.4 million loss associated with an investment. 
• Adjusted EBITDA 1 of $90.8 million, or 18.6% of revenue, up 310 basis points, compared to $61.3 million, or 15.5% of revenue, in the prior year. 

For the quarter, Insulet highlighted the full market release of Omnipod 5 integrated with Dexcom’s G7 sensor and the limited market release of the Omnipod 5 App for iPhone.  

Looking ahead, the company expects revenue growth of 18% to 21% for the third quarter and 16% to 19% for the full year.