Insulet reports positive net income for first time
By HME News Staff
Updated Tue February 26, 2019
ACTON, Mass. - Insulet Corp. has reported net income of $9.9 million for the fourth quarter of 2018 compared to a net loss of $6.9 million for the same period in 2017.
The company reported net income of $3.3 million for all of 2018 vs. a net loss of $26.8 million for 2017.
It's the first time in Insulet's history that the company has achieved full-year positive operating income and net income.
“Insulet had a remarkable 2018, achieving our third consecutive year of over 20% revenue growth, significantly improving gross margin, and achieving profitability for the first year in the company's history,” said Shacey Petrovic, president and CEO. “Our fourth quarter and full-year results were driven by strong commercial and operational execution, and gives us great momentum, ensuring more people with diabetes can benefit from our life-changing equipment.”
Insulet reported revenue of $164.9 million for the fourth quarter of 2018, up 26% compared to $130.5 million for the same period in 2017. The company's flagship product, the Omnipod Insulin Management System, generated revenue of $93.2 million, a 22% increase.
The company reported revenue of $563.8 million for all of 2018, up 22% compared to $463.8 million for 2017. Omnipod generated revenue of $172 million, up 43%.
Looking ahead at 2019, Insulet expects revenue in the range of $662 million to $687 million, representing growth of about 17% to 22%. It expects revenue of $235 million to $244 million for Omnipod, an increase of 37% to 42%.
Comments