Insulet Corporation Reports Strong Financial Performance for 2024

Insulet Corporation, a global leader in tubeless insulin pump technology with its Omnipod® brand of products, has released its financial results for the full year and fourth quarter ended December 31, 2024. The company reported significant revenue growth and notable achievements in its business operations.

Financial Highlights

For the full year 2024, Insulet reported a revenue increase of 22.1%, reaching $2.1 billion, surpassing the $2 billion mark for the first time in its history. The company's gross margin improved to 69.8%, up from 68.3% in the previous year. Operating income rose to $308.9 million, representing 14.9% of revenue, while net income more than doubled to $418.3 million, or $5.78 per diluted share.

In the fourth quarter of 2024, revenue grew by 17.2% year-over-year to $597.5 million. The gross margin for the quarter was 72.1%, and operating income was $109.3 million. Net income for the quarter was $100.7 million, or $1.39 per diluted share.

Business and Operational Highlights

Insulet achieved several milestones in 2024, including reaching over 500,000 active global customers using Omnipod products. The company also launched the Omnipod 5 integrated with Abbott’s FreeStyle Libre 2 Plus continuous glucose monitor (CGM) sensor in the U.S. and expanded its presence in international markets such as Italy, Denmark, Finland, Norway, and Sweden.

Additionally, Insulet defended its intellectual property successfully against EOFlow Co. in U.S. District Court and published the SECURE-T2D manuscript, the first publication of the pivotal trial of Omnipod 5 in people with type 2 diabetes.

Strategic Initiatives and Corporate Developments

Insulet's strategic initiatives included expanding its product offerings and geographical reach. The company also focused on improving its margins and operational efficiency, as evidenced by the increase in gross and operating margins. Furthermore, Insulet generated significant free cash flow of $305.4 million, compared to $70.1 million in the prior year.

Management's Perspective

Jim Hollingshead, Insulet's President and CEO, expressed pride in the company's accomplishments, highlighting the robust demand and momentum for Omnipod 5. He emphasized the company's commitment to creating better health outcomes for customers and setting new standards in diabetes management.

Future Outlook

Looking ahead to 2025, Insulet expects revenue growth of 16% to 20%, with total Omnipod revenue projected to grow by 17% to 21%. The company anticipates a gross margin of approximately 70.5% and an operating margin of around 16.5% for the year.

SEC Filing: INSULET CORP [ PODD ] - 8-K - Feb. 20, 2025