Insulet reports earnings increase, gains market share
By HME News Staff
Updated 9:58 AM CDT, Wed May 15, 2024
ACTON, Mass. – Insulet reported revenue of $441.7 million for the first quarter 2024, an increase of 23.3% compared to the prior year. Total Omnipod revenue was $433.0 million, an increase of 21.1%, with U.S. Omnipod revenue $317.7 million. “We are pleased with our strong first quarter results, which underscore the strength of our advanced technology platform and deep competitive advantages,” said Jim Hollingshead, president and CEO. “During the quarter, we achieved strong new customer starts and gained market share globally, and expanded access to Omnipod 5 through our commercial launches with Dexcom’s G7 in the U.S. and with sensor of choice - Abbott’s Freestyle Libre 2 Plus and G6 - in two European countries. As a result of our momentum, upcoming catalysts and operational execution, we have increased both our revenue and operating margin outlook for the year. Insulet is well positioned to drive continued profitable growth while delivering on our mission to improve the lives of people with diabetes.” Insulet is raising its expected revenue growth for 2024 to a range of 14% to 18%, up from 12% to 17%. It expects revenue growth for total Omnipod to be 15% to 19%, up from 13% to 18%, with U.S. Omnipod to be 17% to 21%, up from 16% to 21%.
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