Insulet (PODD) reported $441.7 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 23.4%. EPS of $0.73 for the same period compares to $0.23 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $423.52 million, representing a surprise of +4.29%. The company delivered an EPS surprise of +87.18%, with the consensus EPS estimate being $0.39.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ho ...

PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) In Q1 2024, Insulet reported significant revenue and net income growth, with a solid balance sheet and improved operating cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets increased to $2.62 billion, with liabilities decreasing and equity growing Condensed Consolidated Balance Sheet Data (in millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | $1,618.4 | $1,582.9 | | **Total assets** | $2,624.0 | $2,588.2 | | **Total current liabilities** | $432.4 | $451.2 | | **Total liabilities** | $1,833.3 | $1,855.5 | | **Total stockholders' equity** | $790.7 | $732.7 | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) In Q1 2024, total revenue surged 23.3% to $441.7 million, significantly increasing gross profit, operating income, and net income Q1 2024 vs. Q1 2023 Income Statement (in millions, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Total revenue** | $441.7 | $358.1 | | **Gross profit** | $306.8 | $240.5 | | **Operating income** | $56.9 | $27.7 | | **Net income** | $51.5 | $23.8 | | **Diluted EPS** | $0.73 | $0.34 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated $87.6 million in Q1 2024, a significant improvement, leading to a net cash increase of $47.0 million Cash Flow Summary (in millions) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $87.6 | $0.5 | | Net cash used in investing activities | $(24.0) | $(42.1) | | Net cash used in financing activities | $(14.1) | $(12.1) | | **Net increase (decrease) in cash** | **$47.0** | **$(53.8)** | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Notes highlight Omnipod revenue growth, $1.4 billion total debt, increased tax rate, and potential deferred tax asset release Disaggregated Revenue (in millions) | Revenue Source | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | U.S. Omnipod | $317.7 | $259.0 | | International Omnipod | $115.3 | $98.6 | | **Total Omnipod products** | **$433.0** | **$357.6** | | Drug Delivery | $8.7 | $0.5 | | **Total revenue** | **$441.7** | **$358.1** | - Total debt was **$1.40 billion** as of March 31, 2024, with major components being **$800.0 million** in 0.375% Convertible Senior Notes and a **$486.3 million** Term Loan[45](index=45&type=chunk) - The effective tax rate increased to **6.2%** in Q1 2024 from **3.4%** in Q1 2023, mainly due to changes in the geographic distribution of income[62](index=62&type=chunk) - The company maintains a full valuation allowance against its U.S. and U.K. net deferred tax assets but believes there is a reasonable possibility of releasing it in 2024, which would recognize approximately **$200 million** of deferred tax assets[90](index=90&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q1 2024 revenue growth to Omnipod 5, with improved gross margin, strategic expansion, and strong liquidity [Overview](index=17&type=section&id=Overview) Insulet focuses on Omnipod platform advancements, including international expansion, new FDA indications, and enhanced manufacturing capacity - The company is advancing its Omnipod 5 platform with international launches in the U.K., Germany, and the Netherlands[66](index=66&type=chunk) - Insulet expects to submit results to the FDA for an expanded Omnipod 5 indication for type 2 users by the end of 2024[67](index=67&type=chunk) - The new manufacturing plant in Malaysia is in its final validation stages and is expected to begin producing saleable product in 2024 to meet growing demand and improve gross margins over time[70](index=70&type=chunk) [Results of Operations](index=17&type=section&id=Results%20of%20Operations) Q1 2024 total revenue grew 23.3% to $441.7 million, driven by Omnipod sales, with gross margin expanding to 69.5% Revenue Growth by Segment (Q1 2024 vs Q1 2023) | Segment | Revenue Growth | Constant Currency Growth | | :--- | :--- | :--- | | U.S. Omnipod | 22.7% | 22.7% | | International Omnipod | 16.9% | 14.8% | | **Total Omnipod** | **21.1%** | **20.5%** | | **Total Revenue** | **23.3%** | **22.8%** | - Gross margin increased to **69.5%** in Q1 2024 from **67.2%** in Q1 2023, primarily due to higher average selling prices and improved manufacturing efficiencies[81](index=81&type=chunk) - SG&A expenses increased by **$37.0 million** (**22.7%**) mainly due to headcount additions to support commercial operations, international growth, and a new organizational structure[84](index=84&type=chunk) Adjusted EBITDA Reconciliation (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income | $51.5 | $23.8 | | Interest expense, net | $1.3 | $2.9 | | Income tax expense | $3.4 | $0.8 | | Depreciation and amortization | $18.8 | $17.2 | | Stock-based compensation | $14.2 | $12.1 | | Voluntary medical device corrections | — | $(8.0) | | **Adjusted EBITDA** | **$89.2** | **$48.8** | [Liquidity and Capital Resources](index=21&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $751.2 million in cash, $1.4 billion total debt, and increased operating cash flow Key Financial Condition Measures (in millions) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $751.2 | $704.2 | | Total debt, net | $1,401.5 | $1,415.8 | | Total stockholders' equity | $790.7 | $732.7 | | Debt-to-total capital ratio | 64% | 66% | - Net cash provided by operating activities was **$87.6 million** for Q1 2024, primarily due to net income and non-cash charges, with a negligible working capital cash outflow[102](index=102&type=chunk)[103](index=103&type=chunk) - Capital expenditures are expected to increase in 2024 compared to 2023 due to spending on the new Malaysia manufacturing facility and other continuous improvement efforts[105](index=105&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=24&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the 2023 Annual Report on Form 10-K for a comprehensive discussion of market risk disclosures - For a discussion of market risk, the company refers to 'Part II. Item 7A. Quantitative and Qualitative Disclosures About Market Risk' in its 2023 Annual Report on Form 10-K[120](index=120&type=chunk) [Item 4. Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to a material weakness in ITGCs, with remediation efforts underway - Management concluded that disclosure controls and procedures were not effective as of March 31, 2024[122](index=122&type=chunk) - The ineffectiveness is due to a material weakness identified in Q4 2023 related to IT general controls (ITGCs) for systems supporting financial reporting outside of North America[123](index=123&type=chunk) - Remediation activities are underway, including designing ITGCs over an outsourced provider's system and implementing enhanced security access controls over the company's ERP system[124](index=124&type=chunk)[127](index=127&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in legal proceedings but does not anticipate a material adverse effect on its operations - The company does not expect the outcome of its various legal proceedings to have a material adverse effect on its results of operations[58](index=58&type=chunk)[129](index=129&type=chunk) [Item 1A. Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have been reported since the 2023 Annual Report on Form 10-K - There have been no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[130](index=130&type=chunk) [Other Part II Items](index=26&type=section&id=Other%20Part%20II%20Items) This section confirms no unregistered equity sales, no senior security defaults, and no Rule 10b5-1 trading arrangement changes - No unregistered sales of equity securities or defaults upon senior securities were reported[131](index=131&type=chunk)[132](index=132&type=chunk) - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter[134](index=134&type=chunk)

Exhibit 99.1 Insulet Reports First Quarter 2024 Revenue Increase of 23% Year-Over-Year Raising Full Year Revenue and Operating Margin Guidance ACTON, Mass. - May 9, 2024 - 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 March 31, 2024. ® First Quarter Financial Highlights: Recent Strategic Highlights: See description of non-GAAP financial measure ...

Analysts on Wall Street project that Insulet (PODD) will announce quarterly earnings of $0.39 per share in its forthcoming report, representing an increase of 69.6% year over year. Revenues are projected to reach $423.52 million, increasing 18.3% from the same quarter last year.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this perio ...

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.It also includes access to the Zacks Style Scores.What ar ...

Insulet (PODD) closed the most recent trading day at $166.19, moving +1.23% from the previous trading session. This move outpaced the S&P 500's daily gain of 1.02%. Elsewhere, the Dow gained 0.4%, while the tech-heavy Nasdaq added 2.03%.The the stock of maker of insulin infusion systems has fallen by 4.22% in the past month, leading the Medical sector's loss of 5.2% and undershooting the S&P 500's loss of 3.15%.The upcoming earnings release of Insulet will be of great interest to investors. The company's ea ...

Insulet (PODD) is scheduled to report first-quarter 2024 results on May 9 after market close.In the last reported quarter, the company’s adjusted earnings per share of $1.40 surpassed the Zacks Consensus Estimate by a remarkable 108.96%. Earnings beat estimates in each of the trailing four quarters, the average beat being 100.09%.Let’s take a look at how things have shaped up prior to this announcement.Factors at PlayIn 2023, Insulet firmly established itself as the market leader in automated insulin delive ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Insulet (PODD) , which belongs to the Zacks Medical - Products industry, could be a great candidate to consider.This maker of insulin infusion systems has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 93.23%.For the last repor ...

Insulet Corporation (PODD) is well-poised to gain in the coming quarters, backed by the strength of its revolutionary Omnipod 5 Automated Insulin Delivery (“AID”) system. The continued market expansion of Omnipod DASH is also highly encouraging.  Strong solvency is an added upside.  Meanwhile, the company’s sole dependency on the Omnipod system and intense competitive pressure remain concerns for its operations.  In the past year, this Zacks Rank #2 (Buy) stock has decreased 47.9% against the 6.6% rise of t ...

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.It also includes access to the Zacks Style Scores.W ...