Insulet (PODD) - 2024 Q4 - Annual Results

Revenue Growth - Full year 2024 revenue reached $2.1 billion, a 22.1% increase compared to $1.7 billion in the prior year, exceeding the guidance range of 20% to 21% growth in constant currency[3] - Total Omnipod revenue for 2024 was $2.0 billion, up 22.4%, with U.S. Omnipod revenue at $1.5 billion, a 20.6% increase, and international Omnipod revenue at $523.4 million, a 27.6% increase[3] - Fourth quarter 2024 revenue was $597.5 million, a 17.2% increase year-over-year, surpassing the guidance range of 12% to 15% growth in constant currency[4] - Revenue for Q4 2024 reached $597.5 million, a 17.2% increase from $509.8 million in Q4 2023[21] - U.S. Omnipod revenue for Q4 2024 was $443.7 million, a 12.4% increase from $394.6 million in Q4 2023[26] - International Omnipod revenue grew by 33.5% to $142.0 million in Q4 2024, compared to $106.4 million in Q4 2023[26] - For 2025, the company expects revenue growth of 16% to 20%, with total Omnipod growth projected at 17% to 21%[11] - Total revenue growth guidance for 2025 is set at 15% - 19%, with a currency impact of (1)%[33] - For the three months ending March 31, 2025, Insulet anticipates total revenue growth of 21% - 24%[33] Profitability - Gross margin for the full year 2024 was 69.8%, up 150 basis points from 68.3% in the prior year[3] - Operating income for 2024 was $308.9 million, representing 14.9% of revenue, an increase of 190 basis points compared to the prior year[3] - Net income for 2024 was $418.3 million, or $5.78 per diluted share, compared to $206.3 million, or $2.94 per diluted share, in the prior year[3] - Gross profit for Q4 2024 was $430.9 million, representing a gross margin of 72.1%, compared to $361.2 million and 70.9% in Q4 2023[21][28] - Net income for the year ended December 31, 2024, was $418.3 million, up from $206.3 million in 2023, reflecting a 102.5% increase[21] - Operating income for the year ended December 31, 2024, was $308.9 million, up from $220.0 million in 2023[21] - For the three months ended December 31, 2024, Insulet Corporation reported a net income of $100.7 million, representing 16.9% of revenue, compared to $103.3 million or 20.3% of revenue in the same period of 2023[29] - Adjusted EBITDA for the year ended December 31, 2024, was $457.3 million, accounting for 22.1% of revenue, up from $329.2 million or 19.4% of revenue in 2023[29] - The adjusted EBITDA for the three months ended December 31, 2024, was $151.2 million, which is 25.3% of revenue, compared to $137.0 million or 26.9% of revenue in the same period of 2023[29] Cash Flow and Investments - Operating cash flow for 2024 was $430.3 million, significantly up from $145.7 million in the prior year[3] - Free cash flow for the year ended December 31, 2024, increased to $305.4 million, significantly higher than $70.1 million in 2023[31] - The company reported capital expenditures of $124.9 million for the year ended December 31, 2024, compared to $75.6 million in 2023[31] - Insulet's net cash provided by operating activities for 2024 was $430.3 million, a significant increase from $145.7 million in 2023[31] Customer Base and Product Development - The company achieved 500,000 estimated active global customers using Omnipod products, including 365,000 using Omnipod 5[6] - The company launched Omnipod 5 in several European countries and integrated it with Abbott's FreeStyle Libre 2 Plus continuous glucose monitor[6] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[21] Research and Development - Research and development expenses increased to $60.6 million in Q4 2024, up from $42.0 million in Q4 2023[21] Future Guidance - Insulet Corporation expects U.S. Omnipod revenue growth of 16% - 20% for the year ending December 31, 2025, with international Omnipod growth projected at 19% - 23%[33] - The company reported a decrease in drug delivery revenue growth guidance for 2025, projected at (55)% - (45)%[33]