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Insulet Reports First Quarter 2016 Financial Results

BILLERICA, Mass., April 28, 2016 /PRNewswire/ -- Insulet Corporation PODD, -7.29% (Insulet or the Company), the leader in tubeless insulin pump technology with its OmniPod [®] Insulin Management System (OmniPod System), today announced financial results for the three months ended March 31, 2016.

First Quarter Highlights and Recent Developments:

  • First quarter revenue of $81.2 million exceeds the Company's guidance of $77 to $80 million and represents year-over-year growth of 69%.
    • U.S. OmniPod revenue of $50.7 million, an increase of 28%.
    • International OmniPod revenue of $15.4 million, an increase of 307%.
    • Drug Delivery revenue of $15.1 million, an increase of 224%.
  • Completed divestiture of Neighborhood Diabetes supplies business in February 2016.

"We continue our strong momentum across our product lines as we successfully execute our key commercial and operational initiatives in diabetes and drug delivery," said Patrick Sullivan, President and Chief Executive Officer. "We achieved first quarter revenue growth which exceeded our expectations and we remain focused on our pathway to profitability. We continue to make progress building awareness of our OmniPod and are on track to drive further conversion of the significant market opportunity before us. We are building on our strong foundation and executing our winning strategy to deliver long-term sustainable and profitable growth, while improving the quality of life of those living with diabetes."

First Quarter 2016 Financial Results :

First quarter 2016 revenue increased 69% to $81.2 million compared to $48.1 million in the first quarter of 2015.

Operating loss for the first quarter of 2016 was $7.7 million, compared to an operating loss of $7.3 million in the first quarter of 2015.

Net loss from continuing operations for the first quarter of 2016 was $10.7 million, or $0.19 per share, compared with a net loss from continuing operations of $10.4 million, or $0.18 per share, in the first quarter of 2015.

Guidance:

  • For the year ending December 31, 2016, the Company is reaffirming its revenue guidance of $330 to $350 million compared to 2015 revenue from continuing operations of $263.9 million [1] . This represents year-over-year revenue growth of approximately 30% at the mid-point of the range.
  • For the quarter ending June 30, 2016, the Company is introducing revenue guidance in the range of $81 to $84 million compared to second quarter 2015 revenue from continuing operations of $60.6 million [1] . This represents year-over-year revenue growth of over 35% at the mid-point of the range.

Future results may be affected by changes in ongoing assumptions and judgments, and may also be affected by non-recurring, unusual or unanticipated charges, expenses or gains, associated with the Neighborhood Diabetes business and the Company's continuing operations.

Divestiture of Neighborhood Diabetes:

On February 12, 2016, Insulet sold its wholly-owned Neighborhood Diabetes supplies business to Liberty Medical, LLC for approximately $5 million in cash, subject to certain customer closing adjustments. Beginning in the first quarter of 2016, the results of operations, assets, and liabilities of Neighborhood Diabetes are classified as discontinued operations for all periods presented.

[1 ] The Company's guidance discussion above compares 2016 expected revenue to the unaudited 2015 revenue from continuing operations which excludes Neighborhood Diabetes as if the divestiture occurred on January 1, 2015. The revenue from continuing operations for the year ended December 2015 and the second quarter of 2015 are included as an appendix to this press release.

Conference Call:

Insulet will host a conference call at 4:30 p.m. (Eastern Time) on April 28, 2016 to discuss the financial results and outlook. The link to the live call will be available on the Investor Relations section of the Company's website at http://investors.insulet.com, "Events and Presentations", and will be archived for future reference. You may also access the call by dialing (844) 831-3022 for domestic callers or (315) 625-6887 for international callers, passcode 79315263. A replay will be available two hours after the completion of the call by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international), passcode 79315263.

About Insulet Corporation:

Insulet Corporation PODD, -7.29% is an innovative medical device company dedicated to making the lives of people with diabetes easier. Through its OmniPod Insulin Management System, Insulet seeks to expand the use of insulin pump therapy among people with insulin-dependent diabetes. The OmniPod is a revolutionary and easy-to-use...


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