INSULET CORP PODD
Insulet Corporation ("we" or the "Company") is primarily engaged in the development, manufacture, and sale of its proprietary continuous insulin delivery systems for people with insulin-dependent diabetes. The Omnipod platform includes: the Omnipod® 5 Automated Insulin Delivery System ("Omnipod 5"), the Omnipod DASH® Insulin Management System ("Omnipod DASH"), and the Omnipod Insulin Management System ("Classic Omnipod").
We also produce pods for Amgen for use in the Neulasta® Onpro® kit, a delivery system for Amgen's Neulasta to help reduce the risk of infection after intense chemotherapy.
Diabetes is a chronic, life-threatening disease for which there is no known cure. It is caused by the body's inability to produce or effectively utilize the hormone insulin, which prevents the body from adequately regulating blood glucose levels. Glucose, the primary source of energy for cells, must be maintained at certain concentrations in the blood in order to permit optimal cell function and health. In people with diabetes, blood glucose levels fluctuate between very high levels, a condition known as hyperglycemia, and very low levels, a condition called hypoglycemia. Hyperglycemia can lead to serious short-term complications, such as confusion, vomiting, dehydration, and loss of consciousness and long-term complications, such as blindness, kidney disease, nervous system disease, occlusive vascular diseases, stroke, cardiovascular disease, or death. Hypoglycemia can lead to confusion, loss of consciousness, or death.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.71B | $2.07B | $1.70B | $1.31B | $1.10B | $904.4M | $738.2M | $563.8M | $463.8M | $367.0M |
| Cost of revenue | $768.2M | $625.9M | $537.2M | $499.7M | $346.7M | $322.1M | $257.9M | $193.6M | $186.6M | $155.9M |
| Gross profit | $1.94B | $1.45B | $1.16B | $805.6M | $752.1M | $582.3M | $480.3M | $370.2M | $277.2M | $211.1M |
| R&D | $301.1M | $219.6M | $205.0M | $180.2M | $160.1M | $146.8M | $132.3M | $94.8M | $75.7M | $55.7M |
| SG&A | $1.17B | $917.2M | $734.8M | $587.8M | $466.0M | $384.0M | $298.0M | $248.0M | $84.7M | $71.6M |
| Total operating expenses | — | — | — | — | — | — | $430.3M | $342.8M | $284.6M | $221.8M |
| Operating income | $473.8M | $308.9M | $220.1M | $37.6M | $126.0M | $51.5M | $50.0M | $27.4M | -$7.4M | -$10.7M |
| Interest expense | $59.4M | $42.7M | $36.2M | $36.0M | $61.7M | $48.1M | $34.6M | $28.9M | $21.2M | $14.4M |
| Pre-tax income | $339.5M | $300.2M | $214.7M | $9.8M | $20.5M | $9.7M | $14.5M | $5.2M | -$26.6M | -$26.8M |
| Income tax | $92.4M | $118.1M | $8.3M | $5.2M | $3.7M | $2.9M | $2.9M | $1.9M | $200.0K | $392.0K |
| Net income | $247.1M | $418.3M | $206.3M | $4.6M | $16.8M | $6.8M | $11.6M | $3.3M | -$26.8M | -$28.9M |
| EPS, basic | 3.51 | 5.97 | 2.96 | 0.07 | 0.25 | 0.11 | 0.19 | 0.06 | -0.46 | -0.48 |
| EPS, diluted | 3.48 | 5.78 | 2.94 | 0.07 | 0.24 | 0.10 | 0.19 | 0.05 | -0.46 | -0.48 |
| Shares, diluted (wtd. avg.) | $71.9M | $73.9M | $73.6M | $69.9M | $68.6M | $65.9M | $62.3M | $61.0M | $58.0M | $57.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $716.1M | $953.4M | $704.2M | $689.8M | $806.4M | $922.0M | $213.7M | $113.9M | $272.6M | $137.2M |
| Short-term investments | — | — | — | — | $0 | $40.4M | $162.4M | $175.0M | — | — |
| Receivables | — | — | — | $140.9M | $135.2M | $95.3M | $69.3M | $63.3M | $53.4M | $28.8M |
| Inventory | $452.6M | $430.4M | $402.6M | $346.8M | $303.2M | $154.3M | $101.0M | $71.4M | $33.8M | $35.5M |
| Total current assets | $1.91B | $1.89B | $1.58B | $1.31B | $1.33B | $1.25B | $591.0M | $461.3M | $537.2M | $370.0M |
| Property, plant and equipment | — | — | — | $599.9M | $536.5M | $478.7M | $399.4M | $258.4M | $107.9M | $44.8M |
| Goodwill | $51.6M | $51.5M | $51.7M | $51.7M | $39.8M | $39.8M | $39.8M | $39.6M | $39.8M | $39.7M |
| Other intangibles | $117.1M | $98.5M | $98.7M | $75.5M | $36.6M | $28.7M | $13.2M | $10.4M | $4.4M | $2.0M |
| Total assets | $3.19B | $3.09B | $2.59B | $2.25B | $2.05B | $1.87B | $1.14B | $928.7M | $816.7M | $456.6M |
| Accounts payable | $75.0M | $19.8M | $19.2M | $30.8M | $37.7M | $54.1M | $54.5M | $25.5M | $24.4M | $13.2M |
| Short-term debt | $18.4M | $83.8M | $49.4M | $27.5M | $25.1M | $15.6M | $0 | — | — | — |
| Total current liabilities | $680.1M | $528.4M | $451.2M | $364.7M | $228.8M | $207.8M | $157.7M | $115.7M | $86.0M | $55.7M |
| Long-term debt | — | — | — | $1.37B | $1.25B | $1.04B | $887.9M | $592.0M | $566.2M | $332.8M |
| Total liabilities | $1.68B | $1.88B | $1.86B | $1.77B | $1.49B | $1.27B | $1.07B | $716.6M | $658.2M | $393.5M |
| Retained earnings | $287.4M | $40.3M | -$378.0M | -$584.3M | -$649.5M | -$666.3M | -$672.0M | -$683.6M | -$707.3M | -$680.4M |
| Total equity | $1.52B | $1.21B | $732.7M | $476.4M | $556.3M | $603.6M | $75.9M | $212.1M | $158.5M | $63.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $569.3M | $430.2M | $145.7M | $119.0M | -$68.1M | $84.0M | $98.4M | $35.9M | $41.3M | $15.9M |
| Depreciation and amortisation | $90.4M | $80.8M | $72.8M | $63.2M | $57.4M | $55.4M | $27.9M | $15.6M | $13.9M | $13.8M |
| Stock-based compensation | $62.7M | $69.3M | $48.4M | $40.9M | $34.4M | $35.9M | $28.7M | $37.5M | $31.9M | $23.6M |
| Capital expenditure | $191.6M | $124.9M | $75.6M | $122.9M | $111.9M | $129.0M | $163.7M | $157.4M | $73.8M | $22.1M |
| Investing cash flow | -$222.7M | -$146.2M | -$119.4M | -$191.1M | -$82.7M | $14.0M | -$73.6M | -$184.5M | -$210.8M | -$178.0M |
| Financing cash flow | -$595.3M | -$28.0M | -$13.6M | -$40.3M | $40.7M | $605.5M | $73.5M | -$8.7M | $304.5M | $176.6M |
| Buybacks | $59.6M | $0 | $0 | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-013333.
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