Insulet Corporation reported strong financial results for Q2 2024, with total revenue increasing 23.2% to $488.5 million compared to $396.5 million in Q2 2023. U.S. Omnipod revenue grew 27.3% to $352.3 million, while International Omnipod revenue rose 23.5% to $128.1 million. The company recorded a significant tax benefit of $146.9 million from releasing its valuation allowance, resulting in net income of $188.6 million.Gross margin improved to 67.7% from 66.8% year-over-year, driven by pricing benefits in both U.S. pharmacy channel and international markets, along with improved manufacturing efficiencies. However, this was partially offset by a $13.5 million charge related to Omnipod GO components following the strategic decision not to commercialize the product. Operating expenses increased as the company continued investing in commercial expansion and R&D.The company strengthened its manufacturing capabilities...Show More

Insulet Corporation reported strong financial results for Q2 2024, with total revenue increasing 23.2% to $488.5 million compared to $396.5 million in Q2 2023. U.S. Omnipod revenue grew 27.3% to $352.3 million, while International Omnipod revenue rose 23.5% to $128.1 million. The company recorded a significant tax benefit of $146.9 million from releasing its valuation allowance, resulting in net income of $188.6 million.Gross margin improved to 67.7% from 66.8% year-over-year, driven by pricing benefits in both U.S. pharmacy channel and international markets, along with improved manufacturing efficiencies. However, this was partially offset by a $13.5 million charge related to Omnipod GO components following the strategic decision not to commercialize the product. Operating expenses increased as the company continued investing in commercial expansion and R&D.The company strengthened its manufacturing capabilities by beginning production at its new Malaysia facility. Looking ahead, Insulet expects full-year 2024 gross margin to be between 68-69% and projects continued strong U.S. revenue growth driven by Omnipod 5 volume expansion. The company also advanced its innovation pipeline with the launch of Omnipod 5 with Dexcom G7 CGM in the U.S. and expanded sensor choice offerings in international markets.