Insulet (PODD) FY2021 results: revenue $1.1 billion, up 21.5% on the year

Insulet Corp. (PODD) reported revenue of $1.1 billion for fiscal 2021, the year ended 31 December 2021, up 21.5% on the year before. Net income was $17 million, up 147.1%, and diluted earnings per share $0.24. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$1.1 billion

+21.5% on the year

FY2014FY2021

Operating margin

11.5%

5.7% a year earlier

FY2014FY2021

Net income

$17 million

+147.1% on the year

FY2014FY2021

Diluted EPS

$0.24

+140.0% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,099	904	738	+21.5%
Cost of revenue	347	322	258	+7.6%
Gross profit	752	582	480	+29.2%
Gross margin	68.4%	64.4%	65.1%
Research and development	160	147	132	+9.1%
Selling, general and administrative	466	384	298	+21.4%
Operating income	126	51.5	50.0	+144.7%
Operating margin	11.5%	5.7%	6.8%
Interest expense	61.7	48.1	34.6	+28.3%
Pre-tax income	20.5	9.7	14.5	+111.3%
Income tax	3.7	2.9	2.9	+27.6%
Effective tax rate	18.0%	29.9%	20.0%
Net income	16.8	6.8	11.6	+147.1%
Net margin	1.5%	0.8%	1.6%
Diluted EPS	$0.24	$0.10	$0.19	+140.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	-68.1	84.0	98.4
Capital expenditure	112	129	164	-13.3%
Free cash flow	-180	-45.0	-65.3
Free cash flow margin	-16.4%	-5.0%	-8.8%
Cash from investing	-82.7	14.0	-73.6
Cash from financing	40.7	606	73.5	-93.3%
Depreciation and amortisation	57.4	55.4	27.9	+3.6%
Share-based compensation	34.4	35.9	28.7	-4.2%
Diluted shares, weighted	69m	66m	62m	+4.0%
Shares outstanding at period end	69m	66m	63m	+4.8%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	556	604	75.9	-7.8%
Debt	1,274	1,059	888	+20.3%
Operating lease liabilities	7.6	12.0	14.4	-36.7%
Other liabilities	211	198	165	+6.6%
Total liabilities and equity	2,049	1,873	1,143	+9.4%
Fixed assets	536	479	399	+12.1%
Goodwill	39.8	39.8	39.8	0.0%
Intangible assets	36.6	28.7	13.2	+27.5%
Investments	0.0	40.4	221
Cash and equivalents	806	907	214	-11.1%
Receivables	135	95.3	69.3	+41.9%
Inventory	303	154	101	+96.5%
Other assets	191	128	85.7	+48.7%
Total assets	2,049	1,873	1,143	+9.4%

10-K for the year ended 31 December 2021, filed 24 February 2023: the filing.