Insulet (PODD) FY2022 results: revenue $1.3 billion, up 18.8% on the year

Insulet Corp. (PODD) reported revenue of $1.3 billion for fiscal 2022, the year ended 31 December 2022, up 18.8% on the year before. Net income was $5 million, down 72.6%, and diluted earnings per share $0.07. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$1.3 billion

+18.8% on the year

FY2015FY2022

Operating margin

2.9%

11.5% a year earlier

FY2015FY2022

Net income

$5 million

-72.6% on the year

FY2015FY2022

Diluted EPS

$0.07

-70.8% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,305	1,099	904	+18.8%
Cost of revenue	500	347	322	+44.1%
Gross profit	806	752	582	+7.1%
Gross margin	61.7%	68.4%	64.4%
Research and development	180	160	147	+12.6%
Selling, general and administrative	588	466	384	+26.1%
Operating income	37.6	126	51.5	-70.2%
Operating margin	2.9%	11.5%	5.7%
Interest expense	36.0	61.7	48.1	-41.7%
Pre-tax income	9.8	20.5	9.7	-52.2%
Income tax	5.2	3.7	2.9	+40.5%
Effective tax rate	53.1%	18.0%	29.9%
Net income	4.6	16.8	6.8	-72.6%
Net margin	0.4%	1.5%	0.8%
Diluted EPS	$0.07	$0.24	$0.10	-70.8%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	119	-68.1	84.0
Capital expenditure	123	112	129	+9.8%
Free cash flow	-3.9	-180	-45.0
Free cash flow margin	-0.3%	-16.4%	-5.0%
Cash from investing	-191	-82.7	14.0
Cash from financing	-40.3	40.7	606
Depreciation and amortisation	63.2	57.4	55.4	+10.1%
Share-based compensation	40.9	34.4	35.9	+18.9%
Diluted shares, weighted	70m	69m	66m	+1.9%
Shares outstanding at period end	70m	69m	66m	+0.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	476	556	604	-14.4%
Debt	1,402	1,274	1,059	+10.0%
Operating lease liabilities	27.4	7.6	12.0	+260.5%
Finance lease liabilities	0.0	n/a	n/a
Other liabilities	346	211	198	+63.7%
Total liabilities and equity	2,251	2,049	1,873	+9.9%
Fixed assets	600	536	479	+11.8%
Goodwill	51.7	39.8	39.8	+29.9%
Intangible assets	75.5	36.6	28.7	+106.3%
Investments	n/a	0.0	40.4
Cash and equivalents	690	806	907	-14.5%
Receivables	141	135	95.3	+4.2%
Inventory	347	303	154	+14.4%
Other assets	347	191	128	+81.4%
Total assets	2,251	2,049	1,873	+9.9%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.