Insulet Corp. Q4 FY2023 results: revenue $510 million, up 37.9% on the year

Insulet Corp. (PODD) reported revenue of $510 million for Q4 FY2023, the quarter ended 31 December 2023, up 37.9% on the same quarter a year earlier. Net income was $103 million, up 507.6% on the year, and diluted earnings per share $1.47. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$510 millionup 37.9%

Net income$103 millionup 507.6%

Diluted EPS$1.47

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	510	433	n/a	n/a
Cost of revenue	149	139	n/a	n/a
Gross profit	361	293	n/a	n/a
Gross margin	70.9%	67.8%	n/a
Research and development	42.0	57.8	n/a	n/a
Selling, general and administrative	213	181	n/a	n/a
Operating income	106	54.8	n/a	n/a
Operating margin	20.9%	12.7%	n/a
Interest expense	6.7	10.4	n/a	n/a
Pre-tax income	108	53.7	n/a	n/a
Income tax	4.5	1.8	n/a	n/a
Effective tax rate	4.2%	3.4%	n/a
Net income	103	51.9	n/a	n/a
Net margin	20.3%	12.0%	n/a
Diluted EPS	$1.47	$0.74	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	45.2	56.0	n/a	n/a
Capital expenditure	29.3	20.1	n/a	n/a
Free cash flow	15.9	35.9	n/a	n/a
Free cash flow margin	3.1%	8.3%	n/a
Depreciation and amortisation	18.8	18.7	n/a	n/a
Share-based compensation	12.6	10.5	n/a	n/a
Diluted shares, weighted	74m	74m	n/a	n/a
Shares outstanding at period end	70m	70m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	2,588	2,468	n/a	n/a
Cash and equivalents	704	685	n/a	n/a
Inventory	403	411	n/a	n/a
Goodwill	51.7	51.7	n/a	n/a
Long-term debt including finance leases	1,366	1,371	n/a	n/a
Operating lease liabilities	29.5	30.2	n/a	n/a
Finance lease liabilities	22.9	n/a	n/a	n/a
Shareholders' equity	733	608	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	433	510	442	488	544	598	569	649	706	784	762	802
Cost of revenue	139	149	135	158	167	167	160	197	196	215	233	239
Gross profit	293	361	307	331	377	431	409	452	510	569	529	563
Gross margin	68%	71%	69%	68%	69%	72%	72%	70%	72%	73%	69%	70%
R&D	57.8	42.0	50.2	53.9	54.9	60.6	59.6	73.4	77.2	90.9	89.7	88.1
SG&A	181	213	200	222	234	261	261	258	315	332	317	345
Operating income	54.8	106	56.9	54.6	88.1	109	88.8	121	118	146	122	130
Operating margin	13%	21%	13%	11%	16%	18%	16%	19%	17%	19%	16%	16%
Interest expense	10.4	6.7	10.7	11.0	12.3	8.7	9.2	19.6	15.6	15.0	14.7	13.5
Pre-tax income	53.7	108	54.9	51.1	82.9	111	48.1	28.4	123	140	113	119
Tax rate	3%	4%	6%	-269%	7%	10%	26%	21%	29%	28%	19%	20%
Net income	51.9	103	51.5	189	77.5	101	35.4	22.5	87.6	102	91.1	95.0
Net margin	12%	20%	12%	39%	14%	17%	6%	3%	12%	13%	12%	12%
Diluted EPS	$0.74	$1.47	$0.73	$2.59	$1.08	$1.38	$0.50	$0.32	$1.24	$1.42	$1.30	$1.37
Operating cash flow	56.0	45.2	87.6	96.5	98.5	148	63.8	196	126	183	114	88.4
Capital expenditure	20.1	29.3	22.1	22.5	26.7	53.6	12.3	18.6	25.6	135	24.3	32.5
Free cash flow	35.9	15.9	65.5	74.0	71.8	94.1	51.5	178	100	48.2	89.5	55.9
Buybacks	n/a	n/a	n/a	n/a	0.0	n/a	0.0	30.1	29.5	0.0	300	0.0
Shares outstanding	70m	70m	70m	70m	70m	70m	70m	70m	70m	70m	69m	69m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 23 February 2024, accession 0001145197-24-000011: the filing on EDGAR. All of Insulet Corp.'s filings: EDGAR company page.

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