Insulet (PODD) FY2024 results: revenue $2.1 billion, up 22.1% on the year

Insulet Corp. (PODD) reported revenue of $2.1 billion for fiscal 2024, the year ended 31 December 2024, up 22.1% on the year before. Net income was $418 million, up 102.8%, and diluted earnings per share $5.78. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.

Revenue

$2.1 billion

+22.1% on the year

FY2017FY2024

Operating margin

14.9%

13.0% a year earlier

FY2017FY2024

Net income

$418 million

+102.8% on the year

FY2017FY2024

Diluted EPS

$5.78

+96.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,072	1,697	1,305	+22.1%
Cost of revenue	626	537	500	+16.5%
Gross profit	1,446	1,160	806	+24.6%
Gross margin	69.8%	68.3%	61.7%
Research and development	220	205	180	+7.1%
Selling, general and administrative	917	735	588	+24.8%
Operating income	309	220	37.6	+40.4%
Operating margin	14.9%	13.0%	2.9%
Interest expense	42.7	36.2	36.0	+18.0%
Pre-tax income	300	215	9.8	+39.9%
Income tax	-118	8.3	5.2
Effective tax rate	-39.3%	3.9%	53.1%
Net income	418	206	4.6	+102.8%
Net margin	20.2%	12.2%	0.4%
Diluted EPS	$5.78	$2.94	$0.07	+96.6%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	430	146	119	+195.3%
Capital expenditure	125	75.6	123	+65.2%
Free cash flow	305	70.1	-3.9	+335.7%
Free cash flow margin	14.7%	4.1%	-0.3%
Cash from investing	-146	-119	-191
Cash from financing	-28.0	-13.6	-40.3
Depreciation and amortisation	80.8	72.8	63.2	+11.0%
Share-based compensation	69.3	48.4	40.9	+43.2%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	74m	74m	70m	+0.3%
Shares outstanding at period end	70m	70m	70m	+0.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,212	733	476	+65.4%
Debt	1,380	1,416	1,402	-2.5%
Operating lease liabilities	40.0	29.5	27.4	+35.6%
Finance lease liabilities	0.0	22.9	0.0
Other liabilities	456	387	346	+17.8%
Total liabilities and equity	3,088	2,588	2,251	+19.3%
Fixed assets	n/a	n/a	600
Goodwill	51.5	51.7	51.7	-0.4%
Intangible assets	98.5	98.7	75.5	-0.2%
Securities held for sale or to maturity	4.7	4.7	n/a	0.0%
Cash and equivalents	953	704	690	+35.4%
Receivables	n/a	n/a	141
Inventory	430	403	347	+6.9%
Other assets	1,549	1,326	347	+16.8%
Total assets	3,088	2,588	2,251	+19.3%

10-K for the year ended 31 December 2024, filed 21 February 2025: the filing.