2014 Q3 Form 10-Q Financial Statement

#000114519714000042 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q4
Revenue $60.03M $57.58M $68.53M
YoY Change -1.76% -4.19% 18.51%
Cost Of Revenue $36.94M $36.25M $35.50M
YoY Change 9.6% 8.99% 9.23%
Gross Profit $33.74M $31.83M $33.02M
YoY Change 23.17% 18.63% 30.41%
Gross Profit Margin 56.21% 55.28% 48.18%
Selling, General & Admin $33.76M $34.37M $26.40M
YoY Change -13.3% 25.06% 3.13%
% of Gross Profit 100.05% 107.97% 79.96%
Research & Development $7.158M $6.677M $6.400M
YoY Change 24.03% 29.05% 10.34%
% of Gross Profit 21.21% 20.98% 19.38%
Depreciation & Amortization $3.070M $3.030M $2.950M
YoY Change -0.97% 5.94% 0.34%
% of Gross Profit 9.1% 9.52% 8.93%
Operating Expenses $40.92M $41.05M $32.80M
YoY Change -8.48% 25.69% 4.46%
Operating Profit -$2.876M -$5.280M $218.0K
YoY Change -83.39% -9.31% -103.58%
Interest Expense -$3.700M $300.0K -$2.900M
YoY Change -3800.0% -27.5%
% of Operating Profit -1330.28%
Other Income/Expense, Net -$7.948M -$23.78M
YoY Change 100.1% 419.31%
Pretax Income -$10.82M -$29.06M -$2.700M
YoY Change -49.15% 179.39% -73.27%
Income Tax $21.00K $52.00K -$200.0K
% Of Pretax Income
Net Earnings -$10.85M -$29.11M -$2.500M
YoY Change -49.06% 176.75% -75.48%
Net Earnings / Revenue -18.07% -50.56% -3.65%
Basic Earnings Per Share
Diluted Earnings Per Share -$193.5K -$525.3K -$45.70K
COMMON SHARES
Basic Shares Outstanding 55.88M shares 55.41M shares 54.54M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.4M $175.5M $149.7M
YoY Change -4.87% 16.3% 161.26%
Cash & Equivalents $146.4M $175.5M $149.7M
Short-Term Investments
Other Short-Term Assets $3.400M $5.700M $5.900M
YoY Change -42.37% -13.64% 31.11%
Inventory $9.662M $8.765M $9.464M
Prepaid Expenses
Receivables $47.15M $41.80M $33.07M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $206.6M $231.8M $198.2M
YoY Change 3.47% 17.6% 80.28%
LONG-TERM ASSETS
Property, Plant & Equipment $36.58M $34.16M $32.36M
YoY Change 16.51% 16.45% 27.28%
Goodwill $37.54M $37.54M $37.40M
YoY Change 0.0% 0.0% -0.37%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.493M $5.919M $1.825M
YoY Change 219.17% 213.84% -17.12%
Total Long-Term Assets $94.58M $93.50M $89.76M
YoY Change 5.32% 5.02% 1.85%
TOTAL ASSETS
Total Short-Term Assets $206.6M $231.8M $198.2M
Total Long-Term Assets $94.58M $93.50M $89.76M
Total Assets $301.2M $325.3M $288.0M
YoY Change 4.04% 13.69% 45.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.73M $18.61M $19.36M
YoY Change 17.26% 62.66% 106.8%
Accrued Expenses $25.21M $24.59M $19.48M
YoY Change -16.0% 21.27% 2.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $23.87M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $47.76M $71.20M $42.37M
YoY Change -1.1% 110.32% -12.24%
LONG-TERM LIABILITIES
Long-Term Debt $167.4M $165.9M $113.7M
YoY Change 50.67% 52.64% 9.56%
Other Long-Term Liabilities $2.580M $1.521M $1.943M
YoY Change 0.51% -32.28% 4.07%
Total Long-Term Liabilities $170.0M $167.4M $115.6M
YoY Change 49.54% 50.92% 9.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.76M $71.20M $42.37M
Total Long-Term Liabilities $170.0M $167.4M $115.6M
Total Liabilities $220.9M $242.5M $163.4M
YoY Change 31.41% 64.04% 6.16%
SHAREHOLDERS EQUITY
Retained Earnings -$572.6M -$561.8M -$526.5M
YoY Change 9.27% 11.74% 9.34%
Common Stock $56.00K $55.00K $55.00K
YoY Change 1.82% 1.85% 14.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.34M $77.88M $124.6M
YoY Change
Total Liabilities & Shareholders Equity $301.2M $325.3M $288.0M
YoY Change 4.04% 13.69% 45.39%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q4
OPERATING ACTIVITIES
Net Income -$10.85M -$29.11M -$2.500M
YoY Change -49.06% 176.75% -75.48%
Depreciation, Depletion And Amortization $3.070M $3.030M $2.950M
YoY Change -0.97% 5.94% 0.34%
Cash From Operating Activities $4.820M $510.0K -$3.520M
YoY Change 30.27% -88.33% -37.03%
INVESTING ACTIVITIES
Capital Expenditures -$3.100M -$3.590M -$2.790M
YoY Change 70.33% 120.25% 36.1%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$3.100M -$3.590M -$2.790M
YoY Change 70.33% 120.25% 36.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.88M 33.01M 2.130M
YoY Change -2933.03% 25292.31% 42.0%
NET CHANGE
Cash From Operating Activities 4.820M 510.0K -3.520M
Cash From Investing Activities -3.100M -3.590M -2.790M
Cash From Financing Activities -30.88M 33.01M 2.130M
Net Change In Cash -29.16M 29.93M -4.180M
YoY Change -1081.82% 942.86% -31.92%
FREE CASH FLOW
Cash From Operating Activities $4.820M $510.0K -$3.520M
Capital Expenditures -$3.100M -$3.590M -$2.790M
Free Cash Flow $7.920M $4.100M -$730.0K
YoY Change 43.48% -31.67% -79.38%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of the Business</font></div><div style="line-height:120%;padding-top:12px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is primarily engaged in the development, manufacturing and sale of its proprietary OmniPod Insulin Management System (the &#8220;OmniPod System&#8221;), an innovative, discreet and easy-to-use insulin infusion system for people with insulin-dependent diabetes. The OmniPod System is the only commercially-available insulin infusion system of its kind. The OmniPod System features a unique disposable tubeless OmniPod which is worn on the body for approximately three days at a time and the handheld, wireless Personal Diabetes Manager (&#8220;PDM&#8221;). Conventional insulin pumps require people with insulin-dependent diabetes to learn to use, manage and wear a number of cumbersome components, including up to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">42</font><font style="font-family:inherit;font-size:10pt;"> inches of tubing. In contrast, the OmniPod System features two discreet, easy-to-use devices that eliminate the need for a bulky pump, tubing and separate blood glucose meter, provides for virtually pain-free automated cannula insertion, communicates wirelessly and integrates a blood glucose meter. </font></div><div style="line-height:120%;padding-top:12px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2011, the Company acquired Neighborhood Holdings, Inc. and its wholly-owned subsidiaries (collectively, &#8220;Neighborhood Diabetes&#8221;) in order to expand the Company&#8217;s full suite diabetes management product offerings and obtain access to a larger number of insulin dependent patients. Through Neighborhood Diabetes, the Company is able to provide customers with blood glucose testing supplies, traditional insulin pumps, pump supplies and pharmaceuticals and has the ability to process claims as either durable medical equipment or through pharmacy benefits.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company began commercial sale of the OmniPod System in the United States in October 2005. The Company has also expanded the availability of the OmniPod System internationally through its partnerships with Ypsomed Distribution AG (&#8220;Ypsomed&#8221;) and GlaxoSmithKline (&#8220;GSK&#8221;). In August 2011, the Company received CE Mark approval, and in December 2012, the Company received 510(k) clearance for the new OmniPod System from the FDA. The Company began selling its new OmniPod System in 2013. The new OmniPod System is more than one-third smaller and one-quarter lighter than the original model, while maintaining the same features and operating capabilities.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates in Preparation of Financial Statements</font></div><div style="line-height:120%;padding-top:6px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting periods. The most significant estimates used in these financial statements include the valuation of stock-based compensation expense, accounts receivable, inventories, goodwill, deferred revenue, debt instruments, and equity instruments, the lives of property and equipment and intangible assets, as well as warranty and doubtful accounts allowance reserve calculations. Actual results may differ from those estimates.</font></div></div>
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2014
dei Document Period End Date
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2014-06-30
dei Document Type
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10-Q
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dei Entity Filer Category
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Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
INSULET CORP
dei Trading Symbol
TradingSymbol
PODD

Files In Submission

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