2023 Q1 Form 10-K Financial Statement

#000114519723000020 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $358.1M $369.7M $1.305B
YoY Change 21.23% 20.15% 260960.0%
Cost Of Revenue $117.6M $152.4M $499.7M
YoY Change 37.22% 61.27% 44.13%
Gross Profit $240.5M $217.3M $805.6M
YoY Change 14.69% 1.92% 7.11%
Gross Profit Margin 67.16% 58.78% 61.72%
Selling, General & Admin $162.7M $144.3M $587.8M
YoY Change 26.42% 18.57% 26.14%
% of Gross Profit 67.65% 66.41% 72.96%
Research & Development $50.10M $49.50M $180.2M
YoY Change 16.24% 18.42% 12.55%
% of Gross Profit 20.83% 22.78% 22.37%
Depreciation & Amortization $17.20M $16.20M $63.20M
YoY Change 12.42% 8.72% 10.1%
% of Gross Profit 7.15% 7.46% 7.85%
Operating Expenses $212.8M $193.8M $768.0M
YoY Change 393.74% 18.53% 22.66%
Operating Profit $27.70M $23.50M $37.60M
YoY Change -26.91% -52.72% -70.16%
Interest Expense $9.400M -$1.200M $36.50M
YoY Change 4.44% -92.26% -40.84%
% of Operating Profit 33.94% -5.11% 97.07%
Other Income/Expense, Net -$200.0K -$1.100M
YoY Change -166.67% -42.11%
Pretax Income $24.60M $22.30M $9.800M
YoY Change -16.04% -33.23% -52.2%
Income Tax $800.0K $5.300M $5.200M
% Of Pretax Income 3.25% 23.77% 53.06%
Net Earnings $23.80M $17.00M $4.600M
YoY Change -14.39% -41.78% -72.62%
Net Earnings / Revenue 6.65% 4.6% 0.35%
Basic Earnings Per Share $0.34 $0.07
Diluted Earnings Per Share $0.34 $0.24 $0.07
COMMON SHARES
Basic Shares Outstanding 69.54M shares 69.45M shares 69.38M shares
Diluted Shares Outstanding 70.10M shares 69.91M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $518.7M $623.4M $623.4M
YoY Change -26.79% -22.69% -21.09%
Cash & Equivalents $635.9M $689.7M $487.3M
Short-Term Investments
Other Short-Term Assets $208.0M $138.2M $138.2M
YoY Change 185.71% 82.8% 82.8%
Inventory $386.1M $346.8M $346.8M
Prepaid Expenses
Receivables $159.6M $140.9M $205.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.330B $1.314B $1.314B
YoY Change 3.47% -1.19% -1.19%
LONG-TERM ASSETS
Property, Plant & Equipment $596.6M $599.9M $625.9M
YoY Change 10.85% 11.82% 14.55%
Goodwill $51.70M $51.70M
YoY Change -0.19% 29.9%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $210.6M $210.0M $184.0M
YoY Change 49.36% 97.93% 91.27%
Total Long-Term Assets $959.1M $937.1M $937.1M
YoY Change 22.37% 30.33% 30.33%
TOTAL ASSETS
Total Short-Term Assets $1.330B $1.314B $1.314B
Total Long-Term Assets $959.1M $937.1M $937.1M
Total Assets $2.289B $2.251B $2.251B
YoY Change 10.63% 9.87% 9.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $85.90M $30.80M $30.80M
YoY Change 64.56% -18.3% -18.3%
Accrued Expenses $263.6M $301.0M $249.1M
YoY Change 94.11% 83.2% 53.29%
Deferred Revenue $22.20M $16.10M
YoY Change 484.21% 360.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $27.80M $27.50M $27.50M
YoY Change 8.17% 9.56% 9.56%
Total Short-Term Liabilities $383.3M $364.7M $364.7M
YoY Change 78.28% 59.4% 59.4%
LONG-TERM LIABILITIES
Long-Term Debt $1.369B $1.374B $1.374B
YoY Change -1.56% 10.05% 10.05%
Other Long-Term Liabilities $34.20M $35.70M $35.70M
YoY Change 101.18% 139.6% 139.6%
Total Long-Term Liabilities $1.403B $1.410B $1.410B
YoY Change -0.32% 11.58% 11.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $383.3M $364.7M $364.7M
Total Long-Term Liabilities $1.403B $1.410B $1.410B
Total Liabilities $1.786B $1.775B $1.775B
YoY Change 10.1% 18.91% 18.91%
SHAREHOLDERS EQUITY
Retained Earnings -$560.5M -$584.3M
YoY Change -0.11% -10.04%
Common Stock $100.0K $100.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $502.8M $476.4M $476.4M
YoY Change
Total Liabilities & Shareholders Equity $2.289B $2.251B $2.251B
YoY Change 10.63% 9.87% 9.87%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $23.80M $17.00M $4.600M
YoY Change -14.39% -41.78% -72.62%
Depreciation, Depletion And Amortization $17.20M $16.20M $63.20M
YoY Change 12.42% 8.72% 10.1%
Cash From Operating Activities $500.0K $50.70M $119.0M
YoY Change -103.65% -298.82% -274.74%
INVESTING ACTIVITIES
Capital Expenditures $10.50M $88.40M $122.9M
YoY Change -17.97% -339.57% 9.83%
Acquisitions
YoY Change
Other Investing Activities -$5.000M $0.00 -$33.80M
YoY Change -83.87% -100.0% -184.5%
Cash From Investing Activities -$42.10M -$88.40M -$191.1M
YoY Change -10.23% 142.86% 131.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$12.10M -14.50M -$40.30M
YoY Change -40.39% 866.67% -199.02%
NET CHANGE
Cash From Operating Activities $500.0K 50.70M $119.0M
Cash From Investing Activities -$42.10M -88.40M -$191.1M
Cash From Financing Activities -$12.10M -14.50M -$40.30M
Net Change In Cash -$53.80M -52.20M -$116.7M
YoY Change -33.99% -17.67% 0.95%
FREE CASH FLOW
Cash From Operating Activities $500.0K $50.70M $119.0M
Capital Expenditures $10.50M $88.40M $122.9M
Free Cash Flow -$10.00M -$37.70M -$3.900M
YoY Change -62.26% -430.7% -97.83%

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CY2022 us-gaap Nature Of Operations
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Nature of the Business<div style="margin-top:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Insulet Corporation (the “Company”) is primarily engaged in the development, manufacture, and sale of its proprietary Omnipod</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> System, a continuous insulin delivery system for people with insulin-dependent diabetes. The Omnipod System features a small, lightweight, self-adhesive disposable tubeless Omnipod device (“Pod”) that the user fills with insulin and wears directly on the body for up to three days at a time, which delivers personalized doses of insulin, and the Personal Diabetes Manager (“PDM”) or Controller, a wireless, handheld device that programs the Pod with the user's personalized insulin-delivery instructions and wirelessly monitors the Pod’s operation. </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Omnipod System includes: the Omnipod Insulin Management System (“Classic Omnipod”), its next generation Omnipod DASH</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Insulin Management System (“Omnipod DASH”), and its newest generation Omnipod</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 5 Automated Insulin Delivery System (“Omnipod 5”). Omnipod DASH features a secure Bluetooth enabled Pod and PDM with a color touch screen user interface supported by smartphone connectivity. Omnipod 5, which builds on our Omnipod DASH mobile platform, is a tubeless automated insulin delivery system, that integrates with a continuous glucose monitor (“CGM”) to manage blood sugar and is fully controlled by a compatible personal smartphone or Omnipod 5 Controller. The CGM is sold separately by a third party.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company generates most of its revenue from sales of the Omnipod System, which is sold in the U.S., Europe, Canada, the Middle East, and Australia. The Omnipod System is sold either directly to end-users or indirectly through intermediaries. Intermediaries include independent distributors who resell the Omnipod to end-users and wholesalers who sell the Company’s product to end-users through the pharmacy channel in the United States. </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Substantially all of the Company’s Drug Delivery revenue consists of sales of pods to Amgen for use in the Neulasta</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Onpro</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> kit, a delivery system for Amgen’s Neulasta to help reduce the risk of infection after intense chemotherapy.</span></div>
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CY2022 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration Risk</span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Credit Risk—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents and accounts receivable. The Company maintains most of its cash, and investments with a limited number of financial institutions that have a high investment grade credit rating. See Notes 4</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and 7 for customer concentration.</span></div><div style="margin-top:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Supply Risk—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s Drug Delivery product is currently produced at a single contract manufacturer. Additionally, the Company uses different types of semiconductor chips, which are sourced from external suppliers, in the manufacturing of its products. While the Company has multiple suppliers of semiconductor chips, each type is typically sourced from a single supplier. Supply chain disruptions, supplier shortages, logistic delays, or quality problems could result in manufacturing delays, increased costs, or a possible loss of sales, which could adversely affect operating results.</span></div>
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CY2022Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
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CY2021Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
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CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2022Q4 us-gaap Deferred Tax Liabilities Deferred Expense Other Capitalized Costs
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CY2022Q4 podd Deferred Tax Assets Net Before Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022 us-gaap Interest Paid Net
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CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2022 podd Purchases Of Intangible Assets Included In Accounts Payable And Accrued Expenses
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CY2020 podd Purchases Of Intangible Assets Included In Accounts Payable And Accrued Expenses
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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