$PODD
INSULET CORP

2012 Q3 Form 10-Q Financial Statement

#000119312512344298 Filed on August 08, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2012 Q2 2011 Q2
Revenue $54.75M $51.04M $32.21M
YoY Change 22.78% 58.44% 40.66%
Cost Of Revenue $30.36M $28.70M $17.67M
YoY Change 16.63% 62.42% 34.91%
Gross Profit $24.39M $22.33M $14.54M
YoY Change 31.4% 53.6% 46.85%
Gross Profit Margin 44.55% 43.76% 45.13%
Selling, General & Admin $26.30M $26.33M $22.62M
YoY Change 11.02% 16.39% 48.82%
% of Gross Profit 107.84% 117.9% 155.6%
Research & Development $6.559M $6.521M $6.832M
YoY Change 41.42% -4.55% 48.52%
% of Gross Profit 26.89% 29.2% 46.99%
Depreciation & Amortization $2.590M $2.660M $1.690M
YoY Change -8.48% 57.4% 34.13%
% of Gross Profit 10.62% 11.91% 11.62%
Operating Expenses $32.86M $32.85M $29.45M
YoY Change 16.0% 11.53% 49.51%
Operating Profit -$8.471M -$10.52M -$14.92M
YoY Change -13.28% -29.47% 52.19%
Interest Expense -$3.900M -$3.900M -$4.500M
YoY Change 2.63% -13.33% 18.42%
% of Operating Profit
Other Income/Expense, Net -$3.918M -$3.888M -$4.508M
YoY Change 3.27% -13.75%
Pretax Income -$12.39M -$14.41M -$19.42M
YoY Change -8.65% -25.83% 41.77%
Income Tax $28.00K $69.00K -$11.34M
% Of Pretax Income
Net Earnings -$12.42M -$14.48M -$8.084M
YoY Change -8.44% 79.07% -40.99%
Net Earnings / Revenue -22.68% -28.36% -25.1%
Basic Earnings Per Share
Diluted Earnings Per Share -$258.3K -$303.3K -$174.6K
COMMON SHARES
Basic Shares Outstanding 47.99M shares 47.77M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q3 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.40M $70.10M $106.7M
YoY Change -38.92% -34.3% -9.65%
Cash & Equivalents $63.44M $70.14M $106.7M
Short-Term Investments
Other Short-Term Assets $5.600M $4.300M $4.800M
YoY Change 51.35% -10.42% 220.0%
Inventory $15.09M $16.43M $16.00M
Prepaid Expenses
Receivables $30.15M $25.59M $20.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $114.2M $116.5M $149.1M
YoY Change -17.86% -21.86% 2.37%
LONG-TERM ASSETS
Property, Plant & Equipment $24.91M $21.42M $16.10M
YoY Change 36.12% 33.06% 16.67%
Goodwill $37.54M $37.54M $38.07M
YoY Change 0.09% -1.39%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.333M $2.503M $3.100M
YoY Change -16.68% -19.26% 19.23%
Total Long-Term Assets $89.14M $87.21M $89.70M
YoY Change -0.14% -2.77% 446.92%
TOTAL ASSETS
Total Short-Term Assets $114.2M $116.5M $149.1M
Total Long-Term Assets $89.14M $87.21M $89.70M
Total Assets $203.4M $203.7M $238.8M
YoY Change -10.93% -14.69% 47.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.22M $13.69M $9.400M
YoY Change 88.56% 45.61% 3.3%
Accrued Expenses $17.82M $13.54M $12.30M
YoY Change 39.19% 10.04% 25.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $14.13M $13.85M
YoY Change
Total Short-Term Liabilities $49.34M $43.14M $26.60M
YoY Change 98.96% 62.18% 11.76%
LONG-TERM LIABILITIES
Long-Term Debt $101.5M $99.38M $104.2M
YoY Change -4.5% -4.62% 12.89%
Other Long-Term Liabilities $2.070M $2.068M $2.524M
YoY Change -16.57% -18.07% 26.2%
Total Long-Term Liabilities $103.6M $101.5M $2.524M
YoY Change 4075.21% 3919.41% -97.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.34M $43.14M $26.60M
Total Long-Term Liabilities $103.6M $101.5M $2.524M
Total Liabilities $152.9M $144.6M $133.3M
YoY Change 14.5% 8.46% 12.98%
SHAREHOLDERS EQUITY
Retained Earnings -$471.4M -$458.9M -$401.8M
YoY Change 13.49% 14.23%
Common Stock $48.00K $48.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $50.45M $59.09M $105.4M
YoY Change
Total Liabilities & Shareholders Equity $203.4M $203.7M $238.8M
YoY Change -10.93% -14.69% 47.38%

Cashflow Statement

Concept 2012 Q3 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income -$12.42M -$14.48M -$8.084M
YoY Change -8.44% 79.07% -40.99%
Depreciation, Depletion And Amortization $2.590M $2.660M $1.690M
YoY Change -8.48% 57.4% 34.13%
Cash From Operating Activities -$3.450M -$11.12M -$9.080M
YoY Change 315.66% 22.47% 54.42%
INVESTING ACTIVITIES
Capital Expenditures -$4.690M -$2.550M -$2.660M
YoY Change 42.99% -4.14% 195.56%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$37.86M
YoY Change -100.0%
Cash From Investing Activities -$4.690M -$2.550M -$40.52M
YoY Change 43.43% -93.71% 4402.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.430M 810.0K 51.86M
YoY Change 21.19% -98.44% 696.62%
NET CHANGE
Cash From Operating Activities -3.450M -11.12M -9.080M
Cash From Investing Activities -4.690M -2.550M -40.52M
Cash From Financing Activities 1.430M 810.0K 51.86M
Net Change In Cash -6.710M -12.86M 2.260M
YoY Change 129.79% -669.03% -937.04%
FREE CASH FLOW
Cash From Operating Activities -$3.450M -$11.12M -$9.080M
Capital Expenditures -$4.690M -$2.550M -$2.660M
Free Cash Flow $1.240M -$8.570M -$6.420M
YoY Change -49.39% 33.49% 28.92%

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dei Trading Symbol
TradingSymbol
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dei Entity Registrant Name
EntityRegistrantName
INSULET CORP
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dei Document Type
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
14.15
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P10Y
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1486000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.61
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
273437 shares
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
56162000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Concentration of Credit Risk</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents. The Company maintains the majority of its cash with two accredited financial institutions.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Although revenue is recognized from shipments directly to patients or third-party distributors, the majority of shipments are billed to third-party insurance payors and government agencies. There were no third-party payors or government agencies that accounted for more than 10% of gross accounts receivable as of June&#xA0;30, 2012 or December&#xA0;31, 2011.</font></p> </div>
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.40
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4249000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-20017000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-23811000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
725000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
4988000
us-gaap Investment Income Interest
InvestmentIncomeInterest
52000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1434000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4249000
us-gaap Sales Revenue Net
SalesRevenueNet
98789000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3887000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-29141000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1. Nature of the Business</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Insulet Corporation (the &#x201C;Company&#x201D;) is primarily engaged in the sale of diabetes management supplies, including its proprietary OmniPod Insulin Management System (&#x201C;the OmniPod System&#x201D;) as well as blood glucose testing supplies, traditional insulin pumps, pump supplies, and other pharmaceuticals. The Company was incorporated in Delaware in 2000 and its corporate headquarters is located in Bedford, Massachusetts. In June 2011, the Company acquired Neighborhood Holdings, Inc. and its wholly-owned subsidiaries (collectively &#x201C;Neighborhood Diabetes&#x201D;) in order to expand its full suite diabetes management product offerings and obtain access to a larger number of insulin dependent patients. The Company has additional facilities in New York, Florida and Singapore.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Since inception, the Company has principally devoted its efforts to designing, developing, manufacturing and marketing the OmniPod System, which consists of the disposable OmniPod insulin infusion device and the handheld, wireless Personal Diabetes Manager (&#x201C;PDM&#x201D;). The Company commercially launched the OmniPod System in August&#xA0;2005 after receiving FDA 510(k) approval in January&#xA0;2005. The first commercial product was shipped in October&#xA0;2005.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company sells its OmniPod System and other diabetes management supplies in the United States through direct sales to customers or through the Company&#x2019;s distribution partners. The OmniPod System is currently available in multiple countries in Europe through the Company&#x2019;s exclusive distribution partner, Ypsomed Distribution AG (&#x201C;Ypsomed&#x201D;) and in Canada through the Company&#x2019;s exclusive distribution partner, GlaxoSmithKline Inc. (&#x201C;GSK&#x201D;).</font></p> </div>
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11953000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1222000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
455000
us-gaap Interest And Debt Expense
InterestAndDebtExpense
7779000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
5100000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
69174 shares
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1187000
us-gaap Operating Expenses
OperatingExpenses
64041000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4588000
us-gaap Gross Profit
GrossProfit
42627000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
47715819 shares
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
52000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9968494 shares
us-gaap Net Income Loss
NetIncomeLoss
-29256000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
383100 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
115000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates in Preparation of Financial Statements</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">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 accounts receivable, inventories, deferred revenue and equity instruments, the lives of property and equipment and intangible assets, as well as warranty and doubtful accounts reserve calculations. Actual results may differ from those estimates.</font></p> </div>
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3200000
podd Increase Decrease In Accounts Payable Accrued Expenses And Other Liabilities
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2730000
podd Product Warranty Term
ProductWarrantyTerm
P4Y
podd Return Period
ReturnPeriod
P45D
podd Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeitures
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitures
0.16 pure
CY2011Q2 podd Service Agreement Term
ServiceAgreementTerm
P2Y
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2011Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2011Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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CY2011Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.42
CY2011Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
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CY2011Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
39000
CY2011Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2011Q2 us-gaap Sales Revenue Net
SalesRevenueNet
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CY2011Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-19423000
CY2011Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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CY2011Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6832000
CY2011Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
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CY2011Q2 us-gaap Interest And Debt Expense
InterestAndDebtExpense
4547000
CY2011Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1800000
CY2011Q2 us-gaap Operating Expenses
OperatingExpenses
29453000
CY2011Q2 us-gaap Gross Profit
GrossProfit
14538000
CY2011Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46377843 shares
CY2011Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9827231 shares
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
-19423000
CY2011Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-10519000
CY2012Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3888000
CY2012Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
43000
CY2012Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.30
CY2012Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
28704000
CY2012Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
24000
CY2012Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
51035000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-14407000
CY2012Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13664000
CY2012Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6521000
CY2012Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
348000
CY2012Q2 us-gaap Interest And Debt Expense
InterestAndDebtExpense
3912000
CY2012Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2500000
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
32850000
CY2012Q2 us-gaap Gross Profit
GrossProfit
22331000
CY2012Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
47824190 shares
CY2012Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
26000
CY2012Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9968494 shares
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-14476000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
69000
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1500000

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