$PODD
INSULET CORP

2012 Q4 Form 10-Q Financial Statement

#000119312512460797 Filed on November 08, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $57.83M $54.75M $44.59M
YoY Change 22.54% 22.78% 74.88%
Cost Of Revenue $32.50M $30.36M $26.03M
YoY Change 19.93% 16.63% 88.64%
Gross Profit $25.32M $24.39M $18.56M
YoY Change 26.09% 31.4% 60.01%
Gross Profit Margin 43.78% 44.55% 41.62%
Selling, General & Admin $25.60M $26.30M $23.69M
YoY Change 22.49% 11.02% 46.24%
% of Gross Profit 101.11% 107.84% 127.64%
Research & Development $5.800M $6.559M $4.638M
YoY Change 0.0% 41.42% 71.78%
% of Gross Profit 22.91% 26.89% 24.99%
Depreciation & Amortization $2.940M $2.590M $2.830M
YoY Change 4.26% -8.48% 126.4%
% of Gross Profit 11.61% 10.62% 15.25%
Operating Expenses $31.40M $32.86M $28.33M
YoY Change 2.61% 16.0% 49.89%
Operating Profit -$6.081M -$8.471M -$9.768M
YoY Change -42.2% -13.28% 33.81%
Interest Expense -$4.000M -$3.900M -$3.800M
YoY Change 8.11% 2.63% 0.0%
% of Operating Profit
Other Income/Expense, Net -$3.918M -$3.794M
YoY Change 3.27%
Pretax Income -$10.10M -$12.39M -$13.56M
YoY Change -28.87% -8.65% 12.08%
Income Tax $100.0K $28.00K $0.00
% Of Pretax Income
Net Earnings -$10.19M -$12.42M -$13.56M
YoY Change -28.9% -8.44% 12.08%
Net Earnings / Revenue -17.63% -22.68% -30.41%
Basic Earnings Per Share
Diluted Earnings Per Share -$211.6K -$258.3K -$287.5K
COMMON SHARES
Basic Shares Outstanding 48.16M shares 47.99M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.30M $63.40M $103.8M
YoY Change -39.04% -38.92% -0.1%
Cash & Equivalents $57.29M $63.44M $103.8M
Short-Term Investments
Other Short-Term Assets $4.500M $5.600M $3.700M
YoY Change 21.62% 51.35% 236.36%
Inventory $14.87M $15.09M $13.10M
Prepaid Expenses
Receivables $33.29M $30.15M $17.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $109.9M $114.2M $139.1M
YoY Change -17.11% -17.86% 4.33%
LONG-TERM ASSETS
Property, Plant & Equipment $25.42M $24.91M $18.30M
YoY Change 30.89% 36.12% 29.79%
Goodwill $37.54M $37.54M $37.50M
YoY Change 0.0% 0.09%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.202M $2.333M $2.800M
YoY Change -19.25% -16.68% 16.67%
Total Long-Term Assets $88.12M $89.14M $89.26M
YoY Change -0.64% -0.14% 437.72%
TOTAL ASSETS
Total Short-Term Assets $109.9M $114.2M $139.1M
Total Long-Term Assets $88.12M $89.14M $89.26M
Total Assets $198.1M $203.4M $228.3M
YoY Change -10.51% -10.93% 52.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.361M $16.22M $8.600M
YoY Change -18.02% 88.56% 65.38%
Accrued Expenses $19.05M $17.82M $12.80M
YoY Change 45.83% 39.19% 11.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $14.43M $14.13M
YoY Change
Total Short-Term Liabilities $48.29M $49.34M $24.80M
YoY Change 72.48% 98.96% 21.57%
LONG-TERM LIABILITIES
Long-Term Debt $103.7M $101.5M $106.3M
YoY Change -4.43% -4.5% 12.85%
Other Long-Term Liabilities $1.867M $2.070M $2.481M
YoY Change -9.02% -16.57% 45.94%
Total Long-Term Liabilities $105.6M $103.6M $2.481M
YoY Change -4.52% 4075.21% -97.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.29M $49.34M $24.80M
Total Long-Term Liabilities $105.6M $103.6M $2.481M
Total Liabilities $153.9M $152.9M $133.6M
YoY Change 11.04% 14.5% 14.84%
SHAREHOLDERS EQUITY
Retained Earnings -$481.6M -$471.4M -$415.3M
YoY Change 12.07% 13.49%
Common Stock $48.00K $48.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $44.18M $50.45M $94.78M
YoY Change
Total Liabilities & Shareholders Equity $198.1M $203.4M $228.3M
YoY Change -10.51% -10.93% 52.33%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$10.19M -$12.42M -$13.56M
YoY Change -28.9% -8.44% 12.08%
Depreciation, Depletion And Amortization $2.940M $2.590M $2.830M
YoY Change 4.26% -8.48% 126.4%
Cash From Operating Activities -$5.590M -$3.450M -$830.0K
YoY Change -27.12% 315.66% -93.55%
INVESTING ACTIVITIES
Capital Expenditures -$2.050M -$4.690M -$3.280M
YoY Change -9.69% 42.99% 100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$2.050M -$4.690M -$3.270M
YoY Change -10.09% 43.43% 99.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.500M 1.430M 1.180M
YoY Change 1775.0% 21.19% 227.78%
NET CHANGE
Cash From Operating Activities -5.590M -3.450M -830.0K
Cash From Investing Activities -2.050M -4.690M -3.270M
Cash From Financing Activities 1.500M 1.430M 1.180M
Net Change In Cash -6.140M -6.710M -2.920M
YoY Change -37.79% 129.79% -79.35%
FREE CASH FLOW
Cash From Operating Activities -$5.590M -$3.450M -$830.0K
Capital Expenditures -$2.050M -$4.690M -$3.280M
Free Cash Flow -$3.540M $1.240M $2.450M
YoY Change -34.44% -49.39% -121.84%

Facts In Submission

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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
15.16
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P10Y
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2021000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2321000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.87
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
465470 shares
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
86524000
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 September&#xA0;30, 2012 or December&#xA0;31, 2011.</font></p> </div>
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-23466000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8936000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.38
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8936000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-30512000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
38416000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1966000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
7556000
us-gaap Sales Revenue Net
SalesRevenueNet
153541000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
9276000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-41530000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
39974000
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 (the &#x201C;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 there, Ypsomed Distribution AG (&#x201C;Ypsomed&#x201D;), and in Canada through the Company&#x2019;s exclusive Canadian distribution partner, GlaxoSmithKline Inc. (&#x201C;GSK&#x201D;). Through Ypsomed, the Company is now selling its next generation OmniPod System in certain countries in Europe.</font></p> </div>
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
18512000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1867000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1890000
us-gaap Interest And Debt Expense
InterestAndDebtExpense
11728000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
103285 shares
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1252000
us-gaap Operating Expenses
OperatingExpenses
96902000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3251000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7500000
us-gaap Gross Profit
GrossProfit
67017000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
47825136 shares
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
65000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9810682 shares
us-gaap Net Income Loss
NetIncomeLoss
-41673000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
448100 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
143000
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
4600000
podd Increase Decrease In Accounts Payable Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities
8657000
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
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-9768000
CY2011Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3794000
CY2011Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
725000
CY2011Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.29
CY2011Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
26033000
CY2011Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
31000
CY2011Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11379000
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
44594000
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-13562000
CY2011Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
12312000
CY2011Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4638000
CY2011Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
792000
CY2011Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
3825000
CY2011Q3 us-gaap Operating Expenses
OperatingExpenses
28329000
CY2011Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1800000
CY2011Q3 us-gaap Gross Profit
GrossProfit
18561000
CY2011Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
47321989 shares
CY2011Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9762846 shares
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
-13562000
CY2011Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1700000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-8471000
CY2012Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3918000
CY2012Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
15000
CY2012Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
661000
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.26
CY2012Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
30362000
CY2012Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
31000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12731000
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
54752000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-12389000
CY2012Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13571000
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6559000
CY2012Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
645000
CY2012Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
3949000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
32861000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2300000
CY2012Q3 us-gaap Gross Profit
GrossProfit
24390000
CY2012Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
48041392 shares
CY2012Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
13000
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9810682 shares
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-12417000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28000
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1400000

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