Insulet Corporation Reports 22.1% Revenue Growth to $2.071 Billion for Fiscal Year 2024

Insulet Corporation reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $2.071 billion, a 22.1% increase from $1.697 billion in 2023. The growth was primarily driven by a 20.6% rise in U.S. sales of Omnipod products, which totaled $1.509 billion, and a 27.6% increase in international sales, amounting to $523.4 million. The company attributed this growth to a larger customer base and higher product volumes, alongside a modest increase in average selling prices. Notably, Insulet achieved a milestone of 500,000 estimated active global customers using its Omnipod products, including 365,000 users of the Omnipod 5 system.

In terms of profitability, Insulet reported a net income of $418.3 million, compared to $206.3 million in the previous year, reflecting a substantial increase in earnings per share from $2.94 to $5.78. The company's gross margin improved to 69.8%, up from 68.3% in 2023, driven by pricing benefits, improved manufacturing efficiencies, and procurement savings. However, the company also recorded a $13.5 million charge related to inventory components associated with the discontinued Omnipod GO product line.

Strategically, Insulet has focused on expanding its product offerings and market presence. The company launched the Omnipod 5 in several international markets, including the United Kingdom and Germany in 2023, and further expanded its availability to Italy, Denmark, Finland, Norway, and Sweden in early 2025. Additionally, in August 2024, Insulet received FDA clearance for an expanded indication of Omnipod 5 for type 2 diabetes, which is expected to drive further growth in that segment. The company has also enhanced its product integration capabilities, including partnerships with Dexcom and Abbott for continuous glucose monitoring.

Operationally, Insulet's workforce grew by 29% to approximately 3,900 employees, reflecting the company's commitment to supporting its expanding operations. The company continues to invest in its manufacturing capabilities, with a new facility in Malaysia expected to enhance production capacity and efficiency. Insulet's focus on customer engagement and support has also been emphasized through training programs and enhanced customer service initiatives, which are critical for retaining its growing customer base.

Looking ahead, Insulet anticipates continued strong revenue growth in 2025, driven by the recurring revenue model associated with its disposable Pods and ongoing customer acquisition efforts. The company plans to invest further in research and development to enhance its product offerings and maintain its competitive edge in the diabetes management market.