US-based medical device company Insulet has reported a net income of $188.6m, or $2.59 per diluted share, for the second quarter ended 30 June 2024, a 590% increase compared to $27.3m, or $0.39 per diluted share, for the respective quarter in 2023.
The company’s net income for the second quarter of 2024 (Q2 2024) increased by 266% compared to $51.5m, or $0.73 per diluted share, for the first quarter of 2024 (Q1 2024).
The company reported a total revenue of $488.5m for Q2 2024, a 23% rise compared to $396.5m for the same quarter in 2023, and a 10% increase compared to $441.7m for Q1 2024.
Insulet reported an operating income of $54.6m for Q2 2024, a 75% increase compared to $31.1m for the same quarter in the previous year.
The company reported an income before tax of $51.1m for Q2 2024, a 79% rise compared to $28.5m for the respective period in 2023.
Insulet president and CEO Jim Hollingshead said: “2024 is shaping up to be another year of rapid growth, fuelled by strong Omnipod 5 demand and our accelerating pace of product innovation.
“Omnipod 5 continues to disrupt the diabetes landscape in every market in which it is offered, and we are thrilled to have expanded the Omnipod 5 platform globally with multiple integrations and product launches.
“We remain the clear leader in our industry, and in light of our first-half results and our confidence in delivering an even stronger second half, we have increased our full-year guidance for revenue, gross margin and operating margin.
“We are poised for continued profitable growth, while successfully advancing our mission to simplify and improve the lives of people with diabetes.”
Insulet has reported a net income of $240.1m, or $3.32 per diluted share, for the six months ended 30 June 2024, compared to $51.1m, or $0.73 per diluted share, for the respective period in 2023.
The medical device company reported a total revenue of $930.2m for the first half of 2024 (H1 2024), a 23% rise compared to $754.6m for the same period in the previous year.
Insulet reported an operating income of $111.5m for H1 2024, a 90% increase compared to $58.8m for the respective period in 2023.
The company reported an income before tax of $106m for H1 2024, a 99% rise compared to $53.1m for the same period in the previous year.
