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Insulet Corporation (PODD+0.72%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $543.9 million from $432.7 million in the same quarter the previous year. This growth was driven by higher sales volume and a higher average selling price.
Cost of revenue for the quarter was $166.8 million, representing 30.7% of sales, compared to 32.2% in the same quarter of the previous year. This decrease in cost ratio was due to improved manufacturing efficiencies and pricing benefits.
The company reported a gross profit of $377.1 million for the quarter, compared to $293.3 million in the previous year, with the increase attributed to higher sales volume and pricing.
Research and development expenses were $54.9 million, slightly down from $57.8 million, reflecting a shift in costs to sustain Omnipod 5.
Selling, general, and administrative expenses increased to $234.1 million from $180.7 million, primarily due to headcount additions and increased advertising expenses.
Net income for the quarter was $77.5 million, up from $51.9 million in the previous year. The increase was driven by higher revenue and improved gross margins.
Cash provided by operating activities was $282.6 million, while cash used in investing and financing activities was $78.2 million and $7.2 million, respectively.
Insulet had a working capital of $1,860.9 million as of September 30, 2024. The company continues to focus on expanding its Omnipod 5 platform and enhancing its manufacturing capabilities.
The filing also details various financial agreements, including a term loan and revolving credit facility, and highlights the company's ongoing efforts to improve its financial position.
The company identified a material weakness in its internal controls over financial reporting due to ineffective IT controls outside North America.
Insulet continues to focus on expanding its international market presence, particularly with the Omnipod 5 platform, and is working on further regulatory and market development efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Insulet Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.