Even without the rollout of the latest model of its tubeless insulin pump system—the Omnipod 5, which was originally poised to receive FDA clearance early last year but didn’t secure the agency’s OK until last month—Insulet still broke new ground in its 2021 earnings.
For the first time in its two-decade history, the diabetes device maker surpassed $1 billion in annual revenue. It took in $1.098 billion, to be exact, an increase of about 21.5% compared to 2020 when it earned $904.4 million. Almost all of that success came from Omnipod sales, with the devices’ total global revenue reaching $1.01 billion, up just over 21% year over year.
Net income, meanwhile, more than doubled, from $6.8 million in 2020 to $16.8 million last year.
Outside the device itself, $87.4 million came from Insulet’s drug delivery sector, where it’s exploring how the Omnipod technology could be used to continually and reliably administer medications besides insulin. That business also saw double-digit growth, with last year’s revenues nearly 26% higher than 2020’s.
RELATED: FDA clears Insulet's Omnipod 5 closed-loop, tubeless insulin pump for adults and children
The 2021 numbers nearly surpassed Insulet’s own predictions, which had estimated that its annual revenue would grow 18% to 20% on a constant currency basis. In actuality, the $1.1 billion haul represented a 19.7% increase in constant currency terms.
Despite that financial success and the planned rollout of its newest Omnipod device, Insulet is taking a more conservative approach to its 2022 forecasts, breaking its six-year streak of more than 20% revenue growth.
This time around, in constant currency terms, it’s expecting to see its total revenue swell between 12% and 16%. That’ll balance out what Insulet believes will be another strong year for Omnipod sales—predicted to grow between 15% and 20% worldwide—but plummeting revenues in its drug delivery business, which is slated for a drop of up to 35%.
“2021 was another successful year for Insulet, as we reached an important milestone of over $1 billion in revenue and advanced our strategic priorities,” CEO Shacey Petrovic said in a statement. “We entered 2022 with significant momentum and expect continued strong growth. We are incredibly excited about the commercial launch of Omnipod 5, which is a transformative technology offering users award-winning innovation, improved outcomes and quality of life.”
RELATED: Insulet's upcoming artificial pancreas system shows gains at all ages in Type 1 diabetes
After a yearlong delay, the Omnipod 5 was finally cleared by the FDA in January. The tubeless device attaches to the back of the arm and is able to hold up to 72 hours’ worth of insulin, which is automatically delivered based on readings from a connected continuous glucose monitor and settings programmed into a user’s smartphone.
Insulet has already begun a limited rollout of the device, with a broader launch on the way. In the meantime, it has also submitted regulatory applications for European CE mark approval of the device and for the FDA’s blessing to expand the Omnipod 5 to children between the ages of 2 and 6, both of which would make for an even wider expansion of the system’s commercial footprint in the coming months and years.