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Arphra AIPlain-English read on Insulet Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.1B | $1.31B | $1.7B | $2.07B | $2.71B | $3.33B | $3.96B | $4.69B | $5.47B |
| Cost of revenue | $346.7M | $499.7M | $537.2M | $625.9M | $768.2M | $982.82M | $1.19B | $1.43B | $1.67B |
| Gross profit | $752.1M | $805.6M | $1.16B | $1.45B | $1.94B | $2.39B | $2.83B | $3.37B | $3.94B |
| Gross margin | +68.45% | +61.72% | +68.35% | +69.79% | +71.63% | +71.82% | +71.44% | +72.01% | +71.88% |
| Operating | |||||||||
| Research & development | $160.1M | $180.2M | $205M | $219.6M | $301.1M | $366.79M | $450.98M | $524.51M | $598.9M |
| Selling, general & administrative | $466M | $587.8M | $734.9M | $917.2M | $1.17B | $1.45B | $1.72B | $2.05B | $2.43B |
| Total operating expenses | $626.1M | $768M | $939.9M | $1.14B | $1.47B | $1.87B | $2.15B | $2.6B | $3.08B |
| Operating income | $126M | $37.6M | $220M | $308.9M | $473.8M | $509.8M | $598.71M | $705.73M | $850.71M |
| Operating margin | +11.47% | +2.88% | +12.96% | +14.91% | +17.50% | +15.31% | +15.13% | +15.06% | +15.54% |
| EBITDA | $139.6M | $109M | $323.6M | $423.7M | $586.9M | $691.29M | $822.4M | $963.82M | $1.14B |
| EBIT | $82.2M | $45.8M | $250.8M | $342.9M | $473.8M | $538.65M | $625.04M | $763.52M | $903.84M |
| Below the line | |||||||||
| Interest expense | $61.7M | $36M | $36.2M | $42.7M | $79.7M | $79.51M | $93.39M | $109.59M | $127.16M |
| Interest income | $500K | $9.3M | $28.6M | $39.5M | $34.7M | $52.61M | $62.94M | $75.74M | $86.9M |
| Other income / expense | -$105.5M | -$27.8M | -$5.4M | -$8.7M | -$134.3M | — | — | — | — |
| Pre-tax income | $20.5M | $9.8M | $214.6M | $300.2M | $339.5M | $436.95M | $508.23M | $611.3M | $737.89M |
| Income tax expense | $3.7M | $5.2M | $8.3M | -$118.1M | $92.4M | $66.74M | $82.14M | $93.62M | $111.03M |
| Earnings | |||||||||
| Net income | $16.8M | $4.6M | $206.3M | $418.3M | $247.1M | $466.21M | $555.95M | $666.23M | $759.12M |
| Net income · continuing ops | $16.8M | $4.6M | $206.3M | $418.3M | $247.1M | $455.53M | $550.37M | $640.36M | $776.57M |
| Net margin | +1.53% | +0.35% | +12.16% | +20.19% | +9.12% | +14.00% | +14.05% | +14.22% | +13.87% |
| EPS · basic | $0.25 | $0.07 | $2.96 | $5.97 | $3.51 | $6.68 | $8.15 | $10.46 | $12.95 |
| EPS · diluted | $0.25 | $0.07 | $2.94 | $5.78 | $3.48 | $6.48 | $8.12 | $10.22 | $12.64 |
| EPS · low estimate | — | — | — | — | — | $6.36 | $7.65 | $9.72 | $11.96 |
| EPS · high estimate | — | — | — | — | — | $6.59 | $8.43 | $10.54 | $12.91 |
| Shares · basic | 67.7M | 69.38M | 69.75M | 70.08M | 70.35M | 70.98M | 70.66M | 70.45M | 70.34M |
| Shares · diluted | 68.58M | 69.91M | 73.63M | 73.89M | 71.89M | 71.73M | 71.72M | 72.47M | 71.24M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 19 | 19 | 18 | 11 |
| Analysts (EPS) | — | — | — | — | — | 13 | 14 | 7 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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