Insulet Corporation is a leading developer, manufacturer and marketer of the Omnipod Insulin Management System. The system is equipped with a self-adhesive, small and lightweight disposable tubeless Omnipod device along with the wireless and handheld Personal Diabetes Manager (PDM). It is worn on the body for approximately three days at a time and allows virtually pain-free automated cannula insertion and blood glucose meter integration.
The Omnipod System is an innovative, discreet and easy-to-use continuous insulin delivery system for people with insulin-dependent diabetes, which the company has been selling since 2005. The Omnipod System consists of the following: the Omnipod Insulin Management System (“Omnipod”) and the Omnipod DASH Insulin Management System (“Omnipod DASH” or “DASH”), which is Insulet’s next generation digital mobile Omnipod platform.
Insulet reports revenues through three segments:
The company earns a huge share of revenues from the Omnipod System in the United States, Canada, Europe and Israel. It operates in these markets either directly or through intermediaries. In 2020, the company’s 60.6% of total revenues came from the U.S. Omnipod sales (up 17.8% from 2019), while 34.3% (up 24.5% from 2019) was generated from the International Omnipod sales.
Drug Delivery Business (6.09% of total revenues in 2020, down 11.2% from 2019): Insulet has tied up with pharmaceutical and biotechnological companies which use a customized form of the Omnipod System to deliver a drug at a certain administered volume and over a specified period of time.
In addition to the diabetes market space, Insulet has partnered with pharmaceutical and biotechnology companies to tailor the Omnipod System technology platform for the delivery of subcutaneous drugs across other therapeutic areas. Most of the drug delivery revenue consists of sales of Pods to Amgen for use in the Neulasta Onpro kit, an innovative delivery system for Amgen’s white blood cell booster to help reduce the risk of infection after intense chemotherapy.