Insulet Corporation (NASDAQ:PODD) Q3 2016 Earnings Conference Call - Preliminary Transcript

Nov 03, 2016 • 04:30 pm ET


Insulet Corporation (NASDAQ:PODD) Q3 2016 Earnings Conference Call - Preliminary Transcript


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Good day Ladies and gentlemen, and welcome to the Insulet Corporation third quarter 2016 earnings conference call. At this time all participants are in listen only mode. Later we will conduct a question and answer session and instructions will follow at that time. [Operator Instructions]. As a reminder, this conference call is being recorded. I would like to turn the conference over to your host Deborah Gordon, Vice President Investor Relations and Corporate Communications.

Deborah R. Gordon

Thank you and good afternoon and thank you for joining us for our third quarter 2016 earnings call. Joining me today are Patrick Sullivan, Chairman and Chief Executive Officer; Shacey Petrovic, President and Chief Operating Officer; Michael Levitz, Senior Vice President and Chief Financial Officer and Daniel Levangie, President drug delivery. The replay of this call will be archived on our website. Our press release discussing our third quarter 2016 results in fourth Quarter in full year 2016 guidance is also available in the IR section of our website.

Before we begin, we would like to inform you that certain statements made by influence during the course of this call may be forward looking, and involve known and unknown risks and uncertainties that may cause actual results to be materially different from any future results implied by such statements. Such factors include those referenced in our safe harbor statement in our third quarter earnings release and in the company's filings with the SEC.

With that, let me turn the call over to collect your Pat.

Patrick J. Sullivan

Thank you Deb and good afternoon, everyone, and thank you for joining us today. I'll begin with a brief review of our third quarter performance and the recent business highlights and then Mike will discuss our financial results and provide our fourth quarter and full year guidance. So she will provide an update on our exciting commercial and R&D progress. Dan will then give us an update on our drug delivery business. We'll then turn the call over for questions.

Before we get started, I'd like to first recognize November is National Diabetes Awareness Month. We're very proud of what we do every day to simplify life for people with diabetes by providing them with an easy to use and convenient technology to control their diabetes. We took part in the closing bell ringing ceremony at NASDAQ on November 1, to continue to raise diabetes awareness. I'm once again thrilled with Insulets continued strong performance in all aspects of our business.

Momentum this year remains very strong. And our team is making significant progress on all of our key initiatives in every facet of our business. As a result of this strong performance and our confidence in the future we are raising our full year revenue guidance $13 billion to $363 million at the midpoint up from our previous midpoint guidance of $350 million at growth at 38% year over year. Our gross margin continues to improve the 58.6%. We are reporting strong and impressive financial results in all product lines for