Insulet Corporation (NASDAQ:PODD) Q4 2017 Earnings Conference Call - Preliminary Transcript

Feb 21, 2018 • 04:30 pm ET


Insulet Corporation (NASDAQ:PODD) Q4 2017 Earnings Conference Call - Preliminary Transcript


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Good afternoon, ladies and gentlemen, and welcome to the Insulet Corporation Fourth Quarter and Full Year of 2017 Earnings Call. At this time, all participants are in a 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 now like to turn the conference over to your host, Deborah Gordon, Vice President, Investor Relations and Corporate Communications.

Deborah Gordon

Thank you, Brian. Good afternoon and thank you for joining us for our fourth quarter 2017 earnings call. Joining me today are Patrick Sullivan, Chairman and Chief Executive Officer; Shacey Petrovic, President and Chief Operating Officer; and Michael Levitz, Senior Vice President and Chief Financial Officer.

The replay of this call will be archived on our website, and our press release discussing our fourth quarter 2017 results and first quarter and full-year 2018 guidance is also available in the IR section of our website.

Before we begin, I would like to inform you that certain statements made by Insulet 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 fourth quarter earnings release, and in the company's filings with the SEC.

Also unless otherwise stated, all financial commentary regarding dollar and percentage changes will be on a year-over-year basis.

With that, I will turn the call over to Pat.

Patrick Sullivan

Thank you, Deb and good afternoon, everyone and welcome to Insulets fourth quarter and 2017 conference call. Ill start off the call with an overview of the business highlights and financial performance for Q4 and full year 2017. Mike will follow with details on our Q4 and 2017 financial results as well as provide 2018 guidance.

Shacey will then provide details of our commercial initiatives and an update on our R&D progress. Well then open up the call for questions.

2017 was simply a spectacular year for the company and a year of significant accomplishments. Number one on my list was gaining CMS Medicare Part D coverage guidance for the Omnipod system. Number two, we submitted DASH, our next generation product platform to the FDA.

We're implementing our plan to go direct in Europe and we broke ground on our US manufacturing plant in Acton, Massachusetts and we delivered a very strong Q4 and 2017 results, including growth of over 30% in our worldwide customer base.

The first four are not only our accomplishments for 2017, but importantly our priorities for this year to fuel our growth in 2019 and into the future, namely securing Omnipod Medicare coverage with Part D sponsors, launching the DASH product platform, transitioning our European business through direct distribution and implementing our US manufacturing strategy.

I'll start off with the great news on CMS coverage for the Omnipod. On January the 5, [phonetic]CMS issued guidance