Insulet Corporation (NASDAQ:PODD) Q4 2019 Earnings Conference Call - Final Transcript
Feb 25, 2020 • 04:30 pm ET
Good afternoon, ladies and gentlemen, and welcome to the Insulet Corporation Fourth Quarter and Full Year 2019 Earnings Call. [Operator Instructions]
I would now like to turn the conference over to your host, Deborah Gordon, Vice President, Investor Relations and Corporate Communications.
Deborah R. Gordon
Thank you, Lauren. Good afternoon, everyone, and thank you for joining us today for Insulet's Fourth Quarter and Full Year 2019 Earnings Call. Joining me are Shacey Petrovic, President and Chief Executive Officer; and Wayde McMillan, Executive Vice President and Chief Financial Officer. The replay of this call will be archived on our website, and the press release discussing our fourth quarter and full year 2019 results in first quarter and full year 2020 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 could materially differ from current expectations. We ask that you please refer to the cautionary statements contained in our SEC filings for a detailed explanation of the inherent limitations of such forward-looking statements. We also will discuss the non-GAAP financial measure, adjusted EBITDA with respect to our guidance. We have transitioned to adjusted EBITDA as it aligns with what management uses as a supplemental measure in adjusting our operating performance, and we believe that it is helpful to investors, analysts and other interested parties as a measure of our comparative operating performance from period to period. Also, unless otherwise stated, all financial commentary regarding dollar and percentage changes will be on a year-over-year basis.
With that, I'll turn the call over to Shacey.
Thanks, Deb, and good afternoon, everyone. 2019 was an exciting year. We celebrated the achievement of many milestones. Our strong financial and operational performance reflected the culmination of several years of strategic discipline to create a strong foundation, from which Insulet can grow and evolve. And we did so while staying true to our mission to improve the lives of people with diabetes. Throughout 2019, we made great progress advancing our strategic imperatives, and in 2020, we remain focused on driving our initiatives forward. Specifically, one, to deliver consumer-focused innovation; two, ensure the best global customer experience; three, expand our global footprint; and four, drive operational excellence. As we look ahead, we are confident that the execution of our strategy is driving sustainable long-term growth and value creation. The global type one and type two diabetes markets represent approximately 10 million insulin-requiring individuals in just the countries we are in today. This large, underserved and growing global market opportunity represents a tremendous opportunity that Insulet is uniquely positioned to capture. We are on track to achieve our 2021 financial targets and excited about our additional catalysts for growth over the long term. During today's call, I will share financial highlights and provide an overview of our recent strategic progress. I will then turn the call over to Wayde, who will discuss our financial results in greater