Insulet revenue growth beats expectations, Talkspace posts net loss during B2B shift and more digital health earnings
The company also posted $295.4 million in revenue during Q1, compared with $252.3 million in the prior year, beating expectations. Insulet is currently building a limited launch of the Omnipod 5 and plans for a full market release this year.
“The commercial launch of Omnipod 5 is progressing very well, and we are receiving excellent customer feedback. We also recently shared compelling Type 2 feasibility data that demonstrates how powerful Omnipod 5 can be for this dramatically underserved population. Momentum across our business continues to grow, and our mission to simplify and improve the lives of people with diabetes remains at the center of everything we do,” president and CEO Shacey Petrovic said in a statement.
The pump manufacturer also announced Petrovic would be stepping down from her position effective June 1. Jim Hollingshead, an independent member of Insulet’s board, and current president of the sleep and respiratory care business at device maker ResMed, will take on the role.
Talkspace posted a net loss of $20 million during Q1, compared with a $13 million loss in the prior-year period, as the teletherapy company shifts its focus to a B2B model.
The company noted the increased loss was driven by increased general and administrative expenses and higher cost of revenue. Talkspace’s gross profit also declined 13%, to $15 million, which it said was due to its move toward B2B, the cost of more salaried therapists and their higher compensation.
The teletherapy company also noted its revenue was up 11%, to $30 million, driven by the B2B segment and offset by a small decline in B2C revenue.
“We believe we have significant opportunities to continue to grow our B2B business, as we execute our operational agenda, to drive penetration in our covered lives, expand our relationships with existing health plan partners and launch coverage with new payers,” CFO Jennifer Fulk said during an earnings call.
Handheld ultrasound maker Butterfly Network earned $15.6 million in revenue in the first quarter, a more than 25% increase from the prior-year quarter, but reported a net loss of $44.5 million. During Q1 2021, net loss was $0.7 million.
“For the first quarter of 2022, adjusted EBITDA was a loss of $40 million compared with a loss of $26.5 million for the same period in 2021,” president and CEO Dr. Todd Fruchterman said during an earnings call.
“The increase in adjusted EBITDA loss of $13.5 million was driven by investments in our commercial and R&D functions as we build out our commercial operations and products, as well as investments in future revenue streams.”
Hybrid provider One Medical beat expectations by earning $254.1 million in revenue in the first quarter, a large jump compared to Q1 last year, when it brought in $121.4 million.
The company posted a net loss of $90.9 million, and adjusted EBITDA was a loss of $28.9 million. One Medical also noted it ended the quarter with 767,000 members, a 28% increase compared with 598,000 members last year.
“In summary, we are off to a strong start for the year, making impacts for our key stakeholders through our human-centered and technology-powered model. We outperformed our expectations in the quarter, reflecting strong execution against our strategic operating plan,” CEO Amir Dan Rubin said during an earnings call.
“We believe we have never been better positioned to serve more people in more markets across every stage of life with better health, better care, better value in a better team environment.”