Acton, MA., May 05, 2022 (Business Wire) — Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the global leader in tubeless insulin pump technology with its Omnipod® brand of products, today announced that Shacey Petrovic has decided to step down from her position as President and Chief Executive Officer (CEO) of Insulet for personal family reasons, effective June 1, 2022. Ms. Petrovic will continue to serve on the Company’s Board of Directors. She will also serve as an advisor to the Company through May 2023 to support the leadership transition and Insulet’s continued growth.
“I am very excited to have the opportunity to take on the role of CEO for Insulet next month, and I am grateful for the support of Shacey and the Board in entrusting me to lead Insulet’s next chapter.”
Effective June 1, 2022, Jim Hollingshead, Ph.D. will succeed Ms. Petrovic as Insulet’s President and CEO.
Dr. Hollingshead has served as an independent member of Insulet’s Board of Directors since 2019, and is currently President of the Sleep and Respiratory Care business at ResMed Inc.
Ms. Petrovic said, “It has been an honor to serve as Insulet’s CEO and to have been part of this remarkable team for more than seven years. After careful consideration over some time, I have made the very difficult decision to reduce my professional obligations in light of family medical issues and other circumstances that have been impacting those I care about. I am extremely proud of what we have accomplished in my time as CEO. We have made significant strides to improve the lives of people with diabetes, while enhancing Insulet’s ability to innovate and operate with excellence. Insulet is well positioned for the full U.S. commercial launch of Omnipod® 5, and poised for continued growth and impact for shareholders and the diabetes community. I remain deeply committed to Insulet and the Company’s long-term success and I look forward to continuing as a Director on the Insulet Board and as an advisor to Jim and the management team.”
Ms. Petrovic added, “I have never been more excited or confident about Insulet’s future prospects. I know Jim well from our service on the Insulet Board together and am delighted that he is the one to step into the role of CEO at this important time. I know the Company will be in great hands under Jim’s leadership. With an outstanding team of employees committed to advancing our mission and strategic imperatives, and delivering for our Podders and shareholders, I am confident Insulet is poised for continued growth and even greater success.”
Ms. Petrovic has served as President and CEO since January 2019, and as a member of the Board of Directors since September 2018. She has been part of the Insulet team since 2015, previously serving in various senior leadership positions, including Chief Operating Officer, Chief Commercial Officer and President, Diabetes Products. As CEO, she has overseen a period of innovative and operational excellence, culminating in the design, FDA clearance, and commercialization of Omnipod 5, the first tubeless, automated insulin delivery system that offers full compatible smartphone control in the U.S. Under her leadership, Insulet achieved profitability and in 2021 exceeded $1 billion in annual revenue, marking its sixth consecutive year of revenue growth of 20% or more. Due to Ms. Petrovic’s advancement of the Company’s strategic imperatives – delivering consumer-focused innovation, expanding access and awareness, growing the Company’s global addressable market, and driving operational excellence – Insulet recently achieved a milestone of serving approximately 300,000 active global customers with diabetes.
Timothy Scannell, Board Chair of Insulet, commented, “Shacey has elevated Insulet and fostered a winning culture with her unique vision and commitment to excellence, and thousands of Podders and their families are living happier, healthier lives as a result. On behalf of the Board, I extend my sincere and deep gratitude for all that she and the team have achieved in her time as CEO, which is nothing short of remarkable, and we look forward to continuing to benefit from her insight and expertise through her continued service to our Board and in her advisory role.”
Mr. Scannell continued, “As Insulet approaches the full U.S. commercial launch of Omnipod 5 – the greatest and most complex innovation Insulet has brought to market in its 20-plus year history – the Board and I are pleased to have someone of Jim’s caliber to take the reins at this important and exciting time. Jim knows our Company, our culture, and our executive leadership team exceptionally well, which will immediately serve Insulet well and ensure a smooth transition. Jim brings significant experience at the rapidly evolving crossroads of medical technology and digital solutions, as well as a clear track record of success at ResMed and a broad understanding of the biotech and life sciences landscape. This unique skillset has made him an incredibly valuable independent director over the past three years, and we are confident his deep and differentiated healthcare experience, and proven leadership ability, will make him an outstanding CEO at Insulet.”
“I am very excited to have the opportunity to take on the role of CEO for Insulet next month, and I am grateful for the support of Shacey and the Board in entrusting me to lead Insulet’s next chapter,” said Dr. Hollingshead. “Shacey and I have built a terrific working relationship over the last three years, and I’m very pleased that she has agreed to stay on our Board, and that she will continue to advise me and the management team during our transition. Under Shacey’s remarkable leadership, Insulet has continuously grown by creating innovations that significantly improve the lives of people with diabetes, which is a legacy that we will continue to build on. Thanks to the hard work of the Insulet team to bring Omnipod 5 to life, and the increasing adoption of wearable technology by the diabetes community, the Company is on the cusp of a period of spectacular growth and impact. I am eager to hit the ground running, capitalizing on Insulet’s unique capability to deliver life-changing technology for customers around the world, and to drive significant value for shareholders.”
First Quarter Financial Results and Outlook
In a separate release issued today, Insulet reported strong financial results and updated outlook for 2022.
Revenue Guidance1 (in constant currency):
- For the year ending December 31, 2022, the Company continues to expect revenue growth of 12% to 16%. Revenue growth ranges by product line are:
- Total Omnipod of 16% to 20% (previously 15% to 20%)
- U.S. Omnipod of 19% to 23% (previously 18% to 23%)
- International Omnipod of 9% to 14% (unchanged)
- Drug Delivery of (35)% to (30)% (unchanged)
- Total Omnipod of 16% to 20% (previously 15% to 20%)
Operating Margin Guidance:
For the year ending December 31, 2022, the Company now expects operating margin to be flat year-over-year as a result of the macro environment and higher inflationary, supply chain, and foreign exchange pressures.
As previously announced, Insulet will host a conference call today, May 5, 2022, at 4:30 p.m. (Eastern Time) to discuss the financial results and outlook. The link to the live call will be available on the Investor Relations section of the Company’s website at investor.insulet.com/events, “Events and Presentations,” and will be archived for future reference.