Insulet (NSDQ:PODD) reported yesterday that the insulin delivery device-maker topped sales expectations on Wall Street for its fourth quarter and full-year financial results, but missed earnings estimates.
The Billerica, Mass.-based company reeled in losses, posting -$6.9 million on sales of $130.5 million for the 3 months ended Dec. 31, for sales growth of 26% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -12¢, falling behind consensus on The Street, where analysts were looking for sales of $125.2 million.
For the full year, Insulet posted a net loss of -$26.8 million on sales of $463.7 million, up 27% compared to 2016.
“Insulet had a very successful 2017 and our strong momentum this year gives us confidence for further improved performance in 2018,” chairman & CEO Patrick Sullivan said in prepared remarks. “We also achieved several key strategic milestones, including gaining Medicare coverage for Omnipod and submitting a 510(k) to the FDA for our next-generation Omnipod Dash System in early 2018.”
In a note to investors, Leerink analysts Danielle Antalffy and Rebecca Wang wrote that Insulet is poised to hit its $1 billion sales mark by 2021.
“Insulet underwent a management transition almost two years ago, and now – with the business stabilized-to accelerating – we believe the long-term market opportunity in Type I patients is unchanged, with new management further expanding this market opportunity into Type II patients and broader drug delivery,” the analysts wrote.
“With solid execution and continued reinvestment in the sales force, Insulet appears poised to again drive sustainably re-accelerating new patient adds. And beyond diabetes, the company has a meaningful opportunity as a platform drug delivery technology, with non-insulin sales to Amgen now underway and expected to ramp to at least 15% of total sales over the next few years based on our estimates.”