The Acton, Massachusetts–based automated insulin delivery technology developer yesterday evening posted losses of $35 million, or 50¢ per share, on sales of $299.4 million for the three months ended June 30, 2022, for a $10 million bottom-line slide deeper into the red on sales growth of 13.8%.
Analysts on Wall Street had been looking for revenues of $291.5 million, giving Insulet a nearly $8 million sales beat.
Total Omnipod automated insulin delivery system revenue came in at $285.8 million, an increase of 18.1% from 2021. Sales for Omnipod in the U.S. totaled $196.4 million, representing an increase of 30.5% year-over-year. Earlier this week, the company announced the full market launch of the latest-generation Omnipod 5 device in U.S. pharmacies.
“Our second quarter results demonstrate continued momentum in our business and strong execution by the entire Insulet team,” Insulet President and CEO Jim Hollingshead said in a news release. “We achieved a number of recent milestones, including the Omnipod 5 U.S. full market release through retail pharmacies, the progression of our regulatory approval efforts for Omnipod 5 to expand its U.S. indication down to age two and to secure international CE Mark, and the advancement of our plan to further strengthen our manufacturing capabilities through a new Malaysia facility.
“Looking ahead, we’re focused on building on our success and are in a strong position to execute our mission to simplify and improve the lives of people with diabetes around the world.”
Insulet’s previous revenue growth guidance range was for between 12% and 16% year-over-year but, based on its recent results, it is increasing its outlook to between 14% and 17%.
Shares of PODD were up about 7% to $273.94 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.
BTIG analyst Marie Thibault wrote in a report that Insulet maintains a “Buy” rating based on its latest financial results, despite margins coming in below expectations.
“While we expect the margin profile will remain pressured over the near term, we think this can be partially offset with an accelerating top line from the full market release of Omnipod 5 in the U.S. and potential launch in Europe in mid-2023 (pending regulatory approval),” she said.
This story originally ran Aug. 4, 2022. Updated Aug. 5 with the next-day stock price.
