Insulet (NSDQ:PODD) shares rose before the market opened today on fourth-quarter results that beat the consensus revenue forecast.
The Acton, Mass.-based wearable insulin delivery system developer posted losses of -$17.1 million, or -26¢ per share, on sales of $246.1 million for the three months ended Dec. 31, 2020, for a bottom-line slide into the red on sales growth of 17.5%.
Adjusted to exclude one-time items, earnings per share were -4¢, equal with Wall Street, where analysts were looking for sales of $231.5 million.
Total revenues for the Omnipod insulin management system reached $231.1 million for the quarter, marking an increase of 20.1% year-0ver-year, although the remainder of Insulet’s drug delivery business dipped -11.2% to $15 million in sales.
“The fourth quarter marked a strong finish to another successful year for Insulet,” Insulet president & CEO Shacey Petrovic said in a news release. “In the face of extraordinary challenges, our team executed our strategy, delivered consistently strong growth, and advanced our key imperatives. We are very proud to celebrate 250,000 customers trusting in Omnipod to simplify their diabetes management and we remain dedicated to our mission to improve the lives of people with diabetes across the globe.”
2020 revenue was $904.4 million — 22.5% ahead of the $738.2 million from 2019. Insulet’s most-recent full-year sales guidance for 2020 was 20% to 21%, which was also in line with analysts’ expectations.
Insulet said it expects to increase revenues within a range of 15% to 20% by the end of 2021, with Omnipod sales expected to range between 17% and 21% growth.
PODD shares were up 2.4% at $267 per share in pre-market trading today.
Pharma editor Brian Buntz contributed to this report.
