Insulet sales grow 22% in Q1

Insulet (NSDQ:PODD) topped estimates on Wall Street yesterday with its first-quarter results, topping analysts’ sales expectations by $1.9 million.

The Billerica, Mass.-based company reeled in its losses, posting a net loss of -$6.6 million, or -11¢ per share, on sales of $123.6 million for the 3 months ended March 31, for bottom-line growth of 34.2% on sales growth of 21.5% compared with the same period last year.

Adjusted to exclude 1-time items, earnings per share were -11¢, ahead of consensus on The Street, where analysts were looking for sales of $121.7 million.

“We are expanding our opportunities for growth and driving continued operational excellence,” chairman & CEO Patrick Sullivan said in prepared remarks. “We have significantly expanded market access for Omnipod, made substantial progress on our innovation roadmap, and strengthened our global commercial footprint. We are building on last year’s momentum and look forward to another year of substantial growth and achieving positive operating income in 2018 for the first time inInsulet’s history.”

Insulet said it expects to post sales of $565 million to $580 million for the full year, up from a prior range of $560 million to $580 million.

PODD shares closed at $87.09 apiece yesterday, up +0.1%.

Analysts noted that Insulet’s sales performance points to the strong adoption of the company’s insulin delivery device.

“PODD is building a foundation for sustainably strong double-digit sales growth, continuing to develop the pipeline from the upcoming 2H18 Dash PDM (personal diabetes manager) launch to a Type 2 product and the Horizon AP (artificial pancreas), both of which will come to market over the next few years,” Leerink partners Danielle Antalffy and Rebecca Wang said in a note to investors.

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