Insulet (Nasdaq:PODD) shares ticked up today — a day after releasing fourth-quarter results that came in well ahead of the consensus forecast.
Shares of PODD were up slightly to $299.29 apiece by midday trading today.
The Acton, Massachusetts-based automated insulin technology developer posted profits of $17 million. That amounts to 24¢ per share on sales of $369.7 million for the three months ended Dec. 31, 2022.
Insulet recorded a 41.8% bottom-line slide despite sales growth of 20.1%. Its global Omnipod revenues — including the latest-generation Omnipod 5 — totaled $366.4 million for the quarter. That marks 32.8% year-over-year growth. Omnipod growth for the full year came in at 23.4%, reaching $1.2 billion in sales.
Adjusted to exclude one-time items, earnings per share totaled $1.28. That landed well ahead of expectations on Wall Street, topping estimates by $1.07. Insulet posted a sales beat, too, handily beating analysts’ projections of $330.4 million.
“2022 was another successful year for Insulet as we delivered strong revenue growth and advanced our strategic priorities,” said Jim Hollingshead, Insulet president and CEO. “We entered 2023 with significant momentum and expect to further strengthen our foundation for long-term sustainable growth. We are excited about the commercial launch of Omnipod 5, which is a transformative technology offering users award-winning innovation and improved outcomes and quality of life.
“We are proud of all we have accomplished and the entire Insulet team is focused on building on our success and furthering our mission to improve the lives of people with diabetes.”
Insulet expects to post revenue growth between 14% and 19% in 2023. It projects 17%-22% growth for total Omnipod sales.
Analyst’s view
BTIG’s Marie Thibault continues to list a “Buy” rating for Insulet. In a report, she wrote that encouragement comes from new growth drivers shared by Insulet. Those could include iOS integration, type 2 diabetes expansion, adoption tailwinds from next-generation CGMs and an international launch.
“We continue to be impressed by the [Omnipod 5] market introduction,” Thibault wrote. “With robust patient volume growth and strong ordering patterns, our U.S. Omnipod revenue projection moves higher.”
This story originally ran on Feb. 23, 2023. Updated Feb. 24 with the next-day stock price.
