Insulet (NSDQ:PODD) posted its fourth-quarter and full-year financial results yesterday after the markets closed, beating estimates on Wall Street.
The Acton, Mass.-based company posted profits of $9.9 million, or 17¢ per share, on sales of $164.9 million for the three months ended Dec. 31. It was the first time in the company’s history that it recorded a quarterly profit rather than a net loss. Q4 sales were up 26% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 16¢, ahead of consensus on The Street, where analysts were looking for sales of $162.5 million.
“Insulet had a remarkable 2018, achieving our third consecutive year of over 20% revenue growth, significantly improving gross margin, and achieving profitability for the first year in the company’s history,” president & CEO Shacey Petrovic said in prepared remarks. “Our fourth quarter and full year results were driven by strong commercial and operational execution and gives us great momentum, ensuring more people with diabetes can benefit from our life-changing technology.”
“Insulet has multiple value creation catalysts ahead and we are well on our way to achieving our 2021 financial targets of $1 billion in revenue, 70% gross margin and mid-teens operating margin,” Petrovic added.
For the full year, Insulet posted $563.8 million in revenue – up 22% compared to 2017 – and a net income of $3.3 million.
Insulet said it expects to post revenue of $662 to $687 million in 2019. Next quarter sales are pegged between $152 to $156 million.
PODD shares closed at $89.92 apiece yesterday, up 2.7%.
