Insulet stock rises on Street-beating Q4, expected Omnipod growth

Insulet (Nasdaq:PODD) shares ticked up after market close on fourth-quarter results that came in well ahead of the consensus forecast.

Shares of PODD rose 4.5% to $311 apiece after trading ceased for the day. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day up 9%.

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.

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