Insulet (PODD) 2020 Q4 Earnings Report

Insulet Corp (NASDAQ:PODD), founded in 2000, is famous for manufacturing insulin pumps for people with diabetes. The company introduced the first tubeless insulin pump, called Omnipod, to help diabetic patients to regulate their blood sugar levels. Omnipod, its flagship product, provides insulin doses to patients throughout the day. The device is waterproof and can easily be worn under clothes. Omnipod has been the main driver of Insulet’s growth since its launch.

The Massachusetts-based company did well over the last year, mainly due to the elevated demand for its insulin pumps throughout the Covid-19 pandemic. Insulet stock’s value surged nearly 50 percent during 2020.

Insulet on Tuesday announced its financial results for the fourth quarter. The company reported a loss of $17.1 million, or $0.26 per share for the three months ended December 31, as compared to earnings of $0.08 per share in the same period of 2019.

Revenue came in at $246.1 million, translating to a year-over-year surge of 15.3 percent on a constant currency basis, and above its own growth projection of 7 to 11 percent. Omnipod sales climbed 17.6 percent to $231.1 million in the quarter.

Speaking on the results, CEO Shacey Petrovic said in a statement, “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.”

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Looking forward, Insulet expects its revenue to grow in the range of 20 to 24 percent in the first quarter and between 15 to 20 percent in the fiscal year 2021. Total Omnipod sales are expected to jump in the range of 16-19 percent in Q1, and between 17-21 percent in 2021.

Insulet shares rose nearly 4 percent in the mid-day trading Wednesday following quarterly results and outlook.