(Reuters) – Insulet reported a higher-than-expected profit in the fourth quarter on Thursday, driven by strong demand for its wearable insulin pumps.
The company produces and sells Omnipod, an automated insulin delivery device, which works without the need for external tubing typically associated with conventional pumps and eliminates the need for multiple daily injections for people with insulin-dependent diabetes.
Insulet’s Omnipod 5 device is the first such system to be cleared for use in managing both type 1 and type 2 diabetes.
The medical device maker has been working to ease investor concerns about the potential hit on its insulin pump sales, given the soaring demand for the newer diabetes and weight-loss drugs categorized as GLP-1s.
In September, Insulet said it expects new customer additions to be stronger in the second half of 2024 compared to the same period last year.
The company expects its annual 2025 revenue to grow between 16% and 20%.
The Acton, Massachusetts-based company’s total revenue jumped 17.2% to $597.5 million for the quarter ended December 31, beating analysts’ estimates of $582.8 million.
Sales of Omnipod insulin pumps came in at $585.7 million for the fourth quarter, compared with analysts’ estimates of $576 million. It expects Omnipod revenue growth in the range of 17% to 21% for 2025.
On an adjusted basis, the company earned $1.15 per share, above analysts’ average estimate of $1.02.
Insulet’s larger peer Dexcom beat fourth-quarter sales earlier this month and reiterated its annual sales forecast.
(Reporting by Christy Santhosh in Bengaluru; Editing by Mohammed Safi Shamsi)
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