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The company sees 2024 revenue growth between 12% and 17%, the mid-point of which is below analysts’ estimates of 16.6%, according to LSEG data.
For the first quarter, it expects revenue growth of 17% to 20%, which is short of estimates of 23.6%.
However, the company posted a better-than-expected profit for the fourth quarter, boosted by strong sales of its wearable, tubeless insulin pumps.
The company said its largest U.S. pharmacy wholesalers collectively placed orders for an estimated $20 million to $25 million in the reported quarter, that were accelerated from the first quarter of 2024 ahead of the company’s implementation of a new software system at the start of this year.
Insulet (NASDAQ:PODD) also benefited from an increase in estimated channel inventory days on hand of about $10 million to $15 million as pharmacy distributors returned to their normal levels, the company said in a post-earnings call.
The Massachusetts-based company’s revenue jumped 37.9% to $509.8 million for the quarter ended Dec. 31, compared with analysts’ estimates of $461.1 million, as per LSEG data.
Insulet manufactures and sells insulin delivery devices under the brand ‘Omnipod’, which eliminate the need for multiple daily injections using syringes or insulin pens for people with insulin-dependent diabetes.
Omnipod revenue growth is expected in the range of 13% to 18% for 2024.
Sales of Omnipod came in at $501.0 million for the reported quarter, compared with analysts’ estimates of $457.40 million.
Excluding items, the company earned a profit of $1.40 per share compared with estimates of 66 cents per share.
