Insulet Lifts Sales Growth Forecast on Strong Demand for Insulin Pumps

August 09, 2023

(Reuters) - Insulet Corp on Tuesday raised its annual revenue growth forecast and beat second-quarter profit and revenue estimates, on strong demand for its tubeless insulin pumps that are more convenient to use compared to traditional devices.

The Acton, Massachusetts-based company manufactures and sells insulin delivery devices under 'Omnipod' brand, which eliminate the need for multiple daily injections using syringes or insulin pens for people with insulin-dependent diabetes.

The company now expects full-year revenue growth of between 22% and 25%, up from 18% to 22% growth it forecast previously.

Total Omnipod sales were $380.5 million for the second quarter ended June 30, above average Refinitiv estimates of $374.06 million.

The company reported an 32.4% rise in revenue to $396.5 million, beating analysts' average estimate of $384.95 million.

Excluding items, the company earned 38 cents per share, above analysts' average expectations of 26 cents.

(Reporting by Pratik Jain in Bengaluru; Editing by Shinjini Ganguli)