(Reuters) – Insulet Corp posted a better-than-expected profit for the fourth quarter on Thursday, boosted by strong sales of its wearable, tubeless insulin pumps.
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.
The company has been trying to ease investor concerns regarding a potential hit to the sales of its insulin pumps due to the raging demand for newer diabetes and weight-loss drugs that belong to the class known as GLP-1s.
The device maker, however, does not expect these drugs to impact the long-term market for the company’s insulin pumps.
For full-year 2024, Insulet sees revenue growth between 12% and 17%, while Omnipod revenue growth is expected in the range of 13% to 18%.
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.
(Reporting by Sruthi Narasimha Chari and Sriparna Roy in Bengaluru; Editing by Shailesh Kuber)
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