(Reuters) – Insulet Corp on Thursday raised its full-year revenue growth forecast after posting strong third-quarter sales, banking on strong demand for its tubeless insulin pumps.
Shares of the company rose 8% in extended trading.
The maker of insulin pumps has been trying to ease investor concerns that strong demand for a new class of diabetes drugs that also aid in weight loss could hit the sales of Insulet’s insulin pumps.
The company now expects full-year 2023 revenue growth of between 26% to 27%, up from its previous forecast of 22% to 25% growth.
Islulet, which manufactures and sells insulin delivery devices under the Omnipod brand, reported a 27% rise in revenue to $432.7 million, compared to analysts’ estimates of $414.38 million.
Sales of Omnipod, which eliminates the need for multiple daily injections using syringes or insulin pens for people with insulin-dependent diabetes, came in at $422 million, ahead of estimates of $401.93 million.
It now sees total Omnipod sales growth of between 29% to 30%, up from a previous forecast of 25% to 28%.
Excluding items, the company earned 71 cents per share, for the third quarter ended Sept. 30, above analysts’ average expectations of 40 cents, as per LSEG data.
(Reporting by Pratik Jain in Bengaluru; Editing by Shailesh Kuber)
