Insulet (NSDQ:PODD) shares took a further hit today after sliding in the market following the release of the company’s quarterly earnings.
The company’s shares sunk after-hours yesterday on fourth-quarter results that beat the consensus forecast for revenue but appeared to miss on earnings.
Today, shares of PODD are down -8.4% at $180.18 per share in mid-afternoon trading.
The Acton, Mass.–based insulin delivery device maker posted profits of $5 million, or 8¢ per share, on sales of $209.4 million for the three months ended Dec. 31, 2019, for a 49.5% bottom-line slide on sales growth of 27%.
Insulet did not provide its adjusted earnings per share, but the diluted 8¢ per share sits 3¢ behind Wall Street projections, where analysts were looking for sales of $199.5 million.
“As we look ahead to 2020, Insulet has a clear trajectory to strengthen our leadership position and make even greater treatment options a reality for the large and underserved global diabetes market,” Insulet president & CEO Shacey Petrovic said in a news release. “We are well on track to meet our 2021 financial targets of $1 billion in revenue, 70% gross margin and mid-teens operating margin, and remain focused on advancing our mission to ease the burden of people living with diabetes.”
Insulet said it now expects to log 2020 revenue growth between 14% and 18%.
Shares of PODD closed down -5.1% at $196.73 per share and fell further, going down -7.6% at $181.75 per share after hours yesterday.
