Insulet (NSDQ:PODD) fell short of Wall Street’s expectations with its 3rd-quarter results, missing the mark for both sales and earnings and tightening its revenue outlook for the rest of 2013.
The Bedford, Mass.-based medical device company posted losses of $21.3 million, or -39¢ per share, on sales of $61.1 million for the 3 months ended Sept. 30.
Although that amounts to sales growth of 11.6% compared with Q3 2012, it also represents a loss increase of 71.5%. Analysts on The Street were looking for losses per share of -16¢ on sales of $62.0 million.
"Enthusiasm for the new OmniPod remains high and continues to exceed our expectations, with growing numbers of health care professionals recommending and people with diabetes choosing our easy to use, tubeless insulin pump," president & CEO Duane DeSisto said in prepared remarks. "We increased manufacturing capacity to nearly 1 million OmniPods per month in September and have successfully transitioned over 90% of the direct customer base to the new OmniPod. With initial shipments growing at a rate of more than 40% year-over-year, we expect the momentum generated by the launch of the new OmniPod to continue in Q4 and into 2014."
Insulet narrowed its sales forecast for the rest of the year to $244 to $250 million, from prior guidance of $242 million to $252 million. Fourth-quarter sales are expected to be between $65 million and $71 million.
PODD shares closed down 1.8% at $37.05 today and were down 0.02% to $37.04 per share in after-hours trading.