Insulet (NSDQ:PODD) saw shares rise slightly in after-hours training after posting a Street-beating 1st quarter earnings report, despite seeing net losses increase from 2015.
The diabetes-focused medtech company reported losses of $12.4 million, or 19¢ per share, on sales of $81.2 million for the 3 months ended March 31.
That amounts to a 5.5% increase in losses from last year as sales grew 68.7% compared with 2015.
Losses per share were right on target with what analysts on Wall Street were looking for at 19¢, and revenue topped expectations by over $2 million, with analysts hoping for $79.2 million.
“We continue our strong momentum across our product lines as we successfully execute our key commercial and operational initiatives in diabetes and drug delivery. We achieved 1st quarter revenue growth which exceeded our expectations and we remain focused on our pathway to profitability. We continue to make progress building awareness of our OmniPod and are on track to drive further conversion of the significant market opportunity before us. We are building on our strong foundation and executing our winning strategy to deliver long-term sustainable and profitable growth, while improving the quality of life of those living with diabetes,” CEO Patrick Sullivan said in a press release.
The company reaffirmed its guidance of $330 to $350 million, and released guidance for the next quarter, expecting to bring in $81 to $84 million.
In January, Insulet said it closed the $5 million sale of its Neighborhood Diabetes supplies business this month to mail-order medical supply company Liberty Medical. The company paid $63 million for Neighborhood Diabetes back in June 2011.
