Billerica, Mass.-based Insulet narrowed its losses by -66.6%, to -$9.1 million, or -16¢ per share, on sales growth of 23.6% to $103.6 million for the 3 months ended Dec. 31, compared with Q4 2015. Analysts on The Street were looking for losses of just -6¢ on sales of $100.6 million.
Investors reacted by pushing PODD shares down -3.8% to $44.42 apiece today in late-morning activity.
Insulet reported full-year losses of -28.9 million, or -48¢ per share, on sales of $367.0 million, cutting its losses by -60.7% on sales growth of 39.1% compared with 2015.
“We continue to successfully execute on our strategy as evidenced by our 2016 revenue results, which exceeded our expectations,” chairman & CEO Patrick Sullivan said in prepared remarks. “With our differentiated platform and outstanding commercial and operational execution, we achieved significant growth across all business lines, driving 39% revenue growth and a 7-point gross margin improvement year-over-year.
“Insulet is very well-positioned for continued growth in 2017. We remain focused on our large, unpenetrated market opportunity in the diabetes space and are on track to achieve our 5-year targets of $1 billion in revenue and 65% gross margin, which we believe will deliver substantial returns for shareholders. We look forward to continued success in executing our key initiatives to drive growth and shareholder value, while improving the lives of people with diabetes around the world,” Sullivan said.
Insulet said it expects to put up sales of $420 million to $440 million this year and $96 million to $99 million for the 1st quarter.