The Acton, Mass.-based tubeless insulin pump manufacturer announced profits of $11.6 million or $0.17 per share on sales of $234 million for the three months ended September 30, 2020, for a bottom-line gain of 13.5% on sales growth of 21% compared with Q3 2019.
Insulet’s quarterly earnings of $0.18 surpassed the consensus estimate of $0.06 per share.
The company is one of the medical device companies “least impacted” by COVID-19, according to UBS Financial Services. Sales of its Omnipod insulin management system leapt by 19.7% to $212 million for the quarter.
Although the pandemic hampered global sales in the second and third quarters this year, Insulet expects to “finish 2020 above our pre-COVID expectations at the start of the year,” said Insulet CEO Shacey Petrovic on an earnings call.
Diabetes itself has reached epidemic proportions, affecting 34.2 million Americans, or 10.5% of the population in 2018, according to the American Diabetes Foundation. The World Health Organization estimates that 422 million people worldwide have the condition.
“In just the markets we currently serve, there are approximately 10 million people living with insulin-dependent diabetes,” Petrovic said.
The company has decided to increase its full-year sales guidance to 20% to 21%, up from 17% to 19%. Insulet anticipates revenue growth of 7% to 11% in the fourth quarter, which ends December 31, 2020.
Shares of PODD were down slightly to $231 before market open today.