Insulet (NSDQ:PODD) yesterday surprised analysts on Wall Street with its 4th-quarter sales results, but missed the consensus earnings forecast by a wide margin.
Fourth-quarter losses for the Billerica, Mass.-based company soared 406.1% to -$27.3 million, or -48¢ per share, on sales growth of 38.0% to $100.1 million compared with Q4 2014. That’s a 22¢ miss on earnings, but well above The Street’s expectation for sales of $92 million.
Full-year losses were up 42.8% to -$73.5 million, or -$1.29 per share, on sales growth of 12.3% to $324.2 million, compared with 2014.
“We are very pleased to deliver 38% revenue growth in the 4th quarter, with increases across all of our product lines,” president & CEO Patrick Sullivan said in prepared remarks. “Our results for the quarter and the full year reflect the great progress our team continues to make on our key initiatives, as well as success in further strengthening the foundation to drive long-term growth. Insulet remains committed to expanding awareness and utilization of our revolutionary OmniPod system and improving the lives of those living with diabetes.”
Insulet also 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.
First-quarter sales are forecast to be between $77 million and $80 million, Insulet said, with full-year sales coming in at $330 million to $350 million.
Yesterday Insulet revealed a co-development deal for an artificial pancreas algorithm for use with the OmniPod insulin management system.
PODD shares gained 7.0% yesterday, closing at $29.42 apiece after a $27.50 open.
