Insulet
(Nasdaq:PODD)
shares are up on first-quarter results that topped the consensus forecast.
Shares of PODD rose more than 3% to 331.60 apiece by midday trading today. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.
The Acton, Massachusetts–based automated insulin delivery technology developer posted profits of $23.8 million, according to the company’s earnings report yesterday evening. That amounts to 34¢ per share on sales of $358.1 million for the three months ended March 31, 2023.
Insulet recorded a 14.4% bottom-line slide on sales growth of 21.2%. Total Omnipod revenue came in at $357.6 million for an increase of 32.7% year over year. Insulet rolled out its next-generation Omnipod 5 in August 2022, following the system’s FDA clearance in February 2022. The company also earned FDA clearance for the Omnipod GO, a basal-only insulin delivery device, last month.
Get the full story at our sister site, Drug Delivery Business News.
This story originally ran on May 4, 2023. Updated May 5 with the next-day stock price.