Insulet lifts annual revenue forecast after quarterly beat on strong insulin pump demand

May 6 (Reuters) – Insulet raised its annual revenue growth forecast on Wednesday after reporting better-than-expected quarterly results, driven by strong demand for its tubeless insulin pumps that eliminate the need for daily injections.

Shares of the medical device maker rose over 7% in premarket trading.

Here are the results:

• Insulet’s sales have surged after its Omnipod 5 insulin-delivery system, a wearable skin patch, won U.S. approval for both type 1 and type 2 diabetes.

• “We started the year strong, delivering continued growth momentum and robust operating margin expansion in the first quarter,” CEO Ashley McEvoy said in a statement.

• Last week, Insulet’s larger peer, Dexcom, also beat Wall Street estimates for quarterly results, helped by strong demand for its continuous glucose monitors.

• Sales of Insulet’s Omnipod devices reached $758.4 million in the quarter, above analysts’ estimate of $728.2 million according to data compiled by LSEG.

• On an adjusted basis, Insulet earned $1.42 per share for the quarter ended March 31, beating estimates of $1.20.

• Total revenue jumped 33.9% to $761.7 million, compared with estimates of $728.36 million.

• The medical device maker now forecasts full-year 2026 revenue growth of 21% to 23% in constant currency, compared to prior projection of 20% to 22% in constant currency.

(Reporting by Kamal Choudhury in Bengaluru; Editing by Vijay Kishore)