Insulet tops quarterly estimates on demand for wearable insulin pumps

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(Reuters) -Medical device maker Insulet on Thursday posted third-quarter results that surpassed Wall Street’s expectations on strong demand for its wearable insulin pumps, which eliminate the need for daily injections.

Insulet’s sales have risen since the broader approval for its automated insulin delivery device, Omnipod, that can be attached to the skin.

Its Omnipod 5 device was cleared in the U.S. for patients with type 2 diabetes last year, two years after approval for type 1 diabetes patients.

In September, Insulet appointed industry veteran Flavia Pease as the finance chief and said it expects third-quarter revenue to exceed prior forecasts.

Insulet’s larger peer, Dexcom, also reported robust demand for its continuous glucose monitoring systems.

Insulet now expects annual revenue to grow between 28% and 29% from a year earlier, compared with its previous projection of 24% to 27%.

The company projects annual Omnipod revenue growth of 29% to 30%, up from a 25% to 28% growth forecast previously.

The devices brought in sales of $699.2 million in the third quarter, above analysts’ estimate of $674.45 million, according to data compiled by LSEG.

On an adjusted basis, the company earned $1.24 per share for the quarter, beating estimates of $1.14 apiece.

Total revenue jumped 29.9% to $706.3 million for the quarter ended September 30, compared with estimates of $676.73 million.

(Reporting by Kamal Choudhury and Padmanabhan Ananthan in Bengaluru; Editing by Vijay Kishore and Sahal Muhammed)