UPDATE: Barrington Downgrades Insulet to Market Perform Following on Valuation

In a report published Wednesday, Barrington Research analyst Charley R. Jones downgraded the rating on Insulet Corporation

from Outperform to Market Perform. In the report, Jones noted, “PODD reported solid Q1/13 results with sales and earnings exceeding our expectations. Q1/13 revenue grew 20% to $57.4 million compared to $47.8 million a year ago and meaningfully better than our estimate of $55 million and in line with the Street consensus of $57.4 million. Sequentially, revenue was down 5.3%. Year-over-year growth was driven by 25% growth in OmniPod sales. Growth was impacted by lower-than-expected reorder revenue, as some of its existing customers delayed shipments or ordered lower quantities of product in anticipation of converting to the new smaller pod. The GAAP loss for the quarter was $10.7 million, or ($0.20) per share which is an improvement versus a loss ($0.31) in Q1/12. EPS were better than our estimate of ($0.28) and the consensus of ($0.21).” Insulet Corporation closed on Wednesday at $28.35.