Insulet Reports Better-Than-Expected Q1 Earnings As Omnipod 5 Launch Gains Momentum, Lifts Guidance - Insulet (NASDAQ:PODD)

Insulet Corporation PODD reported Q1 sales of $358.10 million Thursday, beating the consensus of $330.84 million.
Total Omnipod revenue came in at $357.6 million, up 32.7% year-over-year. Insulet rolled out its next-generation Omnipod 5 in August 2022. Last month, the company also earned FDA clearance for the Omnipod GO, a basal-only insulin delivery device.
The company reported adjusted EPS of 23 cents, beating the consensus of 11 cents.
"Our first quarter results demonstrate strong financial performance, including unprecedented results for U.S. Omnipod and ongoing strategic progress," said Jim Hollingshead, Insulet president & CEO.
"We expect 2023 to be another successful year as we build on our momentum and further execute our mission to improve the lives of people with diabetes," Hollingshead commented.
Guidance: Insulet increased its FY23 revenue growth guidance to 18%-22%, up from a prior range of 14%-19%.
Insulet expects Omnipod growth to come in at 21% to 25%, previously suggesting 17% to 22%.
William Blair writes that the increased guidance range is another great sign for the traction Omnipod 5 has shown in the United States and expects the opportunity for further upside to materialize as momentum continues potentially.
The analyst reiterates the stock at Outperform and says this quarter's performance continues to support the belief that Insulet is in the early stages of an inflection in growth driven by the culmination of nearly a decade of commercial investments in both Omnipod and market access.
Price Action: PODD shares closed at $322.23 on Thursday.

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