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(Reuters) -Insulet Corp on Thursday forecast full-year revenue growth below estimates, sending shares of the medical device maker down more than 6% in extended trading.
The company forecasts 2024 revenue growth of between 12% and 17%, the midpoint of which is below analyst estimates of 16.6%, according to LSEG data.
For the first quarter, it expects revenue growth of 17% to 20%, below estimates of 23.6%.
However, the company posted a better-than-expected profit for the fourth quarter, driven by strong sales of its tubeless wearable insulin pumps.
The company said its largest U.S. pharmacy wholesalers collectively placed orders worth an estimated $20 million to $25 million in the reported quarter, which accelerated from the first quarter of 2024 ahead of implementation by the company of a new software system earlier this year.
Insulet (NASDAQ: results.
The Massachusetts-based company's revenue rose 37.9% to $509.8 million during the quarter ended Dec. 31, compared with analyst estimates of $461.1 million, according to data from LSEG.
Insulet manufactures and sells insulin delivery devices under the brand name 'Omnipod', which eliminate the need for multiple daily injections using syringes or insulin pens for people with insulin-dependent diabetes.
Omnipod's revenue growth is expected in the range of 13% to 18% by 2024.
Omnipod sales totaled $501.0 million in the reported quarter, compared to analyst estimates of $457.40 million.
Excluding items, the company had earnings of $1.40 per share, compared with estimates of 66 cents per share.
