Acton manufacturer of wearable insulin management systems Insulet reported strong numbers for the fourth quarter of 2019 and for the year, but they were not up to analyst expectations and the stock slid down nearly 5% in early morning training Wednesday.
Insulet reported full-year revenue of $738.2 Million, an increase of 31%, and fourth quarter 2019 revenue of $209.4 million, an increase of 27% year-over-year. The majority of the revenue for the year, $673.5 million, was attributed to the company’s Omnipod device, while drug delivery revenue actually declined by 5% to $64.7 million.
However, the net income of 8 cents earnings per share did not meet analyst expectations of 9 cents earnings per share, sending the stock down by 6% as of 10 a.m. to $188 per share on the Nasdaq.
The growth this year sets the company up well for the long term, said Insulet President and CEO Shacey Petrovic, with the company’s sites set on $1 billion in revenue in 2021.
