In a report released yesterday, Sean Lavin from BTIG maintained a Hold rating on Insulet Corp (NASDAQ: PODD). The company’s shares closed yesterday at $85.69.
Lavin noted:
“Hit Sales During EU Transition The best-laid plans…oft go awry. Last week Insulet reported an ~$8.5M topline miss, due to a $7.4M inventory repurchase from the former EU distributor. Previously, when contemplating PODD’s July 1 move to a direct selling model in Europe, we expressed skepticism about a perfectly seamless transition. Going into this quarter, we felt PODD was well- prepared for the shift but that some disruption was still a risk. Importantly US Delivery sales slightly exceeded consensus expectations while Int’l Omnipod sales missed estimates by $11M. It seems the company has worked through much of the 7-8 weeks of inventory that was left in the channel and the negative impact is expected to be limited mostly to Q2 and Q3. We see this as a near-term blip, not a reason for greater concern.”
According to TipRanks.com, Lavin is a 5-star analyst with an average return of 14.8% and a 63.5% success rate. Lavin covers the Healthcare sector, focusing on stocks such as Helius Medical Technologies, Tactile Systems Technology, and Obalon Therapeutics Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Insulet Corp with a $102 average price target, a 19.0% upside from current levels. In a report issued on August 3, Oppenheimer also assigned a Hold rating to the stock with a $96 price target.
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Based on Insulet Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $1.69 million. In comparison, last year the company had a GAAP net loss of $7.77 million.
Based on the recent corporate insider activity of 72 insiders, corporate insider sentiment is negative on the stock.
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Insulet Corp. is an innovative medical device company, which engages in the development, manufacture, and marketing of an insulin infusion system for people with insulin-dependent diabetes. It specializes in diabetes supplies, including the OmniPod System as well as other diabetes related products and supplies such as blood glucose testing supplies, traditional insulin pumps, pump supplies, and pharmaceuticals. The company was founded by John L. Brooks III and John T. Garibotto in July 2000 and is headquartered in Billerica, MA.
