Key Takeaways
- Insulet announced announced Ashley McEvoy would replace Jim Hollingshead as CEO.
- The maker of the Omnipod insulin pump for diabetics also said it plans to exceed its earlier estimates for current-quarter and full-year revenue.
- Insulet is set to release its first quarter earnings report May 8.
Insulet (PODD) shares edged lower Monday as the maker of an insulin delivery device for diabetes patients announced a shakeup in its leadership.
The company behind the Omnipod tubeless pump system said that Ashley McEvoy would take over as President and CEO, effective immediately. McEvoy replaces Jim Hollingshead, who was let go after leading the firm since June 2022.
Insulet explained that the board and Hollingshead “mutually agreed that now is the right time to implement this leadership transition.” It added that Hollingshead has been given a consulting contract to help smooth the changeover.
Chair Timothy Scannell said the company “conducted a thorough search to identify a dynamic executive with a sophisticated understanding of the MedTech market and a passion for improving lives” before choosing McEvoy, who previously had served as an executive with Johnson & Johnson (JNJ).
The news appears to have offset Insulet’s positive update on its outlook. The company reported that it “expects to exceed its previously provided first quarter revenue guidance and intends to raise guidance for the full year.” In its fourth quarter and 2024 financial report, Insulet predicted current-quarter revenue growth of 22% to 25%, and a full-year increase of 16% to 20%. The company is scheduled to release its results on May 8.
Shares of Insulet are basically flat year-to-date.
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