Tubeless Insulin Pump Technology Provider Insulet's CFO Resigns; Reaffirms Q3, FY23 Outlook

Medical device company Insulet Corp PODD disclosed that Wayde McMillan has decided to resign as Executive Vice President, CFO, and Treasurer, effective October 20, 2023. 

McMillan will join 3M Company MMM as Chief Financial Officer of its Health Care business, which 3M has announced it plans to spin off into an independent company. 

The company appointed Lauren Budden, Group Vice President, Chief Accounting Officer, and Controller, as Interim CFO and Treasurer until a permanent successor is appointed. 

Budden joined Insulet in April 2019 and has over 25 years of finance and accounting experience. 

The company has initiated a formal process for the search for the CFO.

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Outlook: Insulet reaffirmed its previously announced Omnipod revenues and total revenue guidance for Q3 and FY23 and gross margin and operating margin outlook for FY23.

In particular, the company had guided for total revenue growth of 18% to 21%, with Omnipod revenue growth of 20% to 23% for Q3. 

For FY23, PODD continues to expect revenue growth of 22% to 25%, Omnipod revenue increase of 25% to 28%, gross margin of 65% to 66%, and operating margin in high-single digits (closer to the high-end of the range).

Also Read: JP Morgan Bullish On Insulet, Forecasts Robust Pump Market with Long Runway for Growth

Price Action: PODD shares are trading lower by 1.15% at $155.00 premarket on the last check Wednesday.