Insulet Names a New CEO, Expects Revenue to Exceed Projections

Key Takeaways

• Insulet announced Ashley McEvoy as the new CEO to replace Jim Hollingshead.
• The manufacturer of the Omnipod pump for diabetics has also stated that it plans to surpass its earlier estimates in terms of revenue for both the current quarter and for the full year.
• Insulet will be releasing its first quarter earnings report on Monday, May 8.

Insulet (PODD), a maker of an insulin-delivery device for diabetic patients, announced Monday a change in leadership.

Ashley McEvoy will take over as President & CEO of Omnipod Tubeless Pump System, effective immediately. McEvoy replaces Jim Hollingshead who was fired after leading the company since June 2022.

Insulet explained that the board and Hollingshead "mutually agreed that now is the right time to implement this leadership transition." It also said that Hollingshead was given a contract as a consultant to help smooth over the transition. 

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." Insulet, in its financial report for 2024 and the fourth quarter, predicted that current-quarter revenue would grow by 22% to 25% and full-year revenue would increase by 16% to 20%. The company’s results are scheduled to be released on May 8.

Insulet shares are essentially flat for the year.