Insulet rises after co names new CEO, signals improved rev outlook

Insulet's PODD.O shares up 1% to $263.34 on Mon after medical device maker announces C-suite change and provides bullish 2025 rev outlook

Acton, Massachusetts-based firm early Mon said Ashley McEvoy appointed as CEO and board member, effective immediately

Former CEO Jim Hollingshead agreed to cease his employment and entered into consulting arrangement to facilitate a smooth transition, co said

McEvoy was previously exec VP and global chair of Johnson & Johnson's JNJ.N medtech business

Co also said expects to surpass prior Q1 rev forecast and plans to raise full-year guidance

BTIG reiterated its 'buy' rating on PODD ($310 PT), saying McEvoy is highly qualified and well-suited for the CEO role given her extensive experience in both the medtech and diabetes care sectors

In Feb, co posted Q4 top line beat driven by strong demand for its Omnipod insulin pumps, and forecasted current-qtr rev to grow 22%-25% y/y and for 2025 rev to increase 16%-20% from 2024 figure of $2.1 bln

Co slated to release Q1 results on May 8, after market close. In light of CEO transition, co postponed previously planned Jun 5 investor day event and intends to reschedule

Including move on the session, PODD shares up ~1% YTD. Stock was trading around $170 a year ago