Insulet Corp announced on Tuesday that Wayde McMillan, the current Chief Financial Officer (CFO) of the medical device company, will be stepping down from his role, effective October 20th. He is set to join 3M’s healthcare business, where he will assume the position of CFO for the unit. 3M, a U.S. industrial conglomerate, plans to spin off this unit into a publicly listed company. The spinoff, initially disclosed last year, is expected to be completed by the end of 2023 and will focus on wound care, oral care, and healthcare technology.
Despite these changes, Insulet (NASDAQ:PODD) reaffirmed its annual sales forecast for its insulin pumps and total revenue. In August, the company had increased its revenue growth projection to a range of 22% to 25% and its outlook for total sales growth of its insulin delivery devices, Omnipod, to a range of 25% to 28%.
In the interim period until a permanent successor is appointed, Lauren Budden, Insulet’s accounting chief, will take on additional responsibilities as the company’s interim CFO. Following this announcement, shares of Insulet saw a 1.4% increase in extended trading.