May 8 (Reuters) - Insulet ( PODD ) beat first-quarter

profit estimates on Thursday, buoyed by strong demand for its

wearable insulin pumps, sending shares up 7% in extended

trading.

Insulet ( PODD ) produces and sells Omnipod, an automated insulin

delivery device that operates without external tubing, unlike

conventional pumps, and eliminates the need for multiple daily

injections for people with insulin-dependent diabetes.

The company's Omnipod 5 device is the first system to

receive clearance for managing both type 1 and type 2 diabetes.

Insulet ( PODD ) is addressing investor concerns over possible

impacts on its insulin pump sales due to the surging demand for

the latest diabetes and weight-loss drugs, categorized as

GLP-1s.

The company now expects its annual revenue to grow between

19% and 22%, compared with its previous projection of 16% to

20%.

The Acton, Massachusetts-based company's total revenue

increased 28.8% to $569 million for the quarter ended March 31,

compared with analysts' estimates of $543.4 million, according

to data compiled by LSEG.

Sales of Omnipod insulin pumps reached $554.1 million in the

first quarter, compared with analysts' estimates of $533.3

million.

On an adjusted basis, the company earned $1.02 per

share, above analysts' average estimate of 80 cents per share.

Meanwhile, Insulet's ( PODD ) larger peer, Dexcom ( DXCM ), reported

first-quarter sales that beat expectations earlier this month

and reiterated its annual sales forecast.