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Insulet Shares Jump After Q3 Earnings Surpass Expectations, Improved Annual Guidance

Published 04/11/2022, 10:22
Updated 04/11/2022, 11:40
© Reuters.  Insulet Shares Jump After Q3 Earnings Surpass Expectations, Improved Annual Guidance

  • Insulet Corp (NASDAQ: PODD) posted an adjusted EPS of $0.45 in Q3, surpassing the consensus of $0.15.
  • Insulet recorded a bottom-line dip into the red of $(5.2) million from profits of $12.6 million a year ago. However, the company registered sales growth of 23.7% Y/Y to $340.8 million, beating the consensus of $312.52 million.
  • The company reported total Omnipod automated insulin delivery system revenue of $326.1 million. Insulet initiated the full market launch of the latest-generation Omnipod 5 device in U.S. pharmacies earlier this year.
  • Related: FDA Approves Insulet's Omnipod Automated Insulin System For Patients Two Years & Above.
  • Additionally, Insulet recently developed a basal-only pod for individuals with type 2 diabetes. According to a news release, it plans to submit to the FDA for 510(k) clearance soon.
  • Insulet expects "another year of strong growth."
  • "We expect to deliver another year of strong growth and operational progress and enter 2023 with significant momentum across our business."
  • Guidance: For the second consecutive quarter, Insulet increased annual revenue guidance. Last quarter, it increased its projections from 12%-16% growth to 14%-17%. The company now expects a Y/Y improvement of 18%-19%.
  • Price Action: PODD shares traded 12.79% higher at $288.00 during premarket on the last check Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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