Insulet (NSDQ:PODD) shares took a hit today after the company reported second-quarter revenues that missed the consensus forecast and cut its outlook for the rest of the year.

Billerica, Mass.-based Insulet reported losses of -$1.7 million, or -3¢ per share, on sales of $124.3 million for the three months ended June 30, amounting to a -78.2% reduction in losses on sales growth of 13.2% compared with Q2 2017. Analysts on Wall Street were looking for losses of -13¢, but expected sales of $132.9 million.

“We are making tremendous progress on our strategic initiatives, including launching direct operations in Europe, executing on our innovation roadmap, expanding market access and building our U.S. manufacturing facility,” chairman & CEO Patrick Sullivan said in prepared remarks. “Our updated outlook for the year reflects the short-term impact of transitioning to direct operations in Europe as we exited our distributor relationship. We are truly excited to gain control of our European business and realize the significant benefits this transition provides. The creation of Insulet Europe is just the beginning of our vision to grow Omnipod adoption around the world.”

Insulet said it now expects to report sales of $547 million to $562 million this year, down from prior guidance of $565 million to $580 million. Third-quarter sales are pegged at $144.5 million to $151.5 million, the company said.

PODD shares were off -3.1% to $84.87- apiece today in mid-morning trading.