Insulet (NSDQ:PODD) shares ticked up today on third-quarter results that were mixed compared to the consensus forecast.
The Acton, Massachusetts-based tubeless insulin pump technology developer posted profits of $12.6 million, or 18¢ per share, on sales of $275.6 million for the three months ended Sept. 30, 2021, for an 8.6% bottom-line gain on sales growth of 17.8%.
Adjusted to exclude one-time items, earnings per share were 18¢, 2¢ behind Wall Street, where analysts were looking for sales of $273.2 million.
“Our third-quarter results reflect the growing power of Omnipod. We are driving global new customer starts, have momentum across our business, and are advancing exciting new innovations,” Insulet President & CEO Shacey Petrovic said in a news release. “We continue to share compelling clinical data that demonstrates the improved outcomes and quality of life Omnipod offers to people of all ages.
“We remain on track for Omnipod 5 clearance later this year and cannot wait to bring this transformational product to market and further our mission of improving the lives of people with diabetes.”
Insulet increased the bottom line of its revenue guidance, updating the previous projections of between 16% growth and 20% growth to between 18% growth and 20% growth.
PODD shares were up 0.4% at $302.77 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.1%.
BTIG analyst Marie Thibault wrote in a report that high expectations for Insulet may mean shares trade slightly off today, but the performance in the third quarter was rather straightforward.
“We like PODD’s consistent performance, insulated revenue model, and are bullish on Omnipod 5 but believe investors are already assuming a strong U.S. launch and robust 2022 sales growth,” Thibault said.