Shares in Insulet (NSDQ:PODD) are steady in after-hours trading after the diabetes-focused device maker posted first quarter earnings that topped Wall Street expectations.
The Acton, Mass.-based company posted profits of approximately $4.4 million, or 7¢ per share, on sales of approximately $159.6 million for the three months ended March 31, seeing a swing from the red on the bottom line while sales grew 29.1% when compared with the same period during the previous year.
Earnings per share were ahead of the 1¢ consensus on Wall Street, where analysts expected to see sales of approximately $154.7 million, which the company also topped.
“Building on our outstanding performance in 2018, Insulet delivered strong financial results for the first quarter, including robust revenue growth, margin expansion and continued profitability. We are making great progress on many fronts, including the start-up of our highly-automated U.S. manufacturing, our Omnipod DASH full U.S. market release, and the corresponding shift to the pay-as-you-go model. We are particularly proud to have advanced all of these initiatives while driving first quarter revenue growth of 29%. Our outstanding performance is a clear indication that we are successfully executing on our strategic plan. We are increasing market access to our products, investing in our pipeline, expanding our global footprint, enhancing our operational capabilities, and creating substantial value for Insulet’s shareholders. We are well on our way to delivering our 2021 financial targets of $1 billion in revenue, 70% gross margin and mid-teens operating margin, reinforcing our confidence in Insulet’s prospects for long-term, sustainable and profitable growth,” prez & CEO Shacey Petrovic said in press release.
Shares in Insulet closed up approximately 1.5% at $86.07, and have dropped less than 0.1% in after-hours trading, at $86.05 as of 4:12 p.m. EDT.
Today, Insulet said that it hosted a ribbon cutting ceremony to open its new global headquarters and manufacturing facility in Acton, Mass.