Insulet (Nasdaq: PODD) saw its revenue increase 23% year-over-year to $488 million in the second quarter, which ended June 30.
That’s according to preliminary Q2 revenue numbers that Insulet released today. The result beats the consensus of Wall Street analysts, who expected that Insulet had $460.27 million in revenue in Q2.
The maker of Omnipod insulin management systems also said it expects to raise its full-year total Omnipod revenue growth outlook to 18–21%, up from the previous 15–19% range, when it releases its full financial results on Aug. 8.
“Second quarter revenue exceeded our expectations across the board as a result of strong demand for Omnipod 5, resulting in robust revenue growth and sequential increases in new customer starts in both the U.S. and international markets,” Insulet CEO Jim Hollingshead said in a news release. “The preliminary results we announced today reinforce our confidence in Insulet’s ability to drive continued profitable growth for the remainder of 2024, and we look forward to providing an update on our upcoming earnings call.”
PODD shares were down slightly to $190.20 apiece in morning trading on the news. MassDevice‘s MedTech 100 Index was down slightly.
The news came on the same day that the stock of continuous glucose monitor maker Dexcom plummeted on lowered sales guidance and mixed Q2 results.
Marie Thibault and Sam Eiber of BTIG reiterated their Buy rating for PODD shares: “We think this increasingly bullish outlook for the remainder of the year reaffirms [Insulet’s] expectations [that] U.S. new patient starts will accelerate in 2H24 and should help calm any nerves following Dexcom’s … report last night.”
