Insulet (NSDQ:PODD) today posted third quarter earnings that beat expectations on Wall Street and lifted its guidance for the remaining year.
The Billerica, Mass.-based company posted profits of $1.7 million, or 3¢ per share, on sales of $151.1 million for the three months ended September 30, seeing a 174.5% swing into the black while sales grew 24.1% compared with the same period during the previous year.
Earnings per share were just ahead of the 0¢ consensus on The Street, where analysts were looking for sales of $149.4 million, which the company beat.
“Our team’s ongoing commitment to operational excellence and our expanding opportunities for growth are demonstrated in our strong third quarter performance. We grew revenue 24%, achieved gross margin expansion of 700 basis points and generated both positive operating and net income for the first time in Insulet’s history. We gained traction through the quarter in our direct European operations, successfully launched the limited commercial release of our next-generation Omnipod DASH system and made great progress in both our market access initiatives and the build out of our U.S. manufacturing facility,” chair & CEO Patrick Sullivan said in a press release.
Insulet lifted its guidance for the remaining fiscal year, expecting to post sales of between $558 million and $563 million, up from previous guidance of between $547 million and $562 million.
For its fourth quarter, the company expects to post sales of between $159 million and $164 million, up from earlier guidance of between $154.5 million and $162.5 million.
“We are very pleased with our results to date in 2018 and our team continues to drive the business forward. We remain on track to achieve both positive operating income in 2018 and our 2021 revenue and gross margin targets. Looking ahead, we are confident our innovation, commercial and operational initiatives are setting a strong foundation to deliver many more years of growth and value for Insulet shareholders,” prez & COO Shacey Petrovic said in a prepared statement.
Shares in Insulet rose approximately 2.2% today, closing at $90.13.
In September, Insulet announced that its president & COO Shacey Petrovic will succeed CEO Patrick Sullivan after he retires at the end of the year.