Insulet (NSDQ:PODD) shares are rising today on third-quarter results that topped the consensus forecast, despite a dip in profits.
The Acton, Mass.–based company posted profits of $852,000, or 1¢ per share, on sales of $192.1 million for the three months ended Sept. 30, for a 48.6% bottom-line slide on sales growth of 27.1%.
Adjusted to exclude one-time items, earnings per share were 9¢, 6¢ ahead of Wall Street, where analysts were looking for sales of $179.21 million.
“Building on our outstanding growth and progress, we again delivered strong financial and operational results,” Insulet president & CEO Shacey Petrovic said in a news release. “Consistent execution of our strategic imperatives combined with Insulet’s strong foundation will fuel our continued growth. We are raising our outlook for the full year 2019 and will continue to drive growth and value creation over the long term. Our team is focused on delivering life-changing innovation to people living with diabetes around the world.”
Insulet updated its prior sales guidance for between $722 million and $730 million, rising from the $700 million to $715 million it projected at the end of Q2.
The company produces the Omnipod system, a continuous insulin delivery system designed with a tubeless, waterproof, Bluetooth-enabled pod capable of holding up to 200 units of U-100 insulin and a touch-screen personal diabetes manager to control the pod. In September, the FDA cleared the Omnipod Dash alternate controller-enabled (ACE) infusion pump as an integrated insulin pump.
PODD shares were up 10.5% at $160.08 per share in early-morning trading today.