Insulet (Nasdaq:PODD) shares ticked up after hours today on third-quarter results that came in ahead of the consensus forecast.
Shares of PODD rose 8.1% at $276 apiece after the market closed today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day down 3.8%.
The Acton, Massachusetts-based company posted a $5.2 million loss for the quarter. That equals 8¢ per share on sales of $340.8 million for the three months ended Sept. 30, 2022.
Insulet recorded a bottom-line dip into the red from profits of $12.6 million this time last year. However, the company registered sales growth of 23.7% year-over-year.
The company reported total Omnipod automated insulin delivery system revenue of $326.1 million. Insulet earlier this year initiated the full market launch of the latest-generation Omnipod 5 device in U.S. pharmacies.
Additionally, Insulet said it recently developed a basal-only pod for individuals with type 2 diabetes. It plans to submit to the FDA for 510(k) clearance soon, according to a news release.
Adjusted to exclude one-time items, Insulet reported earnings per share of 45¢. That comes in 30¢ ahead of expectations on Wall Street. Insulet recorded a sales beat, too, as analysts projected revenues of $312.5 million.
Insulet expects “another year of strong growth”
“Our third quarter accomplishments demonstrate the continued execution and commitment of the entire Insulet team,” said Jim Hollingshead, president and CEO. “Omnipod 5 U.S. adoption is exceeding our expectations and proving to be the game-changer we knew it would be. We are thrilled to have received CE Mark approval to bring Omnipod 5 to international markets and to have expanded Omnipod 5’s indication down to age two.
“We expect to deliver another year of strong growth and operational progress and enter 2023 with significant momentum across our business. We have never been in a stronger position to deliver on our mission to simplify and improve the lives of people with diabetes.”
For the second consecutive quarter, Insulet announced an increase in its annual revenue guidance. Last quarter, it increased its projections from 12%-16% growth to 14%-17%. Today, the company said it now expects a year-over-year improvement of 18%-19%.
