Insulet (Nasdaq:PODD) shares ticked up today on third-quarter results that came in well ahead of the consensus forecast.
Shares of PODD rose 3.3% to $257 apiece in post-market trading today.
The Acton, Massachusetts-based automated insulin delivery system maker reported profits of $77.5 million. That equals $1.08 per share on sales of $543.9 million for the three months ended Sept. 30, 2024.
Insulet recorded a 49.3% bottom-line gain on a sales increase of 25.7%.
Adjusted to exclude one-time items, earnings per share came in at 90¢. That landed 14¢ ahead of expectations on Wall Street. Sales also beat estimates as experts forecast $518.3 million in revenue.
The company reported $533.6 million in Omnipod revenue for the quarter, marking 26.4% growth. That includes 23.4% growth in the U.S. ($395.6 million in sales) and 36.1% growth internationally ($138 million). A significant development in the quarter for Insulet came in August when the FDA cleared the Omnipod 5 system for people with type 2 diabetes.
“We continue to achieve significant milestones and robust revenue growth,” said Jim Hollingshead, Insulet president and CEO. “Omnipod 5 is the first and only automated insulin delivery system in the U.S. for both type 1 and type 2 diabetes, following recent FDA clearance for the type 2 label indication. Insulet leads the industry, and Omnipod 5 is revolutionizing diabetes care worldwide. I am proud of our team’s daily achievements in improving health outcomes and setting new standards in diabetes management.”
For the full year, Insulet raised its sales guidance for between 20% and 21%. It previously expected between 16% and 19%. Insulet expects total Omnipod sales to rise by 21% to 22%, having previously projected between 18% and 21%.
BTIG analysts Marie Thibault and Sam Eiber remain high on Insulet, maintaining a “Buy” rating.
“With its recurring revenue model, large installed patient base, exciting new market opportunities, and fast progress on profitability, we think [Insulet] remains a top-quality medtech name,” they wrote.
