Omnipod Dash sales drive Insulet Q2 results

Insulet (NSDQ:PODD) reported second-quarter results yesterday that missed the consensus forecast on Wall Street, but raised its outlook for the rest of the year.

The Acton, Mass.-based diabetes tech company reported profits of $1.4 million or $0.02 per share, on sales of $177.1 million for the three months ended June 30, 2019, for a bottom-line gain of 182% and sales growth of 42.5% compared with Q2 2018.

The quarter included the full commercial launch of Insulet’s new Omnipod Dash system, which wirelessly connects the company’s Personal Diabetes Manager with its tubeless, waterproof insulin pump. Omnipod sales shot up 51% to $160.8 million during the quarter, and Medicare coverage for Omnipod Dash reached 50% of covered individuals, according to a late-afternoon earnings call transcribed by Seeking Alpha.

Adjusted to exclude one-time items, earnings per share were $0.02, 1¢ behind The Street, where analysts were looking for sales of $163.3 million.

“We had another strong quarter, as we made excellent progress on our strategic imperatives and delivered continued growth, profitability and financial outperformance,” said Insulet president & CEO Shacey Petrovic in a news release. “We are investing in innovation in our product portfolio, automated manufacturing, and business model to ensure our customers get improved access to our life-changing technologies across the globe. Our consistently strong financial results give us confidence that we are executing the right strategy to drive strong, sustainable growth over the long-term. We are raising our outlook for full-year 2019 and remain on track to meet our 2021 financial targets. We are taking important steps to unlock Insulet’s enormous potential and are excited to continue delivering superior growth and returns for investors.”

Insulet is raising its sales guidance for the rest of the year to $700 million to $715 million, up from $667 million to $690 million previously, representing growth of 24% to 27 % compared with previous estimates of 18% to 22%. Insulet also raised its guidance for Omnipod sales to $637 million to $649 million, from $612 million to $629 million.

PODD shares opened up 19% today at $140.22. Insulet expects to launch its next device, Omnipod Horizon, in 2020.