Shares in Insulet (NSDQ:PODD) are soaring in after-hours trading after the diabetes device developer posted Street-beating 3rd quarter earnings and raised its guidance for the rest of the year.
The Billerica, Mass.-based company posted losses of $3.1 million, or 5¢ per share, on sales of $94.9 million. That equates to an 83.7% reduction in losses while sales grew 32.9% compared with the same period last year.
Analysts on Wall Street were expecting to see losses per share of 9¢, 4¢ higher than the company posted. Insulet topped revenue expectations of $89.7 million by over $5 million as well.
Insulet managed to avoid the drops other diabetes-device companies have seen this quarter, with Tandem Diabetes Care (NSDQ:TNDM) stock dropping over 50% upon their release and Dexcom Inc.(NSDQ:DXCM) seeing a 20% fall in share value.
“We are extremely pleased with our continuing positive momentum and the results our team is achieving through consistent execution of our winning strategy. We continued to achieve growth across all business lines, generating better-than-anticipated revenue and driving additional gross margin expansion in the 3rd quarter. We are successfully implementing our commercial and operational initiatives, as well as continuing to take steps forward in our product pipeline development efforts, including our artificial pancreas program. Longer-term, we remain focused on delivering sustainable and profitable growth and increasing value for our shareholders,” chair & CEO Patrick Sullivan said in a press release.
Insulet raised its guidance for the full year, expecting to see revenue between $362 and $365 million, up more than $10 million from its earlier guidance of between $345 and $355 million. For the quarter, the company said it expects to see sales between $99 and $102 million.
Shares in Insulet have risen 15.52% in after hours trading, at $35.50 as of 5:20 p.m. EDT.