Shares in Insulet (NSDQ:PODD) have stayed steady in after hours trading today after the diabetes-focused medical device maker missed expectations on Wall Street with its 1st quarter losses per share, but topped sales expectations.
The Billerica, Mass.-based company posted losses of $10 million, or 17¢ per share, on sales of $101.7 million for the 3 months ended March 31, seeing losses grow 20.1% while sales grew 25.2% compared with the same period in the previous year.
Losses per share for the quarter were 2¢ higher than the 15¢ consensus on Wall Street, where analysts were expecting to see revenue of $97.8 million.
“Every area of our business showed strong momentum and outstanding performance in the 1st quarter. We continued to execute on our commercial and operational strategies and made great headway on our key initiatives, including our manufacturing and supply chain efforts. This operational progress is driving high product quality, which supports a strong and always improving customer experience. We are investing in innovation to ensure our significant product differentiation and strong business model continue to position Insulet for success in the diabetes and drug delivery markets,” CEO & chair Patrick Sullivan said in a press release.
The company adjusted its guidance for the rest of the fiscal year, lifting its revenue outlook from between $420 and $440 million to between $425 and $440 million. For its 2nd quarter ending June 30, Insulet said it expects to post revenue between $104 and $108 million.
Shares haven’t moved since the company posted its earnings after dropping 1.7% during the day to close at $41.37.