Insulet (NSDQ:PODD) posted Street-beating numbers for its 2nd quarter, topping revenue and earnings per share expectations and lifting its full year guidance.
The Billerica, Mass.-based company reported losses of $4.2 million, or 8¢ per share, on sales of $87.3 million for the 3 months ended June 30. That amounts to a 72.8% decrease in losses as sales grew a significant 44.2% compared with the same period in 2015.
Analysts on Wall Street were looking for losses of 16¢ per share and revenue of $85.2 million, both of which Insulet was able to top during the quarter.
“As we cross the mid-point of the year, we are incredibly pleased to see the benefits of our commercial and operational initiatives demonstrated in our strong results. Our continued positive momentum generated better than expected revenue growth and margin improvement in the 2nd quarter, with growth in all of our business lines. We are advancing our digital Insulet strategy and artificial pancreas program, while also successfully growing the body of clinical evidence in support of our Omnipod technology. Our investments in our manufacturing and supply chain operations are beginning to pay off and based on these improvements, we expect higher-than-planned gross margin for the year. Our team remains focused on executing our winning strategy, leveraging our strengthened foundation to deliver long-term, sustainable and profitable growth and increasing value for our shareholders,” CEO Patrick Sullivan said in a press release.
Insulet raised its guidance for the year after the positive quarter, expecting to see full year revenue between $345 and $355 million, up from between $330 and $350 million and significantly higher than last year’s $263.9 million.
For its 3rd quarter, Insulet expects to see revenue between $88 and $91 million, which puts the quarter 25% up from the $71.4 million it brought in last year during the 3rd quarter.
Insulet shares rose 10% in after-hours trading after posting the earnings, trading at $39.00 as of 9:01 a.m. EDT.
