Insulet (PODD) shares jump after raising full-year revenue growth guidance

Insulet (NASDAQ: PODD) shares jumped more than 9% Friday, boosted by the company's latest earnings release, which topped consensus expectations.

The medical device company reported Q3 EPS of $0.74, $0.34 better than the analyst estimate of $0.40, while revenue for the quarter came in at $432.7 million, up 27% YoY, and above the consensus estimate of $414.32 million.

PODD's Omnipod revenue of $422 million represents an increase of 29.4%, while it reported drug delivery revenue of $10.7 million, a decrease of 27.2%.

“Our third quarter financial and operational results marked another strong quarter for Insulet, and as a result of continued high demand for Omnipod 5 – both in the U.S. and globally – we are pleased to again raise guidance for the full year,” said Jim Hollingshead, PODD's President and Chief Executive Officer.

For the year ending December 31, 2023, the company raised its expected revenue growth to between 26% and 27%, up from the previous range of 22% to 25%.

“We are the leader in growing the large U.S. type 1 and type 2 diabetes markets, and we are only in the early innings of capitalizing on strong and increasing global demand," added Hollingshead.

By Sam Boughedda

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