Insulet Shares Jump After Q3 Earnings Surpass Expectations, Improved Annual Guidance

Insulet Corp PODD posted an adjusted EPS of $0.45 in Q3, surpassing the consensus of $0.15.
Insulet recorded a bottom-line dip into the red of $(5.2) million from profits of $12.6 million a year ago. However, the company registered sales growth of 23.7% Y/Y to $340.8 million, beating the consensus of $312.52 million.
The company reported total Omnipod automated insulin delivery system revenue of $326.1 million. Insulet initiated the full market launch of the latest-generation Omnipod 5 device in U.S. pharmacies earlier this year.
Related: FDA Approves Insulet's Omnipod Automated Insulin System For Patients Two Years & Above.
Additionally, Insulet recently developed a basal-only pod for individuals with type 2 diabetes. According to a news release, it plans to submit to the FDA for 510(k) clearance soon.
Insulet expects "another year of strong growth."
"We expect to deliver another year of strong growth and operational progress and enter 2023 with significant momentum across our business."
Guidance: For the second consecutive quarter, Insulet increased annual revenue guidance. Last quarter, it increased its projections from 12%-16% growth to 14%-17%. The company now expects a Y/Y improvement of 18%-19%.
Price Action: PODD shares traded 12.79% higher at $288.00 during premarket on the last check Friday.