Insulet’s Q2 prelims smash forecasts, but full results delayed on revenues probe

Insulet (NSDQ:PODD) yesterday postponed its full 2nd-quarter earnings release that was slated for today, as it investigates how it recognized some revenue from last year, and issued preliminary sales numbers for the 3 months ended June 30.

Insulet said it expects to post sales of $75.6 million for the 2nd quarter, well ahead of its forecast for $67 million to $70 million and topping analysts’ expectations for $69.0 million.

Despite the sale probe, the Bedford, Mass.-based diabetes company confirmed its top-line outlook for the rest of the year, saying it still expects sales of $305 million to $320 million. Third-quarter sales are pegged at $82 million to $85 million, Insulet said.

“Our preliminary 2nd-quarter revenue results, which are ahead of our expectations, demonstrate the successful execution of our key initiatives and the positive impact of the new leadership team’s increased focus and sense of urgency,” president & CEO Patrick Sullivan said in prepared remarks. “We are energized by the progress we are making and are excited about the opportunities ahead as we drive further adoption of OmniPod in the U.S. and international markets, as well as the strong performance within our drug delivery product line. We are confident that we are well-positioned to continue our momentum and deliver even stronger top-line growth in the 2nd half of the year.”

PODD shares gained 1.9% in after-hours trading yesterday, rising to $31.40 apiece.

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