Insulet jumps on Q3 sales beat

Insulet (NSDQ:PODD) yesterday reported 3rd-quarter revenues well ahead of expectations on Wall Street, sending the diabetes device maker’s share price up 11% today in early trading despite higher-than-expected losses.

Billerica, Mass.-based Insulet posted losses of -$18.9 million, or -33¢ per share, on sales of $87.3 million for the 3 months ended Sept. 30. That’s a 74.5% increase in red ink on sales growth of 16.4% compared with Q3 2014. Analysts were looking for losses of -26¢ on sales of $83.5 million.

“We are excited about our results , with year-over-year revenue growth across all 4 of our product lines and top-line results again ahead of expectations,” president & CEO Patrick Sullivan said in prepared remarks. “Our team has made great progress in our commercial efforts focused on increasing patient and clinician demand for OmniPod and delivering an outstanding customer experience. We are also excited by the results in our drug delivery business, where we continue to create a solid foundation to support long-term revenue growth and significant value creation.”

Insulet boosted the low end of its sales guidance for the rest of the year, saying it now expects revenues of $310 million to $320 million, up from $305 million to $320 million.

Investors sent PODD shares up 11.0% to $35.20 apiece this morning.

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