Insulet shrinks losses but misses expectations on Q2
Insulet NSDQ:PODD released its 2nd quarter earnings yesterday after the closing bell on Wall Street, reporting shrinking losses but missing earnings and revenue analyst’s estimates by a fair margin.
Insulet reported losses of $15.4 million, or 27¢ per share, on sales of $75.6 million for the 3 months ended June 30. That amounts to a 46.9% reduction in losses on sales growth of 5% compared with the same period last year.The company’s earnings were off analyst’s estimates, however, missing earnings per share by a steep 21¢ and revenue by nearly $8 million.Shares today have responded with a nearly 10% drop in mid-day trading, sitting at $31.17 as of 3:50 p.m. EDT.“We are very pleased with our 2nd quarter performance, which was better than expected. Successful execution of our key initiatives and our new leadership team’s increased focus, sense of urgency and accountability are beginning to generate results. We are energized by the progress we are making and are excited about our future opportunities as we further increase adoption of OmniPod in the U.S. and international markets. Looking ahead, we believe we are well-positioned to continue our momentum and drive stronger top-line growth in the 2nd half of the year,” CEO Patrick Sullivan said in a press release.Insulet kept its guidance on track, expecting revenue of $305 to $320 million for the year, with $82 to $85 million expected in the 3rd quarter.