Why Insulet Stock Is Skyrocketing Today
Shares of Insulet (NASDAQ: PODD) were skyrocketing 16.6% higher as of 10:40 a.m. ET on Friday. The big gain came after the insulin pump maker announced its third-quarter results following the market close on Thursday.
Insulet reported Q3 revenue of $340.8 million, a 23.7% year-over-year jump. On a constant-currency basis, the company's revenue increased by 28.5% from the prior-year period. This was well above Insulet's guidance of 17% to 20% revenue growth on a constant-currency basis.
The company posted a net loss of $5.2 million, or $0.08 per share, in the third quarter, based on generally accepted accounting principles (GAAP). However, Insulet recorded non-GAAP adjusted net income of $31.6 million, or $0.45 per share. This result blew past the consensus Wall Street adjusted earnings estimate of $0.15 per share.
Source Fool.com
