ACTON, Mass. - Insulet (NASDAQ:PODD) Corporation (NASDAQ:PODD) reported mixed second quarter results, with revenue beating expectations but earnings falling short, sending shares down 2.9% in after-hours trading.
The tubeless insulin pump maker posted adjusted earnings per share of $0.55, missing analyst estimates of $0.56. However, revenue surged 23.2% year-over-year to $488.5 million, surpassing the consensus forecast of $460.4 million.
Total Omnipod revenue jumped 26.3% to $480.4 million, driven by strong growth in both U.S. and international markets. U.S. Omnipod revenue rose 27.3% to $352.3 million, while international Omnipod revenue increased 23.5% to $128.1 million.
"2024 is shaping up to be another year of rapid growth, fueled by strong Omnipod 5 demand and our accelerating pace of product innovation," said Jim Hollingshead, President and CEO.
Despite the earnings miss, Insulet raised its full-year 2024 revenue growth guidance to 16-19%, up from its previous outlook of 14-18%. The company now expects total Omnipod revenue growth of 18-21%, compared to 15-19% previously.
For the third quarter, Insulet projects revenue growth of 18-21%.
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