Insulet raises 2019 expectations after 43% Q2 sales bump
Photo | Courtesy of Insulet
Insulet's headquarters in Acton
With a number of significant milestones reached in the second quarter, Acton manufacturer of wearable insulin management systems Insulet said its revenues of $177.1 million were a 43% increase compared to last year’s second quarter.
That mark was well above the company’s guidance of $160 million to $165 million.
The strong results sent the company’s stock on the Nasdaq market skyrocketing from a close of $117.72 to a Tuesday open of $137.62. By Thursday, the stock was trading for more than $146, an increase of 24% in less than a week.
The company reported major improvements nearly across the board. Globally, sales the company’s Omnipod device increased 51% to $160.8 million, while U.S. sales increased 26% to $98.1 million. International sales increased 120% to $62.7 million.
Net income was $1.4 million compared to a loss of $1.7 million for the same period last year.
Insulet is now predicting 2019 sales between $700 million and $715 million, which would represent growth of at least 24%. When Insulet reported first-quarter sales in May, that guidance maxed out at $690 million.
In the quarter, the company began production on the company’s first highly automated manufacturing line at a new $100-million facility in Acton.
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