(Reuters) – Insulet reported preliminary second-quarter revenue above Wall Street estimates on Friday, as it benefited from strong demand for its insulin delivery devices.
The Massachusetts-based company manufactures and sells insulin delivery devices, under brand Omnipod, which eliminate the need for multiple daily injections using syringes or insulin pens for people with insulin-dependent diabetes.
The company said it expects to raise its full-year Omnipod revenue growth forecast to a range of 18% to 21% compared to its previous range of 15% to 19%, when it releases its quarterly results on Aug. 8.
Late on Thursday, larger peer Dexcom slashed its annual revenue forecast due to an internal restructuring of its sales force and less-than-expected new patients, causing its shares to plunge about 35% in premarket trading on Friday.
Insulet reported preliminary second-quarter revenue of $488 million, compared with analysts’ average estimate of $460.3 million, according to LSEG data.
Shares of the medical device maker rose about 6% before the bell.
(Reporting by Christy Santhosh in Bengaluru; Editing by Shinjini Ganguli)
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