Insulin pump maker Insulet walloped Wall Street's earnings projections and delivered better-than-expected sales, leading PODD stock to jump 15% midday Friday.
The lion's share of growth came from the U.S., where sales of Insulet's insulin pump ramped up almost 35% to $320.6 million. Internationally, sales climbed 8% in constant currency to $101.4 million.
"We see a long runway for growth in Omnipod, providing clear visibility to significant top- and bottom-line growth," CFRA analyst Matthew Miller said in a report. He kept his buy rating and 175 price target on PODD stock.
On the stock market today, Insulet stock surged 15.8% to close at 162.58. That put PODD stock among the top three best-performing stocks in the Medical-Products industry group. The only better-performing stocks were dollar stocks.
Shares also retook their 50-day moving average for the first time since July, according to MarketSmith.com.
PODD Stock: Massive Earnings Growth
Insulet's third-quarter sales rose more than 25% in constant currency to $432.7 million, easily topping projections for $414.3 million, according to FactSet.
The company also reported eye-popping earnings growth. On an adjusted basis, earnings rocketed 58% to 71 cents per share, smashing PODD stock analysts' expectations for 42 cents.
Insulet raised its guidance of the year and now expects sales to grow 26%-27%, up from its prior outlook for 22%-25% growth. That will include 37%-38% growth from Omnipod sales in the U.S., and 9%-10% growth abroad.
PODD stock analysts called for $1.22 billion in U.S. Omnipod sales this year, up 37%, and $402 million from international sales, an 11% climb.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
