Insulet Corporation (PODD), a medical device company, on Wednesday reported significantly higher first-quarter profit, driven by strong revenue growth, and raised its full-year sales outlook. Shares were up more than 3% in pre-market trading.
Net income more than doubled to $91.1 million, or $1.30 per share, from $35.4 million, or $0.50 per share, in the prior year
Excluding one-time items, adjusted earnings were $99.8 million, or $1.42 per share.
Operating income rose to $122.1 million from $88.8 million last year.
Adjusted operating income was $133.5 million.
Revenue jumped 33.9% to $761.7 million, or 30.1% in constant currency, exceeding the high end of the company's guidance range of 25% to 27% growth at constant currency rates.
For the full year, Insulet now expects revenue to grow 21% - 23% at constant currency, up from its prior outlook of 20% - 22%, and projects adjusted EPS growth of more than 25%.
For the second quarter, revenue is expected to grow 20% to 22%.
Insulet shares closed at $167.53 on Tuesday, down 2.25%.
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