Insulet (PODD) Set for Strong Earnings Growth as Omnipod Sales Soar
Insulet Corporation (PODD), a leading medical device company based in Acton, Massachusetts, is expected to report strong earnings growth for the full year and the upcoming quarter. The company's stock has outperformed market indices, driven by robust Omnipod sales both domestically and internationally.
PODD, valued at $22.8 billion by market cap, specializes in insulin delivery systems for people with insulin-dependent diabetes. Analysts predict a significant increase in earnings per share (EPS) for fiscal 2024, from $3.24 to $4.61, marking a 42.3% rise. This growth is largely attributed to the success of its Omnipod products.
In the recently concluded second quarter, PODD shares jumped 9.5% following the release of its results. The company reported adjusted EPS of $1.17, surpassing Wall Street expectations of $0.93. Looking ahead, analysts anticipate a profit of $1.13 per share in the third quarter, up 25.6% year-over-year. PODD is set to announce its fiscal third-quarter earnings on Thursday, Nov. 6, before the market opens.
PODD's strong performance and positive analyst sentiment indicate a bullish outlook for the stock market today. With an average price target of $365.78, analysts see a potential upside of 13.1% from current levels. As the company continues to innovate in the medical device sector, investors await its upcoming earnings report with optimism.
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