What's happening: Shares in Insulet Corporation soared higher by 10% earlier today after the company reported preliminary second quarter financial results after the bell yesterday.
Why it's happening: Sales of Insulet's tubeless insulin pumps are expected to be $75.6 million in the second quarter, which is above the company's previous expectations for sales of between $67 million and $70 million.
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Revenue growth was led by U.S. increasing demand for OmniPod insulin pumps. During the quarter, OmniPod revenue from the U.S. totaled $44.7 million, while overseas OmniPod sales totaled $7.7 million.
Source: Insulet Corporation
The company also reported $7.5 million in revenue from drug delivery and $15.7 million in sales from its Neighborhood diabetes businesses.
Those are solid results, but management thinks it can do even better. In its preliminary results press release, the company's CEO, Patrick Sullivan, said "We are confident that we are well-positioned to continue our momentum and deliver even stronger top-line growth in the second half of the year."
Only time will tell if Sullivan makes good on that promise, but the company did reiterate that it still expects sales of between $305 million and $320 million this year and that would represent solid growth from the $288.7 million in sales recorded during 2014.
Investors should get additional insight into the company's financial outlook when it reports final second quarter results after it completes a review of its 2014 results related to how it recognized revenue last year. It's uncertain when that review will wrap up, so investors should stay tuned.
The article Why Insulet Corporation Shares Jumped Today originally appeared on Fool.com.
Todd Campbell has no position in any stocks mentioned. Todd owns E.B. Capital Markets, LLC. E.B. Capital's clients may have positions in the companies mentioned. The Motley Fool recommends Insulet. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.