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Insulet Corporation (PODD), headquartered in Acton, Massachusetts, operates as an innovative medical device company. Valued at $16.6 billion by market cap, the company develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes. The insulin infusion systems maker is expected to announce its fiscal third-quarter earnings for 2024 after the market closes on Thursday, Nov. 7.
Ahead of the event, analysts expect PODD to report a profit of $0.77 per share on a diluted basis, up 8.5% from $0.71 per share in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing the forecast on another occasion.
For the full year, analysts expect PODD to report EPS of $3.04, up 10.6% from $2.75 in fiscal 2023. Its EPS is expected to rise 27% year over year to $3.86 in fiscal 2025.
PODD stock has outperformed the S&P 500’s ($SPX) 35.9% gains over the past 52 weeks, with shares up 63.3% during this period. Similarly, it outperformed the Health Care Select Sector SPDR Fund’s (XLV) 17.9% gains over the same time frame.
PODD's impressive performance stems from the FDA approval of its Omnipod 5 Automated Insulin Delivery System for type 2 diabetes patients aged 18+, expanding its Omnipod line's indications.
On Sep. 17, PODD shares rose more than 3% after Piper Sandler raised its price target to $285 from $230.
On Aug. 8, PODD reported its Q2 results and its shares closed down more than 8% in the following trading session. Its adjusted EPS of $0.55 missed Wall Street expectations of $0.57. The company’s revenue was $488.5 million, beating Wall Street forecasts of $463.1 million.
Analysts’ consensus opinion on PODD stock is bullish, with a “Strong Buy” rating overall. Out of 20 analysts covering the stock, 16 advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and three give a “Hold.” PODD’s average analyst price target is $248.16, indicating a potential upside of 4.9% from the current levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
