Insulet Corporation (NASDAQ:PODD) shares are trading higher after the company reported preliminary second-quarter results.

The company reported preliminary revenue of $488 million for the second quarter of 2024, marking a 23% increase from the $397 million reported in the previous year. The figure outpaces the street view of $460.27 million.

"Second quarter revenue exceeded our expectations across the board as a result of strong demand for Omnipod 5, resulting in robust revenue growth and sequential increases in new customer starts in both the U.S. and international markets," said Jim Hollingshead, President and Chief Executive Officer.

This outperformance exceeds the guidance range of 15% to 18% in constant currency, driven by strong revenue growth across all product lines.

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Total Omnipod revenue reached $480 million, reflecting a 26% increase. In the U.S., Omnipod revenue was $352 million, up 27%.

Internationally, Omnipod revenue totaled $128 million, marking a 23% increase, or 24% when adjusted for constant currency.

Outlook Raised: When it releases its full financial results on August 8, 2024, the company expects to raise its full-year 2024 total Omnipod revenue outlook to 18% to 21% (previously 15% to 19%).

Yesterday, Insulet's peer DexCom, Inc. (NASDAQ:DXCM) reported mixed second-quarter financial results and weak forward guidance.

Price Action: PODD shares are trading higher by 8.45% to $207.00 premarket at last check Friday.

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