What happened

Shares of Insulet (PODD -1.65%) were skyrocketing 16.6% higher as of 10:40 a.m. ET on Friday. The big gain came after the insulin pump maker announced its third-quarter results following the market close on Thursday.

Insulet reported Q3 revenue of $340.8 million, a 23.7% year-over-year jump. On a constant-currency basis, the company's revenue increased by 28.5% from the prior-year period. This was well above Insulet's guidance of 17% to 20% revenue growth on a constant-currency basis.

The company posted a net loss of $5.2 million, or $0.08 per share, in the third quarter, based on generally accepted accounting principles (GAAP). However, Insulet recorded non-GAAP adjusted net income of $31.6 million, or $0.45 per share. This result blew past the consensus Wall Street adjusted earnings estimate of $0.15 per share. 

Insulet also raised its full-year 2022 revenue guidance. The company now projects revenue growth of between 18% and 19%, up from its previous outlook of 14% to 17% growth. 

So what

The U.S. launch of the company's Omnipod 5 insulin pump is going very well. Insulet CEO Jim Hollingshead said that the adoption of the device "is exceeding our expectations and proving to be the game-changer we knew it would be." 

Investors shouldn't get too excited about one positive quarter. After all, a company's quarterly results represent only a snapshot of its performance. On the other hand, enthusiasm is warranted when strong results in a quarter are indicative of a broader trend. That appears to be the case with Insulet.

Now what

With Insulet recently winning CE mark approval for Omnipad 5 in Europe, look for international sales growth to accelerate. The stock should be in a good position to continue its momentum next year.