What happened In response to the company's upbeat third-quarter results and raised guidance, shares of Insulet Corporation (NASDAQ: PODD), a medical device maker focused on diabetes and drug delivery, rose 16% as of 11:55 a.m. EDT on Friday. So what Here are the key takeaways from Insulet's third quarter: Revenue grew 28% to $121.8 million. That flew past management's guidance range and easily exceeded the $114.4 million in revenue that Wall Street had predicted. U.S. Omnipod revenue grew 17% to $70.1 million. International Omnipod revenue 70% to $32.5 million Drug delivery revenue grew 19% to $19.2 million thanks to continued growth in sales of Amgen's Neulasta Onpro kit, which is powered by Insulet's technology. Gross margin expanded 180 basis points to 60.5%. Net loss was $2.2 million, or $0.04 per share. That was better than the $3.0 million loss in the year-ago period. It also beat market watchers' estimate of a $0.10-per-share loss. Management expects the good times to continue into the fourth quarter. The company is projecting revenue to land between $123 million and $126 million, which represents 20% at the midpoint. This range compares favorably to Wall Street's estimate of $120.9 million. Image source: Getty Images. Finally, the better-than-expected numbers caused management to raise its revenue guidance for the full year. The company now expects revenue to land between $456 million and $459 million in 2017. That represents 25% growth at the midpoint and is a nice boost from its prior outlook of $440 million to $450 million. Given the expectation-topping results and bullish guidance, it isn't hard to figure out why shares are soaring today. Now what Insulet is on a roll. Including today's move, shares have risen more than 80% since the start of the year. With sales growing by double digits and margins on the rise, Insulet is getting close to finally reaching bottom-line profitability. With CEO Sullivan calling for revenue to exceed $1 billion by 2021, Insulet's shareholders should have plenty of reasons to remain bullish, even at today's lofty prices. 10 stocks we like better than Insulet When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now...and Insulet wasn't one of them! That's right -- they think these 10 stocks are even better buys. Click here to learn about these picks! *Stock Advisor returns as of January 4, 2017.Brian Feroldi has no position in any of the stocks mentioned. The Motley Fool recommends Insulet. The Motley Fool has a disclosure policy.