The San Diego-based medical device maker reported a net profit of $267.3 million, or 68 cents per share, a significant jump from the $151.7 million recorded during the same period last year. After adjusting for one-time items, earnings also landed at 68 cents per share, beating the 65 cents projected by analysts surveyed by FactSet.

Revenue for the quarter rose 13% to $1.26 billion, up from $1.11 billion a year earlier and slightly ahead of the $1.25 billion consensus. The growth reflects the steady adoption of the company's continuous glucose monitoring systems despite a shifting landscape in the diabetes care market.

Market Reaction and Recovery

Investors pushed the stock up 9% to $70.96 during Friday afternoon trading following the announcement. While the quarterly results provided a much-needed catalyst, the company’s shares have declined 16% over the past 12 months, as the sector grapples with evolving treatment trends and macroeconomic pressures.