Insulet reduces net loss

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Friday, August 3, 2018

BILLERICA, Mass. – Insulet Corp., maker of the Omnipod Insulin Management System, reported revenues of $124.3 million for the second quarter, a 13% increase compared to the same period last year. It reported revenues of $78.1 million for the Omnipod in the U.S., a 19% increase. Insulet reported a net loss of $1.7 million for the second quarter compared to a net loss of $7.8 million for the same period last year. Among the company’s highlights in the second quarter: It assumed direct European operations for the Omnipod on July 1; it commenced a limited market release in the U.S. for the Omnipod DASH, its next generation platform; and it secured in-network coverage for Omnipod with UnitedHealthcare. “Our commitment to operational excellence is driving our strong revenue growth and continuing gross margin expansion,” said Patrick Sullivan, chairman and CEO. “We are on track to achieve positive operating income in 2018 and our 2021 revenue and gross margin targets.”