Insulet gains after hours on Q3 results

November 8, 2012 by MassDevice staff

Investors push Insulet shares up in after-hours trading on news of a nearly 23% sales increase and lower losses.

Insulet

Insulet (NSDQ:PODD) shares gained after the market's close today after the medical device company reported strong sales growth and lower losses for the 3rd quarter.

Bedford, Mass.-based Insulet reported losses of $12.4 million, or 26¢ per share, on sales of $54.8 million during the 3 months ended Sept. 30, reducing losses by some 8.4%.

PODD shares were up 1.9% to $19.49 in after-hours trading as of about 4:15 p.m.

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"Insulet delivered strong results once again in the third quarter, with sustained revenue growth, expanding gross margins and our 1st month of operating cash profitability," president & CEO Duane DeSisto said in prepared remarks. "We achieved record levels of OmniPod referrals and initial shipments this quarter. Our partner, Ypsomed, launched the next generation OmniPod in Europe and customers have been reporting that they love its smaller size and lighter feel. We are eagerly awaiting feedback from the U.S. Food and Drug Administration on the additional data we submitted in late September and are hopeful that we will soon receive 510(k) clearance of the next generation OmniPod."

Insulet said it "refined" its 2012 sales outlook, lowering the top end from $210 million-$220 million to $210 million-$215 million and raising the bottom end of its operating loss projection from $32 million-$38 million to $35 million-$38 million.

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