Sales for Insulet (NSDQ:PODD), which makes the OmniPod insulin pump, soared nearly 60% during the second quarter, sending PODD shares up nearly 4% today on Wall Street.
Bedford, Mass.-based Insulet also slashed its losses by 25.5% as it added 536 basis points to its gross profit margin.
“With sales climbing, gross profits increasing and completion of our infrastructure integration with Neighborhood Diabetes, we remain on track to be at or near operating cash flow break even by the end of this year. Further, we continue to make significant progress towards 510(k) clearance of the smaller, lighter next generation OmniPod. Our manufacturing capacity continues to increase and we expect to be poised for launch once clearance is obtained from the US Food and Drug Administration,” president & CEO Duane DeSisto said in prepared remarks.
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Insulet said it expects to log 2012 sales of $210 million-$220 million and $53 million-$57 million for the 3rd quarter. Operating losses are estimated to be in the $32 million-$38 million range.
PODD shares were trading at $19.35 today as of about 12:30 p.m., up 3.4% on the day.
