Insulet Corp. inched closer to realizing CFO Brian Roberts’ prediction that the OmniPod maker will be profitable by the end of next year, doubling its second-quarter sales and paring its net loss.
The Bedford, Mass.-based company, which makes an insulin management system, posted sales of $14.6 million during the three months ended June 30, a 97 percent increase over the $7.4 million reported for the same period last year.
Net losses for the quarter were reduced to $20.2 million, down 15.8 percent from a net loss of $24 million during the second quarter of 2008.
That’s largely due to a shift from a gross loss of $2.4 million during the year-ago quarter to a gross profit of $3.2 million during Q2 2009.
President and CEO Duane DeSisto said the improvements reflect a focus on innovation (Insulet released the second generation Personal Diabetes Manager during the quarter), expansion (the company won CE Mark approval in the European Union in late April) and the boost in gross margins.
Insulet said it expects sales of between $16.5 million and $17.5 million during the third quarter and upped its full-year revenue forecast to $58 million to $65 million; an earlier estimate predicted sales of $55 million to $65 million.
