Billerica, Mass.-based Insulet narrowed its losses by 49.1% during the 3 months ended Sept. 30, to -$10.8 million, or -19¢ per share, on sales of $75.0 million (for top-line growth of 22.7%).
Adjusted to exclude 1-time items, earnings per share were break even, outgoing CFO Brian Roberts said during a conference call yesterday, good enough to exceed The Street’s expectations by a penny. Roberts, who is stepping down after 6 years at Insulet effective immediately, was replaced by controller Allison Dorval, who’s been at the company since 2008, according to a press release.
"The revenue and gross profit levels we achieved in the 3rd quarter demonstrate our continued focus on driving demand for the OmniPod with people living with Type I diabetes,"new president & CEO Patrick Sullivan said in prepared remarks. "In my first 50 days at Insulet, I’ve had the opportunity to gain a much deeper understanding of our company, and my enthusiasm for this business and its future has grown significantly. We are well poised for continued growth with the easiest-to-use, most innovative product in the insulin delivery market with a pipeline of initiatives that will continually raise the bar for years to come."
Insulet said it now expects to post full-year sales of $292 to $297 million, tightened from prior guidance of $290 to $300 million.
The company said it also named Brad Thomas, like Sullivan a veteran of Cytyc, as executive vice president of human resources & organizational development.
PODD shares were trading at $42.35 apiece as of about 3 p.m. Eastern today, up 5.2%.