Billerica, Mass.-based Insulet said a delay in shipments of its non-insulin drug delivery products means it now expects to report revenues of $71 million to $73 million, down from prior guidance of $76 million to $81 million. Full-year sales are pegged at $287 to $289 million, down from $292 to $297 million, according to a press release.
Insulet also said it made a slate of new hires with connections to fellow Bay Stater Hologic and showed 1 executive the door:
- Philip Hildale as vice president of sales: The former Liposcience sales vice president has held sales and sales leadership roles at Hologic, its Cytyc acquisition and Ortho-McNeil Pharmaceutical;
- Christopher Gilbert as vice president of marketing: Gilbert has held "numerous" marketing roles at Hologic, including its gynecological surgical division;
- Daniel Trodden as vice president of managed care: The one-time Genomic Health executive also worked at Cytyc, Tap Pharmaceuticals and U.S. Healthcare;
- Annette Brewster as vice president of customer care: A former director of enterprise account management at Athenahealth who also held "numerous" sales, marketing & services positions at Hologic and Cytyc;
- Glenn Weatherley as international vice president: Most recently serving as Hologic’s European sales vice president, Weatherley has held various sales and management roles at Hologic and Cytyc;
- Deborah Gordon as investor relations & corporate communications vice president: Gordon held the same role at Hologic and also worked at Cytyc and Deloitee & Touche.
The changes also mean the departure of chief commercial officer Peter Devlin, according to a separate release. Devlin, who’s worked that job at Insulet since August 2009, is due to stay on until April 15 to assist with the transition; Insulet said a search for his replacement is under way.
"Peter has been an important leader during a time in which the Company grew revenue more than 300% from approximately $65 million in 2009," president & CEO Patrick Sullivan, the former Cytyc chairman who replaced Duane DeSisto last September, said in prepared remarks. "We thank him for his tremendous contributions to our organization and wish him the best in his future endeavors."
"I am very pleased to have the opportunity to add these accomplished individuals to our senior management team," Sullivan added. "They each bring a level of experience and talent that collectively will help galvanize the growth of our U.S. and International diabetes business and capitalize on our exciting opportunities to leverage Insulet’s drug delivery technology."
PODD shares were down 7.9% to $41.00 apiece in after market trading. The stock close up 2.4$ at $44.53 per share today.