Riding a 67 percent jump in first quarter revenues, insulin pump-maker Insulet Corp. (NSDQ:PODD) significantly narrowed its net loss compared to year-ago levels and beat Wall Street estimates by 1 cent per share during the three months ended March 31.
The Bedford, Mass.-based company also stood firm with its previous guidance for the current fiscal period and 2010 in full. Company officials again forecast sales of between $22 million and $23 million for its OmniPod insulin management system during the quarter ending June 30, or as much as $8.4 million higher than the same period last year. Full-year revenues should be in a range between $90 million to $100 million, they said.
Insulet reported a $13.9 million net loss, or 37 cents per share, on $20.8 million in revenues during the now-concluded first quarter. That compared with a $19.6 million net loss, or 71 cents per share, and $12.5 million in sales during the first quarter of 2009.
The company finished the quarter with about $118.3 million in cash on hand, down almost $10 million from Dec. 31, 2009.
In prepared remarks, Insulet CEO Duane DeSisto said demand for the OmniPod is rising and working to boost the overall market for insulin pumps. The company is close to wrapping up development of its next-generation device and expects to submit pre-market approval applications to the Food & Drug Administration during the third quarter, he added.