The Medical Device Business Journal — Medical Device News & Articles | MassDevice
Wall Street analysts believe there’s some room to grow in shares of Insulet Corp. (NSDQ:PODD), as two agencies put somewhat bullish recommendations on the maker of the Omnipod insulin pump.
Insulet, which reported a 40 percent increase in sales during the three month period ended June 30, 2011, received an upgraded outlook from Rodman & Renshaw to “market perform” in a note to investors on the Bedford, Mass.-based company.
Insulet Corp. (NSDQ:PODD) has two offerings coming down the pike.
On the heels of its $63 million acquisition of Neighborhood Diabetes Inc., Insulet announced plans to offer $110 million principal amount of convertible senior notes due 2016, pursuant to SEC approval.
The Bedford, Mass.-based company will offer its underwriters an option to purchase up to another $16.5 million principal in notes to cover over-allotments.
Interest rates on the notes have not yet been defined.
Insulet Corp. (NSDQ:PODD) announced today that it acquired Neighborhood Diabetes Inc. for $63 million in cash and stock, a move that more than triples Insulet’s customer base.
With the acquisition of its fellow Bay State firm, Bedford, Mass.-based Insulet offers its customers a suite of diabetes management products including glucose testing supplies, continuous glucose monitoring sensors and insulin to go with its flagship Omnipod insulin management system.
