Earnings: Insulet in 'full swing' for 2016
BILLERICA, Mass. – Insulet Corp. execs stand poised to take advantage of the “tremendous market opportunity” for their wireless OmniPod system and other initiatives, they said in a recent earnings call.
“We look forward to a very exciting 2016 of key initiatives in full swing and revenue that we expect to grow by approximately 30% compared to 2015,” said Patrick Sullivan, president and CEO. “We are highly focused on maximizing the future potential of our OmniPod technology.”
The company on Feb. 25 reported fourth quarter revenues of $100.1 million, an increase of 38% over the same quarter last year. It reported full-year revenues of $324.2 million, an increase of 12% over the previous year. Net loss for the fourth quarter was $27.3 million, compared to a net loss of $5.4 million for the same period in 2014. Net loss for the year was $73.5 million, compared to a net loss of $51.5 million in 2014.
Revenues from the company’s signature product, the OmniPod Insulin Management System, were up 21% in the fourth quarter and 8% for the year.
The company in 2015 increased the footprint of its sales and market access teams, which through its efforts, saw expanded Medicaid coverage for the OmniPod in New Jersey and Texas, and for managed Medicaid coverage in Florida.
In January, Insulet partnered with Glooko to offer Insulet Provided Glooko, a mobile diabetes management tool.
“Customer demand for Insulet Provided Glooko has exceeded our expectations and this new solution is really opening the door for many accounts that were previously reluctant to offer OmniPod,” said Shacey Petrovic, who has been named president, Insulet Diabetes Products.
Besides Glooko, Insulet is working with Dexcom and other partners to, among other things, prioritize its mobile digital strategy. The company will launch its first patient app in the next six months.
“Customers want fewer devices to carry around,” said Petrovic. “They want more capability on their mobile phone.”