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Insulet Q2 Revenues Up 57%

Insulet, a provider of tubing-free insulin pump technology with its OmniPod Insulin Management System, has posted revenues of $22.9m, for the second quarter ended June 30, 2010, an increase of 57% compared to $14.6m in the second quarter of 2009.

Insulet has reported that on a sequential basis, revenue has increased 10% from $20.8m in the first quarter of 2010. Gross profit has improved by 212% to $9.9m, or a 43% gross margin, for the second quarter of 2010, as compared to a gross profit of $3.2m, or a 22% gross margin, for the second quarter of 2009.

The company has posted operating loss of $9.9m, for the second quarter of 2010, a 40% improvement compared to an operating loss of $16.4m in the second quarter of 2009.

The company has posted net loss of $13.7m, or $0.36 per share, for the second quarter of 2010, when compared to a net loss of $20.2m, or $0.73 per share, for the second quarter of 2009.

For the six months ended June 30, 2010, Insulet has posted revenues of $43.7m an increase of 62% from $27.1m for the first six months of 2009.

The company has posted gross profit of $18.3m, or a 42% gross margin, for the first six months of 2010 as compared to a gross profit of $5.2m, or a 19% gross margin, in the first six months of 2009.

Insulet has also posted operating loss of $20.6m, for the first six months ended June 30, 2010, as compared to an operating loss of $33.9m in the first six months ended June 30, 2009.

The company has posted net loss of $28.2m, or $0.74 per share, for the first six months of 2010, compared to $39.9m, or $1.43 per share, for the first six months of 2009.

Duane DeSisto, president and chief executive officer of Insulet, said: “Insulet is celebrating its 10 year anniversary this month and we are extremely proud of our achievements over the last decade.

“The OmniPod System is being used by more than 20,000 people in the US and is launching around the rest of the world. More and more people are drawn to the OmniPod’s features no tubing, automatic insertion, and its watertight design in order to reduce their glycemic variability and better control their diabetes.”

Insulet anticipates revenues to be in the range of $90 to $100m and its estimate of operating loss to be in the range of $30 to $40m for full year 2010. For the third quarter of 2010, the company is estimating revenue of $25 to $26m.