Insulet Corp. (NSDQ:PODD) is hoping to win 510(k) clearance for a new Omnipod officials said will help the company reduce its production costs by more than a third.
The latest version of the Omnipod insulin management system is one-third smaller, 25 percent lighter and “expected to reduce our cost of production by about a third, driving significant gross margin improvement,” CEO Duane DeSisto said in a prepared release. “We are confident that the easy-to-use design of our tubeless insulin pump will raise the bar for the industry again and improve our competitive position in the marketplace.”
The Bedford, Mass.-based insulin management company did plenty to cut costs in the first three months of 2011, trimming net losses by 32 percent, to $9.8 million, on $28.2 million in sales for three months ended March 31. That compares with a $14.5 million net loss on $20.8 million in sales during the same period last year.
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MassDevice Staff Website The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
The company credited strong international sales with helping to boost revenues by 36 percent.
Insulet reiterated its full-year 2011 sales guidance for $123 million to $133 million and operating losses of $20 million to $28 million. For the second quarter of 2011, the company forecast revenues of $28 million to $32 million.
The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
