BEDFORD, Mass., Aug 04, 2009 /PRNewswire-FirstCall via COMTEX/ -- Insulet Corporation (Nasdaq: PODD), the leader in tubing-free insulin pump technology with its OmniPod(R) Insulin Management System, today announced financial results for the three and six months ended June 30, 2009. Second Quarter 2009 Results
Second quarter 2009 revenue increased 97% to $14.6 million, compared to $7.4 million in the second quarter of 2008. On a sequential basis, revenue increased 17% from $12.5 million in the first quarter of 2009. Gross profit for the second quarter of 2009 was $3.2 million, or 22%, compared to a gross loss of $2.4 million, or 32%, for the second quarter of 2008. Operating loss for the second quarter of 2009 was $16.4 million, a 26% improvement compared to operating loss of $22.1 million in the second quarter of 2008. Total operating expenses were $19.6 million in the second quarter of 2009, compared to $19.8 million in the second quarter of 2008. Net loss for the second quarter of 2009 was $20.2 million, or $0.73 per share, a 16% improvement compared to a net loss of $24.0 million, or $0.87 per share, for the second quarter of 2008.
"Our strong second quarter results reflect Insulet's focus on innovation, expansion and efficiency," said Duane DeSisto, president & chief executive officer of Insulet. "We drove a record level of referrals, improved our gross margins and launched our second generation PDM. The easy-to-use OmniPod System continues to deliver on our promise to make diabetes a smaller part of life."
For the six months ended June 30, 2009, revenue increased 92% to $27.1 million from $14.1 million for the first six months of 2008. Gross profit for the first six months of 2009 was $5.2 million, or 19%, as compared to a gross loss of $5.7 million, or 40%, in the first six months of 2008. Operating loss for the six months ended June 30, 2009 was $33.9 million as compared to an operating loss of $42.2 million in the six months ended June 30, 2008. Net loss for the first six months of 2009 was $39.9 million, or $1.43 per share, compared to $43.9 million, or $1.60 per share, for the first six months of 2008. As of June 30, 2009, the Company had cash and cash equivalents of $52.4 million compared to $56.7 million at December 31, 2008.
showing higher in AH but from what I see they missed the est of -.68 a share so not sure why. Could be the revenue increase that people are looking at. We shall see tomorrow what happens when the market opens. I see it as a miss and would think it would go down but who knows is this market,