and read the part about newer product, higher margins, higher profits!!!!!
BEDFORD, MA--(Marketwire - 05/09/11) - Insulet Corporation (NASDAQ:PODD - News), the leader in tubeless insulin pump technology with its OmniPod® Insulin Management System, today announced financial results for the first quarter ended March 31, 2011.
First Quarter Results
First quarter 2011 revenue increased 36% to $28.3 million, compared to $20.8 million in the first quarter of 2010. Gross profit for the first quarter of 2011 was $13.5 million, representing a 48% gross margin, compared to a gross profit of $8.4 million, or a 40% gross margin, for the first quarter of 2010. Gross profit decreased 2% from $13.8 million in the fourth quarter of 2010 due to an increased mix of international sales.
Operating loss for the first quarter of 2011 was $7.3 million, a 32% improvement compared to operating loss of $10.7 million in the first quarter of 2010. Total operating expenses were $20.8 million in the first quarter of 2011, compared to $19.1 million in the first quarter of 2010. Sequentially, operating expenses decreased from $23.6 million in the fourth quarter of 2010, which included a non-recurring impairment charge of $3.4 million related to certain manufacturing equipment no longer in use. Net interest expense decreased to $2.6 million in the first quarter of 2011, compared to $3.8 million in the first quarter of 2010, as a result of the termination of the facility agreement in the fourth quarter of 2010. Net loss for the first quarter of 2011 was $9.8 million, or $0.22 per share, compared to a net loss of $14.5 million, or $0.38 per share, for the first quarter of 2010.
The Company also announced that it has filed a 510(k) application with the U.S. Food and Drug Administration (FDA) for market clearance of its next generation OmniPod insulin pump.
"With US and European regulatory submissions filed for the next generation OmniPod, 2011 is already proving to be another year of strong operational execution for Insulet," said Duane DeSisto, President and Chief Executive Officer of Insulet. "The next generation OmniPod is a third smaller, 25% lighter and is expected to reduce our cost of production by about a third, driving significant gross margin improvement. 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."