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Insulet Reports Fourth Quarter and Year End 2008 Results
Date:3/5/2009

Company Records 172% Year over Year Revenue Growth and First Full Quarter of Gross Profit

Carsten Boess to Lead Insulet's International Expansion

Brian Roberts Appointed CFO

BEDFORD, Mass., March 5 /PRNewswire-FirstCall/ -- 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 fourth quarter and full year ended December 31, 2008.

Fourth Quarter 2008 Results

Fourth quarter 2008 revenue increased 172% to $11.9 million compared to $4.4 million in the fourth quarter of 2007. On a sequential basis, revenue increased 17% from $10.1 million in the third quarter of 2008. The Company added in excess of 2,200 new customers in the fourth quarter of 2008. The Company reported gross profit of $1.2 million or 10% in the fourth quarter of 2008 as compared to a gross loss of $2.3 million or (53%) in the fourth quarter of 2007 and a gross loss of $0.1 million or (1%) in the third quarter of 2008.

Net loss for the fourth quarter of 2008 was $28.3 million, or $1.02 per share, compared to a net loss of $15.7 million, or $0.59 per share, for the fourth quarter of 2007 and a net loss of $20.8 million, or $0.75 per share, in the third quarter of 2008. Net loss for the fourth quarter was negatively impacted by the recording of a restructuring charge of $8.2 million related to the Company's transition of its manufacturing activities to China. The restructuring charge is comprised of a $7.4 million non-cash write-down of manufacturing equipment at its Bedford headquarters and $0.8 million in severance related expenses.

Total operating expenses increased to $28.6 million in the fourth quarter of 2008, compared to $13.7 million in the fourth
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SOURCE Insulet Corporation
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1. Insulet Corporation to Report Fourth Quarter and Full Year 2008 Financial Results on Thursday, March 5, 2009
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