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Insulet Reports Third Quarter 2008 Results
Date:11/6/2008

Quarterly Revenue Exceeds $10 Million

Company Delivers First Month of Positive Gross Profits in September

BEDFORD, Mass., Nov. 6 /PRNewswire-FirstCall/ -- Insulet Corporation (Nasdaq: PODD), the leader in patch pump technology with its OmniPod(R) Insulin Management System, today announced financial results for the three and nine months ended September 30, 2008.

Third quarter 2008 revenue increased 167% to $10.1 million compared to $3.8 million in the third quarter of 2007. On a sequential basis, revenue increased 36% from $7.4 million in the second quarter of 2008. Approximately 1,975 new patients began using the OmniPod System during the third quarter of 2008, an increase of approximately 20% compared to the second quarter of 2008.

Beginning in the first quarter of 2008, the Company changed its estimate of deferred revenue resulting in a positive impact in the three and nine months ended September 30, 2008. When adjusted for the change in deferred revenue, the underlying sequential growth in non-GAAP revenue was 32% from the second to the third quarter of 2008. See "Non-GAAP Financial Information" below for a reconciliation of the GAAP financial measure to the non-GAAP financial measure.

Net loss for the third quarter of 2008 was $20.8 million, or $0.75 per share, compared to a net loss of $13.6 million, or $0.52 per share, for the third quarter of 2007. Gross loss improved by $3.7 million in the third quarter of 2008 compared to the third quarter of 2007. Total operating expenses increased to $19.7 million in the third quarter of 2008, compared to $10.8 million in the third quarter of 2007. Most of the increase in operating expenses was related to higher sales and marketing expenses, refl
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SOURCE Insulet Corporation
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