"We continued to make solid progress in strengthening Insulet's commercial and manufacturing operations in the third quarter. By successfully transitioning the majority of OmniPod manufacturing to China, we have been able to both increase production volumes and decrease per unit costs," said Duane DeSisto, Insulet's president and chief executive officer. "We broke through to positive gross profits in September and expect to further drive down production costs in the fourth quarter. Our operational infrastructure is positioned to deliver cost-effective growth of the innovative and easy-to- use OmniPod Insulin Management System."
For the nine months ended September 30, 2008, revenue increased 169% to $24.2 million from $9.0 million for the same period of 2007. Net loss for the first nine months of 2008 was $64.5 million, or $2.34 per share, compared to a net loss of $37.9 million, or $2.85 per share, for the same period in 2007. Operating expenses for first nine months of 2008 increased to $56.2 million from $27.7 million for the same period in 2007, primarily driven by increased sales and marketing expenses.
Revenue for the first nine months of 2008 was favorably impacted by $1.2 million due to a change in the Company's estimate of deferred revenue.
As of September 30, 2008, the Company's cash and cash equivalents totaled $74.1 million, compared to $94.6 million as of December 31, 2007.
-- Insulet achieved positive gross profit in the month of September, through significant growth in sales and improvement of manufacturing efficiencies.
-- The Company continued to execute on its strategy to transition the
majority of OmniPod manufacturing to Flextronics in China, while
successfully maintaining high-
|SOURCE Insulet Corporation|
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