Image | Courtesy of Insulet
Shacey Petrovic, former president & CEO of Insulet Corp.
November 5, 2020
Insulet reports $10M increase in profits
Photo | Courtesy of Insulet
Insulet's headquarters in Acton
Acton medical device company Insulet has reported a 1,350% increase in profits in its third quarter, compared to the same time period last year, logging $11.6 million in profits compared to $0.8 million during the same time period last year.
At the same time, revenue was up 24.5%, with the company reporting $658.3 million in the third quarter compared to $528.8 million during the same quarter a year prior.
The maker behind the Omnipod Insulin Management System, which a wearable device delivering insulin automatically into diabetic patients, said the positive results exceeded its expectations and were driven by differentiated innovation and strength of its recurring revenue model, said President and CEO Shacey Petrovic.
"We once again raised our full year revenue 2020 outlook and expect to deliver our fifth consecutive year of 20% growth, despite the pandemic,” Petrovic said.
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