Insulet reports 24% revenue growth, as it narrows losses to $2.1M
Photo | Courtesy
Insulet's Acton headquarters
The first quarter started to show the economic strains of the coronavirus pandemic — but not for Acton's Insulet.
The company, a maker of wearable insulin devices, said its revenue rose $38 million, or 24%, in the three months ending March 31, despite the pandemic hurting even other medical device firms. Operating income rose 3% to $7.5 million.
Despite the revenue increase, the company still reported a loss for the quarter of $2.1 million, although that's an improvement over the $4.4 million it lost in the first quarter 2019.
Insulet said it expects to see a deeper impact from the outbreak in the second quarter and throughout 2020, but despite the relatively strong first quarter, the company did see some financial effects in the first quarter.
Gross margin of 64% was down 280 basis points, more than of which was attributable to coronavirus-related safety and mitigation costs, Insulet said. The company had a net loss of $2.1 million, or $0.03 per diluted share, compared to a net income a year prior of $4.4 million, or $0.07 per diluted share.
Insulet, which reported earnings May 7, was able to continue supply-chain and manufacturing operations during the early stages of the pandemic thanks to efficiency and redundancy built into the process, President and CEO Shacey Petrovic said in a statement.
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