Insulet Reports 4th Quarter (2007) Results

Click here for the press release.

Highlights include...
+ 4150 OmniPod users and now is selling in 40 states
+ Reported revenue of $4.4M, increased 166% from the same quarter a year ago
+ Operating expenses grew to $10.8M driven by significant increases in G&A and Sales and Marketing
+ Insulet production capacity grew from 45,000 omnipods/month to 75000 OmniPods/month. They state they have been able to accelerate manufacturing capacity so they are planning significant investment in sales and customer support to drive new customers by the end of 2008
+ Insulet amended its agreement with Abbot Diabetes Care to make Abbott's Freestyle glucose meter the exclusive meter for the PDM
+ Full year revenue for 2007 was $13.4M compared to $3.7M in 2006. They forecast that 2008 revenue will be between $40M and $45M.
+ Insulet achieved a net loss of $53M in 2007 compared to a new loss of $36M in 2006. They forecast a net loss of $55M-$60M in 2008 with plans to achieve positive gross margins in the last quarter of 2008.

Tips and Tricks for New Users

Carly at somuchsweeter.blogspot.com started on the OmniPod at the same time I did. I just found her blog and she has some great tips for new users.

+ When filling a new Pod, you do not have to put in a full 200 units. No one mentioned this to me, and I did not stop doing so until I realized I was going through my Humalog bottles like crazy. Just put in what you typically use in 3 days plus about 10 units.
+ After you fill the Pod and it primes itself, I like to use a Q-Tip to gently absorb any insulin that has leaked out into the window area. If you leave the moisture in there, it can make the site swollen and uncomfortable later.
+ There are some back up supplies you should always carry: 2 spare Pods, vial of insulin, backup insulins (I carry one Humalog and one Lantus pen), pen needles or syringes, alcohol or prep wipes, glucose tablets, a spare lancet. Of course you always need your main squeeze (the PDM), finger poker, and test strips. I keep all of this in a clear makeup case that I bought at Target, with my Medical ID card from Omnipod visible.
+ I have found that using alcohol wipes to prep the site preferable to the "IV Prep" wipes recommended by my doctor. The Pod is much stickier with alcohol.
+ I have been successful wearing the Pod on my...abdomen (avoiding the ribs and not within 2 inches of the belly button), upper arms (facing downward on tricep), lower back (can be difficult with jeans).
+ I cannot seem to find a viable site on my thighs. My CDE said to choose a site where you can "pinch an inch" of fat, and it seems to be a useful rule.

Insulet's OmniPod(R) Personal Diabetes Manager to Integrate DexCom Continuous Glucose Monitoring Technology

Insulet and Dexcom just announced a development agreement to integrate Dexcom's continuous glucose meter into the OmniPod. As described in their press release...

" ...today they have signed a development agreement to integrate DexCom's continuous glucose monitoring technology into the wireless, handheld OmniPod System Personal Diabetes Manager (PDM). In addition to programming the patient's insulin delivery, the PDM with integrated DexCom technology will receive and display continuous glucose readings from DexCom's wearable sensor transmitter. Patients using the integrated system will have access to real-time glucose values and trended glucose information, as well as alarms to warn patients if glucose levels are rising or falling...

...Development, clinical and regulatory efforts are expected to continue throughout 2008, with an anticipated product launch in mid-2009.

The PDM with integrated DexCom technology will broaden Insulet Corporation's portfolio of diabetes management products. The development agreement between Insulet and DexCom also contemplates further work by Insulet and DexCom towards development of a closed-loop system.

The agreement is non-exclusive and does not impact any of Insulet's existing third party development agreements."

Looking for Volunteers in a Market Research Study

UPDATE: The marketing research company has completed their research and they do not need any more volunteers. Thanks to all those who volunteered.

I was just contacted by a pharmaceutical marketing research company that is looking for 3 or 4 patients that have been recently diagnosed (within the past year) with diabetes and have started on the OmniPod Insulin Management System. Interviews last about 30 minutes and each patient will receive a $125 check for their time. If you qualify and are interested, send me an email (ouromnipod@gmail.com) with your contact information and I will forward it on to the research company.