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On March 5, 2009,
(PODD - Get Report)
, a medical device maker, reported that its Q4 FY08 net loss widened, hurt by a restructuring charge and higher expenses. Net loss stood at $28.28 million, or $1.02 per share, compared to a loss of $15.67 million, or $0.59 per share, in Q4 FY07. Net loss was negatively impacted by a restructuring charge of $8.20 million related to the transition of the company's manufacturing activities to China. The most recent consensus estimate was for a loss of $0.64 per share.
Insulet's revenue surged 172.0% to $11.86 million from $4.36 million in the prior year's quarter. The company improved to a gross profit of 10.10% from a gross loss of 53.15% in the prior year's quarter, as revenue outpaced the cost of revenue, which increased 59.6% to $10.66 million from $6.68 million.
During the quarter under review, research and development expenses spiked 11.5% to $3.54 million from $3.17 million. General and administrative costs increased 34.9% to $6.85 million from $5.08 million. Sales and marketing costs surged 82.2% to $10.00 million from $5.49 million in the year-ago quarter. Operating expenses swelled 107.9% to $28.55 million from $13.74 million, due to the expansion of the company's sales organization and infrastructure and a restructuring charge.
PODD recently announced the appointment of Brian Roberts as chief financial officer.
For FY08, net loss widened to $92.79 million, or $3.36 per share, from a loss of $53.54 million, or $3.21 per share, in FY07. Annual revenue soared 169.7% to $36.06 million from $13.37 million a year ago.
Looking forward to 2009, Insulet estimates revenue to be in the range of $55.00 to $65.00 million. The company also expects its operating loss to be in the range of $50.00 to $60.00 million.