Insulet records first profitable year with 22% revenue growth
Photo | Courtesy
Insulet's Acton headquarters
Courtesy | Insulet
Former Insulet CEO Patrick Sullivan (left) and current CEO Shacey Petrovic.
Acton insulin pump manufacturer Insulet has reached profitability for the first year in the company’s history, reporting $3.3 million in net income as revenues increased 22 percent in 2018.
The company grew revenues 22 percent to $563.8 million from $463.8 million in 2017. The mark even exceeded expectations of up to $563 million.
The company still has work to do to sustain profitability, as Insulet has ran a deficit for years and accumulated losses of more than $683 million since its inception in 2000.
However, the company is now looking at lofty goals, including $1 billion in revenue by 2021. The company is already expecting another year of double-digit growth, as the top range of its expectations of $687 million in revenue would represent 22 percent growth.
2018 marks the company’s third straight year of over 20-percent revenue growth.
“We have ambitious plans for Insulet, and we are confident we will continue our strong growth trajectory and create value for shareholders,” CEO Shacey Petrovic said in a statement.
The company’s strong year was on the back of its wearable Omnipod devices, which delivers insulin into a consumer's body. Revenues from those sales increased 19 percent in the U.S. and 43 percent internationally, the company said.
The company in December moved its headquarters from Billerica to a $100-million facility in Acton. That work is substantially completed.
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