ACTON, Mass. - Insulet (NASDAQ:PODD) Corporation (NASDAQ: PODD), known for its Omnipod brand of products, has announced the availability of its Omnipod 5 Automated Insulin Delivery System in France and the commencement of its full commercial launch in the U.S. with Dexcom (NASDAQ:DXCM) G7 integration. Additionally, a limited market release of the Omnipod 5 App for iPhone has begun in the U.S.
In France, Omnipod 5 is now accessible to individuals with type 1 diabetes over the age of two, in conjunction with the Dexcom G6 Continuous Glucose Monitor (CGM). The French National Authority for Health (HAS) has granted reimbursement status to the system, expanding its reach to eligible patients.
The Omnipod 5, described as the top prescribed and favorite pump in the U.S., is the first tubeless Automated Insulin Delivery (AID) system that communicates with a CGM, aiming to proactively manage glucose levels. The product is designed to be waterproof and user-friendly, with clinical studies indicating improvements in A1c levels and time in range for users, while maintaining low hypoglycemia rates.
For the U.S. market, Insulet has started the full commercial launch of Omnipod 5 integrated with the Dexcom G7 sensor, offering a tubeless AID system that also supports Dexcom G6 sensors. New customers will receive a starter kit compatible with both Dexcom G6 and G7, and a controller with user-selectable CGM options. Current Omnipod 5 users in the U.S. can expect a free remote software update in the week of July 29.
Moreover, the Omnipod 5 App for iPhone, which will initially support Dexcom G6 integration, has entered a limited market release phase in the U.S.
This information is based on a press release statement from Insulet Corporation.
In other recent news, Insulet Corporation has been making waves with significant developments. Notably, the company reported a robust first quarter in 2024, boasting a 21% increase in total Omnipod revenue. This growth was largely driven by the Omnipod 5 automated insulin delivery system, particularly within the U.S. market, which saw a 23% increase. Internationally, the company also experienced solid growth with a 15% rise.
Insulet is also preparing for further expansion, with plans to integrate Omnipod 5 with Dexcom's G7 sensor, enter new markets, and target the type 2 diabetes segment. A new manufacturing facility in Malaysia is set to enhance production capacity and improve margins starting in Q3 2024.
In addition to these developments, Redburn-Atlantic recently initiated a Buy rating on Insulet stock. The firm set a price target of $235.00 for the company's shares, citing Insulet's disruptive presence in the insulin delivery market and its strong growth prospects. Redburn-Atlantic's coverage launch underscores Insulet's success in converting users to its patch pump therapy, contributing to a robust growth trajectory that is anticipated to continue.
InvestingPro Insights
As Insulet Corporation (NASDAQ: PODD) expands its Omnipod 5 Automated Insulin Delivery System internationally and strengthens its U.S. market presence, investors are closely watching the company's financial metrics and market performance. According to InvestingPro data, Insulet boasts a market capitalization of $13.76 billion, a testament to its significant position in the medical devices sector.
The company's growth trajectory is reflected in its impressive revenue growth of 30.17% over the last twelve months as of Q1 2023. This is further highlighted by a quarterly revenue growth of 23.35% in Q1 2023, indicating a robust upward trend. Moreover, Insulet's gross profit margin stands at a healthy 68.21%, illustrating its ability to maintain profitability despite the costs associated with innovation and market expansion.
Two key InvestingPro Tips that investors may find valuable are the company's strong return over the last three months, with a 17.46% price total return, and the fact that analysts predict the company will be profitable this year. These insights suggest that Insulet's strategic moves in product development and market penetration are resonating positively with the market.
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These metrics and tips offer a snapshot of Insulet's financial health and market sentiment, which may be particularly relevant for investors considering the company's recent product launches and market initiatives.
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