SAN DIEGO – Modular Medical, Inc. (NASDAQ:MODD) announced today the appointment of Steve Gemmell as Vice President of Engineering, bolstering the company's leadership team as it advances the development of its insulin delivery technologies. Gemmell, bringing over two decades of experience in medical device product development, has held key roles at Cytrellis Biosystems, Onduo, and Insulet (NASDAQ:PODD) Corporation, among others.
His expertise extends to automated insulin delivery systems, where he has previously spearheaded collaborative projects with notable companies in the diabetes sector, including Dexcom (NASDAQ:DXCM) and Eli Lilly (NYSE:LLY). At Modular Medical, Gemmell will focus on refining the MODD1 system, aiming to make it more user-friendly, cost-effective, and accessible.
Additionally, he will lead the development of the subsequent product, MODD1+, which seeks to provide an upgrade path for users by integrating with other diabetes management tools.
Paul DiPerna, Chairman and President of Modular Medical, expressed confidence in Gemmell's ability to contribute to the company's mission of simplifying and reducing the cost of insulin pump technology.
This development comes as part of Modular Medical's broader strategy to provide diabetes care solutions that are both high-quality and straightforward to use. The company's approach aims to expand the availability of advanced glycemic control beyond the current "superusers" to a wider audience of individuals managing diabetes.
The information in this article is based on a press release statement from Modular Medical, Inc.
InvestingPro Insights
As Modular Medical, Inc. (NASDAQ:MODD) welcomes Steve Gemmell to their leadership team, potential investors and industry observers are closely watching the company's financial health and market performance. With a vision to revolutionize insulin delivery technologies, the company's strategic moves are reflected in its market dynamics.
InvestingPro data highlights a market capitalization of $61.36 million, indicating the company's size and investor valuation in the market. Despite a challenging financial landscape characterized by a negative Price/Earnings (P/E) ratio of -2.02 and a Price/Book ratio of 15.96, which suggests the stock might be trading at a premium relative to its book value, Modular Medical has experienced a significant 76.79% price return over the last six months. This uptick indicates a growing investor confidence in the company's future prospects.
Among the InvestingPro Tips, two particularly stand out for Modular Medical. Firstly, the company is quickly burning through cash, which is a critical consideration for investors looking at the company's ability to sustain its operations and fund its growth initiatives. Secondly, the company does not pay a dividend to shareholders, which may influence the investment decisions of those seeking regular income streams.
For readers seeking a deeper dive into Modular Medical's financials and market performance, InvestingPro offers additional insights and tips. Currently, there are 10 more InvestingPro Tips available for MODD, which can provide a more comprehensive understanding of the company's position and potential investment risks or opportunities. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable insights.
With the next earnings date set for May 29, 2024, investors and analysts alike will be keen to see how the company's strategic initiatives, including the enhancement of the MODD1 system and the development of MODD1+, will impact its financial performance and market standing.
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