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Second quarter 2007 revenue increased 265% to $3.2 million from $0.9million in the second quarter of 2006. On a sequential basis, revenue rose60% from $2.0 million in the first quarter of 2007. At the end of the secondquarter of 2007, approximately 2,450 customers were using the OmniPod System,up 40% from approximately 1,750 customers at the end of the first quarter of2007. In the first half of 2007, the number of customers using the OmniPodSystem nearly doubled from 1,252 users at the end of 2006.
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Net loss for the second quarter of 2007 was $12.7 million, or a net lossof $0.99 per share, compared to a net loss of $8.7 million or a net loss of$24.77 per share for the second quarter of 2006. Total operating expensesrose to $8.7 million in the second quarter of 2007 from $5.3 million in sameperiod in 2006. The majority of this increase was related to increased salesand marketing expenses.
"Our strong top line growth this quarter puts us on track to achieve ourgoals for 2007. We've almost doubled the number of customers using theOmniPod System since the beginning of this year, demonstrating a clear marketneed for this innovative product," said Duane DeSisto, Insulet's president andchief executive officer. "We continued to make progress in increasing ourmanufacturing capacity which enabled us to expand availability into newterritories at the end of the quarter."
For the six months ending June 30, 2007, revenue increased to $5.2 millionfrom $1.1 million in the same period of 2006. Net loss for the first sixmonths of 2007 was $24.2 million, or a net loss of $3.63 per share, comparedto a net loss of $15.7 million, or a net loss of $45.89 per share, for thesame period in 2006. Operating expenses for first six months of 2007increased to $17.0 million from $9.7 million for the same period in 2006,primarily driven by increased sales and marketing expenses.
As of June 30, 2007, Insulet's cash and cash equivalents totaled $119.8million, including net proceeds of $113.4 million from the Company's initialpublic offering, compared to $33.2 million at December 31, 2006.
Financial Outlook for 2007
For the full year 2007, Insulet maintains its previously communicatedguidance for 2007 revenue to be in the range of $10 - 12 million. The Companyanticipates that its quarterly net losses into 2008 will be at approximatelythe same level or higher compared to the net loss in the second quarter of2007 as the Company continues to invest in expanding its manufacturingcapacity and the sales and marketing capabilities.
Conference Call
Insulet will host a conference call on Wednesday, August 15, 2007 at 8AMEastern time to discuss the Company's second quarter 2007 results and presentinformation concerning its business, strategies and outlook. To listen to theconference call, please dial 866-761-0749 for domestic callers and 617-614-2707 for international callers. The passcode is 60482015. A replay of theconference call will be available two hours after the start of the callthrough September 14, 2007 by dialing 888-286-8010 (domestic) and 617-801-6888(international), passcode 89202010. An online archive of the conference callwill also be available by accessing the Investor Information section of thecompany's website at http://investors.insulet.com.
Forward-Looking Statement
This press release contains forward-looking statements concerningInsulet's expectations, anticipations, intentions, beliefs or strategiesregarding the future, including those related to its revenues, patient base,manufacturing capacity, expenses, product costs, sales and marketing effortsand financial performance. These f
