Insulet, a provider of tubeless insulin pump technology, has reported a net loss of $12.42m, or $0.26 per share, for the third quarter ended 30 September 2012 compared to a net loss of $13.56m, or $0.29 per diluted share, for the third quarter ended 30 September 2011.
Revenues for third quarter of 2012 were $54.75m compared to $44.59m for the third quarter of 2011.
The company reported a net loss of $41.67m, or $0.87 per share, for the nine months ended 30 September 2012 compared to a net loss of $42.83m, or $0.92 per share, for the nine months ended 30 September 2011.
Revenues of $153.54m were reported for the first nine months of 2012 compared to $105.06m for the first nine months of 2011.
The company reported that the increase is due to the incremental costs related to the development and regulatory approval of the new OmniPod insulin pump and expansion of the commercial team throughout the year.
Insulet president and chief executive officer Duane DeSisto said the company achieved record levels of OmniPod referrals and initial shipments in the third quarter.
"Our partner, Ypsomed, launched the next generation OmniPod in Europe and customers have been reporting that they love its smaller size and lighter feel," DeSisto added.
"We are eagerly awaiting feedback from the U.S. Food and Drug Administration on the additional data we submitted in late September and are hopeful that we will soon receive 510(k) clearance of the next generation OmniPod."