Insulet Corp. (PODD) CEO and Chairman Patrick Sullivan (Insider Trades) acquired 40,000 shares of the company on Dec. 2. The price was $33.89 per share for a total transaction of $1,355,600.
Insulet is a medical device company focused on diabetes management. The company seeks to help patients with insulin-dependent diabetes with its Omnipod Insulin Management System. Insulet has a market cap of $2.02 billion.
The volume of insider buys increased while the number of insider sells decreased each year since 2013. There were 20 insider sells totaling 508,766 shares in 2013, and seven insider sells totaling 39,997 shares in 2015. In comparison, there were no insider buys of Insulet during 2013 while insiders purchased 49,014 shares of the company in seven transactions in 2015.
To date since 2015, Sullivan has purchased 115,000 shares of the company. Sullivan’s earliest transaction with Insulet of 10,000 shares at an average per share price of $31.93, increased in price by about 3% since the purchase in March 2015. Another Insulet insider, Executive Vice President Bradley Thomas (Insider Trades), purchased 3,100 shares of the company for $32.45 per share on Dec. 1. For more information about insider trades with Insulet, click here.
The company reported revenue of $94.871 million for the third quarter ended on Sept. 30. Revenue increased from the previous year’s third quarter revenue of $71.393 million. Net loss also decreased from $18.927 million, or 32 cents per share, to $3.081 million, or 5 cents per share in the third quarter of 2015 and 2016. Sullivan commented that the company “continued to achieve growth across all business lines.” International revenue from Omnipod increased 41% in the third quarter to $16.1 million, and U.S. Omnipod revenue increased 18% in the third quarter to $59.6 million.
On Feb. 12, Insulet sold Neighborhood Diabetes, its wholly owned supplies business, to Liberty Medical LLC for $6.2 million in cash and $1.2 million of closing adjustments paid for by Liberty Medical. The sale was finalized in June.
On Nov. 16, the company celebrated 100,000 customers actively using the Omnipod Insulin Management System worldwide. The system was approved by the U.S. Food and Drug Administration in 2005 as the first tubeless insulin delivery system. The Omnipod System provides 72 hours of insulin delivery through patch-pump technology.
According to GuruFocus.com information, Insulet has a business predictability rank of 1 out of 5 stars. For more information about business predictability rank, click here.
During the third quarter, Jim Simons (Trades, Portfolio) reduced his position in Insulet while Ron Baron (Trades, Portfolio) invested in it. Simons sold 150,492 shares at an average per share price of $39.54, reducing the holding by 24.24%. Simons increased his stake in the company in the first and second quarters. The total estimated gain of the holding since the fourth quarter of 2015 is 15%.
Baron acquired 5,032 shares of Insulet at an average per share price of $39.54 during the third quarter. Baron sold 650,000 shares of the company for an average per share price of $44.24 in his previous transaction with the company in the first quarter of 2014. For more information about guru transactions with Insulet, click here.
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