Key Developments For Insulet Corporation
Insulet Corporation (PODD.O) (Consolidated Issue listed on NASDAQ Global Market)
Insulet Corporation Announces Pricing of Public Offering
Insulet Corporation announced the pricing of its public offering of 6,000,000 shares of common stock at $10.25 per share. The Company has granted the underwriters an option to purchase up to an additional 900,000 shares of common stock to cover any over-allotments. The Company expects to use the net proceeds of this offering for general corporate purposes, which may include the repayment of certain outstanding debt obligations. J.P. Morgan Securities Inc. is acting as sole book-running manager of the offering and Canaccord Adams Inc. and JMP Securities LLC are acting as co-managers of the offering.
Insulet Corporation Announces Commencement of Public Offering of Shares of Common Stock
Insulet Corporation announced that it will initiate, an underwritten public offering of 5,500,000 shares of common stock under an effective shelf registration statement on file with the Securities and Exchange Commission. It is currently anticipated that the underwriters will be granted an over-allotment option to purchase up to an additional 825,000 shares of common stock. J.P. Morgan Securities Inc. is acting as sole book-running manager of the offering. The Company currently expects to use the net proceeds of this offering for general corporate purposes, which may include the repayment of certain outstanding debt obligations.
Insulet Corporation Raises FY 2009 Revenue Outlook; Updates FY 2009 Earnings Outlook To A Range Above Analysts' Estimates
Insulet Corporation updated its fiscal 2009 outlook and expects revenue to be in the range of $64-$66 million, compared to previous outlook of $58-$65 million, operating loss in the range of $58-$60 million, compared to previous outlook of $55-$60 million. According to Reuters Estimates, analysts were expecting the Company to report revenues of $62 million and operating loss of $63 million for the same period.
Insulet Corporation Amends Deerfield Credit Facility and Issues Stock
Insulet Corporation announced that it has amended its $60 million credit facility with Deerfield Management Company, which was signed in March 2009. Under the terms of the amended agreement, Insulet will repay the $27.5 million of currently outstanding debt by issuing 2,855,659 shares of common stock to Deerfield at a price of $9.63 per share. This represents a 6% discount from Insulet's closing price of $10.28 on September 25, 2009. As part of this amendment, Deerfield has agreed to eliminate all future performance-related milestones associated with the remaining $32.5 million available on the credit facility and reduce the annual interest rate on any borrowed funds to 8.5% from 9.75%. In addition, Deerfield will forego the remaining 1.5 million additional warrants that would have been issued upon future draws. Insulet will immediately draw down the remaining $32.5 million available on the credit facility at closing.
Insulet Corporation Issues Q3 2009 Revenue Guidance Above Analysts' Estimates; Raises Low End Of Prior FY 2009 Revenue Guidance; Lowers High End Of Prior FY 2009 EPS Guidance
Insulet Corporation announced that for third quarter of 2009, it expects revenues to be $16.5-$17.5 million. The Company is updating its estimate for fiscal 2009 revenue to be in the range of $58-$65 million from its earlier estimate of $55-$65 million. The Company is also updating its estimate for full year 2009 operating loss to be in the range of $55-$60 million from its earlier estimates of $50-$60 million. According to Reuters Estimates, analysts were expecting the Company to report revenues of $15.4 million for third quarter of 2009; revenues of $59 million for fiscal 2009.
