Insulet began full market release of its Omnipod 5 insulin pump, the company announced on Monday. The device was cleared by the Food and Drug Administration in January for people with Type 1 diabetes, ages six and older.
The insulin pump can integrate with some smartphones and Dexcom’s G6 continuous glucose monitor (CGM). Insulet started a limited market release in late February, making the device available through a small group of specialty and mail-order pharmacies. BTIG analysts wrote in a Monday note that the shift to full market release “indicates successful user experiences and logistical capacity.”
The Omnipod 5 is one of two insulin pumps manufactured by the company that can be purchased through pharmacies, which Insulet said removes the high-upfront cost and four-year lock-in period associated with sales through durable medical equipment sellers. In a June investor event, the company’s leaders said they expect the new device will increase the number of new clients won away from competitors. Currently, about 20% of sales come from users who switch from competing devices.
Insulet will report its second quarter earnings results on Thursday afternoon. Analysts are watching for more information on the integration of the Omnipod 5 with Abbott Laboratories’ and Dexcom’s newest CGMs, as well as clearance in Europe and a clinical trial of the device in patients with Type 2 diabetes
