Insulet 2Q loss widens as operating costs soar

Insulet Corp., which makes an insulin infusion system for diabetics, said Tuesday its second-quarter net loss widened as operating expenses soared.

Its shares fell $2.31, or 15.5 percent, to $12.60 in aftermarket trading.

For the period ended June 30, the company reported a loss of $23.9 million, or 87 cents per share, compared with a loss of $12.7 million, or 99 cents per share, in the year-ago period.

The number of outstanding shares jumped to 27.6 million from 12.8 million between the periods.

Revenue more than doubled to $7.4 million from $3.2 million, as did operating expenses, which leapt to $19.8 million from $8.7 million.

Analysts polled by Thomson Reuters expected a loss of 70 cents per share on revenue of $7.6 million. Analysts typically exclude one-time charges.

"Looking ahead, we continue to believe that our innovative and easy-to-use product is well positioned to address a significant, unmet need in the diabetes therapy market," Duane DeSisto, president and chief executive officer, said in a statement.

Meanwhile, Insulet lowered its 2008 revenue outlook to a range mostly below Wall Street's expectations, citing slower-than-expected conversion of referrals to patient shipments.

During regular trading, the stock gained 2 cents to close at $14.91.