Insulet lowers 2008 revenue outlook, shares tumble

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

For the year, the company now expects sales in the range of $36 million to $41 million, compared with a previous guidance for $40 million to $45 million.

Analysts polled by Thomson Reuters expect, on average revenue of $40.7 million for the year.

Meanwhile, the company said its second-quarter net loss widened as operating expenses soared.

Shares in Insulet, which makes an insulin infusion system for diabetics, fell $2.31, or 15.5 percent, to $12.60 in aftermarket trading.