Billerica, Mass.-based Insulet, which makes the Omnipod insulin management system for treating diabetes, said the private placement offering of senior notes due in 2021 includes an option on another $37.5 million worth of the notes. The company yesterday revealed that it inked a 5-year deal with ATS Automation Tooling Systems to construct an automated manufacturing assembly line.
The $35 million contract calls for ATS to design, build and install manufacturing equipment developed according to technical specifications provided by Insulet. In addition to helping cover that tab, the debt offering is earmarked for “general corporate purposes,” including various refinancing moves and the settlement of its 2.0% convertible senior notes due in 2019. Investments in supply chain operations could also be in the offing, the company said.
Last week, Insulet extended a materials and manufacturing deal with Flextronics (NSDQ:FLEX) for the Omnipod for another 5 years.
The company last month pared its 2nd-quarter losses by a whopping -72.8% to -$4.2 million, or -8¢ per share, on sales growth of 44.2% to $87.3 million, compared with Q2 2015. Analysts on Wall Street were looking for losses of -16¢ per share and revenue of $85.2 million; the sales and earnings beats prompted Insulet to boost its outlook, which in turn sent PODD shares up on The Street.
Insulet said it now expects to report 2016 sales of $345 million to $355 million, up from prior guidance of $330 million to $350 million, representing growth of 30.7% to 34.5% over 2015. Third-quarter sales are pegged at $88 million to $91 million, up 23.2% to 27.5% over Q3 2015.
PODD shares closed up 1.8% at $43.89 apiece yesterday.
The post Insulet plans $250m debt offering appeared first on MassDevice.
from MassDevice http://ift.tt/2bSEfMv
Cap comentari:
Publica un comentari a l'entrada