Insulet re-ups material deal with Flextronics

Insulet (NSDQ:PODD) said yesterday it extended a materials and manufacturing deal with Flextronics (NSDQ:FLEX) to produce and manufacture its Omnipod insulin management system for an additional 5 years.

The deal also includes Insulet’s drug delivery devices and diabetes managers, Billerica, Mass.-based Insulet said.

Under the contract, manufacturing will continue at a Chinese facility owned and operated by a Flex subsidiary. Flex will supply Insulet with devices “in accordance with rolling 12-month forecast and delivery schedules” supplied by Insulet, according to an SEC filing.

In August, Insulet posted Street-beating numbers for its 2nd quarter, topping revenue and earnings per share expectations and lifting its full year guidance.

The Billerica, Mass.-based company reported losses of $4.2 million, or 8¢ per share, on sales of $87.3 million for the 3 months ended June 30. That amounts to a 72.8% decrease in losses as sales grew a significant 44.2% compared with the same period in 2015.

Analysts on Wall Street were looking for losses of 16¢ per share and revenue of $85.2 million, both of which Insulet was able to top during the quarter.

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