The company made Omnipod 5 available in Australia and has planned launches for Belgium, Canada and Switzerland in the near term. This follows the launch of Omnipod 5 in five new European countries at the start of this year.
Acton, Massachusetts–based Insulet touts Omnipod 5 as the number one insulin pump for new users in Europe. It remains the top prescribed AID system in the U.S. and the first tubeless, waterproof AID system with proactive glucose control.
Insulet already began the rollout of Omnipod 5 in Australia with Dexcom G6 and G7 continuous glucose monitor (CGM) compatibility. It plans to add the Abbott FreeStyle Libre 2 Plus there as well.
In the coming weeks, the company intends to launch the pump in Belgium with all three sensor integrations. It plans to launch in Canada later this spring with G6 and G7 compatibility, and in Switzerland this spring with all three CGMs.
Additionally, Insulet expanded sensor integrations in the UK and the Netherlands to include the G7. The company has plans to bring Omnipod 5 to even more markets, including Israel, Saudia Arabia, the United Arab Emirates, Qatar and Kuwait.
“Bringing our life-changing flagship Omnipod 5 to people living with diabetes in these four new countries is both incredibly exciting and meaningful, further cementing our leadership position worldwide,” said Pat Crannell, SVP and international GM. “We’re transforming diabetes management, delivering real-world benefits for our customers to help make diabetes a smaller part of their busy lives.”
Insulet prices offering of notes
In addition to the expanded Omnipod 5 availability, Insulet also announced its intention to offer $450 million in senior unsecured notes. (There was also news that Chief Technology Officer Mark Field is departing the company.)
The private placement features notes due in 2023. Insulet plans to use the proceeds, plus cash on hand and potential cash from partially terminating existing capped call transactions, to finance the redemption, repurchase, repayment, satisfaction and discharge or other payment of all or portion of its convertible senior notes.
Other uses of proceeds may include fees, costs and expenses relating to the offering and general corporate purposes.
Insulet also announced that it plans to amend its existing credit agreement. This expansion extends the maturity of the company’s revolving credit facility from 2028 to 2030. It also increases the amount of revolving credit agreements by up to $200 million (resullting in aggregate commitments of up to $500 million).
The company says the terms remain substantially similar to the existing credit facility.
