Insulet (NSDQ:PODD) and UnitedHealthcare (NYSE:UNH) inked a new network relationship last week, giving people enrolled in UnitedHealthcare’s commercial and Medicaid plans in-network coverage for Insulet’s Omnipod insulin delivery device.
“Through this new relationship, we are working together to help people access the insulin management technology they need to effectively manage their diabetes,” the companies wrote in a statement.
Previously, people enrolled in UnitedHealthcare plans had access to Insulet’s Omnipod system through a third-party supplier. The companies’ new arrangement is slated to go into effect on April 1.
Last month, Insulet topped sales expectations on Wall Street for its fourth quarter and full-year financial results, but missed earnings estimates.
The Billerica, Mass.-based company reeled in losses, posting -$6.9 million on sales of $130.5 million for the 3 months ended Dec. 31, for sales growth of 26% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -12¢, falling behind consensus on The Street, where analysts were looking for sales of $125.2 million.
For the full year, Insulet posted a net loss of -$26.8 million on sales of $463.7 million, up 27% compared to 2016. In a note to investors, Leerink analysts Danielle Antalffy and Rebecca Wang wrote that Insulet is poised to hit its $1 billion sales mark by 2021.