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By Sam Boughedda
Investing.com — Shares of insulin pump technology firm Insulet Corporation (NASDAQ:PODD) surged more than 15% Friday after it said the U.S. Food and Drug Administration has cleared its Omnipod 5 Automated Insulin Delivery System for type 1 diabetics age six and older.
The Omnipod 5 is said to be the first tubeless automated insulin delivery system that works with the Dexcom (NASDAQ:DXCM) G6 continuous blood glucose monitoring system and a smartphone to automatically adjust insulin according to the user's need to protect against highs and lows.
The product is designed so that users no longer have to take daily insulin injections and take regular blood glucose tests. Currently, type 1 diabetics either have an insulin pump that administers insulin via a tube or take injections around four or five times a day.
The Omnipod 5 represents Insulet's first foray into the automated insulin dosing market.
"Omnipod 5 is a life-changing technology that we believe will revolutionize the market and the lives of people with diabetes," said Shacey Petrovic, president and CEO of Insulet.
Piper Sandler analysts said the announcement is a "clear positive" for Insulet after previous delays in getting the product cleared.
However, Piper expects the revenue impact in 2022 will be somewhat muted as the product will roll out slowly.