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16.09.2014 22:42:30

Insulet Names Patrick Sullivan CEO - Quick Facts

(RTTNews) - Insulet Corp (PODD), a maker of insulin infusion systems, Tuesday named Patrick Sullivan as its president, chief executive officer and director, effective immediately.

Sullivan succeeds Duane DeSisto, who is retiring after 13 years at the company. DeSisto will be available to the company as a consultant through the end of 2014 to assist with an effective leadership transition.

Sullivan joins Insulet having most recently served as managing director of Aton Partners. Prior to that, Sullivan served as chairman and CEO of Constitution Medical Investors from 2008 to 2013.

Insulet reiterates its estimate of revenue to be in the range of $73 to $77 million for the third quarter of 2014 and $290 to $300 million for the year ending December 2014. Analysts polled by Thomson Reuters expect revenue of $75.3 million for the third quarter and $297.6 million for the full year.

The company expects to record a charge of $8 to $10 million in the third quarter of 2014 to compensation expense, primarily related to the non-cash acceleration of certain equity awards and an additional charge of about $3 million in the fourth quarter of 2014, primarily related to non-cash stock based compensation expense.

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