10 of the best performing medical device stocks of 2018

Insulet: +15%

Insulet ‘s Omnipod [Image courtesy of Insulet]

Insulet (Nasdaq:PODD) started 2018 strong on news that the Centers for Medicare and Medicaid Services said that its Omnipod tubeless insulin delivery device can be covered by the Medicare Part D prescription drug program. Insulet estimated that the reimbursement win extends access to the Omnipod system to 450,000 people with Type I diabetes across the U.S.

The Billerica, Mass.–based company also reportedly contracted with Express Scripts and Caremark Health, the two largest pharmacy benefit managers in the country, to provide its Omnipod system to patients.

In June, the FDA granted 510(k) clearance for Insulet’s Omnipod Dash insulin management system, which wirelessly connects the system’s Personal Diabetes Manager with the tubeless, waterproof pump. CEO Patrick Sullivan said that the new Dash configuration will be used for the company’s future development efforts, including its partnership with Eli Lilly (NYSE:LLY) and its Omnipod Horizon artificial pancreas program.

In July, Insulet shareholders agreed to settle a lawsuit alleging that the device-maker misrepresented the success of its Omnipod Eros roll-out in 2013.

Insulet spent about $74 million on R&D during its most recent fiscal year, representing about 16% of its sales.