As Insulet continues on its path to roll out its next-generation wearable insulin pump this year—and just after passing the $1 billion annual sales mark—the diabetes management company is making a slight detour to bring on a new CEO.
Shacey Petrovic, who served as Insulet’s president and chief executive since 2019, will be stepping down June 1 for personal family reasons, the company said in an announcement. She will be replaced by Jim Hollingshead, president of the sleep and respiratory care business at ResMed.
Petrovic will maintain her seat on the board of directors and serve as an adviser for the next year to aid in the transition and support the company’s launch of the Omnipod 5. The tubeless insulin pump received a long-awaited FDA clearance this past January, and the device is undergoing a phased commercial launch that Insulet plans to ramp up to full capacity later this year.
“It has been an honor to serve as Insulet’s CEO and to have been part of this remarkable team for more than seven years,” Petrovic said, after holding roles such as chief operating officer, chief commercial officer and president of diabetes products during her time with the company.
“After careful consideration over some time, I have made the very difficult decision to reduce my professional obligations in light of family medical issues and other circumstances that have been impacting those I care about,” she said.
Hollingshead has sat on Insulet’s board as an independent member since 2019. During his 12 years at ResMed—including as regional president of the Americas and head of strategy and business development—he helped the company incorporate cellular communications and cloud-based patient management software into its lines of connected ventilators and sleep apnea machines. ResMed’s president and chief operating officer, Rob Douglas, will take over Hollingshead’s duties on an interim basis.
Come next month, Hollingshead will be taking over a company that topped $1 billion in annual revenue last year—a first in its two-decade history, with nearly the entire total tied to Omnipod sales. Its 2021 haul of $1.098 billion represented a gain of 21.5% over 2020’s $904.4 million.
However, for this coming year, the company is projecting slightly tamer growth, in the range of 12% to 16%, as Omnipod sales expand and its $87 million non-insulin drug delivery business shrinks by about a third after the division received a large boost last year due to the COVID-19 pandemic.
The Omnipod 5—formerly known as the Omnipod Horizon—is controlled by a smartphone and pairs with Dexcom’s G6 continuous glucose monitor to provide automated background insulin delivery.
The FDA’s green light was initially expected in early 2021, but it was pushed to this January after reviewers requested additional data on the device; Insulet also saw separate delays due to the agency’s pandemic workload. In Europe, the system is under review.
Insulet has said it in the U.S., it will start with a limited release and begin selling the prescription Omnipod 5 device through U.S. pharmacies. It also plans to offer current users of its Omnipod DASH system—a more manual tubeless pump—an upgrade at no additional cost once insurance coverage becomes available.
“Shacey and I have built a terrific working relationship over the last three years, and I’m very pleased that she has agreed to stay on our board and that she will continue to advise me and the management team during our transition,” Hollingshead said. “Thanks to the hard work of the Insulet team to bring Omnipod 5 to life, and the increasing adoption of wearable technology by the diabetes community, the company is on the cusp of a period of spectacular growth and impact.”
Alongside news of the executive change, Insulet also reported its first-quarter earnings, which logged a 17.1% revenue increase amounting to $295.4 million. That included U.S. Omnipod sales of $174.1 million, plus international revenue of $95.4 million, the company said.