At this point, we expect that conversion will start in the next few weeks and we remain confident that nearly all customers will be transitioned by the end of the third quarter.
- Duane DeSisto, CEO Insulet, May 6, 2013 Q1 Earnings Call
If we can take the CEO at his word, we should expect to be contacted very soon. Moreover, he told the investor community that they expect to transition the entire population by September, which means that the transition can start no later than July (presuming EVERYONE is transitioned at the same time).
I guess there is weasel room because the word "few" has no formal quantity. To me it means more than two (a couple weeks), and less than four (a month). I believe that if he thought 4-5 weeks, he would have spoken in terms of months, not weeks.
I wouldn't hold your breath..." a few " probably means september Im soooo frustrated with the warranty situation..unless I get mine by June 16 im screwed for $1000
Thanks Erik. Didn't you already post this a little while back? Why again? And, why the incorrect title to the thread? A few weeks is not "this week or next."
I posted nearly the entire event transcript. Yes. Again because we are starting week 3 since the statement. I stand by the thread title. This week (week 3) or next (week 4). IMO, a few weeks is "this week or next."
Thanks for reading so carefully, though!! I really am trying to be positive about this whole thing. Normally in life, when I feel I am getting the poopy end of the stick, I let go, and go find another stick. In this case, I can't quit diabetes, and I can only opt for a lower quality alternative (tubed or MDI).
I was told another 2 to 3 months until we would be transitioned over after being told that we would be the first ones. As I have said before I keep getting different answers on when we would get our new PDM and new Pods. Its getting annoying.
Well, for what it's worth, here's how I read this statement:
At this point (READ: As of today, May 6, 2013), we expect (READ: this is our best case scenario) that conversion will start in the next few weeks (READ: conversion will not start for existing users in the next two weeks) and we remain confident (READ: It's our hope) that nearly all (READ: not all) customers will be transitioned by the end of the third quarter.
I guess I see that their best guess was that they would start shipping to existing customers around the end of May. I don't have any reason to think this, but I guess I just assumed that they would send it out with whatever order comes next. I'm not due for 2 more months, so I don't expect any correspondence from them before then. And even then, they have made no guarantee.
So, I guess I am taking the CEO at his word that on May 6th, he hoped the company would start the transition of existing customers soon. No where in this sentence to I see a promise to send the new system to everyone by Memorial Day.
Again...for those dissatisfied bypass all reps etc and write to the DeSisto at the Insulet corporation. You can find their address on the insulet page. The more people that write, the more action it may spur
Is this meaningful??? Just browsing around the myomnipod.com site and found that the current upgrade offer expires May 31, 2013. Could this be because new product rolls out on June 1 and they want to focus on the transition? Does this offer expire at the end of EVERY month and I've just never looked at it before?
I love your interpretation, and if they're consistent, you will be correct. I do, however, sincerely believe that my interpretation is what he messaged to the investors and caused the stock price to rise. He'll be working elsewhere if he uses investor calls to mislead investors. He is covered by safe harbor provisions, but IMO, his reputation is on the line.
Sad thing is when the announcement first happened about the new OmniPod system, I was told that existing customers would be the first to get it. Then it was the end of March the beginning of April. Then in April it was 2 months out. Now in May it was again 2 months out. So I'm not sure what to believe anymore. So writing to this person would be an excellent idea.
I would do the BBB complaint...they HAVE to respond to those
There are so many flaws in the process that I almost ran out of room when I wrote mine. I do think that if they would come up with a firm date, a lot of this would be resolved. People are going to continue to call, and get different / mis-information as long as the "soon" date applies.
I think that they DO have PDM's in stock, and are sticking to the fact that they want to "sell" (even using insurance) those first, along with whatever true "new" customers there are.
That leaves those of us that may or may not be under warranty subject to our applicable deductibles...and in my case its $1000, all for Insulet refusing to put a PDM in the mail and be done with me...
As far as writing DeSisto...I honestly dont think he will see it. I wrote a few non-new system emails on the regular insulet website back around January, and exactly ZERO response on any of those.
This sounds like a statement to investors and not a promise to customers. Being confident to investors is not some sort of guarantee, but regardless, the 3rd quarter ends on September 30th, 2013. Like it or not, the time to start complaining is October 1st. Additionally, they likely have no obligation to give you a hardware upgrade before your warranty runs out, and they could keep selling you the previous generation of pods.
They said that they would START in the next few weeks, but that statement shows no indication of what their process would be. No doubt some reps (sales people) might have lied to customers about old customers being first in line, but from a practical standpoint, it makes no business sense to sell old (and apparently more expensive) hardware to new customers, only to switch them to the new product a month later. It would be one thing if the old pumps were defective, but this is simply a newer model.
I'm not sure what the BBB complaint would be, and anyone who has experience making a BBB complaint would know that it wouldn't go very far. The BBB is pro business, and set up to protect businesses as much as it is to help consumers.
Right. Insulet's first obligation is to the investors, not the customers, which is why I tend to believe it. It's not a promise, true, but my point is when CEOs give inaccurate information their value declines, and they are replaced with someone who keeps their word.
