Inspire Medical Systems, Inc. Announces Second Quarter 2024 Financial Results and Updates 2024 Outlook
Inspire Medical Systems, Inc. (NYSE: INSP) reported strong Q2 2024 financial results, with revenue growing 30% year-over-year to $195.9 million. The company achieved a gross margin of 84.8% and generated $5.1 million in operating income. Earnings per share reached $0.32. Inspire activated 81 new U.S. centers and created 12 new sales territories. The company received CE Mark Certification under EU MDR, countrywide reimbursement in France, and FDA approval for the Inspire V neurostimulation system. Based on strong performance, Inspire increased its full-year 2024 revenue guidance to $788-$798 million (26-28% growth) and raised EPS guidance to $0.60-$0.80.
Inspire Medical Systems, Inc. (NYSE: INSP) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con ricavi in crescita del 30% rispetto all'anno precedente, raggiungendo 195,9 milioni di dollari. L'azienda ha raggiunto un margine lordo del 84,8% e ha generato 5,1 milioni di dollari di utile operativo. Gli utili per azione hanno raggiunto 0,32 dollari. Inspire ha attivato 81 nuovi centri negli Stati Uniti e ha creato 12 nuovi territori di vendita. L'azienda ha ricevuto la certificazione CE secondo il MDR dell'UE, il rimborso nazionale in Francia e l'approvazione della FDA per il sistema di neurostimolazione Inspire V. Basandosi su una forte performance, Inspire ha aumentato la sua previsione di ricavi per tutto il 2024 a 788-798 milioni di dollari (crescita del 26-28%) e ha elevato la previsione degli utili per azione a 0,60-0,80 dollari.
Inspire Medical Systems, Inc. (NYSE: INSP) reportó resultados financieros sólidos en el segundo trimestre de 2024, con ingresos que crecieron un 30% interanual, alcanzando 195,9 millones de dólares. La compañía logró un margen bruto del 84,8% y generó 5,1 millones de dólares en ingresos operativos. Las ganancias por acción alcanzaron 0,32 dólares. Inspire activó 81 nuevos centros en EE.UU. y creó 12 nuevos territorios de ventas. La compañía recibió la certificación CE bajo el MDR de la UE, reembolso nacional en Francia, y aprobación de la FDA para el sistema de neuroestimulación Inspire V. Basándose en un sólido rendimiento, Inspire incrementó su guía de ingresos para todo el año 2024 a 788-798 millones de dólares (crecimiento del 26-28%) y elevó la guía de EPS a 0,60-0,80 dólares.
Inspire Medical Systems, Inc. (NYSE: INSP)는 2024년 2분기 강력한 재무 결과를 보고했으며, 전년 대비 30% 성장하여 1억 9,590만 달러의 수익을 올렸습니다. 회사는 84.8%의 총 마진을 달성하였고 510만 달러의 운영 이익을 생성하였습니다. 주당 수익은 0.32 달러에 도달했습니다. Inspire는 미국 내 81개의 새로운 센터를 활성화했으며, 12개의 새로운 판매 지역을 만들었습니다. 회사는 EU MDR에 따라 CE 마크 인증을 받았고, 프랑스에서 전국적인 환급을 승인받았으며, Inspire V 신경 자극 시스템에 대한 FDA 승인을 받았습니다. 강력한 성과에 기반하여 Inspire는 2024년 전체 연도 수익 가이드를 7억 8,800만~7억 9,800만 달러로 (26-28% 성장) 증가시켰고, EPS 가이드를 0.60~0.80 달러로 상향 조정했습니다.
Inspire Medical Systems, Inc. (NYSE: INSP) a annoncé de solides résultats financiers pour le deuxième trimestre de 2024, avec un chiffre d'affaires en hausse de 30 % par rapport à l'année précédente, atteignant 195,9 millions de dollars. La société a réalisé une marge brute de 84,8 % et a généré 5,1 millions de dollars de résultat opérationnel. Le bénéfice par action a atteint 0,32 dollar. Inspire a activé 81 nouveaux centres aux États-Unis et créé 12 nouveaux territoires de vente. L'entreprise a reçu la certification CE conformément au MDR de l'UE, un remboursement national en France, et l'approbation de la FDA pour le système de neurostimulation Inspire V. Sur la base de ces résultats solides, Inspire a relevé ses prévisions de chiffre d'affaires pour l'année entière 2024 à 788-798 millions de dollars (croissance de 26-28 %) et a haussé ses prévisions de BPA à 0,60-0,80 dollar.
Inspire Medical Systems, Inc. (NYSE: INSP) hat im zweiten Quartal 2024 starke Finanzergebnisse gemeldet, mit einer Umsatzsteigerung von 30% im Jahresvergleich auf 195,9 Millionen Dollar. Das Unternehmen erzielte eine Bruttomarge von 84,8% und erwirtschaftete 5,1 Millionen Dollar Betriebsergebnis. Der Gewinn pro Aktie erreichte 0,32 Dollar. Inspire aktivierte 81 neue Zentren in den USA und schuf 12 neue Verkaufsgebiete. Das Unternehmen erhielt die CE-Kennzeichnung nach der EU-MDR, landesweite Erstattung in Frankreich und die FDA-Zulassung für das Inspire V Neurostimulationssystem. Basierend auf der starken Leistung erhöhte Inspire die Umsatzprognose für das gesamte Jahr 2024 auf 788-798 Millionen Dollar (26-28% Wachstum) und hob die EPS-Prognose auf 0,60-0,80 Dollar an.
- Revenue increased 30% year-over-year to $195.9 million in Q2 2024
- Gross margin improved to 84.8% in Q2 2024
- Generated $5.1 million in operating income, compared to a loss in the prior year
- Earnings per share of $0.32 in Q2 2024, up from a loss of $0.41 in Q2 2023
- Activated 81 new U.S. centers, bringing the total to 1,316
- Created 12 new U.S. sales territories, reaching a total of 310
- Received CE Mark Certification under EU MDR and countrywide reimbursement in France
- FDA approval received for the Inspire V neurostimulation system
- Increased full-year 2024 revenue guidance to $788-$798 million
- Raised full-year 2024 EPS guidance to $0.60-$0.80
- Cash, cash equivalents, and investments decreased to $466.0 million from $469.5 million on December 31, 2023
Insights
Inspire Medical Systems' Q2 2024 results demonstrate robust financial performance. Revenue growth of
The raised full-year guidance, projecting
However, investors should monitor the slight decrease in cash and equivalents, ensuring it doesn't impact future growth initiatives. Overall, Inspire's financial health and market expansion strategy position it well for continued success in the medical technology sector.
Inspire's recent achievements mark significant milestones in the sleep apnea treatment landscape. The CE Mark Certification under EU MDR, including full-body MRI compatibility, enhances the therapy's appeal and accessibility in Europe. This, coupled with countrywide reimbursement in France, opens substantial growth opportunities in the European market.
The FDA approval of the Inspire V neurostimulation system represents a important advancement in the company's technology. This new system likely offers improved functionality or patient comfort, potentially driving adoption rates and solidifying Inspire's market leadership in minimally invasive sleep apnea solutions.
The expansion to 1,316 U.S. medical centers and 310 sales territories indicates strong market penetration and physician acceptance. This broad network is a key competitive advantage, facilitating patient access and potentially accelerating revenue growth. However, the company must ensure proper training and support for these new centers to maintain high-quality patient outcomes.
Inspire Reports Year-over-Year Revenue Growth of
MINNEAPOLIS, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Inspire Medical Systems, Inc. (NYSE: INSP) (Inspire, or the company), a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea, today reported financial results for the quarter ended June 30, 2024.
Recent Business Highlights
- Generated revenue of
$195.9 million in the second quarter of 2024, a30% increase over the same quarter last year - Achieved gross margin of
84.8% in the second quarter of 2024 - Generated
$5.1 million in operating income and earnings per share of$0.32 in the second quarter of 2024 - Activated 81 new U.S. centers in the second quarter of 2024, bringing the total to 1,316 U.S. medical centers providing Inspire therapy
- Created 12 new U.S. sales territories in the second quarter of 2024, bringing the total to 310 U.S. sales territories
- Received CE Mark Certification under the European Union’s Medical Device Regulation (EU MDR)
- Received countrywide reimbursement for Inspire therapy in France
- Received FDA approval of the Inspire V neurostimulation system
- Authorized the repurchase of up to
$150.0 million of the company’s outstanding shares of common stock
“We are excited with our strong execution in the second quarter which drove robust revenue performance and continued operating leverage,” said Tim Herbert, Chairman and CEO of Inspire Medical Systems. “Based on our strong first half results, we are increasing our full year revenue guidance to
“In addition to our healthy financial performance, there are many important achievements worth highlighting. First, we received CE mark certification under the European Union’s Medical Device Regulation including full-body MRI compatibility in Europe. Second, we received countrywide reimbursement for Inspire therapy in France at a rate consistent with other European markets. Both achievements represent significant milestones for the company and should drive many years of strong growth in Europe. Third, we received FDA approval for the Inspire V neurostimulation system, marking an important milestone for the future of Inspire therapy. Lastly, we authorized a share repurchase program of up to
Second Quarter 2024 Financial Results
Revenue was
Gross margin was
Operating expenses increased to
Operating income increased to
Net income was
As of June 30, 2024, cash, cash equivalents, and investments decreased to
Full Year 2024 Guidance
Inspire is increasing its full year 2024 revenue guidance to between
The company is maintaining its full year 2024 gross margin guidance of
Inspire is increasing diluted net income per share guidance for the full year 2024 to between
Inspire is also maintaining its guidance relating to the opening of new U.S. medical centers of 52 to 56 per quarter, as well as its guidance of 12 to 14 new U.S. territories per quarter for the remainder of 2024.
Webcast and Conference Call
Inspire’s management will host a conference call after market close today, Tuesday, August 6, 2024, at 5:00 p.m. Eastern Time to discuss these results and answer questions.
To access the conference call, please preregister on https://register.vevent.com/register/BI2e8b55545d72404cb4e58c6f3b9c27d7. Registrants will receive confirmation with dial-in details.
A live webcast of the event can be accessed on https://edge.media-server.com/mmc/p/c8jt7ki8/. A replay of the webcast will be available on https://investors.inspiresleep.com/ starting approximately two hours after the event and archived on the site for two weeks.
About Inspire Medical Systems
Inspire is a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea. Inspire’s proprietary Inspire therapy is the first and only FDA, EU MDR and PDMA-approved neurostimulation technology of its kind that provides a safe and effective treatment for moderate to severe obstructive sleep apnea.
For additional information about Inspire, please visit www.inspiresleep.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding full year 2024 financial outlook, our expectations to activate new U.S. medical centers and add new territories per quarter in 2024 and the impact of such additions, our expectations regarding operating leverage and profitability during 2024, the drivers of short- and long-term growth for our business, and our strategy and investments to grow and scale our business. In some cases, you can identify forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘anticipate,’’ ‘‘could,’’ “future,” “outlook,” “guidance,” ‘‘intend,’’ ‘‘target,’’ ‘‘project,’’ ‘‘contemplate,’’ ‘‘believe,’’ ‘‘estimate,’’ ‘‘predict,’’ ‘‘potential,’’ ‘‘continue,’’ or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.
These forward-looking statements are based on management’s current expectations and involve known and unknown risks and uncertainties that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, estimates regarding the annual total addressable market for our Inspire therapy in the U.S. and our market opportunity outside the U.S.; future results of operations, financial position, research and development costs, capital requirements and our needs for additional financing; commercial success and market acceptance of our Inspire therapy; the impact of macroeconomic trends; general and international economic, political, and other risks, including currency, inflation, stock market fluctuations and the uncertain economic environment; challenges experienced by patients in obtaining prior authorization, our ability to achieve and maintain adequate levels of coverage or reimbursement for our Inspire system or any future products we may seek to commercialize; competitive companies and technologies in our industry; our ability to enhance our Inspire system, expand our indications and develop and commercialize additional products; our business model and strategic plans for our products, technologies and business, including our implementation thereof; our ability to accurately forecast customer demand for our Inspire system and manage our inventory; our dependence on third-party suppliers, contract manufacturers and shipping carriers; consolidation in the healthcare industry; our ability to expand, manage and maintain our direct sales and marketing organization, and to market and sell our Inspire system in markets outside of the U.S.; risks associated with international operations; our ability to manage our growth; our ability to increase the number of active medical centers implanting Inspire therapy; our ability to hire and retain our senior management and other highly qualified personnel; risk of product liability claims; risks related to information technology and cybersecurity; risk of damage to or interruptions at our facilities; our ability to commercialize or obtain regulatory approvals for our Inspire therapy and system, or the effect of delays in commercializing or obtaining regulatory approvals; FDA or other U.S. or foreign regulatory actions affecting us or the healthcare industry generally, including healthcare reform measures in the U.S. and international markets; and the timing or likelihood of regulatory filings and approvals. Other important factors that could cause actual results, performance or achievements to differ materially from those contemplated in this press release can be found under the captions “Risk Factors” and "Management's Discussion and Analysis of Financial Condition and Results of Operations“ in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 to be filed with the SEC, and as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investors page of our website at www.inspiresleep.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, unless required by applicable law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Thus, one should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing our views as of any date after the date of this press release.
Investor & Media Contact
Ezgi Yagci
Vice President, Investor Relations
ezgiyagci@inspiresleep.com
617-549-2443
| Inspire Medical Systems, Inc. | |||||||||||||||
| Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) | |||||||||||||||
| (in thousands, except share and per share amounts) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 195,885 | $ | 151,092 | $ | 359,895 | $ | 278,989 | |||||||
| Cost of goods sold | 29,843 | 24,252 | 54,600 | 44,140 | |||||||||||
| Gross profit | 166,042 | 126,840 | 305,295 | 234,849 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 28,859 | 30,821 | 57,709 | 56,340 | |||||||||||
| Selling, general and administrative | 132,084 | 112,618 | 257,705 | 214,606 | |||||||||||
| Total operating expenses | 160,943 | 143,439 | 315,414 | 270,946 | |||||||||||
| Operating income (loss) | 5,099 | (16,599 | ) | (10,119 | ) | (36,097 | ) | ||||||||
| Other (income) expense: | |||||||||||||||
| Interest and dividend income | (5,882 | ) | (4,922 | ) | (11,805 | ) | (9,195 | ) | |||||||
| Other expense, net | 135 | 61 | 195 | 44 | |||||||||||
| Total other income | (5,747 | ) | (4,861 | ) | (11,610 | ) | (9,151 | ) | |||||||
| Income (loss) before income taxes | 10,846 | (11,738 | ) | 1,491 | (26,946 | ) | |||||||||
| Income taxes | 1,053 | 214 | 1,703 | 430 | |||||||||||
| Net income (loss) | 9,793 | (11,952 | ) | (212 | ) | (27,376 | ) | ||||||||
| Other comprehensive income (loss): | |||||||||||||||
| Foreign currency translation (loss) gain | (39 | ) | 72 | (173 | ) | 177 | |||||||||
| Unrealized (loss) gain on investments | (200 | ) | (1 | ) | (742 | ) | 12 | ||||||||
| Total comprehensive income (loss) | $ | 9,554 | $ | (11,881 | ) | $ | (1,127 | ) | $ | (27,187 | ) | ||||
| Net income (loss) per share: | |||||||||||||||
| Basic | $ | 0.33 | $ | (0.41 | ) | $ | (0.01 | ) | $ | (0.94 | ) | ||||
| Diluted | $ | 0.32 | $ | (0.41 | ) | $ | (0.01 | ) | $ | (0.94 | ) | ||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 29,728,849 | 29,229,922 | 29,672,006 | 29,160,323 | |||||||||||
| Diluted | 30,408,439 | 29,229,922 | 29,672,006 | 29,160,323 | |||||||||||
| Inspire Medical Systems, Inc. | |||||||
| Consolidated Balance Sheets (unaudited) | |||||||
| (in thousands, except share and per share amounts) | |||||||
| June 30, 2024 | December 31, 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 188,035 | $ | 185,537 | |||
| Investments, short-term | 251,629 | 274,838 | |||||
| Accounts receivable, net of allowance for credit losses of | 79,716 | 89,884 | |||||
| Inventories, net | 59,025 | 33,885 | |||||
| Prepaid expenses and other current assets | 28,755 | 9,595 | |||||
| Total current assets | 607,160 | 593,739 | |||||
| Investments, long-term | 26,344 | 9,143 | |||||
| Property and equipment, net | 61,701 | 39,984 | |||||
| Operating lease right-of-use assets | 22,189 | 22,667 | |||||
| Other non-current assets | 10,995 | 11,278 | |||||
| Total assets | $ | 728,389 | $ | 676,811 | |||
| Liabilities and stockholders' equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 33,621 | $ | 38,839 | |||
| Accrued expenses | 32,036 | 39,266 | |||||
| Total current liabilities | 65,657 | 78,105 | |||||
| Operating lease liabilities, non-current portion | 24,512 | 24,846 | |||||
| Other non-current liabilities | 149 | 1,346 | |||||
| Total liabilities | 90,318 | 104,297 | |||||
| Stockholders' equity: | |||||||
| Preferred Stock, | — | — | |||||
| Common Stock, | 30 | 30 | |||||
| Additional paid-in capital | 983,791 | 917,107 | |||||
| Accumulated other comprehensive (loss) income | (115 | ) | 800 | ||||
| Accumulated deficit | (345,635 | ) | (345,423 | ) | |||
| Total stockholders' equity | 638,071 | 572,514 | |||||
| Total liabilities and stockholders' equity | $ | 728,389 | $ | 676,811 | |||
FAQ
What was Inspire Medical Systems' revenue growth in Q2 2024?
How many new U.S. centers did Inspire activate in Q2 2024?
What is Inspire's updated revenue guidance for full-year 2024?
Did Inspire Medical Systems (INSP) receive any regulatory approvals in Q2 2024?
What was Inspire Medical Systems' (INSP) earnings per share in Q2 2024?
