Welcome to our dedicated page for Inspire Medical Systems news (Ticker: INSP), a resource for investors and traders seeking the latest updates and insights on Inspire Medical Systems stock.
Inspire Medical Systems, Inc. (INSP) is a pioneering medical technology company headquartered in Maple Grove, Minnesota. Specializing in the development and commercialization of innovative, minimally invasive solutions, Inspire focuses on providing effective treatments for patients with obstructive sleep apnea (OSA). The company's flagship product, the Inspire system, is a revolutionary neurostimulation technology designed to safely and effectively treat moderate to severe OSA.
Inspire operates primarily across the United States and Europe, with the bulk of its revenue generated from the U.S. market. The company has seen significant growth, reporting a 65% increase in year-over-year revenue for the second quarter of 2023, reaching $151.1 million. This growth is attributed to increased utilization at existing sites, the addition of 72 new implanting centers, and 19 new U.S. sales territories.
In recent business highlights, Inspire has achieved several key milestones. These include the submission of the Inspire V neurostimulation PMA supplement application to the FDA and receiving two critical FDA approvals which expand the upper limit of the Apnea-Hypopnea Index (AHI) to 100 events per hour from 65 and raise the BMI warning in the labeling to 40 from 32. Additionally, Inspire received approval for its SleepSync™ physician programmer. These advancements are expected to enhance the company’s product offerings and market reach.
Financially, Inspire ended the second quarter of 2023 with a gross margin of 83.9% and operating expenses of $143.4 million, reflecting ongoing investments in U.S. sales expansion, direct-to-patient marketing, and product development. Despite a net loss of $12.0 million for the quarter, this marks an improvement from the $14.5 million loss in the same period the prior year.
Looking ahead, Inspire has increased its full-year 2023 revenue guidance to between $600 million and $610 million, reflecting a growth of 47% to 50% over the previous year. The company is committed to opening new medical centers and expanding its U.S. territories, anticipating sustained organic growth driven by its innovative therapies and strengthened leadership team.
For current updates and detailed information about Inspire Medical Systems, visit inspiresleep.com.
Inspire Medical Systems (NYSE: INSP) announced it will release its third quarter 2021 financial results on November 2, 2021, after market close. A conference call to discuss these results and recent business developments will follow at 5:00 p.m. ET. Inspire focuses on innovative solutions for obstructive sleep apnea, with its Inspire therapy being the first FDA-approved neurostimulation treatment for moderate to severe cases. For more information, visit www.inspiresleep.com.
Inspire Medical Systems (NYSE: INSP) is dedicated to advancing quality in obstructive sleep apnea treatment during Quality Week, enhancing its commitment to patient outcomes. CEO Tim Herbert emphasizes the company's focus on innovation and the launch of its first historical Patient Experience Report, providing transparency on clinical outcomes. This initiative aims to assist both physicians and patients in making informed treatment choices. Inspire's proprietary therapy remains the only FDA-approved neurostimulation option for moderate to severe sleep apnea, ensuring safe and effective treatment.
Inspire Medical Systems (NYSE: INSP) announced a favorable recommendation from a CMS panel to increase reimbursement for its obstructive sleep apnea procedures in Ambulatory Surgical Centers (ASCs). The CMS panel unanimously supported resetting the device offset rate to 85.71%, reversing a proposed reduction to $17,500 from nearly $25,000. This decision contrasts with a hospital reimbursement increase to over $30,000. The final reimbursement rates are anticipated to be published later in 2021 and effective January 1, 2022.
Inspire Medical Systems, a leader in medical technology, will present at the Wells Fargo 2021 Virtual Healthcare Conference on September 9, 2021, at 2:00 p.m. Eastern Time. The presentation will focus on their innovative and minimally invasive solutions for obstructive sleep apnea. Interested parties can access the live webcast here. A replay will be available for two weeks on Inspire's Investor website. Inspire's therapy is the only FDA-approved neurostimulation treatment for moderate to severe obstructive sleep apnea.
Inspire Medical Systems (NYSE: INSP) reported a strong second quarter of 2021, with revenue reaching $53.0 million, up 335% year-over-year. Gross margin increased to 85.8%, reflecting improved sales volumes. The company activated 63 new U.S. centers and created 13 new sales territories, surpassing prior guidance. Due to positive trends, Inspire raised its full year revenue guidance to $210-$213 million, indicating 82%-85% growth over 2020. Despite a net loss of $13.1 million, cash reserves remained solid at $217.8 million.
Inspire Medical Systems (NYSE: INSP) will release its Q2 2021 financial results on August 3, 2021, after market close. A conference call is scheduled for 5:00 p.m. ET to discuss the results and recent developments. Inspire specializes in innovative, minimally invasive treatments for obstructive sleep apnea. Its Inspire therapy is the first FDA-approved neurostimulation technology for this condition, offering effective treatment options for patients. For more information, visit www.inspiresleep.com.
Inspire Medical Systems (NYSE: INSP) announced its participation in the Goldman Sachs 42nd Annual Global Healthcare Conference on June 10, 2021. Inspire's management will present at 2:10 p.m. Eastern Time. The presentation will be accessible via a live webcast, and a replay will be available for two weeks afterward on Inspire's Investor website. Inspire specializes in minimally invasive solutions for obstructive sleep apnea and is known for its FDA-approved Inspire therapy, the first neurostimulation technology of its kind.
Inspire Medical Systems (NYSE: INSP) announced that Anthem will now provide coverage for its Inspire therapy, effective May 20, 2021. This decision expands access to treatment for obstructive sleep apnea (OSA) for approximately 260 million lives, including 64 commercial insurance plans. Inspire therapy is the first FDA-approved neurostimulation technology for OSA treatment. The coverage change is anticipated to benefit patients who cannot use CPAP devices, enhancing treatment options for this condition.
Inspire Medical Systems (NYSE: INSP) announced that Anthem will provide coverage for its Inspire therapy, effective May 20, 2021. This decision expands access to Inspire therapy for patients with obstructive sleep apnea (OSA), complementing existing Medicare coverage across the U.S. With Anthem's coverage, Inspire therapy is now included in 64 commercial insurance plans, covering approximately 262 million members. Tim Herbert, CEO of Inspire, highlighted this achievement as a significant step in improving treatment options for OSA patients who cannot benefit from CPAP.
Inspire Medical Systems reported an impressive 89% revenue growth for Q1 2021, reaching $40.4 million. The gross margin increased to 85.2%, up from 84.6% a year prior. The company activated 47 new U.S. medical centers, exceeding guidance. Inspire also received FDA approval for a two-incision implant procedure, enhancing surgical efficiency. Due to strong performance, the full-year revenue guidance is lifted to $192-196 million, reflecting a projected growth of 66%-70% over 2020. However, operating expenses rose to $50.1 million, and net loss was $16.2 million.
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