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 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.
Inspire Medical Systems, a leader in medical technology for obstructive sleep apnea, will present at the BofA Securities 2021 Virtual Health Care Conference on May 12, 2021. The presentation is set for 12:30 p.m. Eastern Time and will be available via a live webcast. Inspire specializes in innovative, minimally invasive solutions, including its FDA-approved Inspire therapy for moderate to severe obstructive sleep apnea. A replay of the presentation can be accessed for two weeks on Inspire's Investor website.
Inspire Medical Systems has finalized an exclusive distribution agreement with Japan Lifeline to commercialize Inspire therapy in Japan. The agreement follows the successful reimbursement review by Japan's Ministry of Health Labour and Welfare (MHLW). The formal listing of Inspire therapy in Japan's National Health Insurance Payment Listing is anticipated in June 2021, allowing for initial implants in the latter half of 2021. Inspire therapy, approved in Japan since 2018, aims to treat the estimated 9 million patients in Japan suffering from moderate to severe obstructive sleep apnea.
Inspire Medical Systems (NYSE: INSP) will release its first quarter 2021 financial results on May 4, 2021, after market close. A conference call will follow at 5:00 p.m. Eastern Time for management to discuss results and recent developments. Inspire focuses on innovative solutions for obstructive sleep apnea and offers the only FDA-approved neurostimulation therapy for this condition. For further information, visit www.inspiresleep.com.
Inspire Medical Systems (NYSE: INSP) announced FDA approval for its new physician programmer platform designed for obstructive sleep apnea treatment. Key enhancements include a Bluetooth-enabled telemetry cable, guided workflows for clinicians, improved telemetry range, and integration with Inspire Cloud for patient management. This development further solidifies Inspire's commitment to innovative solutions in sleep apnea therapy. The new platform also lays the groundwork for future products, enhancing its digital ecosystem and potential for remote programming.
Inspire Medical Systems has received FDA approval for a new two-incision surgical implant procedure for its Inspire therapy, enhancing treatment for obstructive sleep apnea. This method reduces average procedure time by approximately 20%, from around 126 minutes to under 100 minutes, while maintaining safety and efficacy. The procedure simplifies the implant process by eliminating a third incision and lead tunneling, potentially decreasing post-operative pain and risks. Immediate training for surgeons will commence, indicating a swift integration into practice.
Inspire Medical Systems (NYSE: INSP) reported a strong financial performance for Q4 2020, achieving revenue of $46.0 million, a 71% increase year-over-year. Full-year revenue reached $115.4 million, up 41% from the previous year. The company activated 55 new U.S. centers in Q4, significantly surpassing guidance. For 2021, Inspire projects revenue between $183 million and $188 million, indicating growth of about 59% to 63% over 2020. The gross margin for 2020 was 84.7%, while net loss reduced to $57.2 million.
Inspire Medical Systems (NYSE: INSP) announced its participation at the 10th Annual SVB Leerink Global Healthcare Conference on February 25, 2021. The management team's presentation is scheduled for 10:40 a.m. Eastern Time and will be available via a live webcast. Inspire focuses on innovative, minimally invasive solutions for obstructive sleep apnea, with its Inspire therapy being the first FDA-approved neurostimulation technology for this condition. A replay of the presentation will be accessible for two weeks post-event on Inspire's Investor website.
Inspire Medical Systems (NYSE: INSP) will announce its fourth quarter and full year 2020 financial results on February 23, 2021, following the market's close. A conference call is scheduled for 5:00 p.m. Eastern Time, where management will discuss these results and recent business developments. Inspire specializes in innovative solutions for obstructive sleep apnea, featuring the first FDA-approved neurostimulation technology, Inspire therapy, which offers an effective treatment option for moderate to severe cases.
Inspire Medical Systems has appointed Bryan Phillips as Senior Vice President, General Counsel, and Chief Compliance Officer. With extensive legal experience in the healthcare sector, Phillips aims to support Inspire's growth and therapy adoption. President and CEO Tim Herbert highlighted Inspire's resilience during the pandemic and emphasized the importance of Phillips' expertise in managing the legal aspects of a growing medical device company. Inspire is committed to offering innovative solutions for obstructive sleep apnea.
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