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.
MINNEAPOLIS, Nov. 18, 2020 – Inspire Medical Systems (NYSE: INSP) announced its participation in the Piper Sandler 32nd Annual Virtual Healthcare Conference on December 2, 2020, at 4:30 p.m. Eastern Time. The presentation will be available via a live webcast, with a replay accessible for two weeks afterward on Inspire's Investor website. Inspire focuses on innovative solutions for obstructive sleep apnea, featuring the first FDA-approved neurostimulation technology for treating moderate to severe cases.
Inspire Medical Systems (NYSE: INSP) announced its participation in the 2020 Stifel Virtual Healthcare Conference, scheduled for November 18, 2020, at 11:20 a.m. Eastern Time. The presentation will focus on innovative solutions for obstructive sleep apnea, including their FDA-approved Inspire therapy. A live webcast of the presentation will be available, along with a replay for two weeks afterward on Inspire's Investor website. Inspire is dedicated to developing minimally invasive technologies for treating sleep apnea.
Inspire Medical Systems (NYSE: INSP) announced the integration of its therapy into Germany's hospital reimbursement system effective January 1, 2021. This decision by the Institute for the Hospital Remuneration System (InEK) marks a significant shift from interim NUB reimbursement since 2016 to formal inclusion in the DRG catalog. Inspire's therapy is expected to enhance patient access to treatment for obstructive sleep apnea in Germany, reflecting its acceptance in routine clinical practice.
Inspire Medical Systems, Inc. (NYSE: INSP) reported strong third-quarter results for 2020, with revenues of $35.8 million, marking a 72% year-over-year increase. Gross margin improved to 85.5%, up from 83.4% last year. The company activated 42 new medical centers, exceeding prior guidance, and created seven new sales territories. Inspire raised its full-year revenue guidance to $110 million to $112 million from a prior estimate of $88 million to $92 million, driven by increased patient flow and effective coverage policies.
MINNEAPOLIS, Oct. 27, 2020 – Inspire Medical Systems (NYSE: INSP) announced its management team will present at the Credit Suisse 29th Annual Healthcare Conference on November 10, 2020, at 11:00 a.m. Eastern Time. The presentation will be accessible via a live webcast. Inspire specializes in developing innovative, minimally invasive solutions for obstructive sleep apnea, and its Inspire therapy is the first FDA-approved neurostimulation treatment for this condition. A replay of the presentation will be available for two weeks on Inspire’s investor website.
On October 22, 2020, Inspire Medical Systems (NYSE: INSP) announced the appointment of Shelley Broader to its Board of Directors. Broader, with extensive experience in global leadership at major brands like Walmart and Chico's FAS, will enhance the board's focus as the company grows. Additionally, Chau Khuong will retire from the board at the end of October. Tim Herbert, CEO, emphasized the importance of Broader's experience in shaping Inspire's commercial strategy.
Inspire Medical Systems, Inc. (NYSE: INSP) will release its third quarter 2020 financial results on November 2, 2020, post-market close. A conference call to discuss these results and recent business developments will begin at 5:00 PM Eastern Time. Inspire specializes in innovative solutions for obstructive sleep apnea, with its Inspire therapy being the first FDA-approved neurostimulation technology for moderate to severe cases. Details for joining the call and further information about the company are provided in the release.
Inspire Medical Systems announced that two additional Blue Cross Blue Shield plans, Florida Blue and BCBS Minnesota, will now cover the company's Inspire therapy for obstructive sleep apnea. This decision expands coverage to approximately 8.6 million members, bringing the total to 31 BCBS plans covering Inspire therapy, affecting over 190 million lives. With an effective date of August 15, 2020, for Florida Blue and October 5, 2020, for BCBS Minnesota, Inspire therapy also has Medicare coverage across the U.S..
Inspire Medical Systems, Inc. (NYSE: INSP) has received approval from the Australian Therapeutic Goods Administration (TGA) for its Inspire therapy targeting moderate to severe obstructive sleep apnea (OSA) in patients unable to use CPAP. OSA affects about 5% of Australians, with around one million qualifying as moderate to severe cases. The company is now pursuing reimbursement approval from the Medical Services Advisory Committee (MSAC) and expects to launch its therapy in Australia post-2021. CEO Tim Herbert emphasizes the therapy's strong clinical evidence supporting its safety and efficacy.
Inspire Medical Systems (NYSE: INSP) announced the appointment of Georgia Garinois-Melenikiotou to its Board of Directors, enhancing its leadership with her extensive experience in global consumer marketing and corporate management. Mudit Jain, a founding partner and board member since 2009, will retire at the end of July 2020. CEO Tim Herbert emphasized the importance of diverse expertise for future growth, highlighting Ms. Garinois-Melenikiotou's potential contributions to innovative marketing strategies for Inspire's FDA-approved neurostimulation therapy targeting obstructive sleep apnea.
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