Welcome to our dedicated page for Inspire Medical news (Ticker: INSP), a resource for investors and traders seeking the latest updates and insights on Inspire Medical 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.
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.
Inspire Medical Systems, Inc. (NYSE: INSP) plans to release its second quarter 2020 financial results on August 4, following the market close. A conference call will start at 5:00 PM ET to discuss the results and recent business developments. Inspire specializes in innovative, minimally invasive solutions for obstructive sleep apnea, including its FDA-approved neurostimulation technology. For information, visit www.inspiresleep.com.
Inspire Medical Systems (NYSE: INSP) announced that Cigna will provide coverage for its Inspire therapy, effective June 15, 2020. This brings the total coverage to 54 policies, now covering over 180 million members, up from 83 million last year. Additionally, Inspire therapy is set to receive Medicare coverage across the U.S. Cigna's policy deems the FDA-approved device medically necessary for treating moderate to severe obstructive sleep apnea under specific conditions. The company anticipates accelerated growth post-COVID-19 due to these developments.
Inspire Medical Systems (NYSE: INSP) has launched the new Inspire Sleep app, aimed at enhancing patient management for obstructive sleep apnea. This app facilitates telemedicine consultations and follow-up care, meeting the needs of patients and medical practices during challenging times. The app, available on Google Play and the Apple App Store, allows patients to learn about Inspire therapy and connect with trained physicians. Future updates will include clinical data collection and improved patient adherence tracking. Inspire continues to innovate in digital health solutions for better patient outcomes.
Inspire Medical Systems, a leader in medical technology for obstructive sleep apnea, has announced its upcoming presentation at the virtual Goldman Sachs 41st Annual Global Healthcare Conference on June 11, 2020, at 3:50 p.m. Eastern Time. The event will be accessible via a live webcast, which can be found here. A replay will be available for two weeks afterward on Inspire's Investor website. The company offers Inspire therapy, the only FDA-approved neurostimulation technology for effectively treating moderate to severe obstructive sleep apnea.
Inspire Medical Systems (NYSE: INSP) will present at the virtual UBS Global Healthcare Conference on May 20, 2020, at 10:00 a.m. Eastern Time. The live presentation will be accessible through a webcast, with a replay available for two weeks afterward on Inspire’s Investor website. Inspire is a medical technology company specializing in innovative solutions for obstructive sleep apnea, including the first FDA-approved neurostimulation therapy for moderate to severe cases. For more information, visit www.inspiresleep.com.
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