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 a 77% revenue growth in Q3 2022, reaching $109.2 million, driven by increased utilization and expansion of U.S. medical centers. The company activated 59 new centers, totaling 844 centers and launched new technologies enhancing patient experience. Despite a net loss of $16.8 million, the company raised its 2022 revenue guidance from $354-$362 million to $384-$388 million. However, European revenue faced challenges due to exchange rates, with a 14% decrease in international sales.
Inspire Medical Systems (NYSE: INSP) will announce its Q3 2022 financial results on November 1, following the market's close. Management will hold a conference call at 5:00 p.m. ET to discuss these results and recent business developments. Interested parties can register for the call via a provided link and access a live webcast on Inspire's Investor Relations page. Inspire specializes in minimally invasive solutions for obstructive sleep apnea, featuring its FDA-approved neurostimulation therapy.
Inspire Medical Systems, focusing on innovative treatments for obstructive sleep apnea, showcased advancements at the ISSS and AAO-HNSF meetings in Philadelphia from September 9-14, 2022. Highlights included the introduction of new 3D visualization software, enhancements in lead technology, and the Inspire SleepSync™ management platform. Clinical data presented showed high real-world efficacy of their treatments, particularly in a study analyzing surgical techniques and outcomes. Inspire remains committed to improving patient outcomes in sleep disorder treatment.
Inspire Medical Systems, focused on innovative solutions for obstructive sleep apnea, announced their participation at the Wells Fargo 2022 Healthcare Conference on September 8, 2022. The company's management will present at 3:10 p.m. ET at Encore Boston Harbor, Boston, MA. A live webcast of the presentation will be available and can be accessed via Inspire's investor website, along with a replay for two weeks post-event. Inspire offers the first FDA-approved neurostimulation technology targeting moderate to severe obstructive sleep apnea.
Inspire Medical Systems (NYSE: INSP) announced the appointment of Ezgi Yagci as Vice President of Investor Relations, effective August 15, 2022. Yagci brings over 15 years of experience from top-tier investment firms and was previously Investor Relations Manager at Zimmer Biomet. CEO Tim Herbert expressed confidence in her ability to enhance the company's investor relations program and contribute to its strategic goals. Yagci is eager to support Inspire's mission, particularly with anticipated product innovations for obstructive sleep apnea.
Inspire Medical Systems, Inc. (NYSE: INSP) announced a public offering of 1,000,000 shares at $215.00 each, with an additional 150,000 shares available for purchase by the underwriter. The offering is set to close on August 16, 2022, subject to conditions. Goldman Sachs & Co. LLC is the sole underwriter for this transaction. The shares are offered under an effective shelf registration statement with the SEC, initially filed on April 13, 2020. Funds raised may be utilized for corporate purposes, supporting Inspire's ongoing development in obstructive sleep apnea treatments.
Inspire Medical Systems (NYSE: INSP) announced a public offering of 1,000,000 shares of its common stock, with an option for the underwriter to purchase an additional 150,000 shares. The offering will be conducted through an effective shelf registration statement filed with the SEC. Goldman Sachs & Co. LLC is the sole underwriter. Proceeds from the offering are intended to enhance Inspire's innovative solutions for obstructive sleep apnea treatment. The preliminary prospectus supplement will be filed with the SEC and be available free of charge on their website.
Inspire Medical Systems reported a 73% revenue growth year-over-year for Q2 2022, reaching $91.4 million. The gross margin stood at 84.5%, despite a slight decrease from the previous year due to higher component costs. Inspire activated 52 new centers and created 17 new sales territories, totaling 785 centers and 191 territories. The company received FDA approvals for expanded MRI compatibility and new stimulation leads. Inspire raised its full-year revenue guidance to $354 million to $362 million, reflecting continued positive trends.
Inspire Medical Systems has appointed two new independent directors, Cynthia Burks and Charisse Sparks, M.D., to its board effective July 28, 2022. Burks, former Chief Human Resources Officer at Genentech, brings extensive expertise in human capital strategy, while Dr. Sparks, Chief Medical Officer of AppliedVR, offers significant experience in medical device R&D and regulatory affairs. These additions aim to strengthen Inspire's leadership and support its mission in developing innovative solutions for obstructive sleep apnea.
Inspire Medical Systems (NYSE: INSP) announced FDA approval for additional MRI scan conditions for its Inspire therapy, expanding from head, neck, and extremity scans to full-body MRIs. This retroactive approval applies to all patients using the Inspire IV neurostimulator since its 2018 launch. CEO Tim Herbert emphasized that this milestone will alleviate concerns for patients regarding future MRI access, thereby enhancing treatment options for those suffering from obstructive sleep apnea. The therapy is recognized as the only FDA-approved neurostimulation technology for this condition.
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