MINNEAPOLIS, July 02, 2024 (GLOBE NEWSWIRE) -- Inspire Medical Systems, Inc. (NYSE: INSP) (Inspire) will release financial results for the second quarter 2024 after the close of trading on Tuesday, August 6. Inspire's management team will host a corresponding conference call beginning at 5:00 p.m. Eastern Time to discuss the financial results and recent business developments. Following the call, a replay will be available on the Company's Investor Relations website approximately two hours after the event an ...

Core Viewpoint - Inspire Medical Systems has shown a mixed performance in its recent earnings report, with a narrower loss per share and significant revenue growth, but the stock has underperformed compared to the S&P 500 over the past month [1][2]. Financial Performance - The company reported a loss per share of 34 cents for Q1 2024, an improvement from a loss of 53 cents per share in the same period last year and better than the Zacks Consensus Estimate of a loss of 63 cents [2]. - Revenues reached $164 million in Q1 2024, marking a 28.2% increase year over year and surpassing the Zacks Consensus Estimate by 1.5% [3]. - Gross profit increased by 28.9% to $139.3 million, with a gross margin expansion of 46 basis points to 84.9% [7]. Revenue Breakdown - U.S. revenues totaled $155.8 million, reflecting a 25% increase from the previous year, driven by enhanced patient awareness and market penetration [4]. - International revenues amounted to $8.2 million, up 141% year over year, primarily due to a rebound in Europe, especially in Germany [6]. Operational Highlights - The company activated 66 new U.S. centers, bringing the total to 1,246 centers providing Inspire therapy, and created 11 new U.S. sales territories, totaling 298 [5]. - Operating loss for the quarter was $15.2 million, an improvement from the prior year's loss of $19.5 million [7]. Financial Position - At the end of Q1 2024, cash and cash equivalents and short-term investments stood at $441.4 million, down from $460.4 million at the end of 2023 [8]. - Net cash provided by operating activities was $8.9 million, compared to a net cash used of $1.3 million in the same quarter last year [8]. Outlook - Inspire Medical revised its 2024 revenue guidance to a range of $783 million to $793 million, indicating a growth of 25-27% from 2023 levels, up from the previous estimate of $775 million to $785 million [9]. - The company expects to open 52-56 new U.S. medical centers and add 12-14 new U.S. sales territories each quarter in 2024 [10]. Market Position - Inspire Medical has a Zacks Rank of 3 (Hold) and a VGM Score of B, indicating a favorable growth outlook but a lower score on the value side [11][12].

Company Overview - Inspire Medical Systems, Inc. is a medical technology company focused on developing and commercializing innovative, minimally invasive solutions for patients with obstructive sleep apnea [3] - The company's proprietary Inspire therapy is the first and only FDA-approved neurostimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea [3] Upcoming Events - Inspire's management team will present at the Truist Securities Medtech Conference on June 18, 2024, at 10:40 a.m. Eastern Time [1] - The presentation will be accessible via a live webcast [1] - A replay of the presentation will be available for two weeks following the event in the Event Archive section of Inspire's Investor website [2]

Inspire Medical Systems, Inc. (INSP) is well-poised for growth in the coming quarters, courtesy of its focus on research and development (R&D). The optimism led by a solid first-quarter 2024 performance and its global presence are expected to contribute further. However, concerns regarding overdependence on the Inspire system and a competitive landscape prevail. Over the past year, this Zacks Rank #3 (Hold) stock has lost 49.3% compared with the 25.3% decline of the industry. The S&P 500 has witnessed 26.7% ...

Inspire Medical Systems, Inc. (INSP) delivered a loss per share of 34 cents in first-quarter 2024, narrower than the year-ago period’s loss of 53 cents per share. The metric was also narrower than the Zacks Consensus Estimate of a loss of 63 cents per share.Revenues in DetailInspire Medical registered revenues of $164 million in the first quarter, up 28.2% year over year. The figure beat the Zacks Consensus Estimate by 1.5%.Per management, the top-line growth was driven by increased market penetration in ex ...

For the quarter ended March 2024, Inspire Medical Systems (INSP) reported revenue of $164.01 million, up 28.2% over the same period last year. EPS came in at -$0.34, compared to -$0.53 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $161.63 million, representing a surprise of +1.47%. The company delivered an EPS surprise of +46.03%, with the consensus EPS estimate being -$0.63.While investors scrutinize revenue and earnings changes year-over-year and how they compare ...

Financial Data and Key Metrics Changes - The company generated revenue of $164 million in Q1 2024, a 28% increase compared to $127.9 million in Q1 2023 [5][11] - US revenue was $155.8 million, reflecting a 25% increase from $124.5 million in the prior year [11] - Revenue outside the US increased by 141% to $8.2 million, primarily due to a rebound in Europe, especially in Germany [6][11] - The net loss for Q1 2024 was $10 million, an improvement from a net loss of $15.4 million in Q1 2023, resulting in a net loss per share of $0.34 compared to $0.53 [6][11] - The company expects full-year revenue guidance to be between $783 million and $793 million, representing a growth of 25% to 27% over 2023 [12] Business Line Data and Key Metrics Changes - The company expanded its market presence by opening 66 new implanting centers and 11 new sales territories in the US [5] - The gross margin for Q1 2024 was 84.9%, up from 84.4% in the prior year, driven by improved manufacturing efficiencies [11] Market Data and Key Metrics Changes - The company noted a strong rebound in Europe, particularly in Germany, following the derogation received late in Q4 2023 [6] - The SURMOUNT-OSA trial results suggest that GLP-1s may complement the company's market opportunity by enabling more patients to qualify for Inspire therapy [7] Company Strategy and Development Direction - The company remains focused on increasing therapy adoption and expanding its market presence while enhancing its technology [10] - The company plans to continue its growth strategy by increasing utilization at existing centers and opening new centers [10] - The Inspire V submission is under FDA review, with a soft launch expected in 2024 and a full launch in 2025 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's momentum and the ability to increase guidance based on strong demand and utilization trends [12] - The company anticipates being profitable for the full year 2024, with diluted net income per share guidance of $0.10 to $0.20 [12] Other Important Information - The company has invested heavily in research and development, commercial infrastructure, and direct-to-consumer campaigns to drive awareness and adoption of Inspire therapy [10] - The company has built a strong clinical evidence base with nearly 6,000 patients worldwide and over 280 peer-reviewed publications [8] Q&A Session Summary Question: US performance and growth dynamics - Management acknowledged strong Q1 growth but noted it was below expectations, attributing some dynamics to Medicare versus private pay mix and tracking documentation requirements with UnitedHealthcare [14][15] Question: Confidence in raised guidance - Management indicated that the raised guidance is based on strong performance in Europe and confidence in US growth, particularly in the latter half of the year [17][27] Question: Utilization trends and metrics reporting - Management discussed ongoing focus on utilization and indicated a shift towards reporting revenue and profitability metrics rather than center and territory metrics starting in 2025 [18][21] Question: Impact of SURMOUNT-OSA on patient funnel - Management noted that discussions around GLP-1s could lead to more patients qualifying for Inspire therapy, with positive reports from the field [30][31] Question: Updates on pediatric population and high BMI patients - Management reported progress in treating high AHI patients and opening additional children's hospitals to increase awareness and treatment options [34][35] Question: Profitability drivers and DTC strategy - Management highlighted targeted digital advertising as a key component of their DTC strategy, with a focus on improving conversion rates while maintaining flat spending compared to 2023 [38][75] Question: Inspire V launch timing and potential patient delays - Management confirmed that the Inspire V launch timeline remains on track and does not anticipate significant delays in treatment due to awareness of the new product [41][52] Question: Coverage policy updates for higher BMI patients - Management is actively communicating with payers to update policies in line with FDA approvals, expecting most changes to be implemented by the end of the year [62][63]

Inspire Medical Systems (INSP) came out with a quarterly loss of $0.34 per share versus the Zacks Consensus Estimate of a loss of $0.63. This compares to loss of $0.53 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 46.03%. A quarter ago, it was expected that this maker of devices for treating obstructive sleep apnea would post a loss of $0.04 per share when it actually produced earnings of $0.49, delivering a surprise of 1,32 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 10-Q ________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38468 ______________________________ Inspire ...

[Company Overview & Q1 2024 Highlights](index=1&type=section&id=Company%20Overview%20%26%20Q1%202024%20Highlights) Inspire Medical Systems reported strong Q1 2024 results, driven by market expansion and increased awareness, leading to raised full-year guidance and anticipated profitability [Introduction and Recent Business Highlights](index=1&type=section&id=Introduction%20and%20Recent%20Business%20Highlights) Inspire Medical Systems announced strong first quarter 2024 results with 28% year-over-year revenue growth, driven by increased market penetration, expansion into new territories, and enhanced physician and patient awareness - Inspire Medical Systems reported **28% year-over-year revenue growth** in Q1 2024[1](index=1&type=chunk)[2](index=2&type=chunk) - The company expects to be **profitable for the full year 2024**[1](index=1&type=chunk)[2](index=2&type=chunk) - Revenue growth was driven by increased market penetration in existing centers, expansion into new territories, and increased physician and patient awareness of Inspire therapy[2](index=2&type=chunk) [About Inspire Medical Systems](index=2&type=section&id=About%20Inspire%20Medical%20Systems) Inspire Medical Systems is a medical technology company focused on developing and commercializing innovative, minimally invasive solutions for patients suffering from obstructive sleep apnea, featuring its proprietary FDA-approved neurostimulation therapy - Inspire is a medical technology company focused on developing and commercializing minimally invasive solutions for obstructive sleep apnea[12](index=12&type=chunk) - Its proprietary Inspire therapy is the first and only FDA-approved neurostimulation technology for moderate to severe obstructive sleep apnea[12](index=12&type=chunk) [First Quarter 2024 Financial Results](index=1&type=section&id=First%20Quarter%202024%20Financial%20Results) Inspire reported strong Q1 2024 financial performance with significant revenue growth, improved gross margin, and reduced net loss, alongside operational expansion [Summary of Q1 Financial Performance](index=1&type=section&id=Summary%20of%20Q1%20Financial%20Performance) Inspire reported robust financial performance in Q1 2024, marked by significant revenue growth across both U.S. and international markets, an improved gross margin, and a reduced net loss Q1 2024 Financial Summary | Metric | Q1 2024 | Q1 2023 | YoY Change | | :---------------------- | :------ | :------ | :--------- | | Revenue | $164.0M | $127.9M | +28% | | U.S. Revenue | $155.8M | N/A | +25% | | International Revenue | $8.2M | N/A | +141% | | Gross Margin | 84.9% | 84.4% | +0.5 pp | | Operating Expenses | $154.5M | $127.5M | +21% | | Net Loss | $(10.0)M | $(15.4)M | -35.06% | | Net Loss Per Share | $(0.34) | $(0.53) | -35.85% | - Operating expenses increased primarily due to ongoing investments in the expansion of the U.S. sales organization, direct-to-patient marketing programs, continued product development efforts, and increased general corporate costs[5](index=5&type=chunk) - Activated **66 new U.S. centers** in Q1 2024, bringing the total to **1,246 U.S. medical centers** providing Inspire therapy[7](index=7&type=chunk) - Created **11 new U.S. sales territories** in Q1 2024, bringing the total to **298 U.S. sales territories**[7](index=7&type=chunk) - Cash, cash equivalents, and investments decreased slightly to **$469.2 million** as of March 31, 2024, from **$469.5 million** on December 31, 2023[6](index=6&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The detailed income statement for Q1 2024 reflects a substantial increase in revenue and gross profit, alongside a rise in operating expenses, ultimately resulting in a reduced net loss compared to the prior year's corresponding period Consolidated Statements of Operations (in thousands) | Metric (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Revenue | $164,010 | $127,897 | | Cost of goods sold | $24,757 | $19,888 | | Gross profit | $139,253 | $108,009 | | Research and development | $28,850 | $25,519 | | Selling, general and administrative | $125,621 | $101,988 | | Total operating expenses | $154,471 | $127,507 | | Operating loss | $(15,218) | $(19,498) | | Net loss | $(10,005) | $(15,424) | | Net loss per share, basic and diluted | $(0.34) | $(0.53) | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, Inspire's total assets experienced a slight increase from December 31, 2023, primarily driven by growth in inventories and long-term investments, while total current liabilities saw a decrease Consolidated Balance Sheets (in thousands) | Metric (in thousands) | March 31, 2024 | December 31, 2023 | | :-------------------- | :------------- | :---------------- | | Total current assets | $572,214 | $593,739 | | Total assets | $685,842 | $676,811 | | Total current liabilities | $72,172 | $78,105 | | Total liabilities | $96,818 | $104,297 | | Total stockholders' equity | $589,024 | $572,514 | [Full Year 2024 Guidance](index=2&type=section&id=Full%20Year%202024%20Guidance) Inspire updated its full-year 2024 guidance, raising revenue projections and initiating net income per share guidance, while maintaining operational expansion targets [Full Year 2024 Guidance Update](index=2&type=section&id=Full%20Year%202024%20Guidance%20Update) Inspire has updated its full-year 2024 guidance, increasing revenue projections and initiating diluted net income per share guidance, while maintaining its gross margin and operational expansion targets for new U.S. medical centers and territories Full Year 2024 Guidance | Metric | Previous Guidance | Updated Guidance | Growth over FY2023 | | :--------------------------- | :---------------- | :--------------- | :----------------- | | Revenue | $775M - $785M | $783M - $793M | 25% - 27% | | Gross Margin | 83% - 85% | 83% - 85% | Maintained | | Diluted Net Income Per Share | N/A | $0.10 - $0.20 | Initiated | - Maintained guidance for opening **52 to 56 new U.S. medical centers** per quarter for the remainder of 2024[9](index=9&type=chunk) - Maintained guidance for adding **12 to 14 new U.S. territories** per quarter for the remainder of 2024[9](index=9&type=chunk) [Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides details on the Q1 2024 webcast, forward-looking statements, and investor contact information [Webcast and Conference Call Details](index=2&type=section&id=Webcast%20and%20Conference%20Call%20Details) Inspire Medical Systems hosted a conference call and live webcast on May 7, 2024, to discuss its first quarter results, with a replay available on the investor relations website - A conference call was hosted on Tuesday, May 7, 2024, at 5:00 p.m. Eastern Time[10](index=10&type=chunk) - A replay of the webcast is available on https://investors.inspiresleep.com[11](index=11&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section provides a standard disclaimer regarding forward-looking statements, highlighting various known and unknown risks and uncertainties that could cause actual results to differ materially from the company's projections and expectations - Statements regarding full year 2024 financial outlook, expectations for new U.S. medical centers and territories, operating leverage, profitability, and business growth strategy are considered forward-looking[14](index=14&type=chunk) - Risks and uncertainties include estimates of market opportunity, future financial results, commercial success, macroeconomic trends, challenges in obtaining prior authorization and reimbursement, competition, product development, supply chain dependence, regulatory actions, and cybersecurity[15](index=15&type=chunk)[16](index=16&type=chunk) [Investor & Media Contact](index=4&type=section&id=Investor%20%26%20Media%20Contact) Contact information for investor and media inquiries is provided for direct communication - Investor & Media Contact: Ezgi Yagci, Vice President, Investor Relations[17](index=17&type=chunk)