Inspire Medical Systems, Inc. Announces Third Quarter 2024 Financial Results and Updates 2024 Outlook

Core Insights - Inspire Medical Systems reported a strong financial performance for Q3 2024, with a revenue of $203.2 million, marking a 33% increase year-over-year [2][3] - The company achieved a gross margin of 84.1% and generated an operating income of $14.3 million, a significant turnaround from an operating loss of $13.5 million in the prior year [4][5] - Inspire is increasing its full-year revenue guidance to between $793 million and $798 million, reflecting a growth of 27% to 28% over 2023 [6][7] Recent Business Highlights - Revenue for Q3 2024 was $203.2 million, a 33% increase from $153.3 million in Q3 2023 [3] - U.S. revenue for the quarter was $195.8 million, also a 33% increase compared to the prior year [3] - The company activated 66 new U.S. centers in Q3 2024, bringing the total to 1,371 centers [2] - Inspire created 13 new U.S. sales territories, increasing the total to 323 [2] - The Inspire V neurostimulation system received FDA approval [2] Financial Performance - Gross margin remained stable at 84.1% for both Q3 2024 and Q3 2023 [3] - Operating expenses increased to $156.5 million, a 10% rise from $142.4 million in the prior year [4] - Net income for Q3 2024 was $18.5 million, compared to a net loss of $8.5 million in Q3 2023 [5] - Diluted earnings per share for Q3 2024 were $0.60, up from a diluted net loss of $0.29 per share in the prior year [5] Full Year Guidance - The company raised its full-year 2024 revenue guidance to $793 million to $798 million, up from the previous guidance of $788 million to $798 million [6] - Full-year earnings per share guidance was increased to $1.20 to $1.40, compared to the prior range of $0.60 to $0.80 [7] - Inspire maintains its guidance for opening 52 to 56 new U.S. medical centers per quarter [7]