Inspire Medical Systems (INSP) 2025 Conference Transcript

Summary of Inspire Medical Systems (INSP) Conference Call Company Overview - Company: Inspire Medical Systems (INSP) - Event: 2025 Conference on May 13, 2025 - Key Speakers: Tim Herbert (Chairman and CEO), Rick Buchholz (CFO), Ez Giajia (VP, Investor Relations) Key Points Industry and Product Launch - Inspire Medical has launched Inspire five, a new platform aimed at improving patient outcomes and surgeon efficiency [1][3][12] - The launch is significant as it marks a transition from the previous model, Inspire four, and is expected to enhance the company's growth trajectory [5][30] Financial Performance - In Q1 2025, Inspire reported a 23% growth and achieved positive earnings for the first time in Q1, indicating strong operational leverage [7][8] - The company anticipates mid to high single-digit sequential growth for Q2, with a focus on transitioning to Inspire five [20][21] Market Dynamics - There was a noted patient warehousing effect, where patients opted to wait for Inspire five rather than proceed with Inspire four, impacting Q1 performance [10][24] - The company is optimistic about a strong second half of 2025 as the transition to Inspire five is completed [11][19] Marketing and Patient Engagement - Inspire plans to increase direct-to-patient marketing efforts to raise awareness and drive patient engagement [6][60] - The company is also focusing on educating healthcare providers, including family practice and sleep physicians, about the benefits of Inspire therapy [60] Surgical Efficiency and Training - The new Inspire five system simplifies the surgical procedure by eliminating the need for a pressure sensing lead, which is expected to reduce surgical time from 60-90 minutes to 45-60 minutes [46] - Inspire has trained approximately 400 advanced practice providers (APPs) to assist in patient management and post-operative care, enhancing surgical capacity [47] Future Developments - Inspire is looking ahead to Inspire six, which will include features like sleep detection and auto-activation, aimed at improving patient adherence to therapy [63][64] - The company is also exploring a subscription model for patient management through its upcoming SleepSync program, which will help sleep physicians manage patients more effectively [66] Financial Outlook - Inspire is committed to balancing growth with profitability, expecting improved margins as utilization increases and customer acquisition costs decrease [58][59] - The company is confident that the transition to Inspire five will lead to higher utilization rates and revenue per sales representative [68] Conclusion - Inspire Medical Systems is positioned for growth with the launch of Inspire five, a focus on patient engagement, and a commitment to improving surgical efficiency. The company is optimistic about its future developments and financial performance as it continues to innovate in the sleep apnea treatment market [73][74]