Inspire(US:INSP)2023-11-08 00:40Company Overview - Inspire is the first and only FDA-approved neurostimulation technology for Obstructive Sleep Apnea (OSA)[27] - Over 50,000 patients have been treated with Inspire therapy[21, 27, 99] - The company has a well-capitalized balance sheet with $467 million in net cash as of September 30, 2023[27, 114] - Inspire has a strong financial profile with 83-85% gross margin[33] Market Opportunity - Approximately 17 million individuals in the U S have moderate to severe OSA[40] - The annual U S economic costs of untreated moderate to severe OSA are between $65 - $165 billion[40] - Inspire U S market is approximately $10 billion[41, 44] Financial Performance & Growth - The company's revenue has grown at a CAGR of 70% from 2017 to 2022[91] - Q3 2023 revenue was $153.3 million[114, 119] - The gross margin in Q3 2023 was 84.1%[114, 119] - The company expects FY2023 revenue to be in the range of $608M - $612M, representing 49% - 50% growth over FY2022[109] Patient Outcomes & Therapy - Inspire has a 4% risk of readmission vs ~15-20% for Palate and Multilevel surgeries[53] - Inspire has a 2% complication rate vs 15-20% for Palate and Multilevel surgeries[57] - 91% of patients say Inspire is better than CPAP, 93% would recommend Inspire, 92% would choose Inspire again, and 90% are satisfied with Inspire[86]