Inspire Medical Systems (NYSE:INSP) announced today that it entered into an accelerated share repurchase program worth $75 million.
Minneapolis-based Inspire entered into the repurchase agreement with Goldman Sachs. It’s being completed pursuant to a previously announced $150 million share repurchase program authorized by the Inspire board.
Inspire scheduled the termination of the accelerated share repurchase program in the first quarter of 2025. Purchases may be effected through open market transactions, privately negotiated transactions, transactions structured through investment banking institutions, or other means.
The company is not obligated to repurchase any specific number of shares. It can also modify, suspend or discontinue the program at any time. The repurchase program expires on Aug. 5, 2026, subject to earlier termination or extension by the board.
“Entering into this ASR reflects our confidence in our long-term growth potential, underpinned by our strong revenue and earnings growth profile and our expectations for our future cash generation,” said Tim Herbert, chair and CEO of Inspire. “We remain committed to invest in our future growth while simultaneously enhancing stockholder value through a disciplined capital allocation strategy, which may include future opportunistic share repurchases.”
Inspire Medical develops minimally invasive implantable products for treating obstructive sleep apnea. It offers an alternative to the traditional CPAP machines made by the likes of Philips and ResMed.
