Inspire Medical Systems (NYSE: INSP) continues to report good news, as sales grow for the maker of implantable neuromodulation devices to treat sleep apnea.
Minneapolis-based Inspire earned $9.8 million, or 32¢ per share, on $195.9 million in revenue for the quarter that ended June 30, 2024. That compares with a loss of $11.9 million, or 41¢ per share, on $151.1 million in revenue the same quarter one year ago.
The results — out after market close yesterday — beat the expectations of Wall Street analysts, who expected a loss of 14¢ per share and $189.46 million in revenue. They presented more good news on top of the positive preliminary results that Inspire Medical released in late July.
By the next morning, INSP shares were up more than 24% to $183.31 per share.
“We are excited with our strong execution in the second quarter which drove robust revenue performance and continued operating leverage,” Inspire Medical CEO Tim Herbert said in a news release. “Based on our strong first half results, we are increasing our full-year revenue guidance to $788 million to $798 million, representing 26% to 28% growth, up from $783 million to $793 million announced previously, and we are raising our full-year earnings per share guidance to $0.60 to $0.80, up from $0.10 to $0.20 previously.”
Herbert also said:
“In addition to our healthy financial performance, there are many important achievements worth highlighting. First, we received CE mark certification under the European Union’s Medical Device Regulation including full-body MRI compatibility in Europe. Second, we received countrywide reimbursement for Inspire therapy in France at a rate consistent with other European markets. Both achievements represent significant milestones for the company and should drive many years of strong growth in Europe. Third, we received FDA approval for the Inspire V neurostimulation system, marking an important milestone for the future of Inspire therapy. Lastly, we authorized a share repurchase program of up to $150.0 million, the first in company history, as we believe the repurchase of our common stock represents an attractive investment opportunity.”
This story originally ran on Aug. 6, 2024. Updated Aug. 7 with next day stock price.
