Inspire Medical Systems (NYSE:INSP) this week posted first-quarter results that beat the overall consensus on Wall Street.
The Minneapolis-based implantable sleep therapy device company reported profit losses of $15.4 million, or 53¢ per share, on sales of $127.9 million for the three months ended March 31, for a sales growth of 84.34% compared to Q1 2022. The losses were less than the same period a year ago, when Inspire Medical had $16.7 million in losses.
Earnings per share were 13¢ ahead of the Street, where analysts were looking for sales of $119.3 million.
“We are excited about our strong performance during the first quarter as the team remained focused on high-quality patient outcomes and delivered exceptional results. Our growth was driven primarily by the increased utilization at existing sites and complemented by the addition of 68 new implanting centers and 17 additional U.S. sales territories,” Inspire Medical President and CEO Tim Herbert said in a news release. “Based on the strong momentum we are seeing in our business, we are raising our full-year 2023 revenue guidance to between $580 million to $590 million, an increase from our prior guidance of $560 million to $570 million.”
Inspire Medical is raising its full-year revenue guidance to be in the range of $580 million to $590 million, representing 42% to 45% year-over-year growth. Previous guidance was set at $560 million to $570 million.
Shares in INSP were up more than 5% to $272.66 apiece by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.