Inspire Medical Systems (NYSE:INSP) shares are up today on third-quarter results that came in ahead of the consensus forecast.
Shares of INSP were up more than 3% to $199.42 apiece by the afternoon today.
Yesterday evening, the Minneapolis-based developer of neurostimulation technology for treating sleep apnea reported profits of $18.5 million. That equals 60¢ per share on sales of $203.2 million for the three months ended Sept. 30, 2024.
Inspire recorded a massive bottom-line gain out of the red on a sales increase of 32.5%.
Earnings per share landed 52¢ ahead of expectations on Wall Street. Sales also beat the estimates as experts forecast $197.6 million in revenue.
Highlights for the quarter included the activation of 66 new U.S. centers providing Inspire therapy. The company also received FDA approval for its next-generation Inspire V neurostimulation system for sleep apnea. Inspire Medical’s sleep apnea treatment market share continues to grow since a severe recall knocked traditional PAP maker Philips out of the market for a while.
“We are very proud of how the team executed in the third quarter, effectively treating patients with Inspire therapy, bringing the total number of patients treated to over 85,000. This performance resulted in strong revenue growth and a significant improvement in operating leverage,” said Tim Herbert, chair and CEO of Inspire Medical Systems.
Based on the company’s third-quarter performance, Inspire Medical increased its guidance for the full year. It previously projected revenues between $788 million and $798 million and EPS between 60¢ and 80¢. Now, the company expects between $793 million and $798 million in sales and EPS between $1.20 and $1.40.
