Inspire Medical Systems (NYSE:INSP) shares ticked up after hours today on second-quarter results that beat the consensus forecast.
Shares of INSP rose 1.4% at $295 apiece after the market closed today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down 0.5%.
The Minneapolis-based implantable sleep apnea treatment developer posted losses of $11.95 million. That equals 41¢ per share on sales of $151.1 million for the three months ended June 30, 2023.
Inspire recorded about a $2.5 million bottom-line improvement while remaining in the red. It also posted sales growth of 65.3%. The company topped expectations on Wall Street, where analysts expected sales of $136.3 million and losses per share totaling 57¢.
“We are very pleased with our strong performance in the second quarter,” said Inspire President and CEO Tim Herbert. “Our growth was driven by higher utilization at existing sites and complemented by the addition of 72 new implanting centers and 19 new U.S. sales territories. We achieved several important milestones in the second quarter.”
Some of those milestones included expanded FDA approval for its sleep apnea therapy. The company develops minimally invasive solutions for patients with obstructive sleep apnea (OSA). The proprietary Inspire therapy is the first and only FDA-approved neurostimulation technology that treats moderate to severe OSA. It offers an alternative to traditional positive airway pressure (PAP) therapy in the sleep respiratory market.
Inspire also announced two important executive appointments recently. The company appointed Carlton Weatherby as its new chief strategy officer and named Dr. Charisse Sparks chief medical officer.
Based on its “strong first-half results,” Herbert said, Inspire increased its full-year revenue guidance. It now projects between $600 million and $610 million. The company previously forecast $580 million to $590 million.
