Inspire Medical Systems
(NYSE: INSP)
today announced preliminary second-quarter results that include 30% year-over-year revenue growth.
Shares of INSP grew more than 5% to $132.56 in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose slightly.
The developer of neuromodulation tech for treating sleep apnea also increased its sales outlook for the full year. It plans to report its complete results for the quarter ended June 30, 2024, on Aug. 6.
Minneapolis-based Inspire expects to report sales totaling $195.9 million, marking a 30% increase over the same quarter in 2023. That includes U.S. revenues that also grew by 30% to $187.8 million. The remaining OUS sales of $8.1 million represent a 27% increase over the same quarter in 2023.
Inspire’s preliminary results include a new sales guidance for its 2024 fiscal year. It now expects sales to range between $788 million and $798 million, representing growth between 26% and 28% from 2023. This also marks a $13 million increase at both ends from the compay’s initial guidance for between $776 million and $785 million.
“We are so proud of our team’s strong execution and revenue performance in the second quarter, which showed sequential revenue growth acceleration in the U.S.,” said Tim Herbert, chair and CEO of Inspire. “With the strong momentum we are seeing in our business, we have increased confidence regarding strong continued revenue growth in the second half of 2024. As a result, we are increasing our revenue guidance to $788 million to $798 million for full year 2024. We look forward to reporting full results on August 6.”
