Inspire Medical Systems (NYSE:INSP) yesterday posted first-quarter results that beat the earnings consensus on Wall Street and matched sales estimates.
The Minneapolis-based company reported losses of -$16.216 million, or -60¢ per share, on sales of $40.352 million for the three months ended March 31, for a sales growth of 89.0% compared with Q1 2020.
Earnings per share were -60¢, 6¢ ahead of The Street, where analysts were looking for sales of $40.35 million.
“We continued to execute on our key commercial initiatives during the first quarter,” president and CEO Tim Herbert said in a news release. “We did experience the expected seasonality early in the first quarter of 2021 due to high deductible insurance plans resetting as well as the resurgence of COVID-19 in certain geographies, but the team performed extremely well to overcome these challenges. Our growth in the quarter was primarily driven by the increased number of procedures occurring at existing centers, as well as the continued addition of new implanting centers and territory managers. Based on our strong performance in the first quarter and the anticipated continuation of positive implant growth trends in 2021, we are raising our full-year 2021 revenue guidance to between $192 million to $196 million, an increase from our prior guidance of $183 million to $188 million.”
Shares in INSP were down -4.21% to $217.00 apiece in pre-market trading.