Inspire Medical Systems (NYSE:INSP) posted fourth-quarter results that beat the consensus on Wall Street.
The Minneapolis-based company reported losses of $9.1 million, or -38¢ per share, on sales of $26.9 million for the three months ended Dec. 31, 2019, for a sales growth of 62.5% compared with Q4 2018.
Earnings per share were -38¢, 2¢ ahead of The Street where analysts were looking for sales of $23.8 million.
“The Inspire team and the healthcare providers who prescribe and support Inspire therapy continue to be fully committed to delivering positive and consistent patient outcomes for those with untreated obstructed sleep apnea,” president and CEO Tim Herbert said in a news release.
“We continue to execute on our balanced commercial growth strategy, which is primarily focused on the U.S. market, with the objective of first, increasing patient flow at existing centers, and second, training and opening new implanting centers. We are confident that we remain well-positioned for long-term success based on our focus on improving utilization and our conversion rate, further advancements in reimbursement, including Medicare, a growing body of clinical evidence and a robust R&D platform.”
Inspire Medical Systems expects full-year 2020 revenue to be in the range of $115 million to $119 million.
Shares in INSP were up 14.1% to $89.60 apiece in mid-morning trading.
