Inspire Medical Systems (NYSE:INSP) today posted third-quarter results that beat the overall consensus on Wall Street and raised its full-year guidance.
The Minneapolis-based sleep apnea treatment device company reported losses of $16.8 million, or -60¢ per share, on sales of $109.2 million for the three months ended Sept. 30, for a sales growth of 77.01% compared with Q3 2021.
Earnings per share were 16¢ ahead of The Street, where analysts were looking for sales of $94.61 million.
“Once again, the Inspire team executed extremely well during the third quarter, continuing the strong momentum we saw in the first half of 2022,” President and CEO Tim Herbert said in a news release. “Despite the macroeconomic challenges that persisted through the quarter, the team remained focused on delivering high-quality patient outcomes. Our growth was driven primarily by the increased utilization at existing sites, along with the addition of 59 new implanting centers and 18 additional U.S. sales territories.”
Herbert said that European revenue for Q3 was “adversely affected” due to exchange rate variations.
Inspire Medical Systems is raising its full-year guidance to between $384 million to $388 million to represent 65-66% growth over 2021 full-year revenue of $233.4 million. The previous guidance was $354 million to $362 million.
Shares in INSP were at a standstill in premarket hours.