Inspire Medical Systems (NYSE:INSP) shares ticked up before hours on second-quarter results that topped the consensus forecast.
INSP shares were up more than 12% at $210.95 per share by afternoon trading today. MassDevice‘s MedTech 100 Index, which includes the world’s largest medical device companies, saw little change.
The Minneapolis-based obstructive sleep apnea therapy developer posted losses of -$13.1 million on sales of $53 million for the three months ended June 30, 2021, for a 43.3% bottom-line gain, having more than quadrupled its revenues year-over-year.
Earnings per share were -48¢, 16¢ ahead of Wall Street, where analysts were looking for sales of $43.9 million.
“Our significant commercial momentum continued throughout the second quarter,” Inspire Medical Systems president & CEO Tim Herbert said in a news release. “We remain focused on our commercial execution driven by increasing our capacity at existing implanting centers, opening new centers and improving the education process with patients. We continue to closely track the ongoing challenges presented by COVID-19 and the latest resurgence and, despite the associated uncertainty, we intend to continue our robust investment in the further growth in adoption of Inspire therapy.”
Inspire Medical Systems raised its full-year 2021 revenue guidance to between $210 million and $213 million, representing a large rise from the previous projection of between $192 million and $196 million.