The Minneapolis-based company posted losses of -$16.2 million, or -67¢ per share, on sales of $21.3 million for the three months ended March 31, 2020, nearly doubling last year’s losses of -$8.3 million despite sales growth of 31.4%.
Adjusted to exclude one-time items, losses per share were also -67¢, 10¢ behind Wall Street, where analysts were looking for sales of $21.2 million.
Inspire’s results fell in line with the projections the company made last month. When it announced the projections of $21.3 million in revenue, its shares spiked up more than 8%.
The minimally invasive sleep apnea treatment developer noted in a news release that its loss of revenue in March due to the COVID-19 pandemic negatively affected the overall net loss in the quarter.
“Following an extremely strong January and February, the impact of the ongoing COVID-19 pandemic was felt in our business through the postponement of substantially all of our Inspire implant procedures beginning in the second week of March in both the U.S. and Europe,” Inspire Medical president & CEO Tim Herbert said in the news release. “In the last few weeks, the first implants since mid-March have been successfully completed in Germany and in the U.S., and we are confident that we are well-positioned going forward, as we expect a significant majority of postponed Inspire procedures to ultimately be rescheduled.
“Importantly, the fundamentals of our business remain strong, as we continue to invest in critical activities to accelerate growth once the impact of COVID-19 subsides.”
Inspire Medical is not offering financial guidance for 2020 amid the uncertainties caused by COVID-19.
INSP shares were up 1.98% at $70.11 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.6%.