Shares of INSP were up 24.2% ($29.41) at $151.16 per share in mid-morning trading today.
Inspire said in a news release that its strong performance in the third quarter and the encouraging implant activity trends mean it is increasing its 2020 revenue guidance from between $88 million and $92 million to between $110 million and $112 million.
The Minneapolis-based company posted losses of -$10.4 million, or -39¢ per share, on sales of $35.8 million for the three months ended Sept. 30, 2020, for a -25.9% bottom-line slide on sales growth of 71.8%.
Adjusted to exclude one-time items, earnings per share were also -39¢, 33¢ ahead of Wall Street, where analysts were looking for sales of $22.5 million.
The minimally invasive sleep apnea treatment developer attributed some of its positive momentum to 42 new U.S. implanting centers added across the quarter, which is around 20 more than initially projected, along with carry-over from centers that couldn’t open in the second quarter due to the COVID-19 pandemic.
“We are extremely pleased with the strong performance demonstrated throughout our business in the third quarter,” Inspire president & CEO Tim Herbert said in the news release. “The 72% year-over-year revenue growth achieved in the third quarter reflects our strong restart once the shutdown from the COVID-19 pandemic lessened. While our growth includes patients who were delayed in receiving Inspire therapy due to the pandemic, we are especially excited about the increase in patient flow enabled by the significant increase in implant and diagnostic procedures, physician contacts, and prior authorization submissions.”