Inspire Medical Systems (NYSE:INSP) shares shot up more than 8% today on a first-quarter revenue projection of approximately $21.3 million, up 31% from the $16.3 million it pulled in during the first quarter of 2019.
Shares of INSP were up 8.2% at $68.61 per share in mid-afternoon trading today.
Inspire also withdrew its full-year guidance today in response to the ongoing COVID-19 pandemic. In February, the company said it expected full-year 2020 revenue to be in the range of $115 million to $119 million. As of March 31, 2020, the sleep apnea treatment developer had approximately $142 million in cash, cash equivalents and investments, down $14 million from the $156 million it held as of Dec. 31, 2019.
Inspire said it can’t predict the extent or duration of the impact coronavirus will have on financial results, but plans to provide more information during its first-quarter earnings call in May.
“The COVID-19 global health pandemic continues to cause meaningful complications to daily life and business operations,” Inspire president & CEO Tim Herbert said in the release. “The Inspire team is grateful to the healthcare professionals around the world who are selflessly caring for patients on the front lines of this pandemic, and our thoughts go out to all who have been affected.”
Inspire also announced the pricing of an underwritten public offering of 2 million shares of its common stock totaling approximately $116 million. The offering includes the shares of common stock priced at $58 per share, before underwriting discounts and commissions. Minneapolis-based Inspire also granted underwriters a 30-day option to purchase up to an additional 300,000 shares of common stock at the public offering price.
All shares are set to be sold by Inspire, which expects the offering to close on April 16, 2020, subject to closing conditions, according to a news release.
BofA Securities, J.P. Morgan and Goldman Sachs & Co. LLC are acting as joint book-running managers for the offering. Guggenheim Securities and SVB Leerink are acting as lead managers.
