Inspire Medical Systems Achieves 10-Year Milestone and Projects 25-27% Revenue Growth for 2024

2024-05-08

Inspire Medical Systems, a prominent company specializing in obstructive sleep apnea therapy, recently hosted a conference call where key executives, including Tim Herbert, Chairman and CEO, Ezgi Yagci, VP of Investor Relations, and Rick Buchholz, CFO, shared insights regarding the company's performance and future strategies. The call addressed crucial business inquiries, providing valuable information on the company's operations and prospects.

During the meeting, Inspire Medical Systems commemorated a significant milestone - the 10-year anniversary of the FDA's approval of Inspire therapy. This achievement underscored the company's unwavering commitment to enhancing patient outcomes. With over 65,000 patients having received Inspire therapy to date, the company remains steadfast in its mission to prioritize patients and deliver consistent, positive results.

In terms of financial performance, the company disclosed a first-quarter revenue of $164 million for 2024, indicating a notable 28% increase compared to the same period in 2023. This growth was attributed to factors such as heightened patient awareness, expanded market penetration, and entry into new territories. Inspire Medical Systems adjusted its revenue guidance for 2024 to a range of $783 million to $793 million, reflecting a substantial 25% to 27% growth from the previous year.

The company's outlook for profitability in 2024 is optimistic, with expectations of achieving profitability for the entire year and projecting earnings per share in the range of $0.10 to $0.20. Inspire Medical Systems remains dedicated to driving growth and adoption of Inspire therapy through various initiatives, including medical education programs, market development endeavors, and technological advancements.

Looking ahead, the company is eagerly anticipating the potential launch of the Inspire V product, currently undergoing FDA review, with plans for a soft launch later this year. Furthermore, the expanded coverage by UnitedHealthcare for high AHI and pediatric populations presents promising growth opportunities for the company.

Inspire Medical Systems' unwavering commitment to innovation, patient-centric practices, and strategic growth efforts solidify its position as a key player in the healthcare sector. With robust financial performance, a focus on profitability, and a commitment to enhancing patient outcomes, the company is well-positioned for sustained success in the future.