Summary: Inspire Medical Systems Inc reported its second-quarter 2024 business and operational results, highlighting several key achievements. These include receiving FDA approval for the Inspire V neurostimulation system, CE Mark certification under EU MDR, and securing countrywide reimbursement for Inspire therapy in France. The company also expanded its reach by activating 81 new US medical centers and creating 12 new US sales territories.
Key Takeaways
- Regulatory Approvals: Inspire Medical Systems received FDA approval for the Inspire V neurostimulation system and CE Mark certification under the European Union’s Medical Device Regulation.
- Operational Expansion: The company expanded its footprint by activating 81 new US medical centers and creating 12 new US sales territories in Q2 2024.
- Financial Performance: Inspire Medical Systems reported a 30% increase in revenue for Q2 2024, leading to an increase in their full-year 2024 revenue guidance.
Inspire Medical Systems Inc, maker of Inspire therapy for the treatment of obstructive sleep apnea, reported its second-quarter business results and recent operational highlights, noting several key achievements.
The company recently received CE-mark certification under the European Union’s Medical Device Regulation, including full-body MRI compatibility in Europe, and countrywide reimbursement for Inspire therapy in France at a rate consistent with other European markets.
“Both achievements represent significant milestones for the company and should drive many years of strong growth in Europe,” says Tim Herbert, chairman and CEO of Inspire Medical Systems, in a release.
Additionally, Inspire received US Food and Drug Administration approval for the Inspire V neurostimulation system.
Other Q2 highlights include:
- Activated 81 new US centers in the second quarter of 2024, bringing the total to 1,316 US medical centers providing Inspire therapy
- Created 12 new US sales territories in the second quarter of 2024, bringing the total to 310 US sales territories
For the quarter, the company generated revenue of $195.9 million, a 30% increase over the same quarter last year. “We are excited with our strong execution in the second quarter which drove robust revenue performance and continued operating leverage,” says Herbert in a release.
Based on these results, Inspire is increasing its full-year 2024 revenue guidance to between $788 million to $798 million, which represents growth of 26% to 28% over full-year 2023 revenue of $624.8 million. This compares to the prior revenue guidance of $783 million to $793 million.
Inspire is maintaining its guidance relating to the opening of new US medical centers of 52 to 56 per quarter, as well as its guidance of 12 to 14 new US territories per quarter for the remainder of 2024.
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