Summary: Inspire Medical Systems reported a 33% year-over-year revenue growth in Q3, reaching $203.2 million. The company highlighted key achievements, including the activation of 66 new US centers, FDA approval for its Inspire V neurostimulation system, and the publication of long-term safety data for Inspire therapy. The company also increased its full-year revenue guidance to reflect continued growth and expansion.
Key Takeaways:
- Strong Financial Growth: Inspire reported a 33% increase in Q3 revenue year-over-year, generating $203.2 million this quarter.
- Expanded Access and FDA Approval: The company activated 66 new centers, received FDA approval for its latest Inspire V system, and expanded its US sales territories.
- Revised Revenue Guidance: Inspire raised its 2024 revenue guidance to $793–$798 million, reflecting anticipated growth and successful operations.
Inspire Medical Systems Inc, maker of the Inspire neurostimulator for patients with obstructive sleep apnea (OSA), reported financial results for the third quarter, noting a 33% increase in revenue over the same quarter last year.
The company generated revenue of $203.2 million in the quarter, up from $153.3 million in the corresponding period in the prior year, per the company.
During the third quarter, the company attended the International Surgical Sleep Society and American Academy of Otolaryngology-Head and Neck Surgery meetings where Inspire therapy was featured in presentations and posters, “reinforcing the progress we are making with increasing therapy awareness and adoption and cementing Inspire therapy as an important treatment option for patients with moderate to severe obstructive sleep apnea,” says Tim Herbert, chairman and CEO of Inspire Medical, in a release.
Additionally, Inspire Medical activated 66 new US centers, bringing the total to 1,371 US medical centers providing Inspire therapy, and created 13 new US sales territories, for a total of 323.
Other highlights for the quarter include Inspire Medical receiving US Food and Drug Administration (FDA) approval for the Inspire V neurostimulation system for OSA and the publication of a study demonstrating the long-term safety of Inspire therapy assessing real-world experience since its original FDA approval in 2014.
“We are very proud of how the team executed in the third quarter, effectively treating patients with Inspire therapy, bringing the total number of patients treated to over 85,000. This performance resulted in strong revenue growth and a significant improvement in operating leverage,” says Herbert in a release.
Inspire is increasing its full-year 2024 revenue guidance to between $793 million to $798 million, which represents growth of 27% to 28% over full-year 2023 revenue of $624.8 million. This compares to prior revenue guidance of $788 million to $798 million.
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