Inspire Medical Systems, Inc. Q3 2024 Financial Results

Inspire Medical Systems, Inc. (NYSE: INSP) announced substantial financial results for Q3 2024, experiencing notable increases in both revenue and net income compared to the same period in 2023.

Financial Highlights

• Q3 2024 Revenue: $203.2 million, a 33% year-over-year increase.
• Net Income: $18.5 million ($0.60 per share), an improvement from a net loss in Q3 2023.
• Revised Full-Year Guidance: Revenue expected between $793 million and $798 million, indicating projected growth of 27% to 28%.

Key Takeaways

• Therapy Adoption: Over 85,000 patients treated with Inspire therapy.
• FDA Approval: Inspire V neurostimulation system approved, set for soft launch in late 2024.
• Operating Cash Flow: For Q3, total $52 million; year-to-date cash flow totals $61 million.

Company Outlook

• Revenue Guidance: For 2024, expected between $793 million and $798 million.
• Expansion Plans: Anticipation of activating 52 to 56 new U.S. centers and establishing 12 to 14 new sales territories.
• Challenges: Operational hurdles due to hurricanes and IV fluid shortages; competition from devices and GLP-1 medications.

Comments from Management

CEO Tim Herbert noted the strong patient engagement and ongoing improvements in system performance, emphasizing that the medical community's response to Inspire V has been largely positive. The company remains dedicated to enhancing patient care through innovative solutions and expanding its market presence.

Summary

Inspire Medical Systems reported a strong Q3 2024, with 33% revenue growth and a positive net income, while raising its full-year outlook amid expansion plans and future product launches.