Inspire Medical Systems (NYSE:INSP) Updates FY24 Earnings Guidance

Inspire Medical Systems (NYSE:INSP) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $1.20-1.40 for the period, compared to the consensus EPS estimate of $0.75. The company issued revenue guidance of $793-798 million, compared to the consensus revenue estimate of $795.23 million. Inspire Medical Systems also updated its FY 2024 guidance to 1.200-1.400 EPS.

Inspire Medical Systems Price Performance

NYSE:INSP traded down $10.64 during trading hours on Thursday, hitting $200.99. The company had a trading volume of 159,960 shares, compared to its average volume of 599,828. Inspire Medical Systems has a 52 week low of $123.00 and a 52 week high of $257.40. The company has a market capitalization of $5.99 billion, a PE ratio of 197.79 and a beta of 1.36. The stock has a 50-day moving average price of $201.94 and a 200 day moving average price of $179.94.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.54. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.51%. The company had revenue of $203.20 million for the quarter, compared to analysts’ expectations of $197.59 million. During the same quarter in the previous year, the company earned ($0.29) earnings per share. Inspire Medical Systems’s quarterly revenue was up 32.6% on a year-over-year basis. Analysts anticipate that Inspire Medical Systems will post 0.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on INSP. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $260.00 price target on shares of Inspire Medical Systems in a research note on Tuesday. Truist Financial reiterated a “buy” rating and issued a $240.00 price target (up from $217.00) on shares of Inspire Medical Systems in a research note on Monday, September 30th. Piper Sandler reissued an “overweight” rating and set a $260.00 price objective (up previously from $255.00) on shares of Inspire Medical Systems in a research note on Tuesday. Wells Fargo & Company raised their target price on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Leerink Partners raised their price objective on Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a research report on Tuesday, September 10th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $227.75.

Insider Activity

In other news, Director Shawn Mccormick sold 800 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $220.00, for a total value of $176,000.00. Following the transaction, the director now owns 23,140 shares in the company, valued at $5,090,800. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Randy Ban sold 4,861 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $188.55, for a total value of $916,541.55. Following the completion of the sale, the insider now directly owns 3,056 shares of the company’s stock, valued at approximately $576,208.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Shawn Mccormick sold 800 shares of Inspire Medical Systems stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $220.00, for a total transaction of $176,000.00. Following the transaction, the director now directly owns 23,140 shares in the company, valued at $5,090,800. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,692 shares of company stock valued at $1,099,207 in the last ninety days. 4.10% of the stock is currently owned by company insiders.

Inspire Medical Systems Company Profile

Inspire Medical Systems, Inc, a medical technology company, focuses on the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea (OSA) in the United States and internationally. The company offers Inspire system, a neurostimulation technology that provides a safe and effective treatment for moderate to severe OSA.