Inspire Medical Systems (NYSE:INSP) Announces Earnings Results

Inspire Medical Systems (NYSE:INSP) posted its quarterly earnings results on Monday. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.54, Briefing.com reports. Inspire Medical Systems had a return on equity of 1.03% and a net margin of 0.85%. The firm had revenue of $203.20 million during the quarter, compared to the consensus estimate of $197.59 million. During the same period last year, the company earned ($0.29) earnings per share. The business’s revenue was up 32.6% compared to the same quarter last year. Inspire Medical Systems updated its FY24 guidance to $1.20-1.40 EPS and its FY 2024 guidance to 1.200-1.400 EPS.

Inspire Medical Systems Price Performance

NYSE:INSP opened at $199.01 on Wednesday. Inspire Medical Systems has a 1 year low of $123.00 and a 1 year high of $257.40. The company has a market cap of $5.93 billion, a P/E ratio of 185.99 and a beta of 1.36. The stock’s fifty day moving average price is $201.37 and its two-hundred day moving average price is $179.72.

Insider Buying and Selling

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

Analyst Ratings Changes

Several research firms recently weighed in on INSP. Truist Financial reissued a “buy” rating and set a $240.00 price target (up from $217.00) on shares of Inspire Medical Systems in a report on Monday, September 30th. Leerink Partners lifted their price objective on Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a report on Tuesday, September 10th. Piper Sandler reaffirmed an “overweight” rating and issued a $260.00 price objective (up from $255.00) on shares of Inspire Medical Systems in a report on Tuesday. Wells Fargo & Company lifted their price target on Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Robert W. Baird lifted their price target on Inspire Medical Systems from $240.00 to $252.00 and gave the company an “outperform” rating in a research note on Tuesday. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $227.75.

About Inspire Medical Systems

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.