Inspire Medical Systems (NYSE:INSP) Announces Quarterly Earnings Results

Inspire Medical Systems (NYSE:INSP) released its quarterly earnings data on Monday. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.54, Briefing.com reports. The firm had revenue of $203.20 million for the quarter, compared to the consensus estimate of $197.59 million. Inspire Medical Systems had a net margin of 0.85% and a return on equity of 1.03%. The business’s revenue was up 32.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.29) earnings per share. 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 traded up $12.63 on Wednesday, reaching $211.63. 1,043,542 shares of the company’s stock were exchanged, compared to its average volume of 601,802. The firm has a market cap of $6.31 billion, a price-to-earnings ratio of 197.79 and a beta of 1.36. Inspire Medical Systems has a 52 week low of $123.00 and a 52 week high of $257.40. The stock has a fifty day simple moving average of $201.94 and a 200-day simple moving average of $179.94.

Insiders Place Their Bets

In other Inspire Medical Systems news, insider Randy Ban sold 4,861 shares of the stock in a transaction dated 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 owns 3,056 shares in the company, valued at $576,208.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Randy Ban sold 4,861 shares of the firm’s 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Shawn Mccormick sold 800 shares of the firm’s 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 completion of the transaction, the director now owns 23,140 shares of the company’s stock, valued at $5,090,800. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,692 shares of company stock worth $1,099,207 over the last quarter. 4.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on INSP. Truist Financial reiterated a “buy” rating and issued a $240.00 target price (up previously from $217.00) on shares of Inspire Medical Systems in a report on Monday, September 30th. Stifel Nicolaus restated a “hold” rating and set a $200.00 price target (up previously from $170.00) on shares of Inspire Medical Systems in a research report on Tuesday. Piper Sandler restated an “overweight” rating and set a $260.00 price target (up previously from $255.00) on shares of Inspire Medical Systems in a research report on Tuesday. Wells Fargo & Company increased their price target on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Robert W. Baird increased their price target on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the company an “outperform” rating in a research report on Tuesday. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.