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

Inspire Medical Systems (NYSE:INSP) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $1.20-1.40 for the period, compared to the consensus 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.

Analyst Upgrades and Downgrades

Several brokerages recently commented on INSP. KeyCorp reduced their target price on shares of Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Wells Fargo & Company lifted their target price on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the stock an “equal weight” rating in a report on Tuesday. Morgan Stanley cut their price objective on shares of Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $260.00 price objective on shares of Inspire Medical Systems in a report on Tuesday. Finally, Leerink Partners boosted their target price on shares of 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 investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Inspire Medical Systems presently has an average rating of “Moderate Buy” and a consensus target price of $227.75.

Inspire Medical Systems Stock Up 2.5 %

NYSE INSP traded up $4.93 on Wednesday, hitting $203.93. The company’s stock had a trading volume of 221,597 shares, compared to its average volume of 597,978. Inspire Medical Systems has a 1-year low of $123.00 and a 1-year high of $257.40. The company’s 50-day moving average is $201.37 and its 200 day moving average is $179.72. The firm has a market cap of $6.08 billion, a PE ratio of 185.99 and a beta of 1.36.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.54. Inspire Medical Systems had a net margin of 0.85% and a return on equity of 1.03%. The company had revenue of $203.20 million for the quarter, compared to analyst estimates of $197.59 million. During the same period in the prior year, the firm posted ($0.29) EPS. The company’s quarterly revenue was up 32.6% on a year-over-year basis. On average, equities analysts expect that Inspire Medical Systems will post 0.75 EPS for the current year.

Insiders Place Their Bets

In other 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 value of $916,541.55. Following the completion of the sale, the insider now owns 3,056 shares in the company, valued at $576,208.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Inspire Medical Systems news, Director Shawn Mccormick sold 800 shares of Inspire Medical Systems 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 completion of the transaction, the director now owns 23,140 shares of the company’s stock, valued at $5,090,800. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Randy Ban sold 4,861 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $576,208.80. 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 90 days, insiders have sold 5,692 shares of company stock worth $1,099,207. Insiders own 4.10% of the company’s stock.

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.