Inspire Medical Systems (NYSE:INSP) Issues Quarterly Earnings Results, Beats Expectations By $0.29 EPS

Inspire Medical Systems (NYSE:INSP) released its quarterly earnings results on Tuesday. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.29, Briefing.com reports. Inspire Medical Systems had a negative return on equity of 3.93% and a negative net margin of 3.39%. The firm had revenue of $164.01 million for the quarter, compared to analysts’ expectations of $161.41 million. During the same period in the prior year, the firm earned ($0.53) EPS. The company’s revenue was up 28.2% compared to the same quarter last year. Inspire Medical Systems updated its FY24 guidance to $0.10-0.20 EPS.

Inspire Medical Systems Stock Down 34.0 %

NYSE INSP traded down $83.49 during trading hours on Wednesday, reaching $162.14. The company’s stock had a trading volume of 3,606,682 shares, compared to its average volume of 555,409. Inspire Medical Systems has a 1 year low of $123.27 and a 1 year high of $330.00. The firm’s 50-day moving average price is $215.94 and its 200-day moving average price is $190.56. The company has a market capitalization of $4.91 billion, a price-to-earnings ratio of -233.89 and a beta of 1.35.

Analyst Ratings Changes

INSP has been the topic of a number of recent research reports. Bank of America downgraded Inspire Medical Systems from a “buy” rating to a “neutral” rating and lowered their target price for the company from $265.00 to $225.00 in a report on Wednesday. Mizuho reissued a “buy” rating and issued a $250.00 price objective on shares of Inspire Medical Systems in a report on Wednesday, March 27th. Royal Bank of Canada initiated coverage on shares of Inspire Medical Systems in a report on Friday, April 19th. They set an “outperform” rating and a $285.00 target price for the company. Piper Sandler lifted their price target on shares of Inspire Medical Systems from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Truist Financial restated a “buy” rating and issued a $280.00 price objective on shares of Inspire Medical Systems in a research note on Wednesday, March 20th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Inspire Medical Systems presently has a consensus rating of “Moderate Buy” and an average price target of $256.53.

Insider Activity

In other news, CEO Timothy P. Herbert sold 40,000 shares of Inspire Medical Systems stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $205.09, for a total value of $8,203,600.00. Following the sale, the chief executive officer now directly owns 63,658 shares of the company’s stock, valued at $13,055,619.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Jerry C. Griffin sold 554 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $198.05, for a total transaction of $109,719.70. Following the sale, the director now directly owns 9,744 shares in the company, valued at approximately $1,929,799.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy P. Herbert sold 40,000 shares of Inspire Medical Systems stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $205.09, for a total value of $8,203,600.00. Following the completion of the transaction, the chief executive officer now owns 63,658 shares of the company’s stock, valued at approximately $13,055,619.22. The disclosure for this sale can be found here. Insiders have sold a total of 76,371 shares of company stock worth $15,664,278 over the last quarter. 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.