Inspire Medical Systems’ Q4 & 2021 Preliminary Results Beat Estimates

Medical technology company Inspire Medical Systems, Inc. (INSP) has reported preliminary financial results for the fourth quarter and full-year ended December 31, 2021.

For the fourth quarter, the company expects revenue to be in the range of $78 million to $78.4 million, up approximately 70% year-over-year. The consensus estimate for the same stands at $65.84 million.

For full-year 2021, revenue is anticipated to increase nearly 102% year-over-year and lie between $233 million and $233.4 million, compared to the Street’s estimate of $220.85 million.

Further, Inspire activated 81 new medical centers and created 16 new sales territories in the U.S. during the quarter, taking the total number of medical centers implanting Inspire therapy to 684 and sales territories to 157.

Tim Herbert, the President and CEO of Inspire, said, “The significant growth in our business is being driven by the enhanced patient demand for Inspire therapy and our increasing capacity at new and existing centers. While our business has demonstrated strong performance to date, the environment remains dynamic and we intend to closely monitor the impact of the ongoing COVID-19 surge on our operations as we start the new year.”

About Inspire Medical Systems

Minnesota-based Inspire Medical Systems is focused on the development and sale of innovative and minimally-invasive solutions for patients with obstructive sleep apnea. The company offers Inspire therapy, which consists of a remote control and implantable components that include pressure sensing lead, a neurostimulator, and a stimulation lead.

INSP stock closed 2.2% lower on Tuesday at $232.65.

Overall, the stock has a Strong Buy consensus rating based on 7 Buys and 1 Hold. The average Inspire Medical Systems price target of $300.88 implies 29.3% upside potential. Shares have gained 30.6% over the past six months.

Hedge Fund Confidence

TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Inspire is currently Very Positive, as the cumulative change in holdings across all seven hedge funds that were active in the last quarter was an increase of 122,700 shares.

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