As previously reported, Baird initiated coverage of Inspire Medical with an Outperform rating and $371 price target. Calling Inspire “one of the cleanest, durable +30-40% revenue growth stories in MedTech,” with “a best-in-class” gross margin profile, the firm notes that the company was first-to-market with its hypoglossal nerve stimulation, or HNS, device to treat CPAP intolerant OSA patients and sees it being positioned to “remain the leader” in a $14B-plus U.S. market opportunity that is less than 5% penetrated today.
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