Inspire Medical reports Q2 EPS (41c), consensus (57c)

Reports Q2 revenue $151.1M, consensus $136.3M. CEO Tim Herbert says: “We are very pleased with our strong performance in the second quarter. Our growth was driven by higher utilization at existing sites and complemented by the addition of 72 new implanting centers and 19 new U.S. sales territories. Based on our strong first-half results, we are raising our full year 2023 revenue guidance to between $600 million to $610 million, an increase from our prior guidance of $580 million to $590 million. We achieved several important milestones in the second quarter. Most importantly, we submitted our Inspire V neurostimulation PMA supplement application to the FDA for review. In addition, we received two key FDA approvals, including an expanded indication, which increases the upper limit of the AHI to 100 events per hour from 65 and raises the BMI warning in the labeling to 40 from 32, and approval for our SleepSync(TM) physician programmer. Finally, we continued to strengthen our leadership team with the additions of Carlton Weatherby as our Chief Strategy Officer and Charisse Sparks, M.D. as our Chief Medical Officer. We are excited about the expertise and skills these individuals bring to our executive leadership team and are confident their contributions will position us for sustained organic growth over the long term, fulfilling our mission of serving the many patients with untreated OSA.”