Inspire Medical shares jump over 3% after Q4 results surpass estimates

Shares are currently up over 3% of $7.00 to $233.25 per share in after-hours trading after generating revenue of $192.5M in the fourth quarter of 2023, a 40% increase over the same quarter last year, and revenue of $624.8M in full year 2023, a 53% increase over full year 2022; Achieved gross margin of 85.4% in the fourth quarter of 2023. We are thrilled with our strong performance in the fourth quarter, growing revenue 40% year-over-year and delivering over $14 million in net income. Our growth continues to be driven primarily by higher utilization at existing sites and was complemented by the addition of 78 new U.S. implanting centers and 13 new sales territories,” said Tim Herbert, President, and Chief Executive Officer of Inspire Medical Systems. “During the quarter, we worked diligently with commercial payers to update coverage policies for our expanded indications, and we achieved several important milestones, including surpassing 60,000 patients treated with Inspire therapy and reporting our first quarter of operating income. We expect this strong operating leverage to continue and to reach profitability for the second half of 2024.”