Inspire Medical Systems Reports Strong Growth in Second Quarter

inspire medical systems time herbert
Inspire Medical Systems, Inc. has reported financial results and significant achievements for the quarter ended June 30, 2023.

Tim Herbert, President and Chief Executive Officer of Inspire Medical Systems, expressed satisfaction with the company’s performance in the second quarter. He attributed the growth to increased utilization at existing sites and the strategic expansion of new implanting centers and sales territories.

Key Highlights:

  • Revenue Growth: Inspire achieved an impressive 65% increase in revenue, generating $151.1 million in the second quarter of 2023 compared to the same period last year. This growth highlights the rising demand for their minimally invasive solutions like hypoglossal nerve stimulation.
  • Strong Gross Margin: The company also achieved a robust gross margin of 83.9% during the second quarter of 2023, showcasing efficient cost management.
  • Expansion: Inspire activated 72 new medical centers in the U.S., bringing the total to 1,045 centers offering their innovative therapy. Additionally, they established 19 new U.S. sales territories, totaling 261 across the country, to expand their reach.
  • FDA Approvals: Inspire achieved significant milestones by receiving FDA approval for the expansion of the Apnea-Hypopnea Index (AHI) indication, allowing treatment for more severe cases of OSA. They also received approval for the SleepSync™ physician programmer, enhancing their treatment offerings.
  • Positive Guidance: Inspired by its strong performance in the first half of 2023, the company raised its full-year revenue guidance to between $600 million to $610 million, exceeding its prior guidance of $580 million to $590 million. This optimistic outlook reflects their confidence in sustained growth.

Furthermore, Mr. Herbert highlighted several key achievements during the quarter, including the submission of the Inspire V neurostimulator PMA supplement application to the FDA. Additionally, the FDA approvals for expanded indications and new labeling demonstrate Inspire’s commitment to improving patient outcomes.

To support their future growth and success, the company made valuable additions to its leadership team, welcoming Carlton Weatherby as Chief Strategy Officer and Charisse Sparks, M.D., as Chief Medical Officer.

In conclusion, Inspire Medical Systems is on an upward trajectory, dedicated to serving patients with untreated OSA through innovative solutions and strong leadership. Their performance in the second quarter and positive revenue guidance for 2023 reflect their commitment to making a significant impact in the medical technology field.

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