Inspire Medical Systems (NYSE:INSP) Releases Quarterly Earnings Results, Beats Estimates By $0.54 EPS

Inspire Medical Systems (NYSE:INSP) issued its quarterly earnings results on Monday. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.54, Briefing.com reports. Inspire Medical Systems had a return on equity of 1.03% and a net margin of 0.85%. The company had revenue of $203.20 million during the quarter, compared to the consensus estimate of $197.59 million. During the same period last year, the business posted ($0.29) earnings per share. Inspire Medical Systems’s revenue was up 32.6% on a year-over-year basis. Inspire Medical Systems updated its FY24 guidance to $1.20-1.40 EPS and its FY 2024 guidance to 1.200-1.400 EPS.

Inspire Medical Systems Stock Performance

INSP traded up $4.07 during trading on Tuesday, reaching $196.78. The stock had a trading volume of 620,952 shares, compared to its average volume of 595,208. The business has a 50-day moving average of $201.15 and a 200-day moving average of $179.93. Inspire Medical Systems has a one year low of $123.00 and a one year high of $257.40. The stock has a market cap of $5.87 billion, a PE ratio of 1,091.56 and a beta of 1.36.

Insider Buying and Selling

In other Inspire Medical Systems news, Director Shawn Mccormick sold 800 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $220.00, for a total value of $176,000.00. Following the transaction, the director now owns 23,140 shares in the company, valued at approximately $5,090,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Shawn Mccormick sold 800 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $220.00, for a total transaction of $176,000.00. Following the transaction, the director now directly owns 23,140 shares of the company’s stock, valued at approximately $5,090,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Randy Ban sold 4,861 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $188.55, for a total value of $916,541.55. Following the completion of the sale, the insider now directly owns 3,056 shares of the company’s stock, valued at $576,208.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,692 shares of company stock worth $1,099,207 in the last quarter. 4.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on INSP. Robert W. Baird lifted their price target on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the stock an “outperform” rating in a report on Tuesday. Wells Fargo & Company upped their price target on Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a research report on Tuesday. Truist Financial reissued a “buy” rating and issued a $240.00 price objective (up previously from $217.00) on shares of Inspire Medical Systems in a report on Monday, September 30th. Piper Sandler reiterated an “overweight” rating and set a $260.00 target price (up previously from $255.00) on shares of Inspire Medical Systems in a research report on Tuesday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $260.00 price objective on shares of Inspire Medical Systems in a report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $227.75.

About Inspire Medical Systems

Inspire Medical Systems, Inc, a medical technology company, focuses on the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea (OSA) in the United States and internationally. The company offers Inspire system, a neurostimulation technology that provides a safe and effective treatment for moderate to severe OSA.