Inspire Medical Systems (NYSE:INSP) Posts Quarterly Earnings Results, Beats Estimates By $0.38 EPS

Inspire Medical Systems (NYSE:INSP) released its quarterly earnings data on Monday. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.38, FiscalAI reports. The company had revenue of $200.58 million during the quarter, compared to the consensus estimate of $194.72 million. Inspire Medical Systems had a return on equity of 10.35% and a net margin of 14.33%.

Inspire Medical Systems Price Performance

Shares of INSP stock traded up $2.01 on Monday, reaching $52.22. 948,453 shares of the company were exchanged, compared to its average volume of 1,161,285. The company has a 50-day moving average of $45.98 and a 200-day moving average of $55.45. The company has a market cap of $1.50 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 5.08 and a beta of 0.71. Inspire Medical Systems has a one year low of $38.91 and a one year high of $147.03.

Analyst Ratings Changes

INSP has been the topic of a number of research reports. Zacks Research raised shares of Inspire Medical Systems from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Piper Sandler lowered Inspire Medical Systems from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $85.00 to $55.00 in a research note on Tuesday, May 5th. Truist Financial increased their price objective on shares of Inspire Medical Systems from $50.00 to $54.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Oppenheimer reiterated a “market perform” rating on shares of Inspire Medical Systems in a report on Monday, June 15th. Finally, Freedom Capital raised Inspire Medical Systems to a “strong-buy” rating in a research note on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $73.28.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in INSP. Wellington Management Group LLP bought a new stake in shares of Inspire Medical Systems during the fourth quarter valued at approximately $203,929,000. Wasatch Advisors LP grew its position in Inspire Medical Systems by 7.2% in the 2nd quarter. Wasatch Advisors LP now owns 1,634,395 shares of the company’s stock valued at $212,095,000 after purchasing an additional 110,288 shares during the period. Morgan Stanley grew its position in Inspire Medical Systems by 179.5% in the 4th quarter. Morgan Stanley now owns 1,259,762 shares of the company’s stock valued at $116,188,000 after purchasing an additional 809,121 shares during the period. Deerfield Management Company L.P. increased its stake in Inspire Medical Systems by 648.4% during the 3rd quarter. Deerfield Management Company L.P. now owns 1,047,694 shares of the company’s stock valued at $77,739,000 after purchasing an additional 907,694 shares in the last quarter. Finally, State Street Corp increased its stake in Inspire Medical Systems by 2.3% during the 2nd quarter. State Street Corp now owns 1,030,902 shares of the company’s stock valued at $133,780,000 after purchasing an additional 22,843 shares in the last quarter. 94.91% of the stock is owned by institutional investors and hedge funds.

About Inspire Medical Systems

Inspire Medical Systems, Inc is a medical technology company specializing in implantable neurostimulation devices for the treatment of obstructive sleep apnea (OSA). The company’s flagship offering, the Inspire® system, delivers targeted stimulation of the hypoglossal nerve to maintain airway patency during sleep, providing an alternative therapy for patients who are intolerant of or inadequately managed by continuous positive airway pressure (CPAP) devices.

The Inspire system comprises an implantable pulse generator, a sensing lead that monitors breathing patterns, and a stimulation lead that activates the hypoglossal nerve.