Inspire Medical Systems (NYSE:INSP) Releases Earnings Results, Beats Estimates By $0.29 EPS

Inspire Medical Systems (NYSE:INSP) announced its quarterly earnings data on Tuesday. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.29, Briefing.com reports. The business had revenue of $164.01 million during the quarter, compared to the consensus estimate of $161.41 million. Inspire Medical Systems had a negative return on equity of 3.93% and a negative net margin of 3.39%. Inspire Medical Systems’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.53) EPS. Inspire Medical Systems updated its FY24 guidance to $0.10-0.20 EPS.

Inspire Medical Systems Price Performance

Shares of INSP traded down $82.90 during trading hours on Wednesday, hitting $162.73. 3,283,226 shares of the stock were exchanged, compared to its average volume of 552,051. Inspire Medical Systems has a fifty-two week low of $123.27 and a fifty-two week high of $330.00. The business has a 50-day moving average of $215.94 and a 200-day moving average of $190.56. The firm has a market capitalization of $4.93 billion, a P/E ratio of -233.89 and a beta of 1.35.

Insider Transactions at Inspire Medical Systems

In other Inspire Medical Systems news, CEO Timothy P. Herbert sold 40,000 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $205.09, for a total value of $8,203,600.00. Following the completion of the sale, the chief executive officer now directly owns 63,658 shares in the company, valued at $13,055,619.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Inspire Medical Systems news, Director Jerry C. Griffin sold 554 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $198.05, for a total value of $109,719.70. Following the completion of the sale, the director now directly owns 9,744 shares in the company, valued at $1,929,799.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy P. Herbert sold 40,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $205.09, for a total transaction of $8,203,600.00. Following the completion of the sale, the chief executive officer now owns 63,658 shares of the company’s stock, valued at $13,055,619.22. The disclosure for this sale can be found here. Insiders sold a total of 76,371 shares of company stock worth $15,664,278 over the last three months. 4.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Truist Financial reaffirmed a “buy” rating and set a $280.00 price target on shares of Inspire Medical Systems in a report on Wednesday, March 20th. Piper Sandler increased their price objective on shares of Inspire Medical Systems from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Wednesday. Morgan Stanley began coverage on shares of Inspire Medical Systems in a research note on Tuesday, March 19th. They issued an “overweight” rating and a $250.00 price objective for the company. Bank of America downgraded shares of Inspire Medical Systems from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $265.00 to $225.00 in a research note on Wednesday. Finally, Royal Bank of Canada began coverage on shares of Inspire Medical Systems in a research note on Friday, April 19th. They issued an “outperform” rating and a $285.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $256.53.

Inspire Medical Systems Company Profile

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.