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

Inspire Medical Systems (NYSE:INSP) released its quarterly earnings results on Monday. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.54, Briefing.com reports. The business had revenue of $203.20 million during the quarter, compared to analysts’ expectations of $197.59 million. Inspire Medical Systems had a return on equity of 1.03% and a net margin of 0.85%. The firm’s revenue for the quarter was up 32.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.29) earnings per share. 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 Trading Up 2.1 %

Inspire Medical Systems stock traded up $4.07 during mid-day trading on Tuesday, reaching $196.78. The company had a trading volume of 620,952 shares, compared to its average volume of 595,208. The company has a market cap of $5.87 billion, a P/E ratio of 1,091.56 and a beta of 1.36. Inspire Medical Systems has a fifty-two week low of $123.00 and a fifty-two week high of $257.40. The business has a fifty day simple moving average of $201.15 and a 200 day simple moving average of $179.93.

Insider Activity at Inspire Medical Systems

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

Analyst Ratings Changes

A number of analysts recently commented on the company. KeyCorp lowered their price objective on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Stifel Nicolaus restated a “hold” rating and set a $200.00 target price (up from $170.00) on shares of Inspire Medical Systems in a research report on Tuesday. Piper Sandler reiterated an “overweight” rating and set a $260.00 target price (up from $255.00) on shares of Inspire Medical Systems in a report on Tuesday. Robert W. Baird boosted their price target on Inspire Medical Systems from $240.00 to $252.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $260.00 price target on shares of Inspire Medical Systems in a research note on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Inspire Medical Systems presently has a consensus rating of “Moderate Buy” and an average price target of $227.75.

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.