Inspire Medical Systems (NYSE:INSP) Announces Quarterly Earnings Results, Beats Expectations By $0.29 EPS

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

Inspire Medical Systems Stock Performance

INSP opened at $174.36 on Friday. The company has a fifty day moving average of $215.59 and a two-hundred day moving average of $190.27. Inspire Medical Systems has a fifty-two week low of $123.27 and a fifty-two week high of $330.00. The stock has a market capitalization of $5.28 billion, a price-to-earnings ratio of -317.02 and a beta of 1.35.

Insider Activity

In other Inspire Medical Systems news, CFO Richard Buchholz sold 15,000 shares of the stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $230.03, for a total transaction of $3,450,450.00. Following the transaction, the chief financial officer now directly owns 28,271 shares of the company’s stock, valued at $6,503,178.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Richard Buchholz sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $230.03, for a total value of $3,450,450.00. Following the transaction, the chief financial officer now directly owns 28,271 shares in the company, valued at $6,503,178.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Timothy P. Herbert sold 40,000 shares of the company’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 transaction, the chief executive officer now directly owns 63,658 shares in the company, valued at approximately $13,055,619.22. The disclosure for this sale can be found here. Insiders have sold 76,371 shares of company stock worth $15,664,278 in the last ninety days. Company insiders own 4.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Bank of America lowered shares of Inspire Medical Systems from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $265.00 to $225.00 in a research report on Wednesday. Royal Bank of Canada initiated coverage on shares of Inspire Medical Systems in a report on Friday, April 19th. They issued an “outperform” rating and a $285.00 price target on the stock. Jefferies Financial Group initiated coverage on shares of Inspire Medical Systems in a research report on Friday, January 19th. They issued a “buy” rating and a $245.00 price objective for the company. KeyCorp initiated coverage on shares of Inspire Medical Systems in a research note on Tuesday, February 6th. They set an “overweight” rating and a $278.00 price target for the company. Finally, Piper Sandler lifted their target price on Inspire Medical Systems from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $256.53.

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.