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

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

INSP opened at $199.01 on Wednesday. The company’s 50 day simple moving average is $201.37 and its two-hundred day simple moving average is $179.72. The firm has a market capitalization of $5.93 billion, a price-to-earnings ratio of 185.99 and a beta of 1.36. Inspire Medical Systems has a 1-year low of $123.00 and a 1-year high of $257.40.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. KeyCorp lowered their target price on shares of Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $260.00 price objective on shares of Inspire Medical Systems in a report on Tuesday. Morgan Stanley decreased their target price on Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Truist Financial reissued a “buy” rating and issued a $240.00 price target (up previously from $217.00) on shares of Inspire Medical Systems in a report on Monday, September 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $260.00 price objective (up from $255.00) on shares of Inspire Medical Systems in a report on Tuesday. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Inspire Medical Systems has an average rating of “Moderate Buy” and an average target price of $227.75.

Insider Activity at Inspire Medical Systems

In other Inspire Medical Systems news, Director Shawn Mccormick sold 800 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 23,140 shares in the company, valued at $5,090,800. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 directly owns 23,140 shares in the company, valued at $5,090,800. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Randy Ban sold 4,861 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $188.55, for a total transaction of $916,541.55. Following the sale, the insider now owns 3,056 shares of the company’s stock, valued at $576,208.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,692 shares of company stock valued at $1,099,207. 4.10% of the stock is currently owned by insiders.

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.