Inspire Medical Systems (NYSE:INSP) Releases Earnings Results, Beats Expectations By $0.46 EPS

Inspire Medical Systems (NYSE:INSP) posted its quarterly earnings data on Tuesday. The company reported $0.32 EPS for the quarter, beating the consensus estimate of ($0.14) by $0.46, Briefing.com reports. Inspire Medical Systems had a negative return on equity of 2.82% and a negative net margin of 2.38%. The business had revenue of $195.89 million for the quarter, compared to the consensus estimate of $189.08 million. During the same quarter in the prior year, the business earned ($0.41) earnings per share. Inspire Medical Systems’s revenue for the quarter was up 29.6% on a year-over-year basis. Inspire Medical Systems updated its FY24 guidance to $0.60-0.80 EPS.

Inspire Medical Systems Stock Up 25.7 %

NYSE:INSP traded up $37.71 during mid-day trading on Wednesday, hitting $184.72. 1,747,835 shares of the company traded hands, compared to its average volume of 604,109. The stock’s fifty day moving average price is $146.32 and its 200-day moving average price is $182.70. Inspire Medical Systems has a one year low of $123.00 and a one year high of $263.00. The firm has a market cap of $5.49 billion, a price-to-earnings ratio of -328.69 and a beta of 1.31.

Analysts Set New Price Targets

Several research analysts have commented on INSP shares. Morgan Stanley cut their price target on shares of Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Royal Bank of Canada restated an “outperform” rating and set a $260.00 target price on shares of Inspire Medical Systems in a research report on Wednesday. KeyCorp lowered their price target on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating on the stock in a report on Wednesday. Robert W. Baird dropped their price target on Inspire Medical Systems from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Stifel Nicolaus dropped their target price on shares of Inspire Medical Systems from $210.00 to $170.00 and set a “hold” rating for the company in a research report on Monday, June 24th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $219.79.

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.