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

Inspire Medical Systems (NYSE:INSP) posted its quarterly earnings results on Monday. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.54, Briefing.com reports. The company had revenue of $203.20 million during the quarter, compared to analyst estimates of $197.59 million. Inspire Medical Systems had a net margin of 0.85% and a return on equity of 1.03%. The firm’s revenue was up 32.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.29) EPS. 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 2.0 %

Inspire Medical Systems stock traded up $3.77 during mid-day trading on Tuesday, hitting $196.48. The company had a trading volume of 570,517 shares, compared to its average volume of 594,972. Inspire Medical Systems has a 12 month low of $123.00 and a 12 month high of $257.40. The company has a market capitalization of $5.86 billion, a PE ratio of 1,091.56 and a beta of 1.36. The stock’s 50 day moving average price is $201.15 and its two-hundred day moving average price is $179.93.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Stifel Nicolaus reiterated a “hold” rating and issued a $200.00 price target (up previously from $170.00) on shares of Inspire Medical Systems in a report on Tuesday. Wells Fargo & Company lifted their target price on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a research note on Tuesday. Leerink Partners increased their price target on shares of Inspire Medical Systems from $167.00 to $197.00 and gave the stock a “market perform” rating in a research note on Tuesday, September 10th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $260.00 price objective on shares of Inspire Medical Systems in a research report on Wednesday, August 7th. Finally, Morgan Stanley decreased their target price on Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $227.75.

Insider Activity

In related news, insider Randy Ban sold 4,861 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $188.55, for a total value of $916,541.55. Following the transaction, the insider now owns 3,056 shares in the company, valued at $576,208.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Shawn Mccormick sold 800 shares of the company’s 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 approximately $5,090,800. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Randy Ban sold 4,861 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $188.55, for a total value of $916,541.55. Following the completion of the transaction, 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. Insiders sold 5,692 shares of company stock worth $1,099,207 over the last three months. 4.10% of the stock is currently owned by corporate insiders.

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.