Inspire Medical Systems (NYSE:INSP) Updates FY24 Earnings Guidance

Inspire Medical Systems (NYSE:INSP) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.10-0.20 for the period, compared to the consensus estimate of ($0.32). The company issued revenue guidance of $783-793 million, compared to the consensus revenue estimate of $782.27 million.

Wall Street Analyst Weigh In

Several research firms have issued reports on INSP. KeyCorp assumed coverage on shares of Inspire Medical Systems in a research note on Tuesday, February 6th. They set an overweight rating and a $278.00 target price on the stock. Royal Bank of Canada began coverage on shares of Inspire Medical Systems in a research report on Friday, April 19th. They issued an outperform rating and a $285.00 target price for the company. Morgan Stanley assumed coverage on Inspire Medical Systems in a report on Tuesday, March 19th. They set an overweight rating and a $250.00 price target on the stock. Truist Financial reiterated a buy rating and set a $280.00 price target on shares of Inspire Medical Systems in a research note on Wednesday, March 20th. Finally, Mizuho reaffirmed a buy rating and set a $250.00 price objective on shares of Inspire Medical Systems in a research report on Wednesday, March 27th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $272.20.

Inspire Medical Systems Price Performance

Inspire Medical Systems stock traded down $5.33 during mid-day trading on Tuesday, reaching $245.63. 970,782 shares of the company’s stock traded hands, compared to its average volume of 520,661. Inspire Medical Systems has a 12-month low of $123.27 and a 12-month high of $330.00. The stock has a 50 day moving average of $214.73 and a two-hundred day moving average of $189.93.

Inspire Medical Systems (NYSE:INSP) last announced its earnings results on Tuesday, February 6th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.53. The firm had revenue of $192.51 million during the quarter, compared to analysts’ expectations of $186.75 million. Inspire Medical Systems had a negative return on equity of 3.93% and a negative net margin of 3.39%. The company’s quarterly revenue was up 39.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.10 EPS. Sell-side analysts forecast that Inspire Medical Systems will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Timothy P. Herbert sold 40,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $205.09, for a total transaction of $8,203,600.00. Following the completion of the transaction, the chief executive officer now owns 63,658 shares in the company, valued at approximately $13,055,619.22. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Inspire Medical Systems news, insider Randy Ban sold 12,230 shares of Inspire Medical Systems stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $185.37, for a total value of $2,267,075.10. Following the transaction, the insider now owns 3,029 shares in the company, valued at $561,485.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Timothy P. Herbert sold 40,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $205.09, for a total transaction of $8,203,600.00. Following the sale, the chief executive officer now directly owns 63,658 shares of the company’s stock, valued at $13,055,619.22. The disclosure for this sale can be found here. Insiders have sold 76,371 shares of company stock valued at $15,664,278 in the last ninety days. 4.10% of the stock is owned by company 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.