Inspire Medical Systems (NYSE:INSP) Issues 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) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.29, Briefing.com reports. Inspire Medical Systems had a negative net margin of 3.39% and a negative return on equity of 3.93%. The company had revenue of $164.01 million during the quarter, compared to analysts’ expectations of $161.41 million. During the same quarter in the previous year, the company earned ($0.53) EPS. 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 Price Performance

NYSE:INSP traded down $83.13 during trading hours on Wednesday, reaching $162.50. 3,688,160 shares of the company were exchanged, compared to its average volume of 556,255. Inspire Medical Systems has a 1-year low of $123.27 and a 1-year high of $330.00. The company has a market capitalization of $4.92 billion, a P/E ratio of -233.89 and a beta of 1.35. The business has a 50 day moving average of $215.94 and a 200 day moving average of $190.56.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. KeyCorp started coverage on Inspire Medical Systems in a research note on Tuesday, February 6th. They issued an “overweight” rating and a $278.00 price target on the stock. Morgan Stanley initiated coverage on Inspire Medical Systems in a research note on Tuesday, March 19th. They issued an “overweight” rating and a $250.00 target price on the stock. Royal Bank of Canada initiated coverage on Inspire Medical Systems in a research report on Friday, April 19th. They set an “outperform” rating and a $285.00 target price for the company. Truist Financial reiterated a “buy” rating and issued a $280.00 price target on shares of Inspire Medical Systems in a research report on Wednesday, March 20th. Finally, Bank of America lowered shares of Inspire Medical Systems from a “buy” rating to a “neutral” rating and cut their target price for the stock from $265.00 to $225.00 in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $256.53.

Insider Buying and Selling

In other news, CEO Timothy P. Herbert sold 40,000 shares of Inspire Medical Systems stock in a transaction on Monday, April 1st. The stock was sold at an average price of $205.09, for a total value of $8,203,600.00. Following the transaction, the chief executive officer now owns 63,658 shares in the company, valued at approximately $13,055,619.22. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Timothy P. Herbert sold 40,000 shares of Inspire Medical Systems stock in a transaction that occurred on 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 approximately $13,055,619.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jerry C. Griffin sold 554 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $198.05, for a total transaction of $109,719.70. Following the completion of the transaction, the director now directly owns 9,744 shares of the company’s stock, valued at approximately $1,929,799.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,371 shares of company stock worth $15,664,278. Corporate insiders own 4.10% of the company’s stock.

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.