Inspire Medical Systems (NYSE:INSP) Updates FY 2024 Earnings Guidance

Inspire Medical Systems (NYSE:INSP) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 1.200-1.400 for the period, compared to the consensus earnings per share estimate of 0.680. The company issued revenue guidance of $793.0 million-$798.0 million, compared to the consensus revenue estimate of $795.2 million. Inspire Medical Systems also updated its FY24 guidance to $1.20-1.40 EPS.

Inspire Medical Systems Price Performance

INSP traded down $11.01 during trading hours on Thursday, hitting $200.62. 244,593 shares of the stock were exchanged, compared to its average volume of 600,220. Inspire Medical Systems has a 12 month low of $123.00 and a 12 month high of $257.40. The stock has a market cap of $5.98 billion, a price-to-earnings ratio of 197.79 and a beta of 1.36. The stock has a 50-day simple moving average of $201.94 and a 200-day simple moving average of $179.94.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.06 by $0.54. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.51%. The business had revenue of $203.20 million for the quarter, compared to analysts’ expectations of $197.59 million. During the same period in the previous year, the firm posted ($0.29) EPS. The firm’s revenue was up 32.6% compared to the same quarter last year. Sell-side analysts expect that Inspire Medical Systems will post 0.75 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on INSP shares. Robert W. Baird raised their price target on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the stock an “outperform” rating in a research note on Tuesday. Leerink Partners upped their price target on 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. KeyCorp decreased their target price on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Piper Sandler reiterated an “overweight” rating and set a $260.00 price target (up from $255.00) on shares of Inspire Medical Systems in a report on Tuesday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $260.00 price target on shares of Inspire Medical Systems in a research note on Tuesday. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $227.75.

Insider Buying and Selling

In other news, Director Shawn Mccormick sold 800 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $220.00, for a total value of $176,000.00. Following the completion of the transaction, the director now owns 23,140 shares in the company, valued at approximately $5,090,800. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Inspire Medical Systems news, Director Shawn Mccormick sold 800 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were 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 of the company’s stock, valued at $5,090,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Randy Ban sold 4,861 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $188.55, for a total transaction of $916,541.55. Following the completion of the sale, the insider now owns 3,056 shares of the company’s stock, valued at approximately $576,208.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,692 shares of company stock valued at $1,099,207. Corporate insiders own 4.10% of the company’s stock.

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.