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 Analysts Forecast Growth

A number of equities analysts have weighed in 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 price objective for the company. Jefferies Financial Group assumed coverage on shares of Inspire Medical Systems in a research note on Friday, January 19th. They set a buy rating and a $245.00 price objective on the stock. Morgan Stanley assumed coverage on shares of Inspire Medical Systems in a research note on Tuesday, March 19th. They set an overweight rating and a $250.00 price objective on the stock. KeyCorp assumed coverage on shares of 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. Finally, Mizuho restated a buy rating and issued a $250.00 price target on shares of Inspire Medical Systems in a research note 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. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $272.20.

Inspire Medical Systems Price Performance

Inspire Medical Systems stock traded down $5.09 during midday trading on Tuesday, reaching $245.87. The stock had a trading volume of 1,052,194 shares, compared to its average volume of 521,209. The firm’s fifty day simple moving average is $215.94 and its two-hundred day simple moving average is $190.56. Inspire Medical Systems has a twelve month low of $123.27 and a twelve month high of $330.00. The firm has a market cap of $7.45 billion, a price-to-earnings ratio of -332.25 and a beta of 1.35.

Inspire Medical Systems (NYSE:INSP) last released its earnings results on Tuesday, February 6th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.53. 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 $192.51 million during the quarter, compared to the consensus estimate of $186.75 million. During the same quarter in the prior year, the firm earned $0.10 EPS. The company’s revenue was up 39.6% compared to the same quarter last year. As a group, sell-side analysts predict that Inspire Medical Systems will post -0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Richard Buchholz sold 15,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $230.03, for a total transaction of $3,450,450.00. Following the transaction, the chief financial officer now owns 28,271 shares in the company, valued at approximately $6,503,178.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Timothy P. Herbert sold 40,000 shares of the firm’s stock in a transaction 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Richard Buchholz sold 15,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $230.03, for a total transaction of $3,450,450.00. Following the transaction, the chief financial officer now owns 28,271 shares in the company, valued at approximately $6,503,178.13. The disclosure for this sale can be found here. Insiders sold a total of 76,371 shares of company stock worth $15,664,278 in the last quarter. 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.