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

Inspire Medical Systems (NYSE:INSP) issued an update on its FY24 earnings guidance on Tuesday morning. 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.

Inspire Medical Systems Stock Performance

Shares of NYSE:INSP traded down $5.09 during midday trading on Tuesday, reaching $245.87. 1,052,194 shares of the company’s stock traded hands, compared to its average volume of 521,209. The company 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 has a one year low of $123.27 and a one year high of $330.00. The stock has a 50 day moving average of $215.94 and a 200 day moving average of $190.56.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.53. The firm had revenue of $192.51 million for the quarter, compared to the consensus estimate 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 period in the prior year, the company posted $0.10 earnings per share. Sell-side analysts predict that Inspire Medical Systems will post -0.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on INSP shares. Truist Financial reaffirmed a buy rating and issued a $280.00 price objective on shares of Inspire Medical Systems in a research note on Wednesday, March 20th. Royal Bank of Canada started coverage on Inspire Medical Systems in a research note on Friday, April 19th. They issued an outperform rating and a $285.00 price objective on the stock. Mizuho reaffirmed a buy rating and issued a $250.00 price objective on shares of Inspire Medical Systems in a research note on Wednesday, March 27th. Jefferies Financial Group initiated coverage on Inspire Medical Systems in a research report on Friday, January 19th. They set a buy rating and a $245.00 target price on the stock. Finally, Morgan Stanley initiated coverage on Inspire Medical Systems in a research report on Tuesday, March 19th. They set an overweight rating and a $250.00 target price on the stock. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Inspire Medical Systems presently has an average rating of Moderate Buy and an average price target of $272.20.

Insider Buying and Selling at Inspire Medical Systems

In other Inspire Medical Systems news, Director Jerry C. Griffin sold 554 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $198.05, for a total value of $109,719.70. Following the sale, the director now directly owns 9,744 shares of the company’s stock, valued at $1,929,799.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Inspire Medical Systems news, insider Randy Ban sold 3,060 shares of Inspire Medical Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $182.01, for a total value of $556,950.60. Following the sale, the insider now owns 3,029 shares in the company, valued at $551,308.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jerry C. Griffin sold 554 shares of Inspire Medical Systems stock in a transaction on Monday, March 11th. The shares were sold at an average price of $198.05, for a total value of $109,719.70. Following the completion of the sale, the director now owns 9,744 shares in the company, valued at approximately $1,929,799.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,371 shares of company stock valued at $15,664,278. Company 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.