Inspire Medical Systems (NYSE:INSP) Posts Earnings Results, Beats Estimates By $0.29 EPS

Inspire Medical Systems (NYSE:INSP) posted its earnings results on Tuesday. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.29, Briefing.com reports. The firm had revenue of $164.01 million during the quarter, compared to analysts’ expectations of $161.41 million. Inspire Medical Systems had a negative return on equity of 3.93% and a negative net margin of 3.39%. The firm’s revenue was up 28.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.53) earnings per share. Inspire Medical Systems updated its FY24 guidance to $0.10-0.20 EPS.

Inspire Medical Systems Stock Down 33.7 %

Shares of INSP traded down $82.90 during mid-day trading on Wednesday, hitting $162.73. The company had a trading volume of 3,283,226 shares, compared to its average volume of 552,051. The business’s 50-day simple moving average is $215.94 and its 200-day simple moving average is $190.56. Inspire Medical Systems has a 1-year low of $123.27 and a 1-year high of $330.00. The stock has a market cap of $4.93 billion, a PE ratio of -233.89 and a beta of 1.35.

Analyst Ratings Changes

Several equities research analysts recently weighed in on INSP shares. Piper Sandler boosted their target price on Inspire Medical Systems from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Wednesday. Truist Financial reissued a “buy” rating and issued a $280.00 target price on shares of Inspire Medical Systems in a report on Wednesday, March 20th. Mizuho reaffirmed a “buy” rating and set a $250.00 price target on shares of Inspire Medical Systems in a research note on Wednesday, March 27th. Bank of America downgraded shares of Inspire Medical Systems from a “buy” rating to a “neutral” rating and cut their price target for the company from $265.00 to $225.00 in a report on Wednesday. Finally, Morgan Stanley began coverage on shares of Inspire Medical Systems in a report on Tuesday, March 19th. They set an “overweight” rating and a $250.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Inspire Medical Systems has an average rating of “Moderate Buy” and a consensus target price of $256.53.

Insider Buying and Selling

In related news, CFO Richard Buchholz sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $230.03, for a total value of $3,450,450.00. Following the sale, the chief financial officer now directly owns 28,271 shares of the company’s stock, valued at $6,503,178.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Richard Buchholz sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $230.03, for a total value of $3,450,450.00. Following the transaction, the chief financial officer now owns 28,271 shares in the company, valued at $6,503,178.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jerry C. Griffin sold 554 shares of the firm’s 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 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. 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.