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

Inspire Medical Systems (NYSE:INSP) updated its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.10-0.20 for the period, compared to the consensus earnings per share 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 INSP stock traded down $81.16 during mid-day trading on Wednesday, reaching $164.47. 4,645,146 shares of the company’s stock traded hands, compared to its average volume of 567,926. Inspire Medical Systems has a 12 month low of $123.27 and a 12 month high of $330.00. The firm has a 50 day moving average price of $215.68 and a two-hundred day moving average price of $190.38. The firm has a market capitalization of $4.98 billion, a PE ratio of -222.26 and a beta of 1.35.

Inspire Medical Systems (NYSE:INSP) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.29. Inspire Medical Systems had a negative return on equity of 3.93% and a negative net margin of 3.39%. The business had revenue of $164.01 million during the quarter, compared to analysts’ expectations of $161.41 million. During the same quarter in the prior year, the business posted ($0.53) earnings per share. The business’s quarterly revenue was up 28.2% on a year-over-year basis. As a group, equities analysts expect that Inspire Medical Systems will post -0.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on INSP. Bank of America downgraded shares of Inspire Medical Systems from a buy rating to a neutral rating and reduced their price target for the stock from $265.00 to $225.00 in a research note on Wednesday. Truist Financial reaffirmed a buy rating and set a $280.00 target price on shares of Inspire Medical Systems in a research report on Wednesday, March 20th. Piper Sandler lifted their target price on Inspire Medical Systems from $250.00 to $255.00 and gave the company an overweight rating in a research report on Wednesday. Royal Bank of Canada assumed coverage on shares of Inspire Medical Systems in a report on Friday, April 19th. They issued an outperform rating and a $285.00 price target on the stock. Finally, Morgan Stanley assumed coverage on Inspire Medical Systems in a research note on Tuesday, March 19th. They issued an overweight rating and a $250.00 price target for the company. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $256.53.

Insider Buying and Selling

In related news, Director Jerry C. Griffin sold 554 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $198.05, for a total value of $109,719.70. Following the transaction, the director now directly owns 9,744 shares of the company’s stock, valued at approximately $1,929,799.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Jerry C. Griffin sold 554 shares of the stock in a transaction 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 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $556,950.60. Following the sale, the insider now directly owns 3,029 shares in the company, valued at approximately $551,308.29. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,371 shares of company stock valued at $15,664,278. 4.10% of the stock is owned by corporate insiders.

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.