Inspire Medical Systems (NYSE:INSP) Issues Earnings Results, Beats Estimates By $0.54 EPS

Inspire Medical Systems (NYSE:INSP - Get Free Report) announced its quarterly earnings data on Monday. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.54, Briefing.com reports. Inspire Medical Systems had a net margin of 0.85% and a return on equity of 1.03%. The company had revenue of $203.20 million during the quarter, compared to analyst estimates of $197.59 million. During the same period last year, the business earned ($0.29) EPS. The firm's revenue for the quarter was up 32.6% compared to the same quarter last year. Inspire Medical Systems updated its FY24 guidance to $1.20-1.40 EPS and its FY 2024 guidance to 1.200-1.400 EPS.

Inspire Medical Systems Stock Performance

Shares of INSP stock traded up $6.30 during midday trading on Tuesday, reaching $199.01. 1,590,157 shares of the company were exchanged, compared to its average volume of 599,737. Inspire Medical Systems has a 12 month low of $123.00 and a 12 month high of $257.40. The company has a market cap of $5.93 billion, a P/E ratio of 1,085.44 and a beta of 1.36. The company's 50 day moving average price is $201.15 and its two-hundred day moving average price is $179.93.

Analysts Set New Price Targets

Several research analysts have recently commented on INSP shares. KeyCorp decreased their price target on shares of Inspire Medical Systems from $278.00 to $236.00 and set an "overweight" rating for the company in a report on Wednesday, August 7th. Leerink Partners lifted their price target on shares of Inspire Medical Systems from $167.00 to $197.00 and gave the company a "market perform" rating in a report on Tuesday, September 10th. Piper Sandler reaffirmed an "overweight" rating and issued a $260.00 price target (up from $255.00) on shares of Inspire Medical Systems in a report on Tuesday. Morgan Stanley decreased their price target on shares of Inspire Medical Systems from $250.00 to $210.00 and set an "overweight" rating for the company in a report on Monday, July 15th. Finally, Robert W. Baird boosted their target price on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the company an "outperform" rating in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Inspire Medical Systems presently has a consensus rating of "Moderate Buy" and an average target price of $227.75.

Insiders Place Their Bets

In related 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 sale, the director now directly owns 23,140 shares in the company, valued at $5,090,800. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related 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 sale, the director now directly owns 23,140 shares in the company, valued at $5,090,800. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Randy Ban sold 4,861 shares of the business's stock in a transaction that occurred on Friday, August 16th. The stock was 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 in the company, valued at $576,208.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,692 shares of company stock worth $1,099,207. 4.10% of the stock is 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.