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 EPS guidance of $0.60-0.80 for the period, compared to the consensus EPS estimate of $0.16. The company issued revenue guidance of $788-798 million, compared to the consensus revenue estimate of $789.70 million.

Inspire Medical Systems Stock Performance

INSP traded up $1.36 during midday trading on Tuesday, reaching $146.87. 582,966 shares of the company were exchanged, compared to its average volume of 596,470. Inspire Medical Systems has a one year low of $123.00 and a one year high of $277.89. The company’s fifty day moving average price is $146.55 and its 200 day moving average price is $183.08. The company has a market cap of $4.36 billion, a price-to-earnings ratio of -267.29 and a beta of 1.31.

Inspire Medical Systems (NYSE:INSP) last announced its earnings results on Tuesday, May 7th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.29. The company had revenue of $164.01 million during the quarter, compared to the consensus estimate of $161.41 million. Inspire Medical Systems had a negative net margin of 2.38% and a negative return on equity of 2.82%. The firm’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.53) earnings per share. As a group, sell-side analysts anticipate that Inspire Medical Systems will post 0.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on INSP. Piper Sandler upped their price objective on Inspire Medical Systems from $250.00 to $255.00 and gave the company an overweight rating in a research note on Wednesday, May 8th. Bank of America cut their target price on shares of Inspire Medical Systems from $225.00 to $185.00 and set a neutral rating for the company in a research report on Monday, June 3rd. Royal Bank of Canada assumed 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 target on the stock. Truist Financial reduced their price target on Inspire Medical Systems from $280.00 to $217.00 and set a buy rating for the company in a research report on Tuesday, July 16th. Finally, Morgan Stanley dropped their price objective on Inspire Medical Systems from $250.00 to $210.00 and set an overweight rating on the stock in a report on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $226.46.

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.