The stock price of Inspire Medical Systems, Inc. (NYSE: INSP) saw a slight decline of -0.36% to conclude the Thursday session at $187.71. That put the stock in a stable position as it went through a significant increase during the previous session after the company’s financial results for the second quarter of 2024, which ended on June 30, 2024, were disclosed. INSP stock took a 28.14% jump to close the Wednesday trading activity at $188.38.
Financial Performance and Expansion
For the reported quarter, Inspire Medical reported a 30% increase in revenue, amounting to $195.9 million, and achieved a remarkable gross margin of 84.8%. The company expanded its reach by activating 81 new centers across the United States, bringing the total to 1,316 centers offering Inspire therapy. Inspire Medical went on to create twelve more U.S. sales regions, bringing the total to 310 regions.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
Its impressive financial performance gave Inspire Medical confidence to increase its full-year guidance. ISPN now expects revenue to be in the range of $788 million to $798 million, suggesting a growth rate of 26% to 28%. Previous estimates for the revenue were in the range of $783 million to $793 million. The company also updated its earnings per share projection, to be between $0.60 and $0.80, which was originally estimated to be between $0.10 and $0.20.
Strategic Developments
Inspire Medical achieved significant milestones during the quarter, including receiving CE mark certification under the European Union’s Medical Device Regulation, which includes full-body MRI compatibility. Additionally, the company secured nationwide reimbursement for Inspire therapy in France, aligning with rates in other European markets. These achievements are anticipated to drive substantial growth in Europe.
Furthermore, Inspire Medical’s Inspire V neurostimulation device was certified by the FDA, signifying a significant advancement in the company’s treatment alternatives. The firm is concentrating on operational preparedness, which includes inventory management and product production, in order to get ready for a full commercial debut in the US.
Additionally, Inspire Medical has authorized a $150 million maximum share purchase plan. Buying back common stock is a strategic move intended to capitalize on the perceived investment potential it offers.
