Inspire Medical Systems (NYSE: INSP) shares ticked up today on fourth-quarter results that topped the consensus forecast.
The Minneapolis-based sleep apnea treatment developer posted losses of $2.4 million, or 9¢ per share, on sales of $78.4 million for the three months ended Dec. 31, 2021, for a bottom-line gain closer to breakeven on sales growth of 70.4%.
Inspire Medical’s losses per share of 9¢ came in well ahead of Wall Street projections of 44¢. The company’s revenues also topped analysts’ projections, coming in 0.3% ahead of expectations.
“We experienced significant momentum throughout our business in the fourth quarter,” Inspire Medical Systems President and CEO Tim Herbert said in a news release. “The 70% year-over-year revenue growth achieved in the fourth quarter reflects accelerated patient demand for Inspire therapy and our increasing capacity at new and existing centers. In addition, our ability to improve patient access to care through our advisor care program, and the positive reimbursement environment for Inspire therapy continues to fuel the growth in therapy adoption. We are proud that in the fourth quarter, we surpassed 20,000 patients who have received Inspire therapy.”
Herbert noted that the COVID-19 surges brought on by the omicron variant impacted Inspire’s business at the end of 2021 and into the beginning of 2022, causing the postponement of procedures in certain regions. The company expects that, as the surges seemingly slow, particularly in the U.S. and Europe, that impact will be reduced.
With that expectation in mind, Inspire said it anticipates full-year revenues ranging between $318 million and $326 million, representing growth between 36% and 40%.
INSP shares were up 2.2% at $238.76 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.3%.