Inspire Medical Systems Inc. Archives - Medical Design Sourcing

Inspire Medical stock falls despite 40% Q4 sales growth, Wall Street beats

Inspire Medical Systems (NYSE:INSP) shares took a hit today despite fourth-quarter results that beat the consensus forecast.

Shares of INSP fell nearly 7% at $210.35 apiece in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — stayed even.

The Minneapolis-based maker of neuromodulation implants for treating sleep apnea posted profits of $15.5 million or 49¢ per share. It recorded sales of $192.5 million for the three months ended Dec. 31, 2023. Inspire more than quadrupled its bottom line on sales growth of 39.6%.

Compared to Wall Street estimates, EPS beat the consensus forecast by 58¢. Sales narrowly topped projections of $192.41 million.

Some of Inspire’s growth can likely be attributed to the massive CPAP recall at Philips. While Philips, a leader in sleep apnea therapy, fell out of the market, people moved away from that method of treatment.

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Inspire Medical CEO takes over as board chair

Inspire Medical Systems (NYSE:INSP) announced today that Marilyn Carlson Nelson retired as chair of the company’s board of directors.

The Minneapolis-based sleep apnea treatment developer appointed current CEO Timothy Herbert to the additional role of board chair. Herbert’s appointment goes into effect after the company’s annual meeting of stockholders on May 2, 2024.

Nelson became the chair of the Inspire board in 2018 following the passing of her husband. Dr. Glen D. Nelson had been the company’s original board chair.

Herbert, the founder of Inspire, has held the post of president and CEO since May 2007. He brings decades of expertise in the medical device industry.

“Marilyn has had a profound impact on our business and our employees through her many years on the board,” Herbert said in a news release. “I want to personally thank Marilyn for her leadership and mentoring not only myself but the entire team ove…

Longtime Inspire Medical board member Dr. Jerry Griffin to retire

Inspire Medical Systems (NYSE:INSP) announced today that Dr. Jerry C. Griffin intends to retire from its board of directors.

Griffin plans to retire at the conclusion of the company’s annual meeting of stockholders on May 2, 2024.

The longtime director joined the Inspire board in 2008 as one of the original board members. He joined before the company’s initial Series A financing round.

Most recently, Griffin served on the board’s Nominating and Corporate Governance Committee. He departs the board shortly after Inspire brought on another experienced member in Dr. Myriam J. Curet. Curet, whose appointment went into effect on Dec. 21, currently serves as EVP and chief medical officer at surgical robotics pioneer Intuitive Surgical.

“After sixteen years of service, we announce the retirement of Dr. Griffin from our board of directors. His contributions to our board and organization are innumerable and we are grateful for the dedicati…

Inspire Medical adds Intuitive CMO Dr. Myriam Curet to its board

Intuitive Surgical Chief Medical Officer Dr. Myriam Curet [Photo courtesy of Intuitive Surgical]Inspire Medical Systems (NYSE:INSP) announced today that it appointed Dr. Myriam J. Curet as an independent board director.

Curet’s appointment went into effect on Dec. 21, 2023. She currently serves as EVP and chief medical officer at surgical robotics pioneer Intuitive Surgical. Curet spoke to Medical Design & Outsourcing this year to explain the secret behind Intuitive’s surgical robotics success.

“We are excited to add Dr. Curet, a practicing, board-certified minimally invasive general surgeon with extensive business and executive leadership experience in the medical device industry to our board of directors,” said Tim Herbert, president and CEO of Inspire Medical Systems. “Dr. Curet brings significant experience in developing and commercializing scalable solutions for minimally invasive surgery and we look forward to her guidance, expertise and cont…

Investors file class action against Inspire Medical, allege misleading statements

Two law firms in New York announced the filing of a class action lawsuit by investors against Inspire Medical Systems (NYSE:INSP).

Bragar Eagel & Squire, P.C., and Bernstein Liebhard LLP filed on behalf of persons or entities who purchased or otherwise acquired Inspire Medical common stock between May 3, 2023, and Nov. 7, 2023.

The Minneapolis-based company develops minimally invasive implantable products for treating obstructive sleep apnea. It offers an alternative to the traditional CPAP machines made by the likes of Philips and ResMed. Inspire Medical’s reputation has grown over the past several years as Philips dealt with a massive CPAP recall and people moved away from that method of treatment.

Outlining the class action allegations against Inspire Medical

According to the law firms, Inspire introduced a pilot program in 2022. In this program, the company’s advisor care program team could directly access doctors’ electronic sc…

Inspire Medical Systems revenue misses in Q3

Inspire Medical Systems (NYSE: INSP) reported third-quarter revenue that missed the Wall Street analysts consensus.

However, the Minneapolis-based implantable sleep therapy device company also upped its full-year guidance.

Investors appeared to focus on the downside after Inspire’s Q3 earnings report yesterday evening. By midday trading today, INSP shares were down more than 16% to $134.90 apiece. MassDevice‘s MedTech 100 Index was down slightly.

Inspire Medical Systems lost $8.5 million, or 29¢ per share, off of $153.3 million in revenue for the three months ended Sept. 30, 2023. Revenue was up 39% compared with Q3 2022. In addition, the company halved its losses compared to the same quarter last year.

Wall Street analysts had expected a loss of 58¢ per share and $154.45 million in revenue.

“Our growth continues to be driven primarily by higher utilization at existing sites and was complemented by the addition of 62 new …

Inspire Medical stock rises after hours on Q2 beats, increased guidance

Inspire Medical Systems (NYSE:INSP) shares ticked up after hours today on second-quarter results that beat the consensus forecast.

Shares of INSP rose 1.4% at $295 apiece after the market closed today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down 0.5%.

The Minneapolis-based implantable sleep apnea treatment developer posted losses of $11.95 million. That equals 41¢ per share on sales of $151.1 million for the three months ended June 30, 2023.

Inspire recorded about a $2.5 million bottom-line improvement while remaining in the red. It also posted sales growth of 65.3%. The company topped expectations on Wall Street, where analysts expected sales of $136.3 million and losses per share totaling 57¢.

“We are very pleased with our strong performance in the second quarter,” said Inspire President and CEO Tim Herbert. “Our growth was driven by hi…

Inspire Medical appoints former AppliedVR exec as chief medical officer

New Inspire Medical Chief Medical Officer Dr. Charisse Sparks. [Image from Charisse Sparks on LinkedIn]Inspire Medical Systems announced today that it named Dr. Charisse Sparks as its new chief medical officer (CMO).

Minneapolis-based Inspire made Sparks’ appointment effective on July 27. As CMO, she serves as a member of the sleep apnea treatment maker’s executive leadership teams. Sparks’ responsibilities include leading medical and clinical affairs, reporting to President and CEO Tim Herbert.

The appointment of Sparks comes one week after the company named Carlton Weatherby as its new chief strategy officer.

“We are excited to add Dr. Sparks, a board-certified physician with extensive business and leadership experience, to our executive team,” said Herbert. “Inspire has long partnered with leading ear, nose, and throat surgeons, and sleep physicians, as part of our medical advisory boards. In her role as our chief medical officer,…

Inspire Medical Systems picks former Medtronic exec as new chief strategy officer

New Inspire Medical Systems Chief Strategy Officer Carlton Weatherby. [Image from Carlton Weatherby on LinkedIn]Inspire Medical Systems (NYSE: INSP) today announced the appointment of Carlton Weatherby as its chief strategy officer (CSO).

Weatherby’s appointment goes into effect today, July 24, 2023. He joins Inspire from Medtronic, most recently serving as VP and GM of the medtech giant’s Spine & Biologics business. Weatherby took on that role in 2021, previously serving as VP of strategic sales. He had various roles in corporate development in his time at Medtronic, which he originally joined in 2011.

Inspire said in a news release that Weatherby brings more than 15 years of experience in commercial and corporate strategy and business development in medical devices.

“We are very excited to welcome Carlton to the Inspire team,” said Tim Herbert, president and CEO. “Carlton’s vast experience in leadership roles across medtech, as well as his…

Inspire Medical wins expanded FDA approval for sleep apnea therapy

Inspire Medical Systems (NYSE:INSP) announced today that the FDA approved an expanded indication for its sleep apnea therapy.

Minneapolis-based Inspire develops minimally invasive solutions for patients with obstructive sleep apnea (OSA). The proprietary Inspire therapy is the first and only FDA-approved neurostimulation technology that treats moderate to severe OSA. It offers an alternative to traditional positive airway pressure (PAP) therapy in the sleep respiratory market.

The expanded indication includes an increase on the upper limit of the Apnea Hypopnea Index (AHI). It raises the number of events per hour from 65 to 100. FDA also approved an increase in the Body Mass Index (BMI) warning in the labeling, changing from 40 to 32.

“We are excited that the FDA has approved Inspire’s application to expand our indication to include patients with AHI up to 100 events per hour. These patients experience severe OSA and have historically had limited treatme…

Inspire Medical grows sales 84% in Q1, raises full-year guidance

Inspire Medical Systems (NYSE:INSP) this week posted first-quarter results that beat the overall consensus on Wall Street.

The Minneapolis-based implantable sleep therapy device company reported profit losses of $15.4 million, or 53¢ per share, on sales of $127.9 million for the three months ended March 31, for a sales growth of 84.34% compared to Q1 2022. The losses were less than the same period a year ago, when Inspire Medical had $16.7 million in losses.

Earnings per share were 13¢ ahead of the Street, where analysts were looking for sales of $119.3 million.

“We are excited about our strong performance during the first quarter as the team remained focused on high-quality patient outcomes and delivered exceptional results. Our growth was driven primarily by the increased utilization at existing sites and complemented by the addition of 68 new implanting centers and 17 additional U.S. sales territories,” Inspire Medical President and CEO Ti…

FDA OKs Inspire therapy for younger Down Syndrome patients

Inspire Medical Systems (NYSE:INSP) announced today that the FDA has approved its implantable Inspire therapy for pediatric Down syndrome patients.

“Since our first FDA approval in 2014, the research team at Mass Eye and Ear [Boston], led by Dr. Christopher Hartnick, have pioneered the use of Inspire in this important group of people, and we are thrilled to announce this most impactful approval on World Down Syndrome Day,” Inspire Medical CEO Tim Herbert said in a news release.

“We acknowledge and appreciate the persistence of Dr. Hartnick’s team, as well as the teams at the many participating institutions, to collect the necessary clinical evidence to support the FDA approval. We would also like to thank the LuMind IDSC Down Syndrome Foundation for their support of our FDA application. Inspire intends to immediately begin educating healthcare providers across the U.S. about the benefits of Inspire therapy for children with Down syndrome.”

Bringing Inspire …