Inspire Medical Systems Inc. Archives - Page 3 of 3

Inspire Medical Systems soars on Street-beating Q1, raised guidance

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

INSP shares were up 12.3% at $210 per share before the market opened today.

The Minneapolis-based company posted losses of -$13.1 million on sales of $53 million for the three months ended June 30, 2021, for a 43.3% bottom-line gain, having more than quadrupled its revenues year-over-year.

Earnings per share were -48¢, 16¢ ahead of Wall Street, where analysts were looking for sales of $43.9 million.

“Our significant commercial momentum continued throughout the second quarter,” Inspire Medical Systems president & CEO Tim Herbert said in a news release. “We remain focused on our commercial execution driven by increasing our capacity at existing implanting centers, opening new centers and improving the education process with patients. We continue to closely track the ongoing challenges presented by COVID-19 a…

Inspire Medical Systems beats The Street in Q1, raises guidance

Inspire Medical Systems (NYSE:INSP) yesterday posted first-quarter results that beat the earnings consensus on Wall Street and matched sales estimates.

The Minneapolis-based company reported losses of -$16.216 million, or -60¢ per share, on sales of $40.352 million for the three months ended March 31, for a sales growth of 89.0% compared with Q1 2020.

Earnings per share were -60¢, 6¢ ahead of The Street, where analysts were looking for sales of $40.35 million.

“We continued to execute on our key commercial initiatives during the first quarter,” president and CEO Tim Herbert said in a news release. “We did experience the expected seasonality early in the first quarter of 2021 due to high deductible insurance plans resetting as well as the resurgence of COVID-19 in certain geographies, but the team performed extremely well to overcome these challenges. Our growth in the quarter was primarily driven by the increased number of procedures occurring at existin…

Inspire Medical wins coverage from Cigna

Inspire Medical Systems (NYSE:INSP) has announced that Cigna will provide insurance coverage for the company’s Inspire obstructive sleep apnea therapy beginning this week. Cigna insures approximately 16 million members in the U.S., the minimally invasive sleep apnea treatment developer noted.

The addition of Cigna brings the total of insurance policies covering Inspire to 54, representing over 180 million individuals compared to 83 million one year ago, the Minneapolis-based company said in a news release.

In addition to the 54 commercial coverage policies, Inspire therapy will soon have Medicare coverage across the entire United States. The final Medicare administrative contractor, Palmetto GBA, announced its final local coverage decision (LCD) policy date release of June 21, 2020, for covering Inspire therapy.

“Importantly, the Cigna policy and all of the Medicare LCD policies became, or will become, effective during the COVID-19 pandemic, and we antic…

Inspire Medical names Ebeling as new COO

Obstructive sleep apnea therapy developer Inspire Medical Systems (NYSE:INSP) announced today that it appointed industry veteran Phil Ebeling as its new COO.

The company’s new COO is taking on responsibilities including oversight and leadership of operations, quality assurance, clinical research, regulatory affairs and business development activities, according to a news release.

Ebeling most recently served as VP & chief technology officer at Abbott (NYSE:ABT) after it acquired St. Jude Medical. He served for 10 years total between the two companies as a member of the executive team and corporate officer with both. He also spent 12 years in multiple senior positions at Boston Scientific (NYSE:BSX).

“I am thrilled to join the dynamic team at Inspire during this exciting period of robust growth highlighted by the recent positive advancements in reimbursement,” Ebeling said in the news release. “The ongoing development of Inspire therapy and futu…

Inspire Medical raises $10.7m, names new COO

Inspire Medical Systems (NYSE:INSP) announced today that it raised $10.7 million and named Phil Ebeling as its new chief operating officer.

According to a news release, Inspire entered into an underwriting agreement on June 3 with A.G.P./Alliance Global Partners in the offering of more than 7.6 million units consisting of one share of Inspire’s common stock and one Series F warrant to purchase a share, plus nearly 14.6 million pre-funded units that included one pre-funded warrant and one Series F warrant.

Underwriters also had a 45-day option to purchase up to an additional 3.3 million shares of common stock at 45¢ per share and/or up to 3.3 million additional Series F warrants. The offering closed on June 5 with the underwriter option exercised nearly in full, yielding gross proceeds of $11.5 million, turning into net proceeds worth $10.7 million.

The obstructive sleep apnea (OSA) therapy developer intends to use the net proceeds for research and …