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Mar 31, 2024
Inspire Q1 2024 Earnings Report
Reported a 28% year-over-year revenue increase in the first quarter, driven by market penetration, new territories, and increased awareness. The company anticipates profitability for the full year 2024.
Key Takeaways
Inspire Medical Systems reported a strong first quarter with a 28% year-over-year revenue growth, reaching $164.0 million. The company is increasing its full year 2024 revenue guidance and expects to be profitable for the full year.
Generated revenue of $164.0 million in the first quarter of 2024, a 28% increase year-over-year.
Achieved a gross margin of 84.9% in the first quarter of 2024.
Activated 66 new U.S. centers, bringing the total to 1,246 U.S. medical centers providing Inspire therapy.
Created 11 new U.S. sales territories, bringing the total to 298 U.S. sales territories.
Revenue by Geographic Location
Forward Guidance
Inspire is increasing its full year 2024 revenue guidance to between $783 million to $793 million, representing growth of 25% to 27% over full year 2023 revenue. The Company is initiating first-time diluted net income per share guidance for the full year 2024 of between $0.10 to $0.20 per share.
Positive Outlook
- Increased full year 2024 revenue guidance to between $783 million to $793 million.
- Maintaining full year 2024 gross margin guidance of 83% to 85%.
- Initiating first-time diluted net income per share guidance for the full year 2024 of between $0.10 to $0.20 per share.
- Maintaining guidance relating to the opening of new U.S. medical centers of 52 to 56 per quarter for the remainder of 2024.
- Maintaining guidance of 12 to 14 new U.S. territories per quarter for the remainder of 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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